Document:

Credit Agreement

 Exhibit 10.1 
  

 [Published CUSIP Number:
                                ] 
 CREDIT AGREEMENT 
 dated as of October 6,
2006 
 among 
 FLIR SYSTEMS, INC.

 and 
 CERTAIN SUBSIDIARIES OF
FLIR SYSTEMS, INC. IDENTIFIED HEREIN, 
 as the Borrowers, 
 CERTAIN SUBSIDIARIES OF FLIR SYSTEMS, INC. IDENTIFIED HEREIN, 
 as the Subsidiary Guarantors, 
 BANK OF AMERICA, N.A., 
 as Administrative
Agent, Swing Line Lender and L/C Issuer, 
 UNION BANK OF CALIFORNIA, N.A., 
 as Syndication Agent, 
 U.S. BANK NATIONAL ASSOCIATION, 
 as Documentation Agent, 
 and 
 THE OTHER LENDERS PARTY HERETO 
 Arranged By:

 BANC OF AMERICA SECURITIES LLC, 
 as Sole Lead Arranger and Book Manager 
  

 TABLE OF CONTENTS 
  

					
	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	1
	 1.01
	  	Defined Terms	  	1
	 1.02
	  	Other Interpretive Provisions	  	24
	 1.03
	  	Accounting Terms	  	25
	 1.04
	  	Rounding	  	25
	 1.05
	  	Exchange Rates; Currency Equivalents	  	25
	 1.06
	  	Additional Alternative Currencies	  	26
	 1.07
	  	Change of Currency	  	26
	 1.08
	  	Times of Day	  	27
	 1.09
	  	Letter of Credit Amounts	  	27
	 ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS
	  	27
	 2.01
	  	Revolving Loans	  	27
	 2.02
	  	Borrowings, Conversions and Continuations of Loans	  	28
	 2.03
	  	Letters of Credit	  	30
	 2.04
	  	Swing Line Loans	  	38
	 2.05
	  	Prepayments	  	40
	 2.06
	  	Termination or Reduction of Aggregate Revolving Commitments	  	42
	 2.07
	  	Repayment of Loans	  	42
	 2.08
	  	Interest	  	42
	 2.09
	  	Fees	  	43
	 2.10
	  	Computation of Interest and Fees	  	43
	 2.11
	  	Evidence of Debt	  	44
	 2.12
	  	Payments Generally; Administrative Agent’s Clawback	  	44
	 2.13
	  	Sharing of Payments by Lenders	  	46
	 2.14
	  	Designated Borrowers	  	46
	 2.15
	  	Concerning Joint and Several Liability of the Domestic Borrowers	  	48
	 ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY
	  	49
	 3.01
	  	Taxes	  	49
	 3.02
	  	Illegality	  	51
	 3.03
	  	Inability to Determine Rates	  	51
	 3.04
	  	Increased Cost and Reduced Return; Capital Adequacy	  	52
	 3.05
	  	Funding Losses	  	52
	 3.06
	  	Matters Applicable to all Requests for Compensation	  	53
	 3.07
	  	Survival	  	53
	 ARTICLE IV GUARANTY
	  	54
	 4.01
	  	The Guaranty	  	54
	 4.02
	  	Obligations Unconditional	  	54
	 4.03
	  	Reinstatement	  	55
	 4.04
	  	Certain Additional Waivers	  	55
	 4.05
	  	Remedies	  	56
	 4.06
	  	Rights of Contribution	  	56
	 4.07
	  	Guarantee of Payment; Continuing Guarantee	  	56
	 ARTICLE V CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	56
	 5.01
	  	Conditions of Initial Credit Extension	  	56

					
	 5.02
	  	Conditions to all Credit Extensions	  	58
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
	  	59
	 6.01
	  	Existence, Qualification and Power	  	59
	 6.02
	  	Authorization; No Contravention	  	59
	 6.03
	  	Governmental Authorization; Other Consents	  	60
	 6.04
	  	Binding Effect	  	60
	 6.05
	  	Financial Statements; No Material Adverse Effect; No Internal Control Event	  	60
	 6.06
	  	Litigation	  	61
	 6.07
	  	No Default	  	61
	 6.08
	  	Ownership of Property	  	61
	 6.09
	  	Environmental Compliance	  	61
	 6.10
	  	Insurance	  	61
	 6.11
	  	Taxes	  	62
	 6.12
	  	ERISA Compliance	  	62
	 6.13
	  	Subsidiaries	  	62
	 6.14
	  	Margin Regulations; Investment Company Act	  	62
	 6.15
	  	Disclosure	  	63
	 6.16
	  	Compliance with Laws	  	63
	 6.17
	  	Intellectual Property; Licenses, Etc.	  	63
	 6.18
	  	Solvency	  	63
	 6.19
	  	Perfection of Security Interests in the Collateral	  	63
	 6.20
	  	Business Locations; Taxpayer Identification Number	  	64
	 6.21
	  	Labor Matters	  	64
	 6.22
	  	Foreign Loan Parties	  	64
	 ARTICLE VII AFFIRMATIVE COVENANTS
	  	65
	 7.01
	  	Financial Statements	  	65
	 7.02
	  	Certificates; Other Information	  	66
	 7.03
	  	Notices	  	68
	 7.04
	  	Payment of Obligations	  	68
	 7.05
	  	Preservation of Existence, Etc.	  	68
	 7.06
	  	Maintenance of Properties	  	69
	 7.07
	  	Maintenance of Insurance	  	69
	 7.08
	  	Compliance with Laws	  	69
	 7.09
	  	Books and Records	  	70
	 7.10
	  	Inspection Rights	  	70
	 7.11
	  	Use of Proceeds	  	70
	 7.12
	  	Additional Subsidiaries	  	70
	 7.13
	  	ERISA Compliance	  	71
	 7.14
	  	Pledged Assets	  	71
	 7.15
	  	Compliance with Dutch Banking Act	  	71
	 7.16
	  	Post-Closing Deliverables	  	72
	 ARTICLE VIII NEGATIVE COVENANTS
	  	72
	 8.01
	  	Liens	  	72
	 8.02
	  	Investments	  	73
	 8.03
	  	Indebtedness	  	74
	 8.04
	  	Fundamental Changes	  	75
	 8.05
	  	Dispositions	  	75
	 8.06
	  	Restricted Payments	  	76

					
	 8.07
	  	Change in Nature of Business	  	76
	 8.08
	  	Transactions with Affiliates and Insiders	  	76
	 8.09
	  	Burdensome Agreements	  	76
	 8.10
	  	Use of Proceeds	  	77
	 8.11
	  	Financial Covenants	  	77
	 8.12
	  	Prepayment of Other Indebtedness, Etc.	  	78
	 8.13
	  	Organization Documents; Fiscal Year; Legal Name, State of Formation and Form of Entity	  	78
	 8.14
	  	Ownership of Subsidiaries	  	78
	 ARTICLE IX EVENTS OF DEFAULT AND REMEDIES
	  	78
	 9.01
	  	Events of Default	  	78
	 9.02
	  	Remedies Upon Event of Default	  	81
	 9.03
	  	Application of Funds	  	80
	 ARTICLE X ADMINISTRATIVE AGENT
	  	82
	 10.01
	  	Appointment and Authority	  	82
	 10.02
	  	Rights as a Lender	  	83
	 10.03
	  	Exculpatory Provisions	  	83
	 10.04
	  	Reliance by Administrative Agent	  	84
	 10.05
	  	Delegation of Duties	  	84
	 10.06
	  	Resignation of Administrative Agent	  	84
	 10.07
	  	Non-Reliance on Administrative Agent and Other Lenders	  	85
	 10.08
	  	No Other Duties; Etc.	  	85
	 10.09
	  	Administrative Agent May File Proofs of Claim	  	85
	 10.10
	  	Collateral and Guaranty Matters	  	86
	 ARTICLE XI MISCELLANEOUS
	  	87
	 11.01
	  	Amendments, Etc.	  	87
	 11.02
	  	Notices; Effectiveness; Electronic Communications	  	88
	 11.03
	  	No Waiver; Cumulative Remedies	  	90
	 11.04
	  	Expenses; Indemnity; and Damage Waiver	  	90
	 11.05
	  	Payments Set Aside	  	92
	 11.06
	  	Successors and Assigns	  	92
	 11.07
	  	Treatment of Certain Information; Confidentiality	  	96
	 11.08
	  	Set-off	  	96
	 11.09
	  	Interest Rate Limitation	  	97
	 11.10
	  	Counterparts; Integration; Effectiveness	  	97
	 11.11
	  	Survival of Representations and Warranties	  	97
	 11.12
	  	Severability	  	97
	 11.13
	  	Replacement of Lenders	  	98
	 11.14
	  	Governing Law; Jurisdiction; Etc.	  	98
	 11.15
	  	Waiver of Right to Trial by Jury	  	99
	 11.16
	  	No Advisory or Fiduciary Responsibility	  	100
	 11.17
	  	USA PATRIOT Act Notice	  	100
	 11.18
	  	Judgment Currency	  	100

 SCHEDULES 
  

			
	1.01A	  	Existing Letters of Credit
	1.01B	  	 Mandatory Cost Formulae

	2.01	  	 Commitments and Applicable Percentages

	6.10	  	 Insurance

	6.13	  	 Subsidiaries

	6.17	  	 IP Rights

	6.20(a)	  	 Locations of Real Property

	6.20(b)	  	 Locations of Tangible Personal Property

	6.20(c)	  	 Location of Chief Executive Office, Taxpayer Identification Number, Etc.

	6.20(d)	  	 Changes in Legal Name, State of Formation and Structure

	8.01	  	 Liens Existing on the Closing Date

	8.02	  	 Investments Existing on the Closing Date

	8.03	  	 Indebtedness Existing on the Closing Date

	11.02	  	 Certain Addresses for Notices

 EXHIBITS 
  

			
	2.02	  	Form of Loan Notice
	2.04	  	 Form of Swing Line Loan Notice

	2.11(a)	  	 Form of Note

	2.14(a)	  	 Form of Designated Borrower Request and Assumption Agreement

	2.14(b)	  	 Form of Designated Borrower Notice

	7.02	  	 Form of Compliance Certificate

	7.12	  	 Form of Joinder Agreement

	11.06	  	 Form of Assignment and Assumption

 CREDIT AGREEMENT 
 This CREDIT AGREEMENT is entered into as of October 6, 2006 among FLIR SYSTEMS, INC. an Oregon corporation (the “Company”), certain Subsidiaries of the Company party hereto pursuant to
Section 2.14 (each a “Designated Borrower” and, together with the Company, the “Borrowers” and, each a “Borrower”), the Subsidiary Guarantors (defined herein), the Lenders (defined
herein) and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer. 
 The Company has requested that the Lenders
provide credit facilities for the purposes set forth herein, and the Lenders are willing to do so on the terms and conditions set forth herein. 
 In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 
 ARTICLE I 
 DEFINITIONS AND ACCOUNTING TERMS 
  

	1.01	Defined Terms. 

 As used in this Agreement, the
following terms shall have the meanings set forth below: 
 “Acquisition”, by any Person, means the acquisition by such
Person, in a single transaction or in a series of related transactions, of either (a) all or any substantial portion of the property of, or a line of business or division of, another Person or (b) at least a majority of the Voting Stock of
another Person, in each case whether or not involving a merger or consolidation with such other Person. 
 “Administrative
Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent. 
 “Administrative Agent’s Office” means, with respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 11.02 with respect
to such currency, or such other address or account with respect to such currency as the Administrative Agent may from time to time notify to the Company and the Lenders. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person
specified. 
 “Aggregate Revolving Commitments” means the Revolving Commitments of all the Lenders. The initial amount of
the Aggregate Revolving Commitments in effect on the Closing Date is THREE HUNDRED MILLION DOLLARS ($300,000,000). 
 “Agreement” means this Credit Agreement. 
 “Alternative Currency” means each of Euro, Sterling,
Kroner and each other currency (other than Dollars) that is approved in accordance with Section 1.06. 

 “Alternative Currency Equivalent” means, at any time, with respect to any amount
denominated in Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent or the L/C Issuer, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the
most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars. 
 “Alternative Currency Sublimit”
means an amount equal to the lesser of the Aggregate Revolving Commitments and $100,000,000. The Alternative Currency Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments. 
 “Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the
Aggregate Revolving Commitments represented by such Lender’s Revolving Commitment at such time; provided that if the commitment of each Lender to make Revolving Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been
terminated pursuant to Section 9.02 or if the Aggregate Revolving Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect,
giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party
hereto, as applicable. 
 “Applicable Rate” means the following percentages per annum, based upon the Consolidated Total
Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 7.02(b): 
  

																		
	Pricing
Tier	  	 Consolidated
 Total Leverage Ratio
	  	Commitment
Fee	 	 	Letters of
Credit
(Standby)	 	 	Letters of
Credit
(Commercial)	 	 	Eurocurrency
Rate Loans	 	 	Base
Rate
Loans	 
	1	  	 > 3.50 to 1.0
	  	0.325	%	 	1.625	%	 	0.8125	%	 	1.625	%	 	0.000	%
	2	  	 > 3.00 to 1.0 but < 3.50 to 1.0
	  	0.300	%	 	1.500	%	 	0.750	%	 	1.500	%	 	0.000	%
	3	  	 > 2.50 to 1.0 but < 3.00 to 1.0
	  	0.250	%	 	1.250	%	 	0.625	%	 	1.250	%	 	0.000	%
	4	  	 > 2.00 to 1.0 but < 2.50 to 1.0
	  	0.200	%	 	1.000	%	 	0.500	%	 	1.000	%	 	0.000	%
	5	  	 < 2.00 to 1.0
	  	0.175	%	 	0.750	%	 	0.375	%	 	0.750	%	 	0.000	%

 Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Total Leverage Ratio
shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 7.02(b); provided, however, that if a Compliance Certificate is not delivered when
due in accordance with such Section, then Pricing Tier 1 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall continue to apply until the first Business Day
immediately following the date a Compliance Certificate is delivered in accordance with Section 7.02(b), whereupon the Applicable Rate shall be adjusted based upon the calculation of the Consolidated Total Leverage Ratio contained in
such Compliance Certificate. The Applicable Rate in effect from the Closing Date through the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to 

  

 2 

 
Section 7.02(b) for the fiscal quarter ending September 30, 2006 shall be determined based upon Pricing Tier 5. 
 “Applicable Time” means, with respect to any borrowings and payments in any Alternative Currency, the local time in the place of
settlement for such Alternative Currency as may be determined by the Administrative Agent or the L/C Issuer, as the case may be, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of
payment. 
 “Applicant Borrower” has the meaning specified in Section 2.14. 
 “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arranger” means Banc of America Securities
LLC, in its capacity as sole lead arranger and book manager. 
 “Assignee Group” means two or more Eligible Assignees that
are Affiliates of one another or two or more Approved Funds managed by the same investment advisor. 
 “Assignment and
Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially
the form of Exhibit 11.06 or any other form approved by the Administrative Agent. 
 “Attributable Indebtedness”
means, on any date, (a) in respect of any capital lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, (b) in respect of any Synthetic
Lease, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease, and
(c) in respect of any Securitization Transaction of any Person, the outstanding principal amount of such financing, after taking into account reserve accounts and making appropriate adjustments, determined by the Administrative Agent in its
reasonable judgment. 
 “Audited Financial Statements” means the audited consolidated balance sheet of the Company and its
Subsidiaries for the fiscal year ended December 31, 2005 and the related consolidated statements of income or operations, shareholders’ equity and cash flows of the Company and its Subsidiaries for such fiscal year, including the notes
thereto. 
 “Availability Period” means, with respect to the Revolving Commitments, the period from and including the
Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Revolving Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of each Lender to make
Revolving Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 9.02. 
 “Bank
of America” means Bank of America, N.A. and its successors. 
 “Base Rate” means for any day a fluctuating rate per
annum equal to the higher of (a) the Federal Funds Rate plus 0.50% and (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate.” The “prime rate” is
a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at,
above, 

  

 3 

 
or below such announced rate. Any change in the “prime rate” announced by Bank of America shall take effect at the opening of business on the day
specified in the public announcement of such change. 
 “Base Rate Loan” means a Loan that bears interest based on the Base
Rate. Base Rate Loans shall be made only to the Company and shall be denominated in Dollars. 
 “Borrower” and
“Borrowers” each has the meaning specified in the introductory paragraph hereto. 
 “Borrower Materials”
has the meaning specified in Section 7.02. 
 “Borrowing” means a borrowing consisting of simultaneous Loans of
the same Type, in the same currency and, in the case of Eurocurrency Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws
of, or are in fact closed in, New York, New York or the state where the Administrative Agent’s Office with respect to Obligations denominated in Dollars is located and: (a) if such day relates to any interest rate settings as to a
Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect
of any such Eurocurrency Rate Loan, means any such day on which dealings in deposits in Dollars are conducted by and between banks in the London interbank eurodollar market; (b) if such day relates to any interest rate settings as to a
Eurocurrency Rate Loan denominated in Euro, any fundings, disbursements, settlements and payments in Euro in respect of any such Eurocurrency Rate Loan, or any other dealings in Euro to be carried out pursuant to this Agreement in respect of any
such Eurocurrency Rate Loan, means a TARGET Day; (c) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in a currency other than Dollars or Euro, means any such day on which dealings in deposits in the
relevant currency are conducted by and between banks in the London or other applicable offshore interbank market for such currency; and (d) if such day relates to any fundings, disbursements, settlements and payments in a currency other than
Dollars or Euro in respect of a Eurocurrency Rate Loan denominated in a currency other than Dollars or Euro, or any other dealings in any currency other than Dollars or Euro to be carried out pursuant to this Agreement in respect of any such
Eurocurrency Rate Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency. 
 “Cash Collateralize” has the meaning specified in Section 2.03(g). 
 “Cash Equivalents” means, as at any date, (1) with respect to the Company or any of its Subsidiaries: (a) securities issued or
directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than twelve months from
the date of acquisition, (b) Dollar denominated time deposits and certificates of deposit of (i) any Lender, (ii) any domestic commercial bank of recognized standing having capital and surplus in excess of $500,000,000 or
(iii) any bank whose short-term commercial paper rating from S&P is at least A-1 or the equivalent thereof or from Moody’s is at least P-1 or the equivalent thereof (any such bank being an “Approved Bank”), in each case with
maturities of not more than 270 days from the date of acquisition, (c) commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by, any
domestic corporation rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or better by Moody’s and maturing within six months of the date of acquisition, (d) repurchase agreements entered into by
any Person with a bank or trust company (including any of the Lenders) or recognized securities dealer having capital and surplus in excess of $500,000,000 for direct obligations issued 

  

 4 

 
by or fully guaranteed by the United States in which such Person shall have a perfected first priority security interest (subject to no other Liens) and
having, on the date of purchase thereof, a fair market value of at least 100% of the amount of the repurchase obligations and (e) Investments, classified in accordance with GAAP as current assets, in money market investment programs registered
under the Investment Company Act of 1940 which are administered by reputable financial institutions having capital of at least $500,000,000 and the portfolios of which are limited to Investments of the character described in the foregoing
subdivisions (a) through (d) and (2) with respect to any Foreign Subsidiary of the Company: (a) obligations of the national government of the country in which such Foreign Subsidiary maintains its chief executive office and
principal place of business provided such country is a member of the Organization for Economic Cooperation and Development, in each case maturing within one year after the date of investment therein, (b) certificates of deposit of, bankers
acceptances of, or time deposits with, any commercial bank which is organized and existing under the laws of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business provided such country is a
member of the Organization for Economic Cooperation and Development, and whose short-term commercial paper rating from S&P is at least A-1 or the equivalent thereof or from Moody’s is at least P-1 or the equivalent thereof (any such bank
being an “Approved Foreign Bank”), and in each case with maturities of not more than 270 days from the date of acquisition and (c) the equivalent of demand deposit accounts which are maintained with an Approved Foreign Bank.

 “Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any
request, guideline or directive (whether or not having the force of law) by any Governmental Authority. 
 “Change of
Control” means an event or series of events by which: 
 (a) any “person” or “group” (as such
terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or
administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all
Equity Interests that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of twenty five (25%) of the
Equity Interests of the Company entitled to vote for members of the board of directors or equivalent governing body of the Company on a fully diluted basis (and taking into account all such securities that such person or group has the right to
acquire pursuant to any option right); 
 (b) during any period of 24 consecutive months, a majority of the members of the
board of directors or other equivalent governing body of the Company cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to
that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose
election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or
equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a result of an actual
or threatened solicitation of proxies or consents for the election or removal of one or more directors by any 

  

 5 

 
person or group other than a solicitation for the election of one or more directors by or on behalf of the board of directors); 
 (c) any Person or two or more Persons acting in concert shall have acquired by contract or otherwise, or shall have entered into a
contract or arrangement that, upon consummation thereof, will result in its or their acquisition of the power to exercise, directly or indirectly, a controlling influence over the management or policies of the Company, or control over the Voting
Stock of the Company on a fully-diluted basis (and taking into account all such Voting Stock that such Person or group has the right to acquire pursuant to any option right) representing twenty five (25%) or more of the combined voting power of
such Voting Stock; or 
 (d) the Company fails to own and control, directly or indirectly, 100% of the outstanding Equity
Interests of the Designated Borrowers. 
 “Closing Date” means the date hereof. 
 “Collateral” means a collective reference to all property with respect to which Liens in favor of the Administrative Agent, for the
benefit of itself and the Lenders, are purported to be granted pursuant to and in accordance with the terms of the Collateral Documents. 
 “Collateral Documents” means a collective reference to the Security Agreement and other security documents as may be executed and delivered by the Loan Parties pursuant to the terms of Section 7.14. 

“Commitment” means, as to each Lender, the Revolving Commitment of such Lender. 
 “Company” has the meaning specified in the introductory paragraph hereto. 
 “Compliance Certificate” means a certificate substantially in the form of Exhibit 7.02. 
 “Consolidated Capital Expenditures” means, for any period, for the Company and its Subsidiaries on a consolidated basis, all capital
expenditures but excluding expenditures to the extent made with insurance or condemnation proceeds used to purchase property that is the same as or similar to the property subject to the related loss. 
 “Consolidated EBIT” means, for any period, for the Company and its Subsidiaries on a consolidated basis, an amount equal to Consolidated
Net Income for such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges for such period, (ii) the provision for federal, state, local and foreign
income taxes payable for such period, and (iii) foreign exchange losses for such period, and (iv) other expenses reducing Consolidated Net Income for such period which did not or will not require a cash settlement in such period or any
future period (including but not limited to impairment charges, costs associated with exit or disposal activities, in-process research and development charges, and stock based compensation), minus (b) the following to the extent added in
calculating such Consolidated Net Income: (i) foreign exchange gains for such period and (ii) all items increasing net income for such period which did not or will not result in a cash settlement in such period or any future period.
Consolidated EBIT shall not include any gain resulting from the sale of all or a portion of an ongoing business. 
 “Consolidated
EBITDA” means, for any period, for the Company and its Subsidiaries on a consolidated basis, an amount equal to Consolidated EBIT for such period plus, to the extent deducted in 

  

 6 

 
calculating such Consolidated Net Income for such period, the amount of depreciation and amortization expense for such period. 
 “Consolidated Funded Indebtedness” means, as of any date of determination with respect to the Company and its Subsidiaries on a
consolidated basis, without duplication, the sum of: (a) all obligations for borrowed money, whether current or long-term (including the Obligations) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar
instruments; (b) all obligations arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; (c) all obligations in respect of the deferred purchase
price of property or services (other than trade accounts payable in the ordinary course of business); (d) all Attributable Indebtedness; (e) all Guarantees with respect to Indebtedness of the types specified in clauses (a) through
(d) above of another Person; and (f) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability
company) in which the Company or a Subsidiary is a general partner or joint venturer, except to the extent that Indebtedness is expressly made non-recourse to such Person. 
 “Consolidated Interest Charges” means, for any period, for the Company and its Subsidiaries on a consolidated basis, an amount equal to
the sum of (a) all interest, premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the
extent treated as interest in accordance with GAAP, plus (b) the portion of rent expense with respect to such period under capital leases that is treated as interest in accordance with GAAP plus (c) the implied interest
component of Synthetic Leases with respect to such period. 
 “Consolidated Interest Coverage Ratio” means, as of any date
of determination, the ratio of (a) Consolidated EBIT for the period of the four fiscal quarters most recently ended for which the Company has delivered financial statements pursuant to Section 7.01(a) or (b) to
(b) Consolidated Interest Charges for the period of the four fiscal quarters most recently ended for which the Company has delivered financial statements pursuant to Section 7.01(a) or (b). 
 “Consolidated Net Income” means, for any period, for the Company and its Subsidiaries on a consolidated basis, the net income (excluding
extraordinary gains and losses) for that period. 
 “Consolidated Senior Leverage Ratio” means, as of any date of
determination, the ratio of (a) all Consolidated Funded Indebtedness that is secured by Liens as of such date to (b) Consolidated EBITDA for the period of the four fiscal quarters most recently ended for which the Company has delivered
financial statements pursuant to Section 7.01(a) or (b). 
 “Consolidated Total Leverage Ratio” means, as of any
date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA for the period of the four fiscal quarters most recently ended for which the Company has delivered financial statements
pursuant to Section 7.01(a) or (b). 
 “Contractual Obligation” means, 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 bound. 
 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power,
by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. Without limiting the generality of the foregoing, a Person shall be deemed to be Controlled by another Person if 

  

 7 

 
such other Person possesses, directly or indirectly, power to vote 10% or more of the securities having ordinary voting power for the election of directors,
managing general partners or the equivalent. 
 “Convertible Securities” means those certain 3% senior convertible notes of
the Company due 2023 in an aggregate original principal amount of $210,000,000. 
 “Credit Extension” means each of the
following: (a) a Borrowing and (b) an L/C Credit Extension. 
 “Debtor Relief Laws” means the Bankruptcy Code of
the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other
applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 
 “Default” means any
event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if
any, applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any
Applicable Rate and any Mandatory Cost) otherwise applicable to such Loan plus 2% per annum, in each case to the fullest extent permitted by applicable Laws and (b) when used with respect to Letter of Credit Fees, a rate equal to the
Applicable Rate plus 2% per annum. 
 “Defaulting Lender” means any Lender that (a) has failed to fund any
portion of the Loans, participations in L/C Obligations or participations in Swing Line Loans required to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder unless such failure has been cured,
(b) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute or unless such
failure has been cured, or (c) has been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding. 
 “Designated Borrower” has the meaning specified in the introductory paragraph hereto. 
 “Designated
Borrower Notice” has the meaning specified in Section 2.14. 
 “Designated Borrower Request and Assumption
Agreement” has the meaning specified in Section 2.14. 
 “Designated Borrower Sublimit” means an amount
equal to the lesser of the Aggregate Revolving Commitments and $100,000,000. The Designated Borrower Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments. 
 “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any Sale and
Leaseback Transaction) of any property by the Company or any Subsidiary (including the Equity Interests of any Subsidiary), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or
any rights and claims associated therewith, but excluding any Involuntary Disposition. 
 “Dollar” and “$”
mean lawful money of the United States. 
  

 8 

 “Dollar Equivalent” means, at any time, (a) with respect to any amount denominated
in Dollars, such amount, and (b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent or the L/C Issuer, as the case may be, at such time on the
basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency. 
 “Domestic Borrower” means, collectively, the Company and each Designated Borrower that is a Domestic Subsidiary. 
 “Domestic Loan Parties” means, collectively, the Domestic Borrowers and the Subsidiary Guarantors. 
 “Domestic Subsidiary” means any Subsidiary that is organized under the laws of any state of the United States or the District of Columbia. 
 “Dutch Banking Act” means the Dutch 1992 Act on the Supervision of the Credit System (Wet toezicht kredietwezen 1992). 
 “Dutch Banking Act Exemption Regulation” means the Exemption Regulation dated 26 June 2002 and promulgated under the Dutch Banking
Act (Vrijstellingsregeling Wtk 1992). 
 “Dutch Borrower” means each Designated Borrower and each Applicant Borrower
incorporated in the Netherlands. 
 “Eligible Assignee” means any Person that meets the requirements to be an assignee under
Sections 11.06(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)). 
 “EMU” means the economic and monetary union in accordance with the Treaty of Rome 1957, as amended by the Single European Act 1986, the Maastricht Treaty of 1992 and the Amsterdam Treaty of 1998.

 “EMU Legislation” means the legislative measures of the European Council for the introduction of, changeover to or
operation of a single or unified European currency. 
 “Environmental Laws” means all Laws relating to pollution and the
protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 
 “Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Company or any of its Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity
Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of
shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other 

  

 9 

 
ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other
interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are
outstanding on any date of determination. 
 “ERISA” means the Employee Retirement Income Security Act of 1974 and any
regulations issued pursuant thereto. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with the Company within the meaning of Section 414(b) or (c) of the Internal Revenue Code (and Sections 414(m) and (o) of the Internal Revenue Code for purposes of provisions relating to Section 412 of the Internal
Revenue Code). 
 “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by
the Company or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as
such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Company or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a
notice of intent to terminate, the treatment of a Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or
condition which might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any
liability under Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Company or any ERISA Affiliate. 
 “Euro” and “EUR” mean the lawful currency of the Participating Member States introduced in accordance with the EMU Legislation. 
 “Eurocurrency Base Rate” means, for any Interest Period with respect to a Eurocurrency Rate Loan, the rate per annum equal to the
British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other commercially available source providing quotations of BBA LIBOR as designated by the Administrative Agent from time to time) at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period. If such rate
is not available at such time for any reason, then the “Eurocurrency Rate” for such Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in the relevant currency for delivery
on the first day of such Interest Period in Same Day Funds in the approximate amount of the Eurocurrency Rate Loan being made, continued or converted by Bank of America and with a term equivalent to such Interest Period would be offered by Bank of
America’s London Branch (or other Bank of America branch or Affiliate) to major banks in the London or other offshore interbank market for such currency at their request at approximately 11:00 a.m. (London time) two Business Days prior to the
commencement of such Interest Period. 
 “Eurocurrency Rate” means, for any Interest Period with respect to any Eurocurrency
Rate Loan, a rate per annum determined by the Administrative Agent to be equal to the quotient obtained by dividing (a) the Eurocurrency Base Rate for such Eurocurrency Rate Loan for such Interest Period by (b) one minus the
Eurocurrency Reserve Percentage for such Eurocurrency Rate Loan for such Interest Period. 
  

 10 

 “Eurocurrency Rate Loan” means a Loan that bears interest at a rate based on the
Eurocurrency Rate. Eurocurrency Rate Loans may be denominated in Dollars or in an Alternative Currency. All Loans denominated in an Alternative Currency must be Eurocurrency Rate Loans. 
 “Eurocurrency Reserve Percentage” means, for any day during any Interest Period, the reserve percentage (expressed as a decimal, carried
out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the FRB for determining the maximum reserve requirement (including any emergency, supplemental or other
marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The Eurocurrency Rate for each outstanding Eurocurrency Rate Loan shall be adjusted automatically as of the effective
date of any change in the Eurocurrency Reserve Percentage. 
 “Event of Default” has the meaning specified in
Section 9.01. 
 “Excluded Property” means, with respect to any Domestic Loan Party, (a) any owned or
leased real property (and any related fixtures), (b) unless requested by the Administrative Agent or the Required Lenders, any IP Rights for which a perfected Lien thereon is not effected either by filing of a Uniform Commercial Code financing
statement or by appropriate evidence of such Lien being filed in either the United States Copyright Office or the United States Patent and Trademark Office, (c) unless requested by the Administrative Agent or the Required Lenders, any personal
property (other than personal property described in clause (b) above) for which the attachment or perfection of a Lien thereon is not governed by the Uniform Commercial Code, (d) the Equity Interests of FSI Holdings Inc., (e) the
Equity Interests of any direct Foreign Subsidiary of a Domestic Loan Party to the extent not required to be pledged to secure the Obligations pursuant to Section 7.14(a) and (f) any property which, subject to the terms of
Section 8.09, is subject to a Lien of the type described in Section 8.01(i) pursuant to documents which prohibit such Loan Party from granting any other Liens in such property. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be
made by or on account of any obligation of any Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any
political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located, (b) any branch profits taxes
imposed by the United States or any similar tax imposed by any other jurisdiction in which such Borrower is located and (c) except as provided in the following sentence, in the case of a Foreign Lender (other than an assignee pursuant to a
request by the Company under Section 11.13), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or is attributable to
such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 3.01(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation
of a new Lending Office (or assignment), to receive additional amounts from such Borrower with respect to such withholding tax pursuant to Section 3.01(a). Notwithstanding anything to the contrary contained in this definition,
“Excluded Taxes” shall not include any withholding tax imposed at any time on payments made by or on behalf of a Foreign Loan Party to any Lender hereunder or under any other Loan Document, provided that such Lender shall have
complied with the last paragraph of Section 3.01(e). 
 “Existing Letters of Credit” means those letters of
credit listed on Schedule 1.01A. 
 “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted
average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the 

  

 11 

 
Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such
rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the
average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative Agent. 
 “Fee Letter” means the letter agreement, dated July 27, 2006 among the Company, the Administrative Agent and the Arranger.

 “Foreign Lender” means, with respect to any Borrower, any Lender that is organized under the laws of a jurisdiction other
than that in which such Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 
 “Foreign Loan Parties” means, collectively, the Foreign Subsidiaries of the Company that are Designated Borrowers. 
 “Foreign Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Foreign Loan Party
arising under any Loan Document or otherwise with respect to any Foreign Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including
interest and fees that accrue after the commencement by or against any Foreign Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such
interest and fees are allowed claims in such proceeding. The foregoing shall also include (a) all obligations under any Swap Contract between any Foreign Loan Party and any Lender or Affiliate of a Lender that is permitted to be incurred
pursuant to Section 8.03(d) and (b) all obligations under any Treasury Management Agreement between any Foreign Loan Party and any Lender or Affiliate of a Lender. 
 “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 
 “FRB” means the Board of Governors of the Federal Reserve System of the United States. 
 “Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “GAAP” means generally
accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board, or such other principles as may be approved by a significant segment of the accounting profession, that are applicable to the circumstances as of the date of determination, consistently applied. 
 “Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including any supra-national bodies such as the European Union or the European Central Bank). 
  

 12 

 “Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise,
of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including
any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the
purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement
condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or
other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided,
however, that the term Guarantee shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable
amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in
good faith. The term “Guarantee” as a verb has a corresponding meaning. 
 “Guaranty” means the Guaranty made by
the Guarantors in favor of the Administrative Agent and the holders of the Obligations pursuant to Article IV. 
 “Guarantors” means the Subsidiary Guarantors and, with respect to the Obligations owing by the Designated Borrowers that are Foreign Subsidiaries, the Domestic Borrowers. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any
Environmental Law. 
 “Honor Date” has the meaning set forth in Section 2.03(c). 
 “Immaterial Subsidiary” means (a) FSI Holdings Inc. and (b) as of any date of determination, any other Subsidiary of the
Company (i) that, together with its Subsidiaries, does not have assets as of such date that exceed 7.5% of total assets of the Company and its Subsidiaries, on a consolidated basis, as of such date or (ii) whose, together with its
Subsidiaries’, contribution to Consolidated EBITDA, for the four quarter period ending immediately prior to such date, does not exceed 10% of Consolidated EBITDA for such period. 
 “Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as
indebtedness or liabilities in accordance with GAAP: (a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; (b) the
maximum amount of all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; (c) net obligations of
such Person under any Swap Contract; (d) all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business); (e) indebtedness (excluding prepaid
interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention 

  

 13 

 
agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; (f) all Attributable Indebtedness of
such Person; (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such Person or any other Person or any warrant, right or option to acquire such Equity
Interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and (h) all Guarantees of such Person in respect of any of the
foregoing. For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a
general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such
date. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
 “Indemnitees” has the meaning specified in Section 11.04(b). 
 “Information” has the meaning specified in Section 11.07. 
 “Interest Payment Date” means (a) as to any Eurocurrency Rate Loan, the last day of each Interest Period applicable to such Loan
and the Maturity Date; provided, however, that if any Interest Period for a Eurocurrency Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be
Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each March, June, September and December and the Maturity Date. 
 “Interest Period” means, as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan is disbursed
or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter, as selected by the Company in its Loan Notice; provided that: 
 (a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day
unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 
 (b) any Interest Period 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 the calendar month at the end of such Interest Period; and 
 (c) no Interest Period shall extend
beyond the Maturity Date. 
 “Interim Financial Statements” has the meaning set forth in Section 5.01(c).

 “Internal Control Event” means a material weakness in, or fraud that involves management or other employees who have a
significant role in, the Company’s internal controls over financial reporting, in each case as described in the Securities Laws. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986. 
 “Investment” means, as to any
Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, 

  

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(b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity
participation or interest in, another Person, or (c) an Acquisition. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value
of such Investment. 
 “Involuntary Disposition” means any loss of, damage to or destruction of, or any condemnation or
other taking for public use of, any property of the Company or any of its Subsidiaries. 
 “IP Rights” has the meaning
specified in Section 6.17. 
 “IRS” means the United States Internal Revenue Service. 
 “ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of
International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance). 
 “Issuer
Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the L/C Issuer and the Company (or any Subsidiary) or in favor the L/C Issuer and
relating to such Letter of Credit. 
 “Joinder Agreement” means a joinder agreement substantially in the form of Exhibit
7.12 executed and delivered by a Domestic Subsidiary in accordance with the provisions of Section 7.12. 
 “Kroner” means the lawful currency of Sweden. 
 “Laws” means, collectively, all international,
foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority
charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case
whether or not having the force of law. 
 “L/C Advance” means, with respect to each Lender, such Lender’s funding of
its participation in any L/C Borrowing in accordance with its Applicable Percentage. All L/C Advances shall be denominated in Dollars. 
 “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing of Revolving Loans. All L/C Borrowings shall
be denominated in Dollars. 
 “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or
extension of the expiry date thereof, or the increase of the amount thereof. 
 “L/C Issuer” means Bank of America in its
capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder. 
 “L/C
Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of
computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.09. For all purposes of this Agreement, if on any date of determination a Letter
of Credit has expired by its terms but 

  

 15 

 
any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be
“outstanding” in the amount so remaining available to be drawn. 
 “Lenders” means each of the Persons identified
as a “Lender” on the signature pages hereto and each other Person that becomes a “Lender” in accordance with this Agreement and their successors and assigns and, as the context requires, includes the Swing Line Lender.

 “Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s
Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Company and the Administrative Agent. 
 “Letter of Credit” means any letter of credit issued hereunder and shall include the Existing Letters of Credit. A Letter of Credit may be a commercial letter of credit or a standby letter of credit. Letters of Credit may
be denominated in Dollars or in an Alternative Currency. 
 “Letter of Credit Application” means an application and
agreement for the issuance or amendment of a letter of credit in the form from time to time in use by the L/C Issuer. 
 “Letter of
Credit Expiration Date” means the day that is seven days prior to the Maturity Date (or, if such day is not a Business Day, the next preceding Business Day). 
 “Letter of Credit Fee” has the meaning specified in Section 2.03(i). 
 “Letter of Credit Sublimit” means an amount equal to the lesser of (a) the Aggregate Revolving Commitments and (b) $25,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate
Revolving Commitments. 
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement (in the nature
of compensating balances, cash collateral accounts or security interests), encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any
kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of
the foregoing). 
 “Loan” means an extension of credit by a Lender to a Borrower under Article II in the form of a
Revolving Loan or Swing Line Loan. 
 “Loan Documents” means this Agreement, each Note, each Issuer Document, each
Designated Borrower Request and Assumption Agreement, each Joinder Agreement, the Collateral Documents and the Fee Letter. 
 “Loan
Notice” means a notice of (a) a Borrowing of Revolving Loans, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurocurrency Rate Loans, in each case pursuant to Section 2.02(a),
which, if in writing, shall be substantially in the form of Exhibit 2.02. 
 “Loan Parties” means, collectively,
each Domestic Loan Party and each Foreign Loan Party. 
 “Mandatory Cost” means, with respect to any period, the percentage
rate per annum determined in accordance with Schedule 1.01B. 
  

 16 

 “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, business, properties, liabilities (actual or contingent) or condition (financial or otherwise) of the Company or the Company and its Subsidiaries taken as a whole; (b) a material impairment of the ability of
any Loan Party to perform its obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is
a party. Failure of the Company to achieve the results forecasted pursuant to Section 7.02(c) shall not, in and of itself, constitute a Material Adverse Effect. 
 “Maturity Date” means October 6, 2011; provided, however, that if such date is not a Business Day, the Maturity Date
shall be the next preceding Business Day. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor
thereto. 
 “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA,
to which the Company or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 
 “Note” has the meaning specified in Section 2.11(a). 
 “Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising (x) under
any Loan Document or (y) otherwise with respect to any Loan or Letter of Credit, in each case, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising
and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such
interest and fees are allowed claims in such proceeding. The foregoing shall also include (a) all obligations under any Swap Contract between any Loan Party and any Lender or Affiliate of a Lender that is permitted to be incurred pursuant to
Section 8.03(d) and (b) all obligations under any Treasury Management Agreement between any Loan Party and any Lender or Affiliate of a Lender. 
 “Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect
to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form
of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the
applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity. 
 “Other Taxes” means all present or future stamp or documentary taxes, value added taxes or any other excise or property taxes, charges
or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document other than Excluded Taxes.

 “Outstanding Amount” means (i) with respect to any Loans on any date, the Dollar Equivalent Amount of the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of any Loans occurring on such date; and (ii) with respect to any L/C Obligations on any date, the Dollar Equivalent Amount of the amount
of such L/C Obligations on such 

  

 17 

 
date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such
date, including as a result of any reimbursements by the Company of Unreimbursed Amounts. 
 “Overnight Rate” means, for any
day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds Rate and (ii) an overnight rate determined by the Administrative Agent, the L/C Issuer, or the Swing Line Lender, as the case may be, in
accordance with banking industry rules on interbank compensation, and (b) with respect to any amount denominated in an Alternative Currency, the rate of interest per annum at which overnight deposits in the applicable Alternative Currency, in
an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by a branch or Affiliate of Bank of America in the applicable offshore interbank market for such currency to major banks
in such interbank market. 
 “Participant” has the meaning specified in Section 11.06(d). 
 “Participating Member State” means each state so described in any EMU Legislation. 
 “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto. 
 “PCAOB” means the Public Company Accounting Oversight Board. 
 “Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a
Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Company or any ERISA Affiliate or to which the Company or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple
employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years. 
 “Permitted Acquisition” means an Investment consisting of an Acquisition by a Domestic Loan Party, provided that (i) the property acquired (or the property of the Person acquired) in such
Acquisition is used or useful in the same or a similar line of business as the Company and its Subsidiaries were engaged in on the Closing Date (or any reasonable extensions or expansions thereof), (ii) in the case of an Acquisition of the
Equity Interests of another Person, the board of directors (or other comparable governing body) of such other Person shall have duly approved such Acquisition, (iii) the Company shall have delivered to the Administrative Agent a Pro Forma
Compliance Certificate demonstrating that, upon giving effect to such Acquisition, the Loan Parties would be in compliance with the financial covenants set forth in Section 8.11 on a Pro Forma Basis, (iv) the representations and
warranties made by the Loan Parties in each Loan Document shall be true and correct in all material respects at and as if made as of the date of such Acquisition (after giving effect thereto), (v) if such transaction involves the purchase of an
interest in a partnership between a Loan Party as a general partner and entities unaffiliated with the Company as the other partners, such transaction shall be effected by having such equity interest acquired by a corporate holding company directly
or indirectly wholly-owned by such Loan Party newly formed for the sole purpose of effecting such transaction, (vi) immediately after giving effect to such Acquisition, there shall be at least $25,000,000 of availability existing under the
Aggregate Revolving Commitments, and (vii) the aggregate consideration (including cash and non-cash consideration, any assumption of Indebtedness, deferred purchase price and any earn-out payments) paid by the Company and its Subsidiaries for
all such Acquisitions occurring during any four fiscal quarter period shall not exceed an amount equal to Consolidated EBITDA for the four fiscal quarter period most recently ended for which the Company was required to deliver (and has delivered)
financial statements pursuant to Section 7.01(a) or (b). 
  

 18 

 “Permitted Liens” means, at any time, Liens in respect of property of the Company or any
of its Subsidiaries permitted to exist at such time pursuant to the terms of Section 8.01. 
 “Permitted
Transfers” means (a) Dispositions of inventory in the ordinary course of business; (b) Dispositions of machinery and equipment no longer used or useful in the conduct of business of the Company and its Subsidiaries that are
Disposed of in the ordinary course of business; (c) Dispositions of property to the Company or any Subsidiary; provided, that (i) if the transferor of such Property is a Domestic Loan Party either (A) the transferee thereof
must be a Domestic Loan Party or (B) to the extent such transaction constitutes an Investment, such transaction is permitted under Section 8.02 and (ii) if the transferor of such Property is a Foreign Loan Party either
(A) the transferee thereof must be a Loan Party or (B) to the extent such transaction constitutes an Investment, such transaction is permitted under Section 8.02; (d) Dispositions of accounts receivable in connection with
the collection or compromise thereof; (e) licenses, sublicenses, leases or subleases granted to others not interfering in any material respect with the business of the Company and its Subsidiaries; and (f) the sale or disposition of Cash
Equivalents for fair market value. 
 “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any “employee
benefit plan” (as such term is defined in Section 3(3) of ERISA) established by the Company or, with respect to any such plan that is subject to Section 412 of the Internal Revenue Code or Title IV of ERISA, any ERISA Affiliate.

 “Platform” has the meaning specified in Section 7.02. 
 “PMP” means a “professional market party” (professionele marktpartij) within the meaning of the Dutch Banking Act
Exemption Regulation. 
 “Policy Guidelines” means the 2005 Dutch Central Bank’s Policy Guidelines issued in connection
with the Dutch Banking Act Exemption Regulation dated 29 November 2004. 
 “Pro Forma Basis” means, for purposes of
calculating the financial covenants set forth in Section 8.11 (including for purposes of determining the Applicable Rate), that any Disposition (other than Permitted Transfers), Involuntary Disposition, Acquisition or Restricted Payment
shall be deemed to have occurred as of the first day of the most recent four fiscal quarter period preceding the date of such transaction for which the Company was required to deliver (and has delivered) financial statements pursuant to
Section 7.01(a) or (b). In connection with the foregoing, (a) with respect to any Disposition or Involuntary Disposition, (i) income statement and cash flow statement items (whether positive or negative) attributable to
the property disposed of shall be excluded to the extent relating to any period occurring prior to the date of such transaction and (ii) Indebtedness which is retired shall be excluded and deemed to have been retired as of the first day of the
applicable period and (b) with respect to any Acquisition, (i) income statement items attributable to the Person or property acquired shall be included to the extent relating to any period applicable in such calculations to the extent
(A) such items are not otherwise included in such income statement items for the Company and its Subsidiaries in accordance with GAAP or in accordance with any defined terms set forth in Section 1.01 and (B) such items are
supported by financial statements or other information reasonably satisfactory to the Administrative Agent and (ii) any Indebtedness incurred or assumed by the Company or any Subsidiary (including the Person or property acquired) in connection
with such transaction and any Indebtedness of the Person or property acquired which is not retired in connection with such transaction (A) shall be deemed to have been incurred as of the first day of the applicable period and (B) if such
Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition 

  

 19 

 
determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination. 
 “Pro Forma Compliance Certificate” means a certificate of a Responsible Officer of the Company containing reasonably detailed
calculations of the financial covenants set forth in Section 8.11 on a Pro Forma Basis after giving effect to the applicable transaction. 
 “Register” has the meaning specified in Section 11.06(c). 
 “Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 
 “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty-day notice
period has been waived. 
 “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or
continuation of Loans, a Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice. 
 “Required Lenders” means, at any time, Lenders holding in the aggregate more than 50% of (a) the unfunded Commitments and the
outstanding Loans, L/C Obligations and participations therein or (b) if the Commitments have been terminated, the outstanding Loans, L/C Obligations and participations therein. The unfunded Commitments of, and the outstanding Loans held or
deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. Unfunded participations of Lenders in L/C Obligations and Swing Line Loans held by the L/C Issuer and the Swing Line Lender, in their
respective capacities as such, shall constitute outstanding Obligations held by the Lenders holding such participations for purposes of this definition. 
 “Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of a Loan Party and any other officer of the applicable Loan
Party so designated by any of the foregoing officers in a notice to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all
necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity
Interests of any Person or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition,
cancellation or termination of any such Equity Interests or on account of any return of capital to such Person’s stockholders, partners or members (or the equivalent Person thereof), or any option, warrant or other right to acquire any such
dividend or other distribution or payment. 
 “Revolving Commitment” means, as to each Lender, its obligation to
(a) make Revolving Loans to the Borrowers pursuant to Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time
outstanding not to exceed the Dollar amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted
from time to time in accordance with this Agreement. 
  

 20 

 “Revolving Loan” has the meaning specified in Section 2.01. 
 “Revaluation Date” means (a) with respect to any Loan, each of the following: (i) each date of a Borrowing of a Eurocurrency
Rate Loan denominated in an Alternative Currency, (ii) each date of a continuation of a Eurocurrency Rate Loan denominated in an Alternative Currency pursuant to Section 2.02, and (iii) such additional dates as the
Administrative Agent shall determine or the Required Lenders shall require; and (b) with respect to any Letter of Credit, each of the following: (i) each date of issuance of a Letter of Credit denominated in an Alternative Currency,
(ii) each date of an amendment of any such Letter of Credit having the effect of increasing the amount thereof (solely with respect to the increased amount), (iii) each date of any payment by the L/C Issuer under any Letter of Credit
denominated in an Alternative Currency and (iv) such additional dates as the Administrative Agent or the L/C Issuer shall determine or the Required Lenders shall require. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor
thereto. 
 “Same Day Funds” means (a) with respect to disbursements and payments in Dollars, immediately available
funds, and (b) with respect to disbursements and payments in an Alternative Currency, same day or other funds as may be determined by the Administrative Agent or the L/C Issuer, as the case may be, to be customary in the place of disbursement
or payment for the settlement of international banking transactions in the relevant Alternative Currency. 
 “Sale and Leaseback
Transaction” means, with respect to the Company or any Subsidiary, any arrangement, directly or indirectly, with any Person whereby the Company or such Subsidiary shall sell or transfer any property used or useful in its business, whether
now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold or transferred. 
 “ Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002. 
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions. 
 “Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley and the applicable accounting
and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the PCAOB. 
 “Securitization Transaction” means, with respect to any Person, any financing transaction or series of financing transactions (including factoring arrangements) pursuant to which such Person or any Subsidiary of such Person
may sell, convey or otherwise transfer, or grant a security interest in, accounts, payments, receivables, rights to future lease payments or residuals or similar rights to payment to a special purpose subsidiary or affiliate of such Person.

 “Security Agreement” means the security and pledge agreement dated as of the Closing Date executed in favor of the
Administrative Agent by each of the Domestic Loan Parties. 
 “Solvent” or “Solvency” means, with respect
to any Person as of a particular date, that on such date (a) such Person is able to pay its debts and other liabilities, contingent obligations and other commitments as they mature in the ordinary course of business, (b) such Person does
not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (c) such Person is not engaged in a business or a transaction, and is not about to
engage in a business or a 

  

 21 

 
transaction, for which such Person’s property would constitute unreasonably small capital, (d) the fair value of the property of such Person is
greater than the total amount of liabilities, including contingent liabilities, of such Person and (e) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability
of such Person on its debts as they become absolute and matured. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that
can reasonably be expected to become an actual or matured liability. 
 “Special Notice Currency” means at any time an
Alternative Currency, other than the currency of a country that is a member of the Organization for Economic Cooperation and Development at such time located in North America or Europe. 
 “Spot Rate” for a currency means the rate determined by the Administrative Agent or the L/C Issuer, as applicable, to be the rate quoted
by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to
the date as of which the foreign exchange computation is made; provided that the Administrative Agent or the L/C Issuer may obtain such spot rate from another financial institution designated by the Administrative Agent or the L/C Issuer if
the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency; and provided further that the L/C Issuer may use such spot rate quoted on the date as of which the foreign
exchange computation is made in the case of any Letter of Credit denominated in an Alternative Currency. 
 “Sterling” and
“£” mean the lawful currency of the United Kingdom. 
 “Subsidiary” of a Person means a corporation,
partnership, joint venture, limited liability company or other business entity of which a majority of the shares of Voting Stock is at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through
one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Company. 
 “Subsidiary Guarantors” means each Domestic Subsidiary of the Company identified as a “Subsidiary Guarantor” on the signature
pages hereto and each other Person that joins as a Subsidiary Guarantor pursuant to Section 7.12, together with their successors and permitted assigns. Immaterial Subsidiaries shall not be required to be Subsidiary Guarantors.

 “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any
kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 
 “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally
enforceable netting agreement relating to such Swap Contracts, (a)

  

 22 

 
for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination
value(s) and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations
provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
 “Swing Line
Lender” means Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder. 
 “Swing Line Loan” has the meaning specified in Section 2.04(a). 
 “Swing Line Loan
Notice” means a notice of a Borrowing of Swing Line Loans pursuant to Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit 2.04. 
 “Swing Line Sublimit” means an amount equal to the lesser of (a) $20,000,000 and (b) the Aggregate Revolving Commitments. The
Swing Line Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments. 
 “Synthetic Lease” means any
synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing arrangement whereby the arrangement is considered borrowed money indebtedness for tax purposes but is classified as an operating lease or
does not otherwise appear on a balance sheet under GAAP. 
 “TARGET Day” means any day on which the Trans-European Automated
Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such other payment system (if any) determined by the Administrative Agent to be a suitable replacement) is open for the
settlement of payments in Euro. 
 “Taxes” means all present or future taxes, levies, imposts, duties, deductions,
withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Threshold Amount” means $5,000,000. 
 “Total Revolving Outstandings”
means the aggregate Outstanding Amount of all Revolving Loans, all Swing Line Loans and all L/C Obligations. 
 “Treasury Management
Agreement” means any agreement governing the provision of treasury or cash management services, including deposit accounts, funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled
disbursement, lockbox, account reconciliation and reporting and trade finance services. 
 “Type” means, with respect to any
Loan, its character as a Base Rate Loan or a Eurocurrency Rate Loan. 
 “Unfunded Pension Liability” means the excess of a
Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding that Pension Plan pursuant to Section 412
of the Internal Revenue Code for the applicable plan year. 
  

 23 

 “United States” and “U.S.” mean the United States of America.

 “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 
 “Voting Stock” means, with respect to any Person, Equity Interests issued by such Person the holders of which are ordinarily, in the
absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right so to vote has been suspended by the happening of such a contingency. 
 “Wholly Owned Subsidiary” means any Person 100% of whose Equity Interests are at the time owned by the Company directly or indirectly
through other Persons 100% of whose Equity Interests are at the time owned, directly or indirectly, by the Company. 
  

	1.02	Other Interpretive Provisions. 

 With reference to
this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 
 (a) The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and
effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any
reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used
in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to
refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or
interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) 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. 
 (b) In the computation of periods of time from a specified date to a later specified date, the word “from” means
“from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.” 
 (c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the
interpretation of this Agreement or any other Loan Document. 
  

 24 

	1.03	Accounting Terms. 

 (a) Generally. Except as
otherwise specifically prescribed herein, all accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be
submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements. 

(b) Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan
Document, and either the Company or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Company shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of
such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and
(ii) the Company shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such
ratio or requirement made before and after giving effect to such change in GAAP. 
 (c) Calculations; Consolidation of Variable Interest
Entities. Notwithstanding the above, the parties hereto acknowledge and agree that all calculations of the financial covenants in Section 8.11 (including for purposes of determining the Applicable Rate) shall be made on a Pro Forma
Basis. All references herein to consolidated financial statements of the Company and its Subsidiaries or to the determination of any amount for the Company and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be
deemed to include each variable interest entity that the Company is required to consolidate pursuant to FASB Interpretation No. 46 – Consolidation of Variable Interest Entities: an interpretation of ARB No. 51 (January 2003) as if
such variable interest entity were a Subsidiary as defined herein. 
  

	1.04	Rounding. 

 Any financial ratios required to be
maintained by the Company pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and
rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 
  

	1.05	Exchange Rates; Currency Equivalents. 

 (a) The
Administrative Agent or the L/C Issuer, as applicable, shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Equivalent amounts of Credit Extensions and Outstanding Amounts denominated in Alternative
Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of
financial statements delivered by Loan Parties hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such
Dollar Equivalent amount as so determined by the Administrative Agent or the L/C Issuer, as applicable. 
 (b) Wherever in this Agreement in
connection with a Borrowing, conversion, continuation or prepayment of a Eurocurrency Rate Loan or the issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but
such Borrowing, 

  

 25 

 
Eurocurrency Rate Loan or Letter of Credit is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of
such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent or the L/C Issuer, as the case may be. 
  

	1.06	Additional Alternative Currencies. 

 (a) The Company
may from time to time request that Eurocurrency Rate Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency;” provided that such requested
currency is a lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Eurocurrency Rate Loans, such request shall be subject
to the approval of the Administrative Agent and the Lenders that would be obligated to make Credit Extensions denominated in such requested currency; and in the case of any such request with respect to the issuance of Letters of Credit, such request
shall be subject to the approval of the Administrative Agent and the L/C Issuer. 
 (b) Any such request shall be made to the Administrative
Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the
L/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Eurocurrency Rate Loans, the Administrative Agent shall promptly notify each Lender thereof; and in the case of any such request pertaining to Letters of
Credit, the Administrative Agent shall promptly notify the L/C Issuer thereof. Each Lender (in the case of any such request pertaining to Eurocurrency Rate Loans) or the L/C Issuer (in the case of a request pertaining to Letters of Credit) shall
notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Eurocurrency Rate Loans or the issuance of Letters of Credit, as the case may
be, in such requested currency. 
 (c) Any failure by a Lender or the L/C Issuer, as the case may be, to respond to such request within the
time period specified in the preceding sentence shall be deemed to be a refusal by such Lender or the L/C Issuer, as the case may be, to permit Eurocurrency Rate Loans to be made or Letters of Credit to be issued in such requested currency. If the
Administrative Agent and all the Lenders that would be obligated to make Credit Extensions denominated in such requested currency consent to making Eurocurrency Rate Loans in such requested currency, the Administrative Agent shall so notify the
Company and such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Eurocurrency Rate Loans; and if the Administrative Agent and the L/C Issuer consent to the issuance of
Letters of Credit in such requested currency, the Administrative Agent shall so notify the Company and such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Letter of Credit issuances.
If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.06, the Administrative Agent shall promptly so notify the Company. 
  

	1.07	Change of Currency. 

 (a) Each obligation of the
Borrowers to make a payment denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption (in
accordance with the EMU Legislation). If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the
London interbank market for the basis of accrual of interest in respect of the Euro, such 

  

 26 

 
expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency;
provided that if any Borrowing in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Borrowing, at the end of the then current Interest Period. 

(b) Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time
specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro. 
 (c) Each provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time
specify to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the change in currency. 
  

	1.08	Times of Day. 

 Unless otherwise specified, all
references herein to times of day shall be references to Pacific time (daylight or standard, as applicable). 
  

	1.09	Letter of Credit Amounts. 

 Unless otherwise
specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of
Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Equivalent of the maximum
stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 
 ARTICLE II 
 THE COMMITMENTS AND CREDIT EXTENSIONS 
  

	2.01	Revolving Loans. 

 (a) Revolving Loans.
Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Revolving Loan”) to the Borrowers in Dollars or in one or more Alternative Currencies from time to time on any
Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolving Commitment; provided, however, that after giving effect to any Borrowing of Revolving
Loans, (i) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (ii) the aggregate Outstanding Amount of the Revolving Loans of any Lender, plus such Lender’s Applicable Percentage of the
Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Revolving Commitment, (iii) the aggregate Outstanding Amount
of all Revolving Loans made to the Designated Borrowers shall not exceed the Designated Borrower Sublimit and (iv) the aggregate Outstanding Amount of Revolving Loans denominated in Alternative Currencies shall not exceed the Alternative
Currency Sublimit. Within the limits of each Lender’s Revolving Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01, prepay under Section 2.05, and reborrow
under this 

  

 27 

 
Section 2.01. Revolving Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. 
 (b) Increases of the Aggregate Revolving Commitments. The Company shall have the right, upon at least fifteen (15) Business Days’ prior
written notice to the Administrative Agent, to increase the Aggregate Revolving Commitments by an aggregate amount of up to $150,000,000 in one or more increases, at any time prior to the fifth anniversary of the Closing Date, subject,
however, in any such case, to satisfaction of the following conditions precedent: 
 (i) no Event of Default shall have
occurred and be continuing on the date on which such increase is to become effective; 
 (ii) the representations and
warranties set forth in Article VI shall be true and correct in all material respects on and as of the date on which such increase is to become effective; 
 (iii) such increase shall be in a minimum amount of $5,000,000 and in integral multiples of $1,000,000 in excess thereof (unless otherwise
agreed by the Administrative Agent); 
 (iv) such requested increase shall only be effective upon receipt by the
Administrative Agent of (A) additional commitments in a corresponding amount of such requested increase from either existing Lenders and/or one or more other institutions that qualify as an Eligible Assignee (it being understood and agreed that
no existing Lender shall be required to provide an additional commitment) and (B) documentation from each institution providing an additional commitment evidencing their commitment and their obligations under this Agreement in form and
substance acceptable to the Administrative Agent; 
 (v) the Administrative Agent shall have received all documents (including
resolutions of the board of directors of the Company) it may reasonably request relating to the corporate or other necessary authority for and the validity of such increase in the Aggregate Revolving Commitments, and any other matters relevant
thereto, all in form and substance reasonably satisfactory to the Administrative Agent; and 
 (vi) if any Revolving Loans are
outstanding at the time of the increase in the Aggregate Revolving Commitments, the Company shall, if applicable, prepay one or more existing Revolving Loans (such prepayment to be subject to Section 3.05) in an amount necessary such
that after giving effect to the increase in the Aggregate Revolving Commitments, each Lender will hold its pro rata share (based on its Applicable Percentage of the increased Aggregate Revolving Commitments) of outstanding Revolving Loans.

  

	2.02	Borrowings, Conversions and Continuations of Loans. 

 (a) Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurocurrency Rate Loans shall be made upon the Company’s irrevocable notice to the Administrative Agent, which may be given by telephone.
Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of, Eurocurrency Rate Loans denominated in Dollars or
of any conversion of Eurocurrency Rate Loans denominated in Dollars to Base Rate Loans, (ii) four Business Days (or five Business Days in the case of a Special Notice Currency) prior to the requested date of any Borrowing or continuation of
Eurocurrency Rate Loans denominated in Alternative Currencies, and (iii) on the requested date of any Borrowing of Base Rate Loans. Each telephonic notice by the Company pursuant to this Section 2.02(a) must be confirmed promptly by
delivery to the Administrative 

  

 28 

 
Agent of a written Loan Notice, appropriately completed and signed by a Responsible Officer of the Company. Each Borrowing of, conversion to or continuation
of Eurocurrency Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof. Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion to Base Rate Loans shall
be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Loan Notice (whether telephonic or written) shall specify (i) whether the Company is requesting a Borrowing, a conversion of Loans from one Type to the
other, or a continuation of Eurocurrency Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or
continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto, (vi) the currency of the Loans to be borrowed, and
(vii) if applicable, the Designated Borrower. If the Company fails to specify a currency in a Loan Notice requesting a Borrowing, then the Loans so requested shall be made in Dollars. If the Company fails to specify a Type of a Loan in a Loan
Notice or if the Company fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans; provided, however, that in the case of a failure to timely
request a continuation of Loans denominated in an Alternative Currency, such Loans shall be continued as Eurocurrency Rate Loans in their original currency with an Interest Period of one month. Any such automatic conversion to Base Rate Loans shall
be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans. If the Company requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any Loan Notice, but
fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. No Loan may be converted into or continued as a Loan denominated in a different currency, but instead must be prepaid in the original currency
of such Loan and reborrowed in the other currency. 
 (b) Following receipt of a Loan Notice, the Administrative Agent shall promptly notify
each Lender of the amount (and currency) of its Applicable Percentage of the applicable Loans, and if no timely notice of a conversion or continuation is provided by the Company, the Administrative Agent shall notify each Lender of the details of
any automatic conversion to Base Rate Loans or continuation of Loans denominated in a currency other than Dollars, in each case as described in the preceding subsection. In the case of a Borrowing, each Lender shall make the amount of its Loan
available to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office for the applicable currency not later than 1:00 p.m., in the case of any Loan denominated in Dollars, and not later than the Applicable Time specified
by the Administrative Agent in the case of any Loan in an Alternative Currency, in each case on the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 5.02 (and, if
such Borrowing is the initial Credit Extension, Section 5.01), the Administrative Agent shall make all funds so received available to the Company or the other applicable Borrower in like funds as received by the Administrative Agent
either by (i) crediting the account of such Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to)
the Administrative Agent by the Company; provided, however, that if, on the date of a Borrowing of Revolving Loans denominated in Dollars, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be
applied to the payment in full of any such L/C Borrowings and second, shall be made available to the Borrower as provided above. 
 (c) Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of the Interest Period for such Eurocurrency Rate Loan. During the existence of a Default, no Loans denominated in Dollars
may be requested as, converted to or continued as Eurocurrency Rate Loans without the consent of the Required Lenders, and the Required Lenders may demand that any or all of the then outstanding Eurocurrency Rate Loans denominated in Dollars be
converted immediately to Base Rate Loans. 
  

 29 

 (d) The Administrative Agent shall promptly notify the Company and the Lenders of the interest rate
applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Company and the Lenders of any change in Bank of
America’s prime rate used in determining the Base Rate promptly following the public announcement of such change. 
 (e) After giving
effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than eight (8) Interest Periods in effect with respect to Revolving Loans. 
  

	2.03	Letters of Credit. 

 (a) The Letter of Credit
Commitment. 
 (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon
the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in
Dollars or in one or more Alternative Currencies for the account of the Company or any of its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor
drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that after giving effect to any
L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Revolving Loans of any Lender, plus
such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Revolving
Commitment and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the
Company that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Company’s ability to obtain
Letters of Credit shall be fully revolving, and accordingly the Company may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of
Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof. 
 (ii) The L/C Issuer shall not issue any Letter of Credit if: 
 (A) subject to Section 2.03(b)(iii), the expiry date of such requested Letter of Credit would occur more than twelve months
after the date of issuance or last extension, unless the Required Lenders have approved such expiry date; or 
  

 30 

 (B) the expiry date of such requested Letter of Credit would occur after the Letter of
Credit Expiration Date, unless all the Lenders have approved such expiry date. 
 (iii) The L/C Issuer shall not be under any
obligation to issue any Letter of Credit if: 
 (A) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with
jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with respect to such Letter of
Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not
applicable on the Closing Date and which the L/C Issuer in good faith deems material to it; 
 (B) the issuance of such Letter
of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally; 
 (C) except as
otherwise agreed by the Administrative Agent and the L/C Issuer, such Letter of Credit is in an initial stated amount less than $10,000, in the case of a commercial Letter of Credit, or $100,000, in the case of a standby Letter of Credit;

 (D) except as otherwise agreed by the Administrative Agent and the L/C Issuer, such Letter of Credit is to be denominated
in a currency other than Dollars or an Alternative Currency; 
 (E) the L/C Issuer does not as of the issuance date of such
requested Letter of Credit issue Letters of Credit in the requested currency; or 
 (F) a default of any Lender’s
obligations to fund under Section 2.03(c) exists or any Lender is at such time a Defaulting Lender hereunder, unless the L/C Issuer has entered into satisfactory arrangements with the Company or such Lender to eliminate the L/C
Issuer’s risk with respect to such Lender. 
 (iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer
would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof. 
 (v) The L/C
Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter
of Credit does not accept the proposed amendment to such Letter of Credit. 
 (vi) The L/C Issuer shall act on behalf of the
Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article X with respect to any
acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as
used in Article X included the L/C Issuer with 

  

 31 

 
respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuer. 
 (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. 
 (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Company delivered to the L/C Issuer
(with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Company. Such Letter of Credit Application must be received by the L/C Issuer and the
Administrative Agent not later than 10:00 a.m. at least two Business Days (or such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or
date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of
the requested Letter of Credit (which shall be a Business Day); (B) the amount and currency thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such
beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as the L/C Issuer may require. In the case of a request
for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof
(which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the L/C Issuer may require. Additionally, the Company shall furnish to the L/C Issuer and the Administrative Agent such other
documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent may require. 
 (ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by telephone
or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Company and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received written
notice from any Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article
V shall not be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Company or the applicable Subsidiary or enter into the applicable amendment,
as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Letter of Credit. 
 (iii) If the Company so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole and absolute discretion,
agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such
extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each
such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Company shall not be required 

  

 32 

 
to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to
have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not
permit any such extension if (A) the L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the
provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is five Business Days before the Non-Extension Notice
Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Lender or the Company that one or more of the applicable conditions specified in
Section 5.02 is not then satisfied, and in each case directing the L/C Issuer not to permit such extension. 
 (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Company and the Administrative
Agent a true and complete copy of such Letter of Credit or amendment. 
 (c) Drawings and Reimbursements; Funding of Participations.

 (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of drawing under such Letter of Credit, the L/C
Issuer shall notify the Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Company shall reimburse the L/C Issuer in such Alternative Currency, unless (A) the L/C Issuer
(at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, the Company shall have notified the L/C Issuer promptly following
receipt of the notice of drawing that the Company will reimburse the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the L/C Issuer shall notify
the Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the
Applicable Time on the date of any payment by the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Company shall reimburse the L/C Issuer through the
Administrative Agent in an amount equal to the amount of such drawing and in the applicable currency. If the Company fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender of the Honor Date, the
amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such
Lender’s Applicable Percentage thereof. In such event, the Company shall be deemed to have requested a Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum
and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the conditions set forth in Section 5.02 (other than the delivery of a Loan Notice) and provided that, after giving effect to
such Borrowing, the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments. Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if
immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 
  

 33 

 (ii) Each Lender shall upon any notice pursuant to Section 2.03(c)(i) make
funds available to the Administrative Agent for the account of the L/C Issuer, in Dollars, at the Administrative Agent’s Office for Dollar-denominated payments in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later
than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Lender that so makes funds available shall be deemed to have made a Base Rate
Loan to the Company in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer in Dollars. 
 (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Base Rate Loans because the conditions set forth in Section 5.02 cannot be satisfied or for any other reason, the Company shall be
deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default
Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall
constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.03. 
 (iv) Until each Lender funds its Revolving Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable
Percentage of such amount shall be solely for the account of the L/C Issuer. 
 (v) Each Lender’s obligation to make
Revolving Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including
(A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the L/C Issuer, the Company or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any
other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Revolving Loans pursuant to this Section 2.03(c) is subject to the
conditions set forth in Section 5.02 (other than delivery by the Company of a Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Company to reimburse the L/C Issuer for the amount of
any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. 
 (vi) If any
Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in
Section 2.03(c)(ii), the L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date
on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the L/C Issuer
in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Borrowing or L/C Advance in respect of the
relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.

  

 34 

 (d) Repayment of Participations. 
 (i) At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s L/C
Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly
from the Company or otherwise, including proceeds of cash collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable Percentage thereof in Dollars and in the same funds as those
received by the Administrative Agent. 
 (ii) If any payment received by the Administrative Agent for the account of the L/C
Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by the L/C Issuer in its discretion), each Lender
shall pay to the Administrative Agent for the account of the L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender,
at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 
 (e) Obligations Absolute. The obligation of the Company to reimburse the L/C Issuer for each drawing under each Letter of Credit and to repay each
L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following: 
 (i) any lack of validity or enforceability of such Letter of Credit, this Agreement or any other Loan Document; 
 (ii) the existence of any claim, counterclaim, setoff, defense or other right that the Company or any Subsidiary may have at any time
against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions
contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 
 (iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any
loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit; 
 (iv) any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of
Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit,
including any arising in connection with any proceeding under any Debtor Relief Law; 
  

 35 

 (v) any adverse change in the relevant exchange rates or in the availability of the
relevant Alternative Currency to the Company or any Subsidiary or in the relevant currency markets generally; or 
 (vi) any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Company or any Subsidiary. 
 The Company shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of
noncompliance with the Company’s instructions or other irregularity, the Company will immediately notify the L/C Issuer. The Company shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless
such notice is given as aforesaid. 
 (f) Role of L/C Issuer. Each Lender and the Company agree that, in paying any drawing under a
Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such Letter of Credit) or to ascertain or inquire as to the validity or accuracy
of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer
shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross
negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Company hereby assumes all risks of the acts or
omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Company’s pursuing such rights and remedies as it
may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be
liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.03(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Company may have a claim
against the L/C Issuer, and the L/C Issuer may be liable to the Company, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Company which the Company proves were caused by the L/C
Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and
conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or
information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or
proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 
 (g) Cash Collateral.
(i) Upon the request of the Administrative Agent, (A) if the L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (B) if, as of the Letter of
Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Company shall, in each case, immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations. 
 (ii) In addition, if the Administrative Agent notifies the Company at any time that the Outstanding Amount of all L/C Obligations at such
time exceeds the Letter of Credit Sublimit 

  

 36 

 
then in effect, then, within two Business Days after receipt of such notice, the Company shall Cash Collateralize the L/C Obligations in an amount equal to
the amount by which the Outstanding Amount of all L/C Obligations exceeds the Letter of Credit Sublimit. 
 (iii) The
Administrative Agent may, at any time and from time to time after the initial deposit of Cash Collateral, request that additional Cash Collateral be provided in order to protect against the results of exchange rate fluctuations. 
 (iv) Sections 2.05 and 9.02(c) set forth certain additional requirements to deliver Cash Collateral hereunder. For purposes
of this Section 2.03, Section 2.05 and Section 9.02(c), “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the L/C Issuer and the
Lenders, as collateral for the L/C Obligations, cash or deposit account balances pursuant to documentation in form and substance satisfactory to the Administrative Agent and the L/C Issuer (which documents are hereby consented to by the Lenders).
Derivatives of such term have corresponding meanings. The Company hereby grants to the Administrative Agent, for the benefit of the L/C Issuer and the Lenders, a security interest in all such cash, deposit accounts and all balances therein and all
proceeds of the foregoing. Cash Collateral shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. 
 (h)
Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer and the Company when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall
apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial
Letter of Credit. 
 (i) Letter of Credit Fees. The Company shall pay to the Administrative Agent for the account of each Lender in
accordance with its Applicable Percentage, in Dollars, a Letter of Credit fee (the “Letter of Credit Fee”) (i) for each commercial Letter of Credit equal to equal to the Applicable Rate times the Dollar Equivalent of the
daily amount available to be drawn under such Letter of Credit and (ii) for each standby Letter of Credit equal to the Applicable Rate times the Dollar Equivalent of the daily amount available to be drawn under such Letter of Credit. For
purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.09. Letter of Credit Fees shall be (i) due and payable on
the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and
(ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate
separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Lenders, while any Event of Default exists, all Letter of Credit Fees
shall accrue at the Default Rate. 
 (j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Company shall
pay directly to the L/C Issuer for its own account, in Dollars, a fronting fee (i) with respect to each commercial Letter of Credit, at the rate specified in the Fee Letter, computed on the Dollar Equivalent of the amount of such Letter of
Credit, and payable upon the issuance thereof, (ii) with respect to any amendment of a commercial Letter of Credit increasing the amount of such Letter of Credit, at a rate separately agreed between the Company and the L/C Issuer, computed on
the Dollar Equivalent of the amount of such increase, and payable upon the effectiveness of such amendment, and (iii) with respect 

  

 37 

 
to each standby Letter of Credit, at the rate per annum specified in the Fee Letter, computed on the Dollar Equivalent of the daily amount available to be
drawn under such Letter of Credit and on a quarterly basis in arrears. Such fronting fee shall be due and payable on the tenth Business Day after the end of each March, June, September and December in respect of the most recently-ended quarterly
period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of computing the
daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.09. In addition, the Company shall pay directly to the L/C Issuer for its own account, in
Dollars, the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and
charges are due and payable on demand and are nonrefundable. 
 (k) Conflict with Issuer Documents. In the event of any conflict
between the terms hereof and the terms of any Issuer Document, the terms hereof shall control. 
 (l) Letters of Credit Issued for
Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Company shall be obligated to reimburse the L/C Issuer hereunder for any and
all drawings under such Letter of Credit. The Company hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Company, and that the Company’s business derives substantial benefits
from the businesses of such Subsidiaries. 
  

	2.04	Swing Line Loans. 

 (a) Swing Line Facility.
Subject to the terms and conditions set forth herein, the Swing Line Lender agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.04, to make loans (each such loan, a “Swing Line Loan”) to the
Company in Dollars from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when
aggregated with the Applicable Percentage of the Outstanding Amount of Revolving Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Revolving Commitment; provided, however,
that after giving effect to any Swing Line Loan, (i) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, and (ii) the aggregate Outstanding Amount of the Revolving Loans of any Lender, plus such
Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Revolving Commitment,
and provided, further, that the Company shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Company may
borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each Swing Line Loan shall bear interest only at a rate based on the Base Rate. Immediately upon the making of a
Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s
Applicable Percentage times the amount of such Swing Line Loan. 
 (b) Borrowing Procedures. Each Borrowing of Swing Line Loans
shall be made upon the Company’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than
1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum principal amount of $250,000 and integral multiples of $100,000 in 

  

 38 

 
excess thereof, and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice must be confirmed promptly by delivery
to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Company. Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan
Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent
(by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of the proposed
Borrowing of Swing Line Loans (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the proviso to the first sentence of Section 2.04(a), or (B) that one or more of the
applicable conditions specified in Article V is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make
the amount of its Swing Line Loan available to the Company. 
 (c) Refinancing of Swing Line Loans. 
 (i) The Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Company (which hereby irrevocably
authorizes the Swing Line Lender to so request on its behalf), that each Lender make a Base Rate Loan in an amount equal to such Lender’s Applicable Percentage of the amount of Swing Line Loans then outstanding. Such request shall be made in
writing (which written request shall be deemed to be a Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of
Base Rate Loans, but subject to the conditions set forth in Section 5.02 (other than the delivery of a Loan Notice) and provided that, after giving effect to such Borrowing, the Total Revolving Outstandings shall not exceed the Aggregate
Revolving Commitments. The Swing Line Lender shall furnish the Company with a copy of the applicable Loan Notice promptly after delivering such notice to the Administrative Agent. Each Lender shall make an amount equal to its Applicable Percentage
of the amount specified in such Loan Notice available to the Administrative Agent in Same Day Funds for the account of the Swing Line Lender at the Administrative Agent’s Office for Dollar-denominated deposits not later than 1:00 p.m. on the
day specified in such Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Company in such amount. The Administrative Agent shall remit the
funds so received to the Swing Line Lender. 
 (ii) If for any reason any Swing Line Loan cannot be refinanced by such a
Borrowing of Revolving Loans in accordance with Section 2.04(c)(i), the request for Base Rate Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that each of the Lenders
fund its risk participation in the relevant Swing Line Loan and each Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed payment in respect of such
participation. 
 (iii) If any Lender fails to make available to the Administrative Agent for the account of the Swing Line
Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line Lender shall be entitled to recover from such
Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swing Line Lender at a rate per
annum equal to the applicable Overnight Rate from time to time in effect, plus any 

  

 39 

 
administrative, processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Lender pays such amount
(with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate of the Swing
Line Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error. 
 (iv) Each Lender’s obligation to make Revolving Loans or to purchase and fund risk participations in Swing Line Loans pursuant to
this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such Lender may have against the Swing Line
Lender, the Company or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided,
however, that each Lender’s obligation to make Revolving Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 5.02. No such funding of risk participations shall relieve or
otherwise impair the obligation of the Company to repay Swing Line Loans, together with interest as provided herein. 
 (d) Repayment of
Participations. 
 (i) At any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if
the Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Applicable Percentage thereof in the same funds as those received by the Swing Line Lender. 
 (ii) If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be
returned by the Swing Line Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each Lender shall pay to the Swing Line Lender
its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the applicable Overnight Rate. The Administrative Agent
will make such demand upon the request of the Swing Line Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 
 (e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Company for interest on the Swing Line
Loans. Until each Lender funds its Revolving Loans that are Base Rate Loans or risk participation pursuant to this Section 2.04 to refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such
Applicable Percentage shall be solely for the account of the Swing Line Lender. 
 (f) Payments Directly to Swing Line Lender. The
Company shall make all payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender. 
  

	2.05	Prepayments. 

 (a) Voluntary Prepayments of
Loans. 
 (i) Revolving Loans. Each Borrower may, upon notice from the Company to the Administrative Agent, at any
time or from time to time voluntarily prepay Revolving Loans in 

  

 40 

 
whole or in part without premium or penalty; provided that (A) such notice must be received by the Administrative Agent not later than 11:00 a.m.
(1) three Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated in Dollars, (2) four Business Days (or five, in the case of prepayment of Loans denominated in Special Notice Currencies) prior to any date of
prepayment of Eurocurrency Rate Loans denominated in Alternative Currencies and (3) on the date of prepayment of Base Rate Loans; (B) any such prepayment of Eurocurrency Rate Loans shall be in a principal amount of $1,000,000 or a whole
multiple of $1,000,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); and (C) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof
(or, if less, the entire principal amount thereof then outstanding). Each such notice shall specify the date and amount of such prepayment and the Type(s) and currencies of Loans to be prepaid and, if Eurocurrency Rate Loans are to be prepaid, the
Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Company,
the applicable Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest on the
amount prepaid, together with any additional amounts required pursuant to Section 3.05. Each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages. 
 (ii) Swing Line Loans. The Company may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time
or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on
the date of the prepayment, and (ii) any such prepayment shall be in a minimum principal amount of $100,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal thereof then outstanding). Each such notice shall
specify the date and amount of such prepayment. If such notice is given by the Company, the Company shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. 
  

	(b)	Mandatory Prepayments of Loans. 

 (i) If the Administrative Agent notifies the Company at any time that the Total Revolving Outstandings at such time exceed the Aggregate Revolving Commitments then in effect, then, within two Business Days after receipt of such notice, the
Borrowers shall prepay Loans and/or the Company shall Cash Collateralize the L/C Obligations in an aggregate amount sufficient to reduce such Outstanding Amount as of such date of payment to an amount not to exceed 100% of the Aggregate Revolving
Commitments then in effect; provided, however, that, subject to the provisions of Section 2.03(g)(ii), the Company shall not be required to Cash Collateralize the L/C Obligations pursuant to this
Section 2.05(b)(i) unless after the prepayment in full of the Loans the Total Revolving Outstandings exceed the Aggregate Revolving Commitments then in effect. The Administrative Agent may, at any time and from time to time after the
initial deposit of such Cash Collateral, request that additional Cash Collateral be provided in order to protect against the results of further exchange rate fluctuations. 
 (ii) If the Administrative Agent notifies the Company at any time that the Outstanding Amount of all Loans denominated in Alternative
Currencies at such time exceeds an amount equal to 105% of the Alternative Currency Sublimit then in effect, then, within two Business Days after receipt of such notice, the Borrowers shall prepay Loans in an aggregate 

  

 41 

 
amount sufficient to reduce such Outstanding Amount as of such date of payment to an amount not to exceed 100% of the Alternative Currency Sublimit then in
effect. 
  

	2.06	Termination or Reduction of Aggregate Revolving Commitments. 

 The Company may, upon notice to the Administrative Agent, terminate the Aggregate Revolving Commitments, or from time to time permanently reduce the Aggregate Revolving Commitments; provided that (i) any
such notice shall be received by the Administrative Agent not later than 12:00 noon five (5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any
whole multiple of $1,000,000 in excess thereof, (iii) the Company shall not terminate or reduce the Aggregate Revolving Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings
would exceed the Aggregate Revolving Commitments and (iv) if, after giving effect to any reduction of the Aggregate Revolving Commitments, the Alternative Currency Sublimit, the Letter of Credit Sublimit, the Designated Borrower Sublimit or the
Swing Line Sublimit exceeds the amount of the Aggregate Revolving Commitments, such sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or
reduction of the Aggregate Revolving Commitments. The amount of any such Aggregate Revolving Commitment reduction shall not be applied to the Letter of Credit Sublimit unless otherwise specified by the Company. Any reduction of the Aggregate
Revolving Commitments shall be applied to the Revolving Commitment of each Lender according to its Applicable Percentage. All fees accrued with respect thereto until the effective date of any termination of the Aggregate Revolving Commitments shall
be paid on the effective date of such termination. 
  

	2.07	Repayment of Loans. 

 (a)
Revolving Loans. Each Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of all Revolving Loans made to such Borrower outstanding on such date. 
 (b) Swing Line Loans. The Company shall repay each Swing Line Loan on the earlier to occur of (i) demand from the Swing Line
Lender and (ii) the Maturity Date. 
  

	2.08	Interest. 

 (a) Subject to the provisions of
subsection (b) below, (i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the sum of the Eurocurrency Rate for such Interest Period
plus the Applicable Rate plus (in the case of a Eurocurrency Rate Loan of any Lender which is lent from a Lending Office in the United Kingdom or a Participating Member State) the Mandatory Cost; (ii) each Base Rate Loan shall
bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate; and (iii) each Swing Line Loan shall bear interest on the outstanding
principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. 
 (b)
(i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest
rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
 (ii) If any
amount (other than principal of any Loan) payable by any Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), 

  

 42 

 
whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a
fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
 (iii) Upon the request of the Required Lenders, while any Event of Default exists, the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal
to the Default Rate to the fullest extent permitted by applicable Laws. 
 (iv) Accrued and unpaid interest on past due
amounts (including interest on past due interest) shall be due and payable upon demand. 
 (c) Interest on each Loan shall be due and payable
in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the
commencement of any proceeding under any Debtor Relief Law. 
  

	2.09	Fees. 

 In addition to certain fees described in
subsections (i) and (j) of Section 2.03: 
 (a) Commitment Fee. The Company shall pay to the
Administrative Agent, for the account of each Lender in accordance with its Applicable Percentage, a commitment fee in Dollars equal to the product of (i) the Applicable Rate times (ii) the actual daily amount by which the Aggregate
Revolving Commitments exceed the sum of (y) the Outstanding Amount of Revolving Loans and (z) the Outstanding Amount of L/C Obligations. For purposes of clarification, Swing Line Loans shall not be considered outstanding for purposes of
determining the unused portion of the Aggregate Revolving Commitments. The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article V is not met, and
shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period. The commitment
fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that
such Applicable Rate was in effect. 
 (b) Fee Letter. The Company shall pay to the Arranger and the Administrative
Agent for their own respective accounts, in Dollars, fees in the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 
  

	2.10	Computation of Interest and Fees. 

 All computations
of interest for Base Rate Loans when the Base Rate is determined by Bank of America’s “prime rate” and all computations for interest on Loans denominated in Sterling shall be made on the basis of a year of 365 or 366 days, as the case
may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a
365-day year), or, in the case of interest in respect of Loans denominated in Alternative Currencies as to which market practice differs from the foregoing, in accordance with such market practice. Interest shall accrue 

  

 43 

 
on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is
paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder
shall be conclusive and binding for all purposes, absent manifest error. 
  

	2.11	Evidence of Debt. 

 (a) The Credit Extensions made
by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall
be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect
the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in
respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender to a Borrower made through the Administrative Agent, such Borrower shall execute and deliver
to such Lender (through the Administrative Agent) a promissory note, which shall evidence such Lender’s Loans in addition to such accounts or records. Each such promissory note shall be in the form of Exhibit 2.11(a) (a
“Note”). Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount, currency and maturity of its Loans and payments with respect thereto. 
 (b) In addition to the accounts and records referred to in subsection (a), each Lender and the Administrative Agent shall maintain in accordance with its
usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing Line Loans. In the event of any conflict between the accounts and records maintained by the Administrative Agent
and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. 
  

	2.12	Payments Generally; Administrative Agent’s Clawback. 

 (a) General. All payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein and except with respect to
principal of and interest on Loans denominated in an Alternative Currency, all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable
Administrative Agent’s Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the date specified herein. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder with respect to principal and interest
on Loans denominated in an Alternative Currency shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office in such Alternative Currency and
in Same Day Funds not later than the Applicable Time specified by the Administrative Agent on the dates specified herein. Without limiting the generality of the foregoing, the Administrative Agent may require that any payments due under this
Agreement be made in the United States. If, for any reason, any Borrower is prohibited by any Law from making any required payment hereunder in an Alternative Currency, such Borrower shall make such payment in Dollars in the Dollar Equivalent of the
Alternative Currency payment amount. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such
Lender’s Lending Office. All payments received by the Administrative Agent (i) after 2:00 p.m., in the case of payments in Dollars, or (ii) after the Applicable Time specified by the Administrative Agent in the 

  

 44 

 
case of payments in an Alternative Currency, shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee
shall continue to accrue. If any payment to be made by any Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or
fees, as the case may be. 
 (b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent
shall have received notice from a Lender prior to the proposed date of any Borrowing of Eurocurrency Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will not make
available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a
Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the applicable Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount in Same Day Funds with interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent, at
(A) in the case of a payment to be made by such Lender, the Overnight Rate, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a
payment to be made by such Borrower, the interest rate applicable to Base Rate Loans. If such Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly
remit to such Borrower the amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan
included in such Borrowing. Any payment by such Borrower shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 
 (ii) Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a
Borrower prior to the time at which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has
made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case may be, the amount due. In such event, if such Borrower has not in fact made such payment, then
each of the Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in Same Day Funds with interest thereon, for each day
from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Overnight Rate. 
 A notice of the Administrative Agent to any Lender or any Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error. 
 (c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such
Lender to any Borrower as provided in the foregoing provisions of this Article II, and such funds are not made available to such Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in
Article V are 

  

 45 

 
not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to
such Lender, without interest. 
 (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Loans, to fund
participations in Letters of Credit and Swing Line Loans and to make payments pursuant to Section 11.04(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment under
Section 11.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to
purchase its participation or to make its payment under Section 11.04(c). 
 (e) Funding Source. Nothing herein shall be
deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

  

	2.13	Sharing of Payments by Lenders. 

 If any Lender
shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Loans made by it, or the participations in L/C Obligations or in Swing Line Loans held by it resulting in
such Lender’s receiving payment of a proportion of the aggregate amount of such Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater
proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and subparticipations in L/C Obligations and Swing Line Loans of the other Lenders, or make such other
adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them,
provided that: 
 (i) if any such participations or subparticipations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 
 (ii) the provisions of this Section shall not be construed to apply to (A) any payment made by a Borrower pursuant to and in
accordance with the express terms of this Agreement or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations or Swing Line Loans to any
assignee or participant, other than to the Company or any Subsidiary thereof (as to which the provisions of this Section shall apply). 
 Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights
of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation. 
  

	2.14	Designated Borrowers. 

 (a) Effective as of the date
hereof each of FLIR Systems, B.V., a Netherlands corporation, FLIR Systems Holdings A.B., a Swedish corporation, FLIR Systems A.B., a Swedish corporation, and FLIR Systems, Ltd., a company incorporated in England and Wales, shall be a
“Designated Borrower” hereunder and may receive Loans for its account on the terms and conditions set forth in this Agreement. 
  

 46 

 (b) The Company may at any time, upon not less than 15 Business Days’ notice from the Company to the
Administrative Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), designate any Wholly Owned Subsidiary of the Company that is not an Immaterial Subsidiary (an “Applicant Borrower”)
as a Designated Borrower to receive Loans hereunder by delivering to the Administrative Agent (which shall promptly deliver counterparts thereof to each Lender) a duly executed notice and agreement in substantially the form of
Exhibit 2.14(a) (a “Designated Borrower Request and Assumption Agreement”). The parties hereto acknowledge and agree that prior to any Applicant Borrower becoming entitled to utilize the credit facilities provided for
herein the Administrative Agent and the Lenders shall have received such supporting resolutions, incumbency certificates, opinions of counsel and other documents or information, in form, content and scope reasonably satisfactory to the
Administrative Agent, as may be required by the Administrative Agent or the Required Lenders in their sole discretion, and Notes signed by such new Borrowers to the extent any Lenders so require. If the Administrative Agent and the Required Lenders
agree that an Applicant Borrower shall be entitled to receive Loans hereunder, then promptly following receipt of all such requested resolutions, incumbency certificates, opinions of counsel and other documents or information, the Administrative
Agent shall send a notice in substantially the form of Exhibit 2.14(b) (a “Designated Borrower Notice”) to the Company and the Lenders specifying the effective date upon which the Applicant Borrower shall constitute
a Designated Borrower for purposes hereof, whereupon each of the Lenders agrees to permit such Designated Borrower to receive Loans hereunder, on the terms and conditions set forth herein, and each of the parties agrees that such Designated Borrower
otherwise shall be a Borrower for all purposes of this Agreement; provided that no Loan Notice or Letter of Credit Application may be submitted by or on behalf of such Designated Borrower until the date five Business Days after such effective
date. 
 (c) The Obligations of the Domestic Borrowers shall be joint and several in nature. The Obligations of each of the Designated
Borrowers that is a Foreign Subsidiary shall be several in nature. 
 (d) Each Subsidiary of the Company that is or becomes a
“Designated Borrower” pursuant to this Section 2.14 hereby irrevocably appoints the Company as its agent for all purposes relevant to this Agreement and each of the other Loan Documents, including (i) the giving and
receipt of notices, (ii) the execution and delivery of all documents, instruments and certificates contemplated herein and all modifications hereto, and (iii) the receipt of the proceeds of any Loans made by the Lenders, to any such
Designated Borrower hereunder. Any acknowledgment, consent, direction, certification or other action which might otherwise be valid or effective only if given or taken by all Borrowers, or by each Borrower acting singly, shall be valid and effective
if given or taken only by the Company, whether or not any such other Borrower joins therein. Any notice, demand, consent, acknowledgement, direction, certification or other communication delivered to the Company in accordance with the terms of this
Agreement shall be deemed to have been delivered to each Designated Borrower; provided that if such communication is directed to a specific Designated Borrower, it shall indicate to which Designated Borrower it is directed. 
 (e) The Company may from time to time, upon not less than 15 Business Days’ notice from the Company to the Administrative Agent (or such shorter
period as may be agreed by the Administrative Agent in its sole discretion), terminate a Designated Borrower’s status as such, provided that there are no outstanding Loans payable by such Designated Borrower, or other amounts payable by
such Designated Borrower on account of any Loans made to it, as of the effective date of such termination. The Administrative Agent will promptly notify the Lenders of any such termination of a Designated Borrower’s status. 
  

 47 

	2.15	Concerning Joint and Several Liability of the Domestic Borrowers. 

 (a) Each Domestic Borrower is accepting joint and several liability under this Section 2.15 in consideration of the financial accommodation to be provided by the Lenders under this Agreement, for the
mutual benefit, directly and indirectly, of each Domestic Borrower and in consideration of the undertakings of each Domestic Borrower to accept joint and several liability for the Obligations of each of the other Domestic Borrowers. 
 (b) Each Domestic Borrower jointly and severally hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint
and several liability with the other Domestic Borrowers with respect to the payment and performance of all of the Obligations arising under this Agreement and the other Loan Documents, it being the intention of the parties hereto that all the
Obligations shall be the joint and several obligations of each of the Domestic Borrowers without preferences or distinction among them. 
 (c) If and to the extent that a Domestic Borrower shall fail to make any payment with respect to any of the Obligations hereunder as and when due or to perform any of such Obligations in accordance with the terms thereof, then in each such
event, the other Domestic Borrowers will make such payment with respect to, or perform, such Obligation. 
 (d) The obligations of each
Domestic Borrower under the provisions of this Section 2.15 constitute full recourse obligations of such Domestic Borrower, enforceable against it to the full extent of its properties and assets, irrespective of the validity, regularity
or enforceability of this Agreement or any other circumstances whatsoever. 
 (e) Except as otherwise expressly provided herein, each
Domestic Borrower hereby waives notice of acceptance of its joint and several liability, notice of occurrence of any Default (except to the extent notice is expressly required to be given pursuant to the terms of this Agreement), or of any demand
for any payment under this Agreement, notice of any action at any time taken or omitted by the Administrative Agent or the Lenders under or in respect of any of the Obligations hereunder, any requirement of diligence and, generally, all demands,
notices and other formalities of every kind in connection with this Agreement. Each Domestic Borrower hereby assents to, and waives notice of, any extension or postponement of the time for the payment of any of the Obligations hereunder, the
acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by the Lenders at any time or times in respect of any default by any Domestic Borrower in the performance or satisfaction of any term, covenant, condition
or provision of this Agreement, any and all other indulgences whatsoever by the Lenders in respect of any of the Obligations hereunder, and the taking, addition, substitution or release, in whole or in part, at any time or times, of any security for
any of such Obligations or the addition, substitution or release, in whole or in part, of any Domestic Borrower. Without limiting the generality of the foregoing, each Domestic Borrower assents to any other action or delay in acting or any failure
to act on the part of the Administrative Agent or the Lenders, including, without limitation, any failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with applicable laws or regulations thereunder which
might, but for the provisions of this Section 2.15, afford grounds for terminating, discharging or relieving such Domestic Borrower, in whole or in part, from any of its obligations under this Section 2.15, it being the
intention of each Domestic Borrower that, so long as any of the Obligations hereunder remain unsatisfied, the obligations of such Domestic Borrower under this Section 2.15 shall not be discharged except by performance and then only to
the extent of such performance. The obligations of each Domestic Borrower under this Section 2.15 shall not be diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar
proceeding with respect to any reconstruction or similar proceeding with respect to any Loan Party or the Lenders. The joint and several liability of the Domestic Borrowers under this Section 2.15 shall continue in full force and effect
notwithstanding any absorption, merger, 

  

 48 

 
amalgamation or any other change whatsoever in the name, membership, constitution or place of formation of any Loan Party or the Lenders. 
 (f) The provisions of this Section 2.15 are made for the benefit of the Administrative Agent and the Lenders and their respective successors
and assigns, and may be enforced by any such Person from time to time against any of the Domestic Borrowers as often as occasion therefore may arise and without requirement on the part of any Lender first to marshal any of its claims or to exercise
any of its rights against any other Loan Party or to exhaust any remedies available to it against any other Loan Party or to resort to any other source or means of obtaining payment of any of the Obligations or to elect any other remedy. The
provisions of this Section 2.15 shall remain in effect until all the Obligations hereunder shall have been paid in full or otherwise fully satisfied. If at any time, any payment, or any part thereof, made in respect of any of the
Obligations, is rescinded or must otherwise be restored or returned by the Lenders upon the insolvency, bankruptcy or reorganization of any of the Loan Parties, or otherwise, the provisions of this Section 2.15 will forthwith be
reinstated and in effect as though such payment had not been made. 
 (g) Notwithstanding any provision to the contrary contained herein or
in any other of the Loan Documents or Swap Contracts, the obligations of each Domestic Borrower under this Section 2.15 shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder
subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable Debtor Relief Law. 
 (h) For purposes of clarification with respect to the Designated Borrowers that are Foreign Subsidiaries, (i) the Obligations of such Designated Borrowers are several and not joint and several and
(ii) pursuant to Article IV hereof, the Domestic Borrowers shall guarantee the Obligations of such Designated Borrowers. 
 ARTICLE III 
 TAXES, YIELD PROTECTION AND ILLEGALITY 
  

	3.01	Taxes. 

 (a) Any and all payments by or on account
of any obligation of the Loan Parties hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if any Loan Party shall be required
by applicable law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent, any Lender or the L/C Issuer, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Loan Party shall make
such deductions and (iii) such Loan Party shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
 (b) Without limiting the provisions of subsection (a) above, each Loan Party shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Each Loan Party agrees to indemnify the Administrative Agent, each Lender and the L/C Issuer for (i) the full amount of Indemnified Taxes and
Other Taxes (including any Indemnified Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section) paid by the Administrative Agent, such Lender and the L/C Issuer and (ii) any liability (including
penalties, interest 

  

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and expenses) arising therefrom or with respect thereto, in each case whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. Payment under this subsection (c) shall be made within 30 days after the date the Lender, the L/C Issuer or the Administrative Agent makes a demand therefor. 
 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Loan Party to a Governmental Authority, such Loan Party shall
deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to
the Administrative Agent. 
 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of
the jurisdiction in which a Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any other Loan Document shall deliver to the Company (with a copy to the
Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law as will permit such payments
to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the
Company or the Administrative Agent as will enable the Company or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. 
 Without limiting the generality of the foregoing, if a Borrower is resident for tax purposes in the United States, any Foreign Lender shall deliver to
the Company and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request
of the Company or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 
 (i) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States is a party, 
 (ii) duly completed copies of Internal Revenue Service Form W-8ECI, 
 (iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code,
(x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the applicable Borrower within the meaning of
section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed copies of Internal Revenue Service Form W-8BEN, or 
 (iv) any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States Federal
withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Company to determine the withholding or deduction required to be made. 
 Without limiting the obligations of the Lenders set forth above regarding delivery of certain forms and documents to establish each Lender’s status
for U.S. withholding tax purposes, each Lender agrees promptly to deliver to the Administrative Agent or the Company, as the Administrative Agent or the Company shall reasonably request, on or prior to the Closing Date, and in a timely fashion
thereafter, 

  

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such other documents and forms required by any relevant taxing authorities under the Laws of any other jurisdiction, duly executed and completed by such
Lender, as are required under such Laws to confirm such Lender’s entitlement to any available exemption from, or reduction of, applicable withholding taxes in respect of all payments to be made to such Lender outside of the United States by the
Borrowers pursuant to this Agreement or otherwise to establish such Lender’s status for withholding tax purposes in such other jurisdiction. Each Lender shall promptly (i) notify the Administrative Agent of any change in circumstances
which would modify or render invalid any such claimed exemption or reduction, and (ii) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including
the re-designation of its Lending Office) to avoid any requirement of applicable Laws of any such jurisdiction that any Borrower make any deduction or withholding for taxes from amounts payable to such Lender. Additionally, each of the Borrowers
shall promptly deliver to the Administrative Agent or any Lender, as the Administrative Agent or such Lender shall reasonably request, on or prior to the Closing Date, and in a timely fashion thereafter, such documents and forms required by any
relevant taxing authorities under the Laws of any jurisdiction, duly executed and completed by such Borrower, as are required to be furnished by such Lender or the Administrative Agent under such Laws in connection with any payment by the
Administrative Agent or any Lender of Taxes or Other Taxes, or otherwise in connection with the Loan Documents, with respect to such jurisdiction. 
  

	3.02	Illegality. 

 If any Lender determines that any Law
has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Eurocurrency Rate Loans (whether denominated in Dollars or an Alternative Currency),
or to determine or charge interest rates based upon the Eurocurrency Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars or any Alternative
Currency in the applicable interbank market, then, on notice thereof by such Lender to the Company through the Administrative Agent, any obligation of such Lender to make or continue Eurocurrency Rate Loans in the affected currency or currencies or
to convert Base Rate Loans to Eurocurrency Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Company that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the
Borrowers shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable and such Loans are denominated in Dollars, convert all Eurocurrency Rate Loans of such Lender to Base Rate Loans, either on the last
day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans. Upon any such
prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different Lending Office if such designation will avoid the need for such notice and will not, in the
good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender. 
  

	3.03	Inability to Determine Rates. 

 If the
Administrative Agent determines in connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof that (a) deposits (whether in Dollars or an Alternative Currency) are not being offered to banks in the
applicable offshore interbank market for such currency for the applicable amount and Interest Period of such Eurocurrency Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurocurrency Base Rate for any requested
Interest Period with respect to a proposed Eurocurrency Rate Loan (whether denominated in Dollars or an Alternative Currency), or (c) that the Eurocurrency Base Rate for any requested Interest Period with respect to a proposed Eurocurrency
Rate Loan does not adequately and fairly reflect the cost to the Lenders of 

  

 51 

 
funding such Loan, the Administrative Agent will promptly notify the Company and all Lenders. Thereafter, the obligation of the Lenders to make or maintain
Eurocurrency Rate Loans in the affected currency or currencies shall be suspended until the Administrative Agent revokes such notice. Upon receipt of such notice, the Company may revoke any pending request for a Borrowing of, conversion to or
continuation of Eurocurrency Rate Loans in the affected currency or currencies or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein to the extent available
(or, in the case of a pending request for a Loan denominated in an Alternative Currency, the Company and the Lenders may establish a mutually acceptable alternative rate). 
  

	3.04	Increased Cost and Reduced Return; Capital Adequacy. 

 (a) If any Lender or the L/C Issuer reasonably determines that as a result of any Change in Law, there shall be any increase in the cost to such Lender or the L/C Issuer, as applicable, of agreeing to make or making, funding or maintaining
Eurocurrency Rate Loans or issuing or participating in Letters of Credit, or a reduction in the amount received or receivable by such Lender or the L/C Issuer in connection with any of the foregoing (excluding for purposes of this subsection
(a) any such increased costs or reduction in amount resulting from (i) Indemnified Taxes or Other Taxes (as to which Section 3.01 shall govern), (ii) changes in the basis of taxation of overall net income or overall gross
income by the United States or any foreign jurisdiction or any political subdivision of either thereof under the Laws of which such Lender or the L/C Issuer is organized or has its Lending Office, (iii) reserve requirements utilized, as to
Eurocurrency Rate Loans, in the determination of the Eurocurrency Rate and (iv) the requirements of the Bank of England and the Financial Services Authority or the European Central Bank reflected in the Mandatory Cost, other than as set forth
below)) or the Mandatory Cost, as calculated hereunder, does not represent the cost to such Lender of complying with the requirements of the Bank of England and/or the Financial Services Authority or the European Central Bank in relation to its
making, funding or maintaining of Eurocurrency Rate Loans, then from time to time upon demand of such Lender or the L/C Issuer (with a copy of such demand to the Administrative Agent), the Company shall pay (or cause the applicable Designated
Borrower to pay) to such Lender or the L/C Issuer such additional amounts as will compensate such Lender or the L/C Issuer for such increased cost or reduction or, if applicable, the portion of such cost that is not represented by the Mandatory
Cost. 
 (b) If any Lender or the L/C Issuer determines that any Change in Law regarding capital adequacy affecting such Lender or the L/C
Issuer (or its Lending Office or holding company) has the effect of reducing the rate of return on the capital of such Lender, the L/C Issuer or its holding company as a consequence of such Lender’s or the L/C Issuer’s obligations
hereunder (taking into consideration its (and its holding company’s) policies with respect to capital adequacy and such Lender’s or the L/C Issuer’s or its holding company’s desired return on capital), then from time to time upon
demand of such Lender or the L/C Issuer (with a copy of such demand to the Administrative Agent), the Company shall pay (or cause the applicable Designated Borrower to pay) to such Lender or the L/C Issuer such additional amounts as will compensate
such Lender or the L/C Issuer or such holding company for such reduction. 
  

	3.05	Funding Losses. 

 Upon demand of any Lender (with a
copy to the Administrative Agent) from time to time, the Company shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 
 (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 
  

 52 

 (b) any failure by any Borrower (for a reason other than the failure of such Lender to
make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Company or the applicable Designated Borrower; 
 (c) any failure by any Borrower to make payment of any Loan or drawing under any Letter of Credit (or interest due thereon) denominated in
an Alternative Currency on its scheduled due date or any payment any Loan or drawing under any Letter of Credit (or interest due thereon) in a different currency from such Loan or Letter of Credit drawing; or 
 (d) any assignment of a Eurocurrency Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request
by the Company pursuant to Section 11.13; 
 including any loss of anticipated profits, any foreign exchange losses and any loss or expense
arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained or from the performance of any foreign exchange contract. The Company shall
also pay any customary administrative fees charged by such Lender in connection with the foregoing. 
 For purposes of calculating amounts
payable by the Company (or the applicable Designated Borrower) to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurocurrency Rate Loan made by it at the Eurocurrency Base Rate used in determining
the Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the offshore interbank eurodollar market for such currency for a comparable amount and for a comparable period, whether or not such Eurocurrency Rate Loan was in fact so
funded. 
  

	3.06	Matters Applicable to all Requests for Compensation. 

 (a) A certificate of the Administrative Agent, the L/C Issuer or any Lender claiming compensation under this Article III and setting forth the additional amount or amounts to be paid to it hereunder shall be conclusive in the absence
of manifest error. In determining such amount, the Administrative Agent, the L/C Issuer or such Lender may use any reasonable averaging and attribution methods if applied consistently to all similarly situated borrowers. 
 (b) Upon any Lender’s making a claim for compensation under Section 3.01 or 3.04 or requiring a conversion of Loans under
Section 3.02, the Company may replace such Lender in accordance with Section 11.13. 
 (c) If any Loan Party is
required to pay any amount to any Lender, the L/C Issuer or the Administrative Agent pursuant to this Article III, then such Lender, the L/C Issuer or the Administrative Agent, as applicable, shall, at the expense of the Company, use
reasonable efforts (consistent with legal and regulatory restrictions) to change the jurisdiction of its Lending Office so as to eliminate or reduce any such additional payment which may thereafter accrue, if such change in the reasonable judgment
of such Lender is not otherwise disadvantageous to such Lender. 
  

	3.07	Survival. 

 All of the Borrowers’ obligations
under this Article III shall survive termination of the Commitments and repayment of all other Obligations. 
  

 53 

 ARTICLE IV 
 GUARANTY 
  

	4.01	The Guaranty. 

 Each of the Guarantors hereby
jointly and severally guarantees to the Administrative Agent and each of the holders of the Obligations as hereinafter provided, as primary obligor and not as surety, the prompt payment of the Obligations in full when due (whether at stated
maturity, as a mandatory prepayment, by acceleration, as a mandatory cash collateralization or otherwise) strictly in accordance with the terms thereof. The Guarantors hereby further agree that if any of the Obligations are not paid in full when due
(whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory cash collateralization or otherwise), the Guarantors will, jointly and severally, promptly pay the same, without any demand or notice whatsoever, and that in the
case of any extension of time of payment or renewal of any of the Obligations, the same will be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration, as a mandatory cash collateralization or
otherwise) in accordance with the terms of such extension or renewal. Notwithstanding any provision to the contrary contained herein or in any other of the Loan Documents, Swap Contracts or Treasury Management Agreements, the obligations of each
Guarantor (in its capacity as such) under this Agreement and the other Loan Documents shall be limited to an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance under the Debtor Relief Laws or any
comparable provisions of any applicable Law. 
  

	4.02	Obligations Unconditional. 

 (a) The obligations of
the Guarantors under Section 4.01 are joint and several, absolute and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of any of the Loan Documents or other documents relating to the
Obligations, or any substitution, compromise, release, impairment or exchange of any other guarantee of or security for any of the Obligations, and, to the fullest extent permitted by applicable Law, irrespective of any other circumstance whatsoever
that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 4.02 that the obligations of the Guarantors hereunder shall be absolute and unconditional under any
and all circumstances. Each Guarantor agrees that such Guarantor shall have no right of subrogation, indemnity, reimbursement or contribution against any Borrower or any other Guarantor for amounts paid under this Article IV until such
time as the Obligations have been paid in full and the Commitments have expired or terminated. 
 (b) Without limiting the generality of the
foregoing subsection (a), it is agreed that, to the fullest extent permitted by Law, the occurrence of any one or more of the following shall not alter or impair the liability of any Guarantor hereunder, which shall remain absolute and unconditional
as described above: 
 (i) at any time or from time to time, without notice to any Guarantor, the time for any performance of
or compliance with any of the Obligations shall be extended, or such performance or compliance shall be waived; 
 (ii) any of
the acts mentioned in any of the provisions of any of the Loan Documents, or other documents relating to the Obligations or any other agreement or instrument referred to therein shall be done or omitted; 
 (iii) the maturity of any of the Obligations shall be accelerated, or any of the Obligations shall be modified, supplemented or amended in
any respect, or any right under any of the Loan Documents or any other documents relating to the Obligations or any other agreement or instrument 

  

 54 

 
referred to therein shall be waived or any other guarantee of any of the Obligations or any security therefor shall be released, impaired or exchanged in
whole or in part or otherwise dealt with; 
 (iv) any Lien granted to, or in favor of, the Administrative Agent or any holder
of Obligations as security for any of the Obligations shall fail to attach or be perfected; or 
 (v) any of the Obligations
shall be determined to be void or voidable (including, without limitation, for the benefit of any creditor of any Guarantor) or shall be subordinated to the claims of any Person (including, without limitation, any creditor of any Guarantor).

 (c) With respect to its obligations hereunder, each Guarantor hereby expressly waives diligence, presentment, demand of payment, protest
and all notices whatsoever, and any requirement that the Administrative Agent or any holder of the Obligations exhaust any right, power or remedy or proceed against any Person under any of the Loan Documents or any other documents relating to the
Obligations, or any other agreement or instrument referred to therein, or against any other Person under any other guarantee of, or security for, any of the Obligations. 
  

	4.03	Reinstatement. 

 The obligations of each Guarantor
under this Article IV shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of any Person in respect of the Obligations is rescinded or must be otherwise restored by any holder of any of
the Obligations, whether as a result of any Debtor Relief Law or otherwise, and each Guarantor agrees that it will indemnify the Administrative Agent and each holder of the Obligations on demand for all reasonable costs and expenses (including the
fees, charges and disbursements of counsel) incurred by the Administrative Agent or such holder of the Obligations in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim
alleging that such payment constituted a preference, fraudulent transfer or similar payment under any Debtor Relief Law. 
  

	4.04	Certain Additional Waivers. 

 Each Guarantor
acknowledges and agrees that (a) the guaranty given hereby may be enforced without the necessity of resorting to or otherwise exhausting remedies in respect of any other security or collateral interests, and without the necessity at any time of
having to take recourse against the Borrowers hereunder or against any collateral securing the Obligations or otherwise, and (b) it will not assert any right to require that action first be taken against the Borrowers or any other Person
(including any co-guarantor) or pursuit of any other remedy or enforcement any other right, and (c) nothing contained herein shall prevent or limit action being taken against the Borrowers hereunder, under the other Loan Documents or the other
documents and agreements relating to the Obligations or, foreclosure on any security or collateral interests relating hereto or thereto, or the exercise of any other rights or remedies available in respect thereof, if neither the Borrowers nor the
Guarantors shall timely perform their obligations, and the exercise of any such rights and completion of any such foreclosure proceedings shall not constitute a discharge of the Guarantors’ obligations hereunder unless as a result thereof, the
Obligations shall have been paid in full and the commitments relating thereto shall have expired or terminated, it being the purpose and intent that the Guarantors’ obligations hereunder be absolute, irrevocable, independent and unconditional
under all circumstances. Each Guarantor agrees that such Guarantor shall have no right of recourse to security for the Obligations, except through the exercise of rights of subrogation in accordance with to Section 4.02 and through the
exercise of rights of contribution pursuant to Section 4.06. 
  

 55 

	4.05	Remedies. 

 The Guarantors agree that, to the
fullest extent permitted by Law, as between the Guarantors, on the one hand, and holders of the Obligations, on the other hand, the Obligations may be declared to be forthwith due and payable as provided in Section 9.02 (and shall be
deemed to have become automatically due and payable in the circumstances specified in Section 9.02) for purposes of Section 4.01 notwithstanding any stay, injunction or other prohibition preventing such declaration (or
preventing the Obligations from becoming automatically due and payable) as against any other Person and that, in the event of such declaration (or the Obligations being deemed to have become automatically due and payable), the Obligations (whether
or not due and payable by any other Person) shall forthwith become due and payable by the Guarantors for purposes of Section 4.01. The Guarantors acknowledge and agree that their obligations hereunder are secured in accordance with the
terms of the Collateral Documents and that the holders of the Obligations may exercise their remedies thereunder in accordance with the terms thereof. 
  

	4.06	Rights of Contribution. 

 (a) The Guarantors hereby
agree as among themselves that, in connection with payments made hereunder, each Guarantor shall have a right of contribution from each other Guarantor in accordance with applicable Law. Such contribution rights shall be subordinate and subject in
right of payment to the Obligations until such time as the Obligations have been irrevocably paid in full and the Commitments relating thereto shall have expired or been terminated, and none of the Guarantors shall exercise any such contribution
rights until the Obligations have been irrevocably paid in full and the Commitments shall have expired or been terminated. 
  

	4.07	Guarantee of Payment; Continuing Guarantee. 

 The
guarantee given by the Guarantors in this Article IV is a guaranty of payment and not of collection, is a continuing guarantee, and shall apply to all Obligations whenever arising. If, for any reason, notwithstanding the foregoing, the
obligations and agreements of a Guarantor herein cease to be a continuing security, the liability of such Guarantor hereunder at the date of such cessation shall remain regardless of any subsequent increase or reduction in the amounts due from any
Borrower in respect of the Obligations. To the extent (if at all) relevant, this perpetuity period for the rights herein contained is 80 years from the date and time of this Agreement. 
 ARTICLE V 
 CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 
  

	5.01	Conditions of Initial Credit Extension. 

 The
obligation of the L/C Issuer and each Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent: 
 (a) Loan Documents. Receipt by the Administrative Agent of executed counterparts of this Agreement and the other Loan Documents,
each properly executed by a Responsible Officer of the signing Loan Party and, in the case of this Agreement, by each Lender. 
 (b) Opinions of Counsel. Receipt by the Administrative Agent of favorable opinions of legal counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, dated as of the Closing Date, and in form and substance
satisfactory to the Administrative Agent. 
  

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 (c) Financial Statements. The Administrative Agent shall have received:

 (i) consolidated and consolidating financial statements of the Company and its Subsidiaries for the fiscal years ended
December 31, 2003, December 31, 2004 and December 31, 2005, including balance sheets and income and cash flow statements, in each case audited by independent public accountants of recognized national standing and prepared in
conformity with GAAP; 
 (ii) unaudited consolidated financial statements of the Company and its Subsidiaries for the fiscal
quarter ending June 30, 2006, including balance sheets and statements of income or operations (the “Interim Financial Statements”). 
 (d) No Material Adverse Change. There shall not have occurred a material adverse change since December 31, 2005 in the business, assets, liabilities (actual or contingent), operations or condition
(financial or otherwise) of the Company and its Subsidiaries, taken as a whole. 
 (e) Organization Documents, Resolutions,
Etc. Receipt by the Administrative Agent of the following, in form and substance satisfactory to the Administrative Agent: 
 (i) copies of the Organization Documents of each Loan Party certified to be true and complete as of a recent date by the appropriate Governmental Authority of the state or other jurisdiction of its incorporation or organization, where
applicable, and certified by a secretary or assistant secretary (or other Responsible Officer) of such Loan Party to be true and correct as of the Closing Date; 
 (ii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each
Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which
such Loan Party is a party; and 
 (iii) such documents and certifications as the Administrative Agent may reasonably require
to evidence that each Loan Party is duly organized or formed, and is validly existing, in good standing and qualified to engage in business in its state of organization or formation and each other jurisdiction where its ownership, lease or operation
of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 (f) Perfection of Liens. Receipt by the Administrative Agent of the following: 
 (i) searches of Uniform Commercial Code filings (or its equivalent) in the jurisdiction of formation of each Domestic Loan Party and each
other jurisdiction deemed appropriate by the Administrative Agent; 
 (ii) UCC financing statements (or its equivalent) for
each appropriate jurisdiction as is necessary, in the Administrative Agent’s sole discretion, to perfect the Administrative Agent’s security interest in the Collateral; 
  

 57 

 (iii) all certificates evidencing any certificated Equity Interests pledged to the
Administrative Agent pursuant to the Collateral Documents, together with duly executed in blank, undated stock powers attached thereto (unless, with respect to the pledged Equity Interests of any Foreign Subsidiary, such stock powers are deemed
unnecessary by the Administrative Agent in its reasonable discretion under the law of the jurisdiction of organization of such Person); 
 (iv) searches of ownership of, and Liens on, intellectual property of each Domestic Loan Party in the appropriate United States governmental offices; and 
 (v) duly executed notices of grant of security interest in the form required by the Security Agreement or other appropriate filings as are
necessary, in the Administrative Agent’s sole discretion, to perfect the Administrative Agent’s security interest in the United States intellectual property of the Domestic Loan Parties. 
 (g) Evidence of Insurance. Receipt by the Administrative Agent of copies of insurance policies or certificates of insurance of the
Domestic Loan Parties evidencing liability and casualty insurance meeting the requirements set forth in the Loan Documents, including, but not limited to, naming the Administrative Agent as additional insured (in the case of liability insurance) or
loss payee (in the case of hazard insurance) on behalf of the Lenders. 
 (h) Closing Certificate. Receipt by the
Administrative Agent of a certificate signed by a Responsible Officer of the Company certifying that the conditions specified in Section 5.01(d) and Sections 5.02(a) and (b) have been satisfied. 
 (i) Fees. Receipt by the Administrative Agent, the Arranger and the Lenders of any fees required to be paid on or before the
Closing Date. 
 (j) Attorney Costs. Unless waived by the Administrative Agent, the Company shall have paid all fees,
charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the Closing Date. 
 Without limiting the generality of the provisions of Section 11.04, for purposes of determining compliance with the conditions specified in
this Section 5.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or
acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 
  

	5.02	Conditions to all Credit Extensions. 

 The
obligation of each Lender to honor any Request for Credit Extension is subject to the following conditions precedent: 
 (a)
The representations and warranties of the Company and each other Loan Party contained in Article VI or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall
be true and correct in all material respects on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such
earlier date, and except that for purposes of this Section 5.02, the 

  

 58 

 
representations and warranties contained in subsections (a) and (b) of Section 6.05 shall be deemed to refer to the most recent
statements furnished pursuant to clauses (a) and (b), respectively, of Section 7.01. 
 (b) No Default shall
exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof. 
 (c) The
Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof. 
 (d) If the applicable Borrower is a Designated Borrower, then the conditions of Section 2.14 to the designation of such
Borrower as a Designated Borrower shall have been met to the satisfaction of the Administrative Agent. 
 (e) In the case of a
Credit Extension to be denominated in an Alternative Currency, there shall not have occurred any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which in the reasonable
opinion of the Administrative Agent, the Required Lenders (in the case of any Loans to be denominated in an Alternative Currency) or the L/C Issuer (in the case of any Letter of Credit to be denominated in an Alternative Currency) would make it
impracticable for such Credit Extension to be denominated in the relevant Alternative Currency. 
 Each Request for Credit Extension
submitted by the Company shall be deemed to be a representation and warranty that the conditions specified in Sections 5.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension. 
 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES

 The Loan Parties represent and warrant to the Administrative Agent and the Lenders that: 
  

	6.01	Existence, Qualification and Power. 

 The Company
and each of its Subsidiaries (a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all
requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and
(c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except
in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 
  

	6.02	Authorization; No Contravention. 

 The execution,
delivery and performance by each Loan Party of each Loan Document to which such Person is party have been duly authorized by all necessary corporate or other organizational action, and do not (a) contravene the terms of any of such
Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be 

  

 59 

 
made under (i) any material Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of
its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law. 
  

	6.03	Governmental Authorization; Other Consents. 

 No
approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required of the Loan Parties in connection with the execution, delivery or performance by,
or enforcement against, any Loan Party of this Agreement or any other Loan Document other than (a) those that have already been obtained and are in full force and effect and (b) filings to perfect the Liens created by the Collateral
Documents. 
  

	6.04	Binding Effect. 

 Each Loan Document has been duly
executed and delivered by each Loan Party that is party thereto. Each Loan Document constitutes a legal, valid and binding obligation of each Loan Party that is party thereto, enforceable against each such Loan Party in accordance with its terms.

  

	6.05	Financial Statements; No Material Adverse Effect; No Internal Control Event. 

 (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the
financial condition of the Company and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Company and its consolidated Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and
Indebtedness. 
 (b) The Interim Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the
period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Company and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject,
in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Company and its consolidated
Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 
 (c) From the date of the
Audited Financial Statements to and including the Closing Date, there has been no Disposition or any Involuntary Disposition of any material part of the business or property of the Company and its Subsidiaries, taken as a whole, and no purchase or
other Acquisition by any of them of any business or property (including any Equity Interests of any other Person) material in relation to the consolidated financial condition of the Company and its Subsidiaries, taken as a whole, in each case, which
is not reflected in the foregoing financial statements or in the notes thereto and has not otherwise been disclosed in writing to the Lenders on or prior to the Closing Date. 
 (d) The financial statements delivered pursuant to Section 7.01(a) and (b) have been prepared in accordance with GAAP (except as may
otherwise be permitted under Section 7.01(a) and (b)) and present fairly (on the basis disclosed in the footnotes to such financial statements) the consolidated and, in the case of annual financial statements delivered pursuant to
Section 7.01(a)(ii), consolidating, financial condition, results of operations and cash flows of the Company and its Subsidiaries as of the dates thereof and for the periods covered thereby. 
  

 60 

 (e) Since the date of the Audited Financial Statements, there has been no event or circumstance, either
individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect. 
 (f) To the best
knowledge of the Company, no Internal Control Event exists or has occurred since the date of the Audited Financial Statements that has resulted in or could reasonably be expected to result in a misstatement in any material respect, in any financial
information delivered or to be delivered to the Administrative Agent or the Lenders, in respect of (i) covenant compliance calculations provided hereunder or (ii) the assets, liabilities, financial condition or results of operations of the
Company and its Subsidiaries on a consolidated basis. 
  

	6.06	Litigation. 

 There are no actions, suits,
proceedings, claims or disputes pending or, to the knowledge of the Loan Parties after due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against the Company or
any of its Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby or (b) could reasonably be expected
to have a Material Adverse Effect. 
  

	6.07	No Default. 

 (a) Neither the Company nor any
Subsidiary is in default under or with respect to any Contractual Obligation that could reasonably be expected to have a Material Adverse Effect. 
 (b) No Default has occurred and is continuing. 
  

	6.08	Ownership of Property. 

 Each of the Company and its
Subsidiaries has record title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. 
  

	6.09	Environmental Compliance. 

 The Company and its
Subsidiaries comply with all existing Environmental Laws, and, to the best of their knowledge, there are no claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and
properties, and as a result thereof the Loan Parties have reasonably concluded that such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  

	6.10	Insurance. 

 The properties of the Company and its
Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of the Company, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and
owning similar properties in localities where the Company or the applicable Subsidiary operates. The insurance coverage of the Loan Parties as in effect on the Closing Date is outlined as to carrier, policy number, expiration date, type, amount and
deductibles on Schedule 6.10. 
  

 61 

	6.11	Taxes. 

 The Company and its Subsidiaries have filed
all federal, state and other material tax returns and reports required to be filed, and have paid all federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income
or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment against the Company
or any Subsidiary that would, if made, have a Material Adverse Effect. No Loan Party nor any Subsidiary thereof is party to any tax sharing agreement. 
  

	6.12	ERISA Compliance. 

 (a) Each Plan is in compliance
in all material respects with the applicable provisions of ERISA, the Internal Revenue Code and other federal or state Laws. Each Plan that is intended to qualify under Section 401(a) of the Internal Revenue Code has received a favorable
determination letter from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the best knowledge of the Loan Parties, nothing has occurred which would prevent, or cause the loss of, such
qualification. Each Loan Party and each ERISA Affiliate have made all required contributions to each Plan subject to Section 412 of the Internal Revenue Code, and no application for a funding waiver or an extension of any amortization period
pursuant to Section 412 of the Internal Revenue Code has been made with respect to any Plan. 
 (b) There are no pending or, to the best
knowledge of the Loan Parties, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or
violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect. 
 (c) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) no Loan Party or any ERISA Affiliate has incurred, or reasonably
expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) no Loan Party or any ERISA Affiliate has incurred, or reasonably
expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and
(v) no Loan Party or any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA. 
  

	6.13	Subsidiaries. 

 Set forth on Schedule 6.13 is
a complete and accurate list as of the Closing Date of each Subsidiary, together with (a) jurisdiction of organization, (b) percentage of outstanding shares of each class owned (directly or indirectly) by the Company or any Subsidiary and
(c) an indication if such Subsidiary is an Immaterial Subsidiary. The outstanding Equity Interests of each Subsidiary are validly issued, fully paid and non-assessable. 
  

	6.14	Margin Regulations; Investment Company Act. 

 (a) No
Borrower is engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing
or carrying margin stock. Following the 

  

 62 

 
application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the assets (either of the applicable
Borrower only or of the Company and its Subsidiaries on a consolidated basis) subject to the provisions of Section 8.01 or Section 8.05 or subject to any restriction contained in any agreement or instrument between any
Borrower and any Lender or any Affiliate of any Lender relating to Indebtedness and within the scope of Section 9.01(e) will be margin stock. 
 (b) None of the Company, any Person Controlling the Company, or any Subsidiary is or is required to be registered as an “investment company” under the Investment Company Act of 1940. 
  

	6.15	Disclosure. 

 No report, financial statement,
certificate or other information furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or
delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Loan Parties represent only that such information was prepared in good faith based upon
assumptions believed to be reasonable at the time. 
  

	6.16	Compliance with Laws. 

 The Company and each
Subsidiary is in compliance with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or
decree is being contested in good faith by appropriate proceedings or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
  

	6.17	Intellectual Property; Licenses, Etc. 

 The Company
and its Subsidiaries own, or possess the legal right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP
Rights”) that are reasonably necessary for the operation of their respective businesses. Set forth on Schedule 6.17 is a list of all IP Rights that are owned by each Domestic Loan Party as of the Closing Date. Except for such claims
and infringements that could not reasonably be expected to have a Material Adverse Effect, no claim has been asserted and is pending by any Person challenging or questioning the use of any IP Rights or the validity or effectiveness of any IP Rights,
nor does any Loan Party know of any such claim, and, to the knowledge of the Responsible Officers of the Loan Parties, the use of any IP Rights by the Company or any Subsidiary or the granting of a right or a license in respect of any IP Rights from
the Company or any Subsidiary does not infringe on the rights of any Person. 
  

	6.18	Solvency. 

 The Loan Parties are Solvent on a
consolidated basis. 
  

	6.19	Perfection of Security Interests in the Collateral. 

 The Collateral Documents create valid security interests in, and Liens on, the Collateral purported to be covered thereby, which security interests and Liens are currently perfected security interests and Liens, prior to all other Liens
other than Permitted Liens. 
  

 63 

	6.20	Business Locations; Taxpayer Identification Number. 

 Set forth on Schedule 6.20(a) is a list of all real property located in the United States that is owned or leased by the Domestic Loan Parties as of the Closing Date. Set forth on Schedule 6.20(b) is a list of all locations
where any tangible personal property of any Domestic Loan Party is located as of the Closing Date. Set forth on Schedule 6.20(c) is the chief executive office, U.S. tax payer identification number and organizational identification number (or
its foreign equivalent) of each Loan Party as of the Closing Date. The exact legal name and state of organization of each Loan Party is as set forth on the signature pages hereto. Except as set forth on Schedule 6.20(d), no Domestic Loan
Party has during the five years preceding the Closing Date (a) changed its legal name, (b) changed its state of formation, or (c) been party to a merger, consolidation or other change in structure. 
  

	6.21	Labor Matters. 

 There are no collective bargaining
agreements or Multiemployer Plans covering the employees of the Company or any Subsidiary as of the Closing Date and neither the Company nor any Subsidiary has suffered any strikes, walkouts, work stoppages or other material labor difficulty within
the last five years. 
  

	6.22	Foreign Loan Parties. 

 (a) Each Foreign Loan Party
is subject to civil and commercial Laws with respect to its obligations under this Agreement and the other Loan Documents to which it is a party (collectively as to such Foreign Loan Party, the “Applicable Foreign Loan Party
Documents”), and the execution, delivery and performance by such Foreign Loan Party of the Applicable Foreign Loan Party Documents constitute and will constitute private and commercial acts and not public or governmental acts. No Foreign
Loan Party nor any of its property has any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the laws of
the jurisdiction in which such Foreign Loan Party is organized and existing in respect of its obligations under the Applicable Foreign Loan Party Documents. 
 (b) The Applicable Foreign Loan Party Documents are in proper legal form under the Laws of the jurisdiction in which each Foreign Loan Party is organized and existing for the enforcement thereof against such Foreign
Loan Party under the Laws of such jurisdiction, and to ensure the legality, validity, enforceability, priority or admissibility in evidence of the Applicable Foreign Loan Party Documents. It is not necessary to ensure the legality, validity,
enforceability, priority or admissibility in evidence of the Applicable Foreign Loan Party Documents that the Applicable Foreign Loan Party Documents be filed, registered or recorded with, or executed or notarized before, any court or other
authority in the jurisdiction in which the applicable Foreign Loan Party is organized and existing or that any registration charge or stamp or similar tax be paid on or in respect of the Applicable Foreign Loan Party Documents or any other document,
except for (i) any such filing, registration, recording, execution or notarization as has been made or is not required to be made until the Applicable Foreign Loan Party Document or any other document is sought to be enforced and (ii) any
charge or tax as has been timely paid. 
 (c) There is no tax, levy, impost, duty, fee, assessment or other governmental charge, or any
deduction or withholding, imposed by any Governmental Authority in or of the jurisdiction in which any Foreign Loan Party is organized and existing either (i) on or by virtue of the execution or delivery of the Applicable Foreign Loan Party
Documents or (ii) on any payment to be made by such Foreign Loan Party pursuant to the Applicable Foreign Loan Party Documents, except as has been disclosed to the Administrative Agent. 
  

 64 

 (d) The execution, delivery and performance of the Applicable Foreign Loan Party Documents executed by
each Foreign Loan Party are, under applicable foreign exchange control regulations of the jurisdiction in which such Foreign Loan Party is organized and existing, not subject to any notification or authorization except (i) such as have been
made or obtained or (ii) such as cannot be made or obtained until a later date (provided that any notification or authorization described in clause (ii) shall be made or obtained as soon as is reasonably practicable). 
 (e) Each Dutch Borrower complies with the Dutch Banking Act and, to the extent applicable, the Dutch Banking Act Exemption Regulation, the Policy
Guidelines and any regulations promulgated thereunder. 
 (f) Each Dutch Borrower has given any works council
(ondernemingsraad) that under the Works Council Act (Wet op de ondernemingsraden) has the right to give advice in relation to the entry into and performance of this Agreement, the opportunity to
give such advice and has obtained positive advice from such works council. 
 ARTICLE VII 
 AFFIRMATIVE COVENANTS 
 So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the Loan Parties shall and shall cause each Subsidiary to: 
  

	7.01	Financial Statements. 

 Deliver to the
Administrative Agent and each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders: 
 (a) as soon as available, but in any event within 120 days after the end of each fiscal year of the Company, (i) a consolidated balance sheet of the Company and its Subsidiaries as at the end of such fiscal year, and the related
consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, audited and
accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared in accordance with GAAP and shall not be
subject to any qualifications or exceptions as to the scope of the audit nor to any qualifications and exceptions not reasonably acceptable to the Required Lenders and (ii) a copy of the unaudited consolidating balance sheets of the Company and
its Subsidiaries as of the end of such fiscal year and the related consolidating statements of income or operations for such fiscal year, which consolidating statements shall tie to the annual audited financial statements referred to in the
preceding in clause (i) and shall be certified by the chief financial officer of the Company as having been developed and used in connection with the preparation of such annual audited financial statements; and 
 (b) as soon as available, but in any event within 45 days after the end of each of the fiscal quarters of each fiscal year of the Company,
a consolidated balance sheet of the Company and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated statements of income or operations for such fiscal quarter and for the portion of the Company’s fiscal year then
ended, setting forth in each case in comparative form the figures for the corresponding fiscal 

  

 65 

 
quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and certified by a Responsible
Officer of the Company as fairly presenting the financial condition, results of operations and cash flows of the Company and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes.
Such balance sheet and related consolidated statements of income or operations shall be accompanied by consolidating balance sheets of the Company and its Subsidiaries as of the end of such quarter and the related consolidating statements of income
or operations for such quarter and shall tie to the quarterly financial statements for such quarter. 
 As to any information contained in
materials furnished pursuant to Section 7.02(d), the Company shall not be separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the
Company to furnish the information and materials described in clauses (a) and (b) above at the times specified therein. 
  

	7.02	Certificates; Other Information. 

 Deliver to the
Administrative Agent and each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders: 
 (a) concurrently with the delivery of the financial statements referred to in Section 7.01(a), a certificate of its independent certified public accountants certifying such financial statements and stating that in making the
examination necessary therefor no knowledge was obtained of any Default under the financial covenants set forth herein or, if any such Default shall exist, stating the nature and status of such event; 
 (b) concurrently with the delivery of the financial statements referred to in Sections 7.01(a) and (b), a duly completed
Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of the Company; 
 (c) as soon as available, and in any event within 60 days after the end of each fiscal year of the Company, a financial forecast for the ensuing two fiscal years consisting of a projected consolidated balance sheet as at the end of each
such ensuing fiscal year, a projected consolidated statement of income or operations for each such ensuing fiscal year and a projected consolidated statement of cash flow for each such ensuing fiscal year; 
 (d) promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication
sent to the equityholders of any Loan Party, and copies of all annual, regular, periodic and special reports and registration statements which a Loan Party may file or be required to file with the SEC under Section 13 or 15(d) of the Securities
Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto; 
 (e)
concurrently with the delivery of the financial statements referred to in Sections 7.01(a) and (b), a report signed by a Responsible Officer of the Company that supplements Schedules 6.13, 6.17, 6.20(a),
6.20(b), 6.20(c) and 6.20(d), such that, as supplemented, such Schedules would be to be accurate and complete as of such date; 
 (f) promptly after any request by the Administrative Agent or any Lender, copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the
board of directors) of the Company by independent 

  

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accountants in connection with the accounts or books of the Company or any Subsidiary, or any audit of any of them; 
 (g) promptly after the furnishing thereof, copies of any material statement or report furnished to any holder of debt securities of any
Loan Party or any Subsidiary thereof pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 7.01 or any other clause of this
Section 7.02; 
 (h) promptly, and in any event within ten Business Days after receipt thereof by any Loan Party
or any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency
regarding financial or other operational results of any Loan Party or any Subsidiary thereof; and 
 (i) promptly, such
additional information regarding the business, financial or corporate affairs of the Company or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent, at the request of any Lender, may from time to time
reasonably request. 
 Documents required to be delivered pursuant to Section 7.01(a) or (b) or Section 7.02(d)
(to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Company posts such documents, or
provides a link thereto on the Company’s website on the Internet at the website address listed on Schedule 11.02; or (ii) on which such documents are posted on the Company’s behalf on an Internet or intranet website, if any, to
which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Company shall deliver paper copies of such documents to the
Administrative Agent or any Lender that requests the Company to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Company shall notify the
Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding
anything contained herein, in every instance the Company shall be required to provide paper copies of the Compliance Certificates required by Section 7.02(b) to the Administrative Agent. Except for such Compliance Certificates, the
Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Company with any such request for delivery,
and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 
 Each Borrower
hereby acknowledges that (a) the Administrative Agent and/or the Arranger will make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of such Borrower hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not
wish to receive material non-public information with respect to any Borrower or its securities) (each, a “Public Lender”). Each Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public
Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the
Company shall be deemed to have authorized the Administrative Agent, the Arranger, the L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Borrowers or their
respective securities for purposes of United States federal and state securities laws 

  

 67 

 
(provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in
Section 11.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated as “Public Investor;” and (z) the Administrative Agent and the
Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not marked as “Public Investor.” Notwithstanding the foregoing, no Borrower
shall be under any obligation to mark any Borrower Materials “PUBLIC.” 
  

	7.03	Notices. 

 (a) Promptly notify the Administrative
Agent and each Lender of the occurrence of any Default. 
 (b) Promptly notify the Administrative Agent and each Lender of any matter that
has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a Contractual Obligation of the Company or any Subsidiary; (ii) any dispute, litigation,
investigation, proceeding or suspension between the Company or any Subsidiary and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting the Company or any Subsidiary,
including pursuant to any applicable Environmental Laws. 
 (c) Promptly notify the Administrative Agent and each Lender of the occurrence of
any ERISA Event. 
 (d) Promptly notify the Administrative Agent and each Lender of any material change in accounting policies or financial
reporting practices by the Company or any Subsidiary that would affect the calculation of the financial covenants contained herein. 
 (e)
Promptly notify the Administrative Agent and each Lender of the occurrence or existence of any Internal Control Event. 
 Each notice
pursuant to this Section 7.03(a) through (e) shall be accompanied by a statement of a Responsible Officer of the Company setting forth details of the occurrence referred to therein and stating what action the Company has
taken and proposes to take with respect thereto. Each notice pursuant to Section 7.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 
  

	7.04	Payment of Obligations. 

 Pay and discharge, as the
same shall become due and payable, all its material obligations and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good
faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Company or such Subsidiary and (b) all lawful claims which, if unpaid, would by law become a Lien (other than a
Permitted Lien) upon its property. 
  

	7.05	Preservation of Existence, Etc. 

 (a) Preserve,
renew and maintain in full force and effect its legal existence and, if applicable, good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 8.04 or 8.05. 
  

 68 

 (b) Take all reasonable action to maintain all rights, privileges, permits, licenses and franchises
necessary or desirable in the normal conduct of its business, except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 (c) Preserve or renew all of its material registered patents, copyrights, trademarks, trade names and service marks, the non-preservation of which could
reasonably be expected to have a Material Adverse Effect. 
 (d) Maintain all authorizations, consents, approvals and licenses from,
exemptions of, and filings and registrations with, each Governmental Authority of the jurisdiction in which each Foreign Loan Party is organized and existing, and all approvals and consents of each other Person in such jurisdiction, in each case
that are required in connection with the Loan Documents, except to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 
  

	7.06	Maintenance of Properties. 

 (a) Maintain, preserve
and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted. 
 (b) Make all necessary repairs thereto and renewals and replacements thereof, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 (c) Use the standard of care typical in the industry in the operation and maintenance of its facilities. 
  

	7.07	Maintenance of Insurance. 

 (a) Maintain in full
force and effect insurance (including worker’s compensation insurance, liability insurance, casualty insurance and business interruption insurance) with financially sound and reputable insurance companies not Affiliates of the Company, in such
amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Company or the applicable Subsidiary operates. 
 (b) Cause the Administrative Agent to be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such
insurance providing coverage in respect of any Collateral, and cause each provider of any such insurance to agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to the Administrative Agent, that it
will give the Administrative Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceled. 
  

	7.08	Compliance with Laws. 

 Comply with the requirements
of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by
appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 
  

 69 

	7.09	Books and Records. 

 (a) Maintain proper books of
record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of the Company or such Subsidiary, as the case may be.

 (b) Maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having
regulatory jurisdiction over the Company or such Subsidiary, as the case may be. 
  

	7.10	Inspection Rights. 

 Permit representatives and
independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs,
finances and accounts with its directors, officers, and independent public accountants, all at the expense of the Company and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance
notice to the Company; provided, however, that when an Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of
the Company at any time during normal business hours and without advance notice. 
  

	7.11	Use of Proceeds. 

 Use the proceeds of the Credit
Extensions (a) to finance working capital, capital expenditures and other lawful corporate purposes, (b) to finance repurchases of the Company’s Equity Interests as permitted by this Agreement, (c) to finance Permitted
Acquisitions and (d) to refinance certain existing Indebtedness, provided that in no event shall the proceeds of the Credit Extensions be used in contravention of any Law or of any Loan Document. 
  

	7.12	Additional Subsidiaries. 

 (a) Within thirty
(30) days after the acquisition or formation of any Subsidiary (or such longer period of time as agreed to by the Administrative Agent in its reasonable discretion): 
 (i) notify the Administrative Agent thereof in writing, together with the (A) jurisdiction of formation, (B) number of shares of
each class of Equity Interests outstanding, (C) number and percentage of outstanding shares of each class owned (directly or indirectly) by the Company or any Subsidiary and (D) number and effect, if exercised, of all outstanding options,
warrants, rights of conversion or purchase and all other similar rights with respect thereto; and 
 (ii) in the case of any
Domestic Subsidiary (other than an Immaterial Subsidiary), cause such Person to (A) become a Subsidiary Guarantor by executing and delivering to the Administrative Agent a Joinder Agreement or such other documents as the Administrative Agent
shall deem appropriate for such purpose, and (B) upon the request of the Administrative Agent in its sole discretion, deliver to the Administrative Agent such Organization Documents, resolutions and favorable opinions of counsel, all in form,
content and scope reasonably satisfactory to the Administrative Agent. 
 (b) If as of any date of determination, the Domestic Subsidiaries
that are not Loan Parties, when combined with their Subsidiaries, either (i) have aggregate assets as of such date that exceed 7.5% 

  

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of total assets of the Company and its Subsidiaries on a consolidated basis, as of such date, or (ii) contributed more than 10% of Consolidated EBITDA
for the four quarter period ending immediately prior to such date, within 30 days (or such longer period of time as agreed to by the Administrative Agent in its reasonable discretion) cause such Domestic Subsidiaries to become Subsidiary Guarantors
by executing and delivering to the Administrative Agent a Joinder Agreement, together with other documents of the type described in clause (a)(ii) above, as is necessary so that the threshold percentages for consolidated assets and Consolidated
EBITDA described above in this subclause (b) are not exceeded. 
  

	7.13	ERISA Compliance. 

 Do, and cause each of its ERISA
Affiliates to do, each of the following: (a) maintain each Plan in compliance in all material respects with the applicable provisions of ERISA, the Internal Revenue Code and other federal or state law; (b) cause each Plan that is qualified
under Section 401(a) of the Internal Revenue Code to maintain such qualification; and (c) make all required contributions to any Plan subject to Section 412 of the Internal Revenue Code. 
  

	7.14	Pledged Assets. 

 (a) Equity Interests.
Except for Excluded Property, cause (i) 100% of the issued and outstanding Equity Interests of each Domestic Subsidiary and (ii) 65% (or such greater percentage that, due to a change in an applicable Law after the date hereof,
(A) could not reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary as determined for United States federal income tax purposes to be treated as a deemed dividend to such Foreign Subsidiary’s United States
parent and (B) could not reasonably be expected to cause any material adverse tax consequences) of the issued and outstanding Equity Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100% of the
issued and outstanding Equity Interests not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each Foreign Subsidiary directly owned by a Domestic Loan Party to be subject to a first priority, perfected Lien in favor
of the Administrative Agent, promptly but in any event within 30 days (or 90 days, in the case of a Foreign Subsidiary) after the formation or acquisition thereof, pursuant to the terms and conditions of the Collateral Documents, together with
opinions of counsel and any filings and deliveries reasonably necessary in connection therewith to perfect the security interests therein, all in form and substance reasonably satisfactory to the Administrative Agent. 
 (b) Other Property. (i) Cause all of the owned and leased personal property of the Domestic Loan Parties (other than Excluded Property) to be
subject at all times to first priority, perfected Liens in favor of the Administrative Agent to secure the Obligations pursuant to the terms and conditions of the Collateral Documents, subject in any case to Permitted Liens. In connection with any
grant of security interests under this subsection, the Loan Parties will deliver to the Administrative Agent promptly, but in any event within thirty (30) days (with extensions as deemed necessary by the Administrative Agent), such additional
security documents and other documentation as the Administrative Agent may reasonably request in connection therewith, including, without limitation, appropriate UCC-1 financing statements, landlord’s waivers, certified resolutions and other
organizational and authorizing documents of such Person and opinions of counsel to such Person, all in form, content and scope reasonably satisfactory to the Administrative Agent. 
  

	7.15	Compliance with Dutch Banking Act. 

 Each Dutch
Borrower shall ensure that it complies with the Dutch Banking Act and, to the extent applicable, any regulations promulgated thereunder. 
  

 71 

	7.16	Post-Closing Deliverables. 

 (a) Within ninety
(90) days of the Closing Date, use commercially reasonable efforts to obtain such estoppel letters, consents and waivers from the landlords with respect to the personal property Collateral located at (i) 7101 Presidents Drive, Suite 100,
Orlando, Florida; (ii) 5756 Thornwood Drive, Goleta, California; and (iii) 70 Castilian Drive, Goleta, California, each in form and substance satisfactory to the Administrative Agent and only if a Loan Party maintains Collateral at such
locations; and 
 (b) Within ninety (90) days of the Closing Date (or such later date as the Administrative Agent may determine),
deliver to the Administrative Agent stock certificates and stock transfer powers representing at least 65% of the outstanding Equity Interests of FLIR Systems, Ltd., a Canada corporation. 
 ARTICLE VIII 
 NEGATIVE COVENANTS 
 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of
Credit shall remain outstanding, no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly: 
  

	8.01	Liens. 

 Create, incur, assume or suffer to exist
any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following: 
 (a) Liens pursuant to any Loan Document; 
 (b) Liens existing on the date hereof and listed on Schedule 8.01
and any renewals or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as contemplated by Section 8.03(b),
(iii) the direct or any contingent obligor with respect thereto is not changed, and (iv) any renewal or extension of the obligations secured or benefited thereby is permitted by Section 8.03(b); 
 (c) Liens (other than Liens imposed under ERISA) for taxes, assessments or governmental charges or levies not yet due or which are being
contested in good faith and by appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 
 (d) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and suppliers and other Liens imposed by law
or pursuant to customary reservations or retentions of title arising in the ordinary course of business, provided that such Liens secure only amounts not yet due and payable or, if due and payable, are unfiled and no other action has been
taken to enforce the same or are being contested in good faith by appropriate proceedings for which adequate reserves determined in accordance with GAAP have been established; 
 (e) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other
social security legislation, other than any Lien imposed by ERISA; 
  

 72 

 (f) deposits to secure the performance of bids, trade contracts and leases (other than
Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
 (g) easements, rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not
substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person; 
 (h) Liens securing judgments for the payment of money (or appeal or other surety bonds relating to such judgments) not constituting an
Event of Default under Section 9.01(h); 
 (i) Liens securing Indebtedness permitted under
Section 8.03(e); provided that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or fair
market value, whichever is lower, of the property being acquired on the date of acquisition; 
 (j) leases or subleases
granted to others not interfering in any material respect with the business of the Company or any of its Subsidiaries; 
 (k)
any interest of title of a lessor under, and Liens arising from UCC financing statements (or equivalent filings, registrations or agreements in foreign jurisdictions) relating to, leases permitted by this Agreement; 
 (l) normal and customary rights of setoff upon deposits of cash in favor of banks or other depository institutions; 
 (m) Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection;

 (n) Liens on real property and related fixtures owned by Company that secure Indebtedness permitted by
Section 8.03(f); 
 (o) Liens consisting of cash collateral provided by the Company or its Subsidiaries to secure
Indebtedness permitted pursuant to Section 8.03(i); and 
 (p) Liens not otherwise permitted by this Agreement;
provided that such Liens (i) do not encumber any Collateral and (ii) do not secure liabilities in excess of $25,000,000 in the aggregate. 
  

	8.02	Investments. 

 Make any
Investments, except: 
 (a) Investments held by the Company or such Subsidiary in the form of cash or Cash Equivalents;

 (b) Investments existing as of the Closing Date and set forth in Schedule 8.02; 
 (c) Investments in any Person that is a Loan Party prior to giving effect to such Investment; provided, however, that the
amount of all such Investments made by the Domestic Loan 

  

 73 

 
Parties in the Foreign Loan Parties shall not exceed $50,000,000 in the aggregate at any time outstanding, exclusive of Investments set forth in Schedule
8.02; 
 (d) Investments by any Subsidiary of the Company that is not a Loan Party in any other Subsidiary of the Company
that is not a Loan Party; 
 (e) Investments consisting of extensions of credit in the nature of accounts receivable or notes
receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to
prevent or limit loss; 
 (f) Guarantees permitted by Section 8.03; 
 (g) advances to officers, directors and employees of the Company and Subsidiaries in an aggregate amount not to exceed $3,000,000 at any
time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes; 
 (h) Permitted
Acquisitions; and 
 (i) Investments of a nature not contemplated in the foregoing clauses in an amount not to exceed
$20,000,000 in the aggregate at any time outstanding. 
  

	8.03	Indebtedness. 

 Create, incur, assume or suffer to
exist any Indebtedness, except: 
 (a) Indebtedness under the Loan Documents; 
 (b) Indebtedness of the Company and its Subsidiaries set forth in Schedule 8.03 (and renewals, refinancings and extensions thereof;
provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses
reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder); 
 (c) intercompany Indebtedness permitted under Section 8.02; 
 (d) obligations (contingent or otherwise)
of the Company or any Subsidiary existing or arising under any Swap Contract, provided that (i) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks
associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market
view;” and (ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party; 
 (e) purchase money Indebtedness (including obligations in respect of capital leases or Synthetic Leases) hereafter incurred by the Company
or any of its Subsidiaries to finance the purchase of fixed or capital assets, and renewals, refinancings and extensions thereof, provided that (i) the total of all such Indebtedness for all such Persons taken together shall not exceed
an aggregate principal amount of $10,000,000 at any one time outstanding; and (ii) such Indebtedness when 

  

 74 

 
incurred shall not exceed the purchase price of the asset(s) financed and (iii) such Indebtedness shall not be Indebtedness secured by real property;

 (f) Indebtedness of the Company secured by real property and related fixtures owned by Company; provided,
however, that the aggregate amount of all of such Indebtedness at any one time outstanding shall not exceed $35,000,000; 
 (g) other unsecured Indebtedness of the Company in an aggregate principal amount not to exceed $50,000,000 at any one time outstanding; 
 (h) Indebtedness of Foreign Subsidiaries in an aggregate principal amount not to exceed $25,000,000 at any one time outstanding; 
 (i) Indebtedness consisting of letters of credit in an aggregate face amount not exceeding $5,000,000 at any time outstanding; 

(j) Guarantees with respect to Indebtedness permitted under clauses (a) through (i) of this Section 8.03; and

 (k) to the extent constituting Indebtedness, obligations arising from the honoring of a check, draft or similar instrument
against insufficient funds. 
  

	8.04	Fundamental Changes. 

 Merge, dissolve, liquidate or
consolidate with or into another Person, except that so long as no Default exists or would result therefrom, (a) the Company may merge or consolidate with any of its Subsidiaries provided that the Company is the continuing or surviving
corporation, (b) a Borrower (other than the Company) may merge or consolidate with any of its Subsidiaries provided that such Borrower shall be the continuing or surviving Person, (b) any Domestic Loan Party may merge or consolidate with
any other Domestic Loan Party provided that, if the Company is a party to such transaction, the Company shall be the continuing or surviving corporation, (c) the Company or any Subsidiary may merge with any other Person in connection with a
Permitted Acquisition, provided that (i) if the Company is a party to such transaction, the Company is the continuing or surviving corporation and (ii) if a Loan Party (other than the Company) is a party to such transaction, the continuing
or surviving Person shall be a Loan Party, (d) any Subsidiary that is not a Loan Party may merge or consolidate with any other Subsidiary that is not a Loan Party and (e) any Immaterial Subsidiary may dissolve, liquidate or wind up its
affairs at any time provided that such dissolution, liquidation or winding up, as applicable, could not have a Material Adverse Effect. 
  

	8.05	Dispositions. 

 Make any Disposition except:

 (a) Permitted Transfers; and 
 (b) other Dispositions so long as (i) at least 90% of the consideration paid in connection therewith shall be cash or Cash Equivalents paid contemporaneous with consummation of the transaction and shall be in an amount not less than
the fair market value of the property disposed of, (ii) such transaction does not involve the sale or other disposition of a minority equity interest in any Subsidiary, (iii) if such Disposition involves the Equity Interests of a
Designated Borrower, the Company or another Designated Borrower shall agree in writing to assume the obligations of such Designated Borrower under this Agreement, (iv) such transaction does not involve a sale or other disposition of receivables
other than 

  

 75 

 
receivables owned by or attributable to other property concurrently being disposed of in a transaction otherwise permitted under this
Section 8.05, and (v) the aggregate net book value of all of the assets sold or otherwise disposed of by the Company and its Subsidiaries in all such transactions in any fiscal year of the Company shall not exceed 5% of the
shareholders’ equity of the Company and its Subsidiaries on a consolidated basis. 
  

	8.06	Restricted Payments. 

 Declare or make, directly or
indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that: 
 (a) each
Subsidiary may make Restricted Payments to any Loan Party and any other Person that owns an Equity Interest in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment
is being made; 
 (b) the Company and each Subsidiary may declare and make dividend payments or other distributions payable
solely in common Equity Interests of such Person; and 
 (c) the Company may make other Restricted Payments so long as no
Default exists immediately prior and after giving effect thereto; provided, however, if the Consolidated Senior Leverage Ratio (calculated on a Pro Forma Basis after giving effect to such Restricted Payment) is greater than 2.0 to 1.0,
then (i) the aggregate amount of Restricted Payments in any fiscal year shall not exceed $50,000,000 and (ii) immediately after giving effect to such Restricted Payment, there shall be at least $25,000,000 of availability existing under
the Aggregate Revolving Commitments.
  

	8.07	Change in Nature of Business. 

 Engage in any
material line of business substantially different from those lines of business conducted by the Company and its Subsidiaries on the Closing Date or any business substantially related or incidental thereto. 
  

	8.08	Transactions with Affiliates and Insiders. 

 Enter
into or permit to exist any transaction or series of transactions with any officer, director or Affiliate of such Person other than (a) advances of working capital to any Loan Party, (b) transfers of cash and assets to any Loan Party,
(c) intercompany transactions expressly permitted by Section 8.02, Section 8.03, Section 8.04, Section 8.05 or Section 8.06, (d) normal and reasonable compensation and
reimbursement of expenses of officers and directors and (e) except as otherwise specifically limited in this Agreement, other transactions which are entered into in the ordinary course of such Person’s business on terms and conditions
substantially as favorable to such Person as would be obtainable by it in a comparable arms-length transaction with a Person other than an officer, director or Affiliate. 
  

	8.09	Burdensome Agreements. 

 Enter into, or permit to
exist, any Contractual Obligation that (a) encumbers or restricts the ability of any such Person to (i) make Restricted Payments to any Loan Party, (ii) pay any Indebtedness or other obligation owed to any Loan Party, (iii) make
loans or advances to any Loan Party, (iv) transfer any of its property to any Loan Party, (v) pledge its property pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof or (vi) act as
a Loan Party pursuant to the Loan 

  

 76 

 
Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except (in respect of any of the matters referred to in clauses (i)-(v)
above) for (1) this Agreement and the other Loan Documents, (2) any document or instrument governing Indebtedness incurred pursuant to Section 8.03(e), provided that any such restriction contained therein relates only to
the asset or assets constructed or acquired in connection therewith, (3) any Permitted Lien or any document or instrument governing any Permitted Lien, provided that any such restriction contained therein relates only to the asset or
assets subject to such Permitted Lien or (4) customary restrictions and conditions contained in any agreement relating to the sale of any property permitted under Section 8.05 pending the consummation of such sale, or
(b) requires the grant of any security for any obligation if such property is given as security for the Obligations. 
  

	8.10	Use of Proceeds. 

 Use the proceeds of any Credit
Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or
carrying margin stock or to refund indebtedness originally incurred for such purpose. 
  

	8.11	Financial Covenants. 

 (a) Consolidated Senior
Leverage Ratio. Permit the Consolidated Senior Leverage Ratio as of the end of any fiscal quarter of the Company to be greater than 3.00 to 1.0. 
 (b) Consolidated Total Leverage Ratio. Permit the Consolidated Total Leverage Ratio as of the end of any fiscal quarter of the Company to be greater than 4.00 to 1.0. 
 (c) Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter of the Company to be
less than 4.25 to 1.0. 
 (d) Minimum Liquidity. Commencing on December 31, 2009 and continuing at all times thereafter while the
Convertible Securities remain outstanding, permit (i) the sum of (A) the undrawn/unutilized availability under the Aggregate Revolving Commitments plus (B) cash-on-hand of the Company and its Subsidiaries to be less than
(b) the sum of (i) 90% of the aggregate outstanding principal amount of the Convertible Securities plus (ii) $25,000,000. 
 (e) Consolidated Capital Expenditures. Permit Consolidated Capital Expenditures for any fiscal year of the Company to exceed the amount set forth below corresponding to such fiscal year: 
  

				
	 Year
	  	Capital
Expenditure
Limitation
	 2006
	  	$	50,000,000
	 2007
	  	$	55,000,000
	 2008
	  	$	60,000,000
	 2009
	  	$	65,000,000
	 2010
	  	$	70,000,000
	 2011
	  	$	75,000,000

 Solely for purposes of determining compliance with this Section 8.11(e), expenditures
for the purchase of specific processing equipment to be installed at the AMIS foundry facilities in Pocatello, Idaho for the sole purpose of manufacturing microbolometer focal plane arrays, in an aggregate amount not to exceed $35,000,000 shall not
constitute Consolidated Capital Expenditures. 
  

 77 

	8.12	Prepayment of Other Indebtedness, Etc. 

 (a) Amend
or modify any of the terms of any Indebtedness of the Company or any Subsidiary (other than Indebtedness arising under the Loan Documents) if such amendment or modification would add or change any terms in a manner adverse to the Company or any
Subsidiary, or shorten the final maturity or average life to maturity or require any payment to be made sooner than originally scheduled or increase the interest rate applicable thereto. 
 (b) Make (or give any notice with respect thereto) any voluntary or optional payment or prepayment or redemption or acquisition for value of (including
without limitation, by way of depositing money or securities with the trustee with respect thereto before due for the purpose of paying when due), refund, refinance or exchange of any Indebtedness of the Company or any Subsidiary (other than
Indebtedness arising under the Loan Documents). 
  

	8.13	Organization Documents; Fiscal Year; Legal Name, State of Formation and Form of Entity. 

 (a) Amend, modify or change its Organization Documents in a manner adverse to the Lenders. 
 (b) Change its fiscal year. 
 (c) Without
providing ten (10) days prior written notice to the Administrative Agent, change its name, state of formation or form of organization. 
  

	8.14	Ownership of Subsidiaries. 

 Notwithstanding any
other provisions of this Agreement to the contrary, (a) permit any Person (other than the Company or any Wholly Owned Subsidiary of the Company) to own any Equity Interests of any Subsidiary of the Company, except to qualify directors where
required by applicable law or to satisfy other requirements of applicable law with respect to the ownership of Equity Interests of Foreign Subsidiaries, or (b) permit any Subsidiary of the Company to issue or have outstanding any shares of
preferred Equity Interests. 
 ARTICLE IX 
 EVENTS OF DEFAULT AND REMEDIES 
  

	9.01	Events of Default. 

 Any of the following shall
constitute an Event of Default: 
 (a) Non-Payment. Any Loan Party fails to pay (i) when and as required to be
paid herein, and in the currency required hereunder, any amount of principal of any Loan or any L/C Obligation, or (ii) within three days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder,
or (iii) within five days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or 
 (b) Specific Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained (i) in Section 7.01 or 7.02, and such failure continues for 5 Business Days or (ii) in any of
Sections 7.03, 7.05, 7.11, 7.12, 7.14 and 7.15 or Article VIII; or 
  

 78 

 (c) Other Defaults. Any Loan Party fails to perform or observe any other covenant
or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty days; or 
 (d) Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on
behalf of the Company or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed made; or 
 (e) Cross-Default. (i) The Company or any Subsidiary (A) fails to make any payment when due (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn
committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to
any such Indebtedness or Guarantee described in clause (i)(A) or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the
holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such
Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such
Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such
Swap Contract as to which the Company or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which the Company or any Subsidiary is an Affected
Party (as so defined) and, in either event, the Swap Termination Value owed by the Company or such Subsidiary as a result thereof is greater than the Threshold Amount; or 
 (f) Insolvency Proceedings, Etc. Any Loan Party or any of its Subsidiaries institutes or consents to the institution of any
proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for
all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or
unstayed for sixty calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for
sixty calendar days, or an order for relief is entered in any such proceeding; or 
 (g) Inability to Pay Debts;
Attachment. (i) The Company or any Subsidiary becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued
or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within thirty days after its issue or levy; or 
 (h) Judgments. There is entered against the Company or any Subsidiary (i) one or more final judgments or orders for the
payment of money in an aggregate amount (as to all such 

  

 79 

 
judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer has been notified
of the claim and does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case,
(A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of ten consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not
in effect; or 
 (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which
has resulted or could reasonably be expected to result in liability of the Company under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Company or
any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in
excess of the Threshold Amount; or 
 (j) Invalidity of Loan Documents. Any Loan Document, at any time after its
execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect in any material respect; or any Loan Party contests in any
manner the validity or enforceability of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document; or 
 (k) Change of Control. There occurs any Change of Control. 
  

	9.02	Remedies Upon Event of Default. 

 If any Event of
Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 
 (a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be
terminated, whereupon such commitments and obligation shall be terminated; 
 (b) declare the unpaid principal amount of all
outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of
which are hereby expressly waived by the Borrowers; 
 (c) require that the Company Cash Collateralize the L/C Obligations (in
an amount equal to the then Outstanding Amount thereof); and 
 (d) exercise on behalf of itself, the Lenders and the L/C
Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents; 
 provided, however, that upon the
occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code of the United States (or other applicable Debtor Relief Law), the obligation of each Lender to make Loans and any obligation of the
L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the 

  

 80 

 
obligation of the Company to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of
the Administrative Agent or any Lender. 
  

	9.03	Application of Funds. 

 After the exercise of
remedies provided for in Section 9.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to
Section 9.02), 
 (a) any amounts received on account of the Obligations (other than amounts from the Foreign Loan Parties) shall
be applied by the Administrative Agent in the following order: 
 First, to payment of that portion of the Obligations
constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;

 Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than
principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under Article III), ratably among
them in proportion to the respective amounts described in this clause Second payable to them; 
 Third, to
payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans and L/C Borrowings and fees, premiums and scheduled periodic payments, and any interest accrued thereon, due under any Swap
Contract between any Loan Party and any Lender, or any Affiliate of a Lender, to the extent such Swap Contract is permitted by Section 8.03(d), ratably among the Lenders (and, in the case of such Swap Contracts, Affiliates of Lenders)
and the L/C Issuer in proportion to the respective amounts described in this clause Third held by them; 
 Fourth, to (a) payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, (b) payment of breakage, termination or other payments, and any interest accrued thereon, due under
any Swap Contract between any Loan Party and any Lender, or any Affiliate of a Lender, to the extent such Swap Contract is permitted by Section 8.03(d), (c) payments of amounts due under any Treasury Management Agreement between any
Loan Party and any Lender, or any Affiliate of a Lender and (d) Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit, ratably among the Lenders (and, in the case of such Swap
Contracts, Affiliates of Lenders) and the L/C Issuer in proportion to the respective amounts described in this clause Fourth held by them; and 
 Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the applicable Loan Party or as otherwise required by Law. 
 provided that subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit
pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such
remaining amount shall be applied to the other Obligations, if any, in the order set forth above; above; and 
  

 81 

 (b) any amounts received from the Foreign Loan Parties on account of the Obligations shall be applied by
the Administrative Agent in the following order: 
 First, to payment of that portion of the Foreign Obligations
constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;

 Second, to payment of that portion of the Foreign Obligations constituting fees, indemnities and other amounts
(other than principal and interest) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable under Article III), ratably among them in proportion to the respective amounts
described in this clause Second payable to them; 
 Third, to payment of that portion of the Foreign Obligations
constituting accrued and unpaid interest on the Loans and fees, premiums and scheduled periodic payments, and any interest accrued thereon, due under any Swap Contract between any Foreign Loan Party and any Lender, or any Affiliate of a Lender, to
the extent such Swap Contract is permitted by Section 8.03(d), ratably among the Lenders (and, in the case of such Swap Contracts, Affiliates of Lenders) in proportion to the respective amounts described in this clause Third held
by them; 
 Fourth, to (a) payment of that portion of the Foreign Obligations constituting unpaid principal of the
Loans, (b) payment of breakage, termination or other payments, and any interest accrued thereon, due under any Swap Contract between any Foreign Loan Party and any Lender, or any Affiliate of a Lender, to the extent such Swap Contract is
permitted by Section 8.03(d), and (c) payments of amounts due under any Treasury Management Agreement between any Foreign Loan Party and any Lender, or any Affiliate of a Lender, ratably among the Lenders (and, in the case of such
Swap Contracts, Affiliates of Lenders) in proportion to the respective amounts described in this clause Fourth held by them; and 
 Last, the balance, if any, after all of the Foreign Obligations have been indefeasibly paid in full, to the applicable Loan Party or as otherwise required by Law. 
 ARTICLE X 
 ADMINISTRATIVE AGENT 

 

	10.01  	Appointment and Authority. 

 Each of the Lenders and
the L/C Issuer hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such
powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent,
the Lenders and the L/C Issuer, and no Loan Party shall have rights as a third party beneficiary of any of such provisions. 
 In furtherance
of the foregoing, each of the Lenders, the L/C Issuer and the other holders of the Obligations hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Person for purposes of acquiring, holding and enforcing
any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are 

  

 82 

 
reasonably incidental thereto. In connection therewith, the Administrative Agent (and any co-agents, sub-agents and attorneys-in-fact appointed by the
Administrative Agent pursuant to Section 10.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the
direction of the Administrative Agent) shall be entitled to the benefits of all provisions of this Article X and Article XI (including Section 11.04(c)). 
  

	10.02  	Rights as a Lender. 

 The Person serving as the
Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money
to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and
without any duty to account therefor to the Lenders. 
  

	10.03  	Exculpatory Provisions. 

 The Administrative Agent
shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 
 (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be
expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable law; and 
 (c) shall not, except as expressly set forth
herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Loan Party or any of its Affiliates that is communicated to or obtained by the Person serving as
the Administrative Agent or any of its Affiliates in any capacity. 
 The Administrative Agent shall not be liable for any action taken or
not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the
circumstances as provided in Sections 11.01 and 9.02) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice
describing such Default is given to the Administrative Agent by the Company, a Lender or the L/C Issuer. 
 The Administrative Agent shall
not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any 

  

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other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or
therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness
of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency of any
Collateral, or (vi) the satisfaction of any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
  

	10.04  	Reliance by Administrative Agent. 

 The
Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or
intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone
and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its
terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the
contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Loan Parties), independent accountants and
other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
  

	10.05  	Delegation of Duties. 

 The Administrative Agent may
perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may
perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent
and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
  

	10.06  	Resignation of Administrative Agent. 

 The
Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Company. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the consent of Company so long as no
Default exists (such consent of the Company not to be unreasonably withheld or delayed), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no
such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on
behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Company and the Lenders that no qualifying Person has
accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and 

  

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under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C
Issuer under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (b) all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the L/C Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this
Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative
Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the
Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the retiring Administrative Agent’s resignation hereunder and under the
other Loan Documents, the provisions of this Article and Section 11.04 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 
 Any resignation by Bank of
America as Administrative Agent pursuant to this Section shall also constitute its resignation as L/C Issuer and Swing Line Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and Swing Line Lender, (ii) the retiring L/C Issuer and Swing Line Lender shall be discharged from all of their respective
duties and obligations hereunder or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other
arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit. 
  

	10.07  	Non-Reliance on Administrative Agent and Other Lenders. 

 Each Lender and the L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their
Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related
agreement or any document furnished hereunder or thereunder. 
  

	10.08  	No Other Duties; Etc. 

 Anything herein to the
contrary notwithstanding, none of the bookrunners, arrangers, syndication agents, documentation agents or co-agents shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as
applicable, as the Administrative Agent, a Lender or the L/C Issuer hereunder. 
  

	10.09  	Administrative Agent May File Proofs of Claim. 

 In
case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and
payable as herein expressed or by declaration or 

  

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otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Borrower) shall be entitled and empowered, by intervention
in such proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, L/C Obligations and all other Obligations arising under the Loan Documents that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the
L/C Issuer and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other
amounts due the Lenders, the L/C Issuer and the Administrative Agent under Sections 2.03(i) and (j), 2.09 and 11.04) allowed in such judicial proceeding; and 
 (b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
and the L/C Issuer to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09 and 11.04. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or
the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C
Issuer in any such proceeding. 
  

	10.10  	Collateral and Guaranty Matters. 

 The Lenders and
the L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion, 
 (a) to release any Lien
on any property granted to or held by the Administrative Agent under any Loan Document (i) upon termination of the Commitments and payment in full of all Obligations (other than contingent indemnification obligations) and the expiration or
termination of all Letters of Credit, (ii) that is transferred or to be transferred as part of or in connection with any Disposition permitted hereunder or under any other Loan Document or any Involuntary Disposition, or (iii) as approved
in accordance with Section 11.01; 
 (b) to subordinate any Lien on any property granted to or held by the
Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 8.01; and 
 (c) to release any Subsidiary Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder. 
 Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or
subordinate its interest in particular types or items of property, or to release any Subsidiary Guarantor from its obligations under the Guaranty, pursuant to this Section 10.10. 
  

 86 

 ARTICLE XI 
 MISCELLANEOUS 
  

	11.01  	Amendments, Etc. 

 No amendment or waiver of any
provision of this Agreement or any other Loan Document, and no consent to any departure by the Company or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Company or the applicable Loan
Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, further, that 

(a) no such amendment, waiver or consent shall: 
 (i) extend or increase the Commitment of a Lender (or reinstate any Commitment terminated pursuant to Section 9.02) without
the written consent of such Lender whose Commitment is being extended or increased (it being understood and agreed that a waiver of any condition precedent set forth in Section 5.02 or of any Default or a mandatory reduction in
Commitments is not considered an extension or increase in Commitments of any Lender); 
 (ii) postpone any date fixed by this
Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any of them) or any scheduled reduction of the Commitments hereunder or under any other Loan
Document without the written consent of each Lender entitled to receive such payment or whose Commitments are to be reduced; 
 (iii) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (i) of the final proviso to this Section 11.01) any fees or other amounts payable hereunder or
under any other Loan Document without the written consent of each Lender entitled to receive such amount; provided, however, that only the consent of the Required Lenders shall be necessary to (A) amend the definition of
“Default Rate” or waive any obligation of any Borrower to pay interest or Letter of Credit Fees at the Default Rate or (B) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such
amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder; 
 (iv)
change Section 2.13 or Section 9.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender directly affected thereby; 
 (v) change any provision of this Section 11.01(a) or the definition of “Required Lenders” without the written
consent of each Lender directly affected thereby; 
 (vi) release all or substantially all of the Collateral without the
written consent of each Lender whose Obligations are secured by such Collateral; 
  

 87 

 (vii) amend Section 1.06 or the definition of “Alternative
Currency” without the written consent of each Lender that is obligated to make Credit Extensions to the Borrowers in Alternative Currencies; or 
 (viii) release the Company or, except in connection with a transaction permitted under Section 8.04 or Section 8.05, all or substantially all of the value of the Guaranty without the written
consent of each Lender whose Obligations are guarantied thereby; or 
 (b) unless also signed by the L/C Issuer, no amendment,
waiver or consent shall affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; 
 (c) unless also signed by the Swing Line Lender, no amendment, waiver or consent shall affect the rights or duties of the Swing Line
Lender under this Agreement; and 
 (d) unless also signed by the Administrative Agent, no amendment, waiver or consent shall
affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; 
 provided, however, that
notwithstanding anything to the contrary herein, (i) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto, (ii) no Defaulting Lender shall have any right to approve or
disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender, (iii) each Lender is entitled to vote as such Lender sees fit on any
bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the United States supersedes the unanimous consent provisions set forth herein and
(iv) the Required Lenders shall determine whether or not to allow a Loan Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and such determination shall be binding on all of the Lenders. 
  

	11.02  	Notices; Effectiveness; Electronic Communications. 

 (a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for
herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by
telephone shall be made to the applicable telephone number, as follows: 
 (i) if to a Loan Party, the Administrative Agent,
the L/C Issuer or the Swing Line Lender, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 11.02; and 
 (ii) if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its
Administrative Questionnaire. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be
deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business
on the next business day for the recipient). Notices 

  

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delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b).

 (b) Electronic Communications. Notices and other communications to the Lenders and the L/C Issuer hereunder may be delivered or
furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C Issuer
pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Company
may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or
communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address
shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided
that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and
(ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such
notice or communication is available and identifying the website address therefor. 
 (c) The Platform. THE PLATFORM IS PROVIDED
“AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS
FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS,
IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower,
any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Borrower’s or the Administrative Agent’s transmission of Borrower
Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however,
that in no event shall any Agent Party have any liability to any Borrower, any Lender, the L/C Issuer or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 
 (d) Change of Address, Etc. Each of the Borrowers, the Administrative Agent, the L/C Issuer and the Swing Line Lender may change its address,
telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to
the Company, the Administrative Agent, the L/C Issuer and the Swing Line Lender. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective
address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. 
  

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 (e) Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the
L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including telephonic Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf of any Loan Party even if (i) such notices were not made in a manner
specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Loan Parties shall indemnify
the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Loan
Party, other than such losses, costs, expenses and liabilities resulting from such Person’s gross negligence or willful misconduct. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by
the Administrative Agent, and each of the parties hereto hereby consents to such recording. 
  

	11.03  	No Waiver; Cumulative Remedies. 

 No failure by any
Lender, the L/C Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder or under any other Loan Document 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, and
provided under each other Loan Document are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
  

	11.04  	Expenses; Indemnity; and Damage Waiver. 

 (a)
Costs and Expenses. The Loan Parties shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative
Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers
of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal
or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C Issuer (including the fees, charges and disbursements of any counsel for
the Administrative Agent, any Lender or the L/C Issuer), and shall pay all fees and time charges for attorneys who may be employees of the Administrative Agent, any Lender or the L/C Issuer, in connection with the enforcement or protection of its
rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses
incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 
 (b) Indemnification by the
Loan Parties. The Loan Parties shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall
indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Loan Party
arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated 

  

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hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents, (ii) any Loan or Letter of Credit or the
use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such
Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by a Loan Party or any of its Subsidiaries, or any Environmental Liability related in any way to a Loan Party or
any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Loan
Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are
determined to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by any Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or
under any other Loan Document, if such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. 
 (c) Reimbursement by Lenders. To the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required under
subsection (a) or (b) of this Section to be paid by them to the Administrative Agent (or any sub-agent thereof), the L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent
(or any such sub-agent), the L/C Issuer or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount,
provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or the L/C Issuer in its
capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or L/C Issuer in connection with such capacity. The obligations of the Lenders under this subsection (c) are
subject to the provisions of Section 2.12(d). 
 (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted
by applicable law, no Loan Party shall assert, and each Loan Party hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds
thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the
gross negligence or willful misconduct of such Indemnitee. 
 (e) Payments. All amounts due under this Section shall be payable not
later than ten Business Days after demand therefor. 
 (f) Survival. The agreements in this Section shall survive the resignation of
the Administrative Agent, the L/C Issuer and the Swing Line Lender, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations. 
  

 91 

	11.05  	Payments Set Aside. 

 To the extent that any payment
by or on behalf of any Loan Party is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part
thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a
trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without
duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in
effect, in the applicable currency of such recovery or payment. The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this
Agreement. 
  

	11.06  	Successors and Assigns. 

 (a) Successors and
Assigns Generally. The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except that, subject
to Section 2.14(d) and 8.05, neither the Company nor any Designated Borrower may assign or otherwise transfer any of its rights or obligations hereunder or thereunder without the prior written consent of the Administrative Agent
and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in
accordance with the provisions of subsection (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or
transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more
assignees all or a portion of its rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C Obligations
and in Swing Line Loans) at the time owing to it); provided that any such assignment shall be subject to the following conditions: 
 (i) Minimum Amounts. 
 (A) in the case of an assignment of the entire remaining amount
of the assigning Lender’s Commitment and the related Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 
 (B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding 

  

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thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such
assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not
be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed); provided,
however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single assignee (or to an assignee and members of its Assignee Group) will be treated as a single
assignment for purposes of determining whether such minimum amount has been met. 
 (ii) Proportionate Amounts. Each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s Loans and Commitments, and rights and obligations with respect thereto, assigned, except that this clause (ii) shall not apply to the
Swing Line Lender’s rights and obligations in respect of Swing Line Loans; 
 (iii) Required Consents. No consent
shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition: 
 (A) the consent of the Company (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a
Lender, an Affiliate of a Lender or an Approved Fund; provided, however that if at the time of such assignment it is a requirement of Dutch law that the assignee must be a PMP, the consent of the Company is required and can be
reasonably withheld if such assignee does not qualify as a PMP; and 
 (B) the consent of the Administrative Agent (such
consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of any Revolving Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of the Commitment subject to such
assignment, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and 
 (C) the consent of the L/C
Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding); and

 (D) the consent of the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for
any assignment in respect of Revolving Loans and Revolving Commitments. 
 (iv) Assignment and Assumption. The parties
to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount $3,500; provided, however, that the Administrative Agent may, in its
sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
  

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 (v) No Assignment to Company. No such assignment shall be made to the Company or
any of the Company’s Affiliates or Subsidiaries. 
 (vi) No Assignment to Natural Persons. No such assignment
shall be made to a natural person. 
 (vii) No Assignment Resulting in Additional Indemnified Taxes. No such assignment
shall be made to any Person that, through its Lending Offices, is not capable of lending the applicable Alternative Currencies to the relevant Borrowers without the imposition of any additional Indemnified Taxes. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in
each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 11.04 with respect to facts and
circumstances occurring prior to the effective date of such assignment). Upon request, each Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section. 
 (c) Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Administrative
Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders may treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and any Lender at any
reasonable time and from time to time upon reasonable prior notice. 
 (d) Participations. Any Lender may at any time, without the
consent of, or notice to, any Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Company or any of the Company’s Affiliates or Subsidiaries) (each, a “Participant”) in
all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing Line Loans) owing to
it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and
(iii) the Borrowers, the Administrative Agent, the other Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or
instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in clauses (i) through (viii) of the
Section 11.01(a) that affects such Participant. Subject to subsection (e) of this Section, each 

  

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Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were
a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.08 as though it were a Lender,
provided such Participant agrees to be subject to Section 2.13 as though it were a Lender. 
 (e) Limitation on
Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such
Participant, unless the sale of the participation to such Participant is made with the Company’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of
Section 3.01 unless the Company is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 3.01(e) as though it were a Lender. 

(f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (g) Electronic Execution of
Assignments. The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 (h) Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any time
Bank of America assigns all of its Commitment and Loans pursuant to subsection (b) above, Bank of America may, (i) upon thirty days’ notice to the Company and the Lenders, resign as L/C Issuer and/or (ii) upon thirty days’
notice to the Company, resign as Swing Line Lender. In the event of any such resignation as L/C Issuer or Swing Line Lender, the Company shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder;
provided, however, that no failure by the Company to appoint any such successor shall affect the resignation of Bank of America as L/C Issuer or Swing Line Lender, as the case may be. If Bank of America resigns as L/C Issuer, it shall
retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the
right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line
Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding
Swing Line Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer and/or Swing Line Lender, (1) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of
the retiring L/C Issuer or Swing Line Lender, as the case may be, and (2) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other
arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit. 
  

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	11.07  	Treatment of Certain Information; Confidentiality. 

 Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) on an as needed basis, to its Affiliates and to
its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and representatives and to any direct or indirect contractual counterparty (or such contractual counterparty’s professional advisor) under any
Swap Contract relating to Loans outstanding under this Agreement (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or
proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee
of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to a
Loan Party and its obligations, (g) with the consent of the Company or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the
Administrative Agent, any Lender, the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Company. 
 For purposes of this Section, “Information” means all information received from a Loan Party or any Subsidiary relating to the Loan Parties or any Subsidiary or any of their respective businesses,
other than any such information that is available to the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by such Loan Party or any Subsidiary, provided that, in the case of information
received from a Loan Party or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall
be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
 Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a) the Information may include material non-public information
concerning the Company or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with
applicable Law, including Federal and state securities Laws. 
  

	11.08  	Set-off. 

 If an Event of Default shall have
occurred and be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent, to the fullest extent
permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender,
the L/C Issuer or any such Affiliate to or for the credit or the account of any Borrower or any other Loan Party against any and all of the obligations of such Borrower or such Loan Party now or hereafter existing under this Agreement or any other
Loan Document to such Lender or the L/C Issuer, irrespective of whether or not such Lender or the L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Borrower or such Loan

  

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Party may be contingent or unmatured or are owed to a branch or office of such Lender or the L/C Issuer different from the branch or office holding such
deposit or obligated on such indebtedness. The rights of each Lender, the L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer
or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Company and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect
the validity of such setoff and application. 
  

	11.09  	Interest Rate Limitation. 

 Notwithstanding anything
to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the
Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Company. In determining
whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an
expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated
term of the Obligations hereunder. 
  

	11.10  	Counterparts; Integration; Effectiveness. 

 This
Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other
Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 5.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of
each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
  

	11.11  	Survival of Representations and Warranties. 

 All
representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such
representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the
Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or
unsatisfied or any Letter of Credit shall remain outstanding. 
  

	11.12  	Severability. 

 If any provision of this Agreement
or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and
(b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions 

  

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the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a
particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

	11.13  	Replacement of Lenders. 

 If (a) any Lender
requests compensation under Section 3.04, (b) any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, (c) 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 11.01 but requires
unanimous consent of all Lenders or all Lenders directly affected thereby (as applicable) and, or (d) any Lender is a Defaulting Lender, then the Company may, at its sole expense and effort, upon notice to such Lender and the Administrative
Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.06), 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 Company shall have paid to the Administrative Agent the assignment fee specified in Section 11.06(b); 
 (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the applicable Borrower(s) (in the case of all other amounts); 
 (iii) in the case of any such
assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 (iv) such assignment does not conflict with applicable Laws; and 
 (v) in the case of any such assignment resulting from a Non-Consenting Lender’s failure to consent to a proposed change, waiver,
discharge or termination with respect to any Loan Document, the applicable replacement bank, financial institution or Fund consents to the proposed change, waiver, discharge or termination; provided that the failure by such Non-Consenting
Lender to execute and deliver an Assignment and Assumption shall not impair the validity of the removal of such Non-Consenting Lender and the mandatory assignment of such Non-Consenting Lender’s Commitments and outstanding Loans and
participations in L/C Obligations and Swing Line Loans pursuant to this Section 11.13 shall nevertheless be effective without the execution by such Non-Consenting Lender of an Assignment and Assumption. 
 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 Company to require such assignment and delegation cease to apply. 
  

	11.14  	Governing Law; Jurisdiction; Etc. 

 (a) GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  

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 (b) SUBMISSION TO JURISDICTION. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR
ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN
ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF
ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT,
ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (c) WAIVER OF VENUE. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT
IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 
  

	11.15  	Waiver of Right to Trial by Jury. 

 EACH PARTY
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
  

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	11.16  	No Advisory or Fiduciary Responsibility. 

 In
connection with all aspects of each transaction contemplated hereby, the Loan Parties each acknowledge and agree that: (i) the credit facilities provided for hereunder and any related arranging or other services in connection therewith
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Loan Parties and their respective Affiliates, on the one hand, and the
Administrative Agent and the Arranger, on the other hand, and each of the Loan Parties is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other
Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, the Administrative Agent and the Arranger each is and has been acting solely as a
principal and is not the financial advisor, agent or fiduciary, for the Loan Parties or any of their respective Affiliates, stockholders, creditors or employees or any other Person; (iii) neither the Administrative Agent nor the Arranger has
assumed or will assume an advisory, agency or fiduciary responsibility in favor of any Loan Party with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other
modification hereof or of any other Loan Document (irrespective of whether the Administrative Agent or the Arranger has advised or is currently advising any of the Loan Parties or any of their respective Affiliates on other matters) and neither the
Administrative Agent nor the Arranger has any obligation to any of the Loan Parties or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan
Documents; (iv) the Administrative Agent and the Arranger and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and
neither the Administrative Agent nor the Arranger has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the Administrative Agent and the Arranger have not provided and will not
provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and each Loan Party has consulted its
own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each Loan Party hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent and the
Arranger with respect to any breach or alleged breach of agency or fiduciary duty. 
  

	11.17  	USA PATRIOT Act Notice.  

 Each Lender that is
subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of each Borrower and other information that will allow
such Lender or the Administrative Agent, as applicable, to identify such Borrower in accordance with the Act. 
  

	11.18  	Judgment Currency.  

 If, for the purposes of
obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the
Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of each Borrower in respect of any such sum due from it to the Administrative Agent
or the Lenders hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated 

  

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in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the
Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment
Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from any Borrower in the Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any such
judgment, to indemnify the Administrative Agent or the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent in such
currency, the Administrative Agent agrees to return the amount of any excess to such Borrower (or to any other Person who may be entitled thereto under applicable law). 
 [SIGNATURE PAGES FOLLOW] 
  

 101 

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

									
	 BORROWERS:
	 		 	 FLIR SYSTEMS, INC.

		 		 	 an Oregon corporation

					
		 		 		 	 By:
	 	 /s/ Stephen M. Bailey

		 		 		 	 Name:
	 	 Stephen M. Bailey

		 		 		 	 Title:
	 	 Senior Vice President, Finance and CFO

			
		 		 	 FLIR SYSTEMS, B.V.

		 		 	 a Netherlands corporation

					
		 		 		 	 By:
	 	 /s/ Arne Almerfors

		 		 		 	 Name:
	 	 Arne Almerfors

		 		 		 	 Title:
	 	 Attorney in Fact

			
		 		 	 FLIR SYSTEMS HOLDINGS A.B.

		 		 	 a Swedish corporation

					
		 		 		 	 By:
	 	 /s/ Arne Almerfors

		 		 		 	 Name:
	 	 Arne Almerfors

		 		 		 	 Title:
	 	 President

					
		 		 		 	 By:
	 	 /s/ Stephen M. Bailey

		 		 		 	 Name:
	 	 Stephen M. Bailey

		 		 		 	 Title:
	 	 Senior Vice President, Finance and CFO

			
		 		 	 FLIR SYSTEMS A.B.

		 		 	 a Swedish corporation

					
		 		 		 	 By:
	 	 /s/ Arne Almerfors

		 		 		 	 Name:
	 	 Arne Almerfors

		 		 		 	 Title:
	 	 President

					
		 		 		 	 By:
	 	 /s/ Stephen M. Bailey

		 		 		 	 Name:
	 	 Stephen M. Bailey

		 		 		 	 Title:
	 	 Senior Vice President, Finance and CFO

			
		 		 	 FLIR SYSTEMS LTD.

		 		 	 a company incorporated in England and Wales

					
		 		 		 	 By:
	 	 /s/ Arne Almerfors

		 		 		 	 Name:
	 	 Arne Almerfors

		 		 		 	 Title:
	 	 Managing Director

			
	 SUBSIDIARY
 GUARANTORS:
	 		 	 INDIGO SYSTEMS CORPORATION

		 		 	 a California corporation

					
		 		 		 	 By:
	 	 /s/ Stephen M. Bailey

		 		 		 	 Name:
	 	 Stephen M. Bailey

		 		 		 	 Title:
	 	 Senior Vice President, Finance and CFO

									
			
	 ADMINISTRATIVE
 AGENT:
	 		 	 BANK OF AMERICA, N.A.,

		 		 	 as Administrative Agent

					
		 		 		 	 By:
	 	 /s/ Dora A. Brown

		 		 		 	 Name:
	 	 Dora A. Brown

		 		 		 	 Title:
	 	 Vice President

			
	 LENDERS:
	 		 	 BANK OF AMERICA, N.A.,

		 		 	 as a Lender, L/C Issuer and Swing Line Lender

					
		 		 		 	 By:
	 	 /s/ Daryl K. Hogge

		 		 		 	 Name:
	 	 Daryl K. Hogge

		 		 		 	 Title:
	 	 Senior Vice President

			
		 		 	 UNION BANK OF CALIFORNIA, N.A.,

		 		 	 as a Lender

					
		 		 		 	 By:
	 	 /s/ David S. Dransfield

		 		 		 	 Name:
	 	 David S. Dransfield

		 		 		 	 Title:
	 	 Vice President

			
		 		 	 U.S. BANK NATIONAL ASSOCIATION,

		 		 	 as a Lender

					
		 		 		 	 By:
	 	 /s/ Scott J. Bell

		 		 		 	 Name:
	 	 Scott J. Bell

		 		 		 	 Title:
	 	 Senior Vice President

			
		 		 	 HSBC BANK USA, N.A.,

		 		 	 as a Lender

					
		 		 		 	 By:
	 	 /s/ Paul W. Ip

		 		 		 	 Name:
	 	 Paul W. Ip

		 		 		 	 Title:
	 	 Vice President

			
		 		 	 COMERICA BANK,

		 		 	 as a Lender

					
		 		 		 	 By:
	 	 /s/ Don R. Carruth

		 		 		 	 Name:
	 	 Don R. Carruth

		 		 		 	 Title:
	 	 Assistant Vice President

			
		 		 	 JPMORGAN CHASE BANK, N.A.,

		 		 	 as a Lender

					
		 		 		 	 By:
	 	 /s/ Anne Biancardi

		 		 		 	 Name:
	 	 Anne Biancardi

		 		 		 	 Title:
	 	 Vice President

									
			
		 		 	 THE NORTHERN TRUST COMPANY,

		 		 	 as a Lender

					
		 		 		 	 By:
	 	 /s/ Morgan A. Lyons

		 		 		 	 Name:
	 	 Morgan A. Lyons

		 		 		 	 Title:
	 	 Vice President

			
		 		 	 SVENSKA HANDELSBANKEN AB (publ),

		 		 	 as a Lender

					
		 		 		 	 By:
	 	 /s/ Mikael Westerback

		 		 		 	 Name:
	 	 Mikael Westerback

		 		 		 	 Title:
	 	 Senior Vice President

					
		 		 		 	 By:
	 	 /s/ Nancy D’Albert

		 		 		 	 Name:
	 	 Nancy D’Albert

		 		 		 	 Title:
	 	 Vice President

			
		 		 	 FORTIS CAPITAL CORP.

		 		 	 as a Lender

					
		 		 		 	 By:
	 	 /s/ Douglas Riani

		 		 		 	 Name:
	 	 Douglas Riani

		 		 		 	 Title:
	 	 Managing Director

					
		 		 		 	 By:
	 	 /s/ John W. Deegan

		 		 		 	 Name:
	 	 John W. Deegan

		 		 		 	 Title:
	 	 Senior Vice PresidentAgency Agreement dated July 21, 2006

 Exhibit 4.1 
  
 Dated 21 July 2006 
 PEPSICO,
INC. 
 as Issuer 
 JPMORGAN CHASE BANK, N.A. 
 as Agent 
 J.P. MORGAN BANK LUXEMBOURG S.A. 
 as Paying Agent 
  

					
		  	 	  	
		  	  
 AGENCY AGREEMENT
 (amended and restated)
 in respect of
a U.S.$2,500,000,000
 EURO MEDIUM TERM NOTE
 PROGRAMME
  
	  	
		  	 	  	

  
  
  
 

 

 CONTENTS 
  

			
	 CLAUSE
	  	PAGE
		
	 1.        DEFINITIONS AND INTERPRETATION
	  	4
		
	 2.        APPOINTMENT OF AGENT AND PAYING AGENTS
	  	10
		
	 3.        ISSUE OF GLOBAL NOTES
	  	12
		
	 4.        DETERMINATION OF EXCHANGE DATE, ISSUE OF PERMANENT GLOBAL NOTES AND DEFINITIVE NOTES IN EXCHANGE FOR TEMPORARY GLOBAL NOTES
AND DETERMINATION OF END OF RESTRICTED PERIOD
	  	14
		
	 5.        ISSUE OF DEFINITIVE NOTES
	  	15
		
	 6.        TERMS OF ISSUE
	  	16
		
	 7.        PAYMENTS
	  	17
		
	 8.        DETERMINATIONS AND NOTIFICATIONS IN RESPECT OF NOTES AND INTEREST DETERMINATION
	  	19
		
	 9.        NOTICE OF ANY WITHHOLDING OR DEDUCTION
	  	21
		
	 10.      DUTIES OF THE AGENT IN CONNECTION WITH EARLY REDEMPTION
	  	22
		
	 11.      RECEIPT AND PUBLICATION OF NOTICES
	  	23
		
	 12.      CANCELLATION OF NOTES, RECEIPTS, COUPONS AND TALONS
	  	23
		
	 13.      ISSUE OF REPLACEMENT NOTES, RECEIPTS, COUPONS AND TALONS
	  	24
		
	 14.      COPIES OF DOCUMENTS AVAILABLE FOR INSPECTION
	  	25
		
	 15.      MEETINGS OF NOTEHOLDERS
	  	27
		
	 16.      COMMISSIONS AND EXPENSES
	  	27
		
	 17.      INDEMNITY
	  	27
		
	 18.      REPAYMENT BY THE AGENT
	  	28
		
	 19.      CONDITIONS OF APPOINTMENT
	  	28
		
	 20.      COMMUNICATION BETWEEN THE PARTIES
	  	29
		
	 21.      CHANGES IN AGENT AND OTHER PAYING AGENTS
	  	29
		
	 22.      MERGER AND CONSOLIDATION
	  	31
		
	 23.      NOTIFICATION OF CHANGES TO PAYING AGENTS
	  	31
		
	 24.      CHANGE OF SPECIFIED OFFICE
	  	31
		
	 25.      NOTICES
	  	32
		
	 26.      TAXES AND STAMP DUTIES
	  	32
		
	 27.      CURRENCY INDEMNITY
	  	32

			
	 28.      AMENDMENTS
	  	33
		
	 29.      DESCRIPTIVE HEADINGS
	  	33
		
	 30.      GOVERNING LAW AND SUBMISSION TO JURISDICTION
	  	33
		
	 31.      CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
	  	33
		
	 32.      COUNTERPARTS
	  	34
		
	 APPENDIX
	  	35
		
	            FORM OF CALCULATION AGENCY AGREEMENT
	  	35
		
	 SCHEDULE 1
	  	44
		
	            TERMS AND CONDITIONS OF THE NOTES
	  	44
		
	 SCHEDULE 2
	  	73
		
	            FORMS OF GLOBAL AND DEFINITIVE NOTES, RECEIPTS, COUPONS AND
TALONS
	  	73
		
	            PART I
	  	73
		
	                 FORM OF TEMPORARY GLOBAL
NOTE
	  	73
		
	            PART II
	  	83
		
	                 FORM OF PERMANENT GLOBAL
NOTE
	  	83
		
	            PART III
	  	92
		
	                 FORM OF DEFINITIVE
NOTE
	  	92
		
	            PART IV
	  	95
		
	                 FORM OF
COUPON
	  	95
		
	            PART V
	  	98
		
	                 FORM OF
RECEIPT
	  	98
		
	            PART VI
	  	I
		
	                 FORM OF
TALON
	  	I
		
	 SCHEDULE 3
	  	III
		
	            FORM OF DEED OF COVENANT
	  	III
		
	 SCHEDULE 4
	  	IX
		
	            PROVISIONS FOR MEETINGS OF NOTEHOLDERS
	  	IX
		
	 SCHEDULE 5
	  	XVII
		
	            FORM OF PUT NOTICE
	  	XVII

  

 Page 3 

 THIS AGREEMENT is made on 21 July 2006 
 BETWEEN: 
  

	 (1)
	 PEPSICO, INC. of 700 Anderson Hill Road, Purchase, New York 10577 (the Issuer); 

  

	 (2)
	 JPMORGAN CHASE BANK, N.A. (previously known as The Chase Manhattan Bank) of Trinity Tower, 9 Thomas More Street, London E1W 1YT (the Agent,
which expression shall include any successor agent appointed in accordance with Clause 21); and 

  

	 (3)
	 J.P. MORGAN BANK LUXEMBOURG S.A. (previously known as Chase Manhattan Bank Luxembourg S.A.) of 6 route de Treves, L-2633 Senningerberg, Luxembourg
(together with the Agent, the Paying Agents, which expression shall include any additional or successor paying agent appointed in accordance with Clause 21 and Paying Agent shall mean any of the Paying Agents).

 WHEREAS: 
 (A)      The parties hereto entered into an amended and restated Agency Agreement dated 9 April 1997 as amended by
supplemental agreements dated 11 June 1998, 9 July 1999, 29 June 2000, 11 September 2001, 11 September 2002 and 17 September 2003 (the Agency Agreement) in respect of a U.S.$2,500,000,000 Euro Medium Term
Note Programme (the Programme) of the Issuer. 
  

	 (B)
	 The parties hereto have agreed to make certain modifications to the Agency Agreement. 

 (C)      This Agreement amends and restates the Agency Agreement. Any Notes issued under the Programme on or after the date hereof shall have the benefit of this
Agreement. 
 IT IS HEREBY AGREED as
follows: 
  

	 1.
	 DEFINITIONS AND INTERPRETATION 

 1.1      Terms and expressions defined in the Programme Agreement or the Notes or used in the applicable Final Terms shall
have the same meanings in this Agreement, except where the context requires otherwise or unless otherwise stated. 
  

	 1.2
	 Without prejudice to the foregoing: 

 CGN means a Temporary Global Note or a Permanent Global Note the applicable Final Terms of which indicate that such Temporary Global Note or Permanent Global Note is not a New Global Note; 
 Clearstream, Luxembourg means Clearstream Banking, société anonyme;

  

 Page 4 

 Conditions means, in relation to the Notes of any Series, the terms and conditions endorsed
on or incorporated by reference into the Note or Notes constituting such Series, such term and conditions being in or substantially in the form set out in Schedule 1 or in such other form, having regard to the terms of the Notes of the relevant
Series, as may be agreed between the Issuer, the Agent and the relevant Dealer(s) as modified and supplemented by the Final Terms applicable to the Notes of the relevant Series; 
 Coupon means an interest coupon appertaining to a Definitive Note (other than a Zero Coupon Note), such coupon being: 
  

	 (a)
	 if appertaining to a Fixed Rate Note, in the form or substantially in the form set out in Part IV A of Schedule 2 or in such other form, having regard to the
terms of issue of the Notes of the relevant Series, as may be agreed between the Issuer, the Agent and the relevant Dealer(s); or 

  

	 (b)
	 if appertaining to a Floating Rate Note or an Indexed Interest Note, in the form or substantially in the form set out in Part IV B of Schedule 2 or in such other
form, having regard to the terms of issue of the Notes of the relevant Series, as may be agreed between the Issuer, the Agent and the relevant Dealer(s); or 

  

	 (c)
	 if appertaining to a Definitive Note which is neither a Fixed Rate Note nor a Floating Rate Note nor an Indexed Interest Note, in such form as may be agreed
between the Issuer, the Agent and the relevant Dealer(s), and includes, where applicable, the Talon(s) appertaining thereto and any replacements for Coupons and Talons issued pursuant to Condition 10; 

 Couponholders means the several persons who are for the time being holders of the Coupons and shall, unless the context otherwise requires,
include the holders of the Talons; 
 Deed of Covenant means the deed poll dated the date of this Agreement, substantially in
the form set out in Schedule 3, executed as a deed by the Issuer in favour of certain account holders with Euroclear and Clearstream, Luxembourg; 
 Definitive Note means a definitive Note issued or, as the case may require, to be issued by the Issuer in accordance with the provisions of the Programme Agreement or any Offer agreement between the Issuer and the relevant
Dealer(s) in exchange for all or a part of either a Temporary Global Note or a Permanent Global Note (all as indicated in the applicable Final Terms), such definitive Note being in the form or substantially in the form set out in Part III of
Schedule 2 with such modifications (if any) as may be agreed between the Issuer, the Agent and the relevant Dealer(s) and having the Conditions endorsed thereon or, if permitted by the relevant Stock Exchange, incorporating the Conditions by
reference and having the applicable Final Terms (or the relevant provisions thereof) either endorsed thereon or attached thereto and (except in the case of a Zero Coupon Note) having Coupons and, where appropriate, Receipts and/or Talons attached
thereto on issue; 
 Dual Currency Note means a Note in respect of which payments of principal and/or interest are made or to
be made in such different currencies, and at rates of exchange 
  

 Page 5 

 calculated upon such basis or bases, as the Issuer and the relevant Dealer(s) may agree (as indicated in
the applicable Final Terms); 
 euro means the currency established pursuant to the third stage of European Economic and
Monetary Union pursuant to the Treaty establishing the European Community (as amended from time to time); 
 Euroclear means
Euroclear Bank S.A./N.V., as operator of the Euroclear System; 
 Eurosystem-eligible NGN means an NGN which is intended to be
held in a manner which would allow Eurosystem eligibility, as stated in the applicable Final Terms; 
 Fixed Rate Note means a
Note on which interest is calculated at a fixed rate payable in arrear on a fixed date or dates in each year and on redemption or on such other dates as may be agreed between the Issuer and the relevant Dealer(s) (as indicated in the applicable
Final Terms); 
 Floating Rate Note means a Note on which interest is calculated at a floating rate payable one, two, three,
six or twelve monthly or in respect of such other period or on such date(s) as may be agreed between the Issuer and the relevant Dealer(s) (as indicated in the applicable Final Terms); 
 Global Note means a Temporary Global Note and/or a Permanent Global Note, as applicable; 
 Indexed Interest Note means a Note in respect of which the amount payable in respect of interest is calculated by reference to an index and/or a formula as the Issuer and the relevant Dealer(s) may agree
(as indicated in the applicable Final Terms); 
 Indexed Note means an Indexed Interest Note and/or an Indexed Redemption
Amount Note, as applicable; 
 Indexed Redemption Amount Note means a Note in respect of which the amount payable in respect of
principal is calculated by reference to an index and/or a formula as the Issuer and the relevant Dealer(s) may agree (as indicated in the applicable Final Terms); 
 Interest Commencement Date means, in the case of interest-bearing Notes, the date specified in the applicable Final Terms from (and including) which such Notes bear interest, which may or may not be the
Issue Date; 
 Issue Date means the date of issue and purchase of a Note, in each case pursuant to and in accordance with the
Programme Agreement or any other agreement between the Issuer and the relevant Dealer(s), being in the case of any Permanent Global Note issued in exchange for a Temporary Global Note or any Definitive Note, the same date as the date of issue of the
Temporary Global Note which initially represented such Note; 
 Issue Price means the price, generally expressed as a
percentage of the nominal amount of the Notes, at which the Notes will be issued; 
  

 Page 6 

 Maturity Date means, in relation to a Note, the date on which it is expressed to be
redeemable; 
 NGN or New Global Note means a Temporary Global Note or a Permanent Global Note the applicable
Final Terms of which indicate that such Temporary Global Note or Permanent Global Note is a New Global Note; 
 Note means a
note denominated in Australian Dollars, Canadian Dollars, Danish Kroner, euro, Hong Kong Dollars, Japanese Yen, New Zealand Dollars, Sterling, Swedish Kronor, Swiss Francs, U.S. Dollars or such other currency or currencies as may be agreed between
the Issuer and the relevant Dealer(s) issued or to be issued by the Issuer pursuant to the Programme Agreement or any other agreement between the Issuer and the relevant Dealer(s) and which shall initially be represented by, and comprised in, either
(i) a Temporary Global Note which may (in accordance with the terms of such Temporary Global Note) be exchanged for either Definitive Notes or a Permanent Global Note which Permanent Global Note may (in accordance with the term of such
Permanent Global Note) in turn be exchanged for Definitive Notes (all as indicated in the applicable Final Terms) or (ii) if so indicated in the applicable Final Terms, a Permanent Global Note exchangeable for Definitive Notes, and includes any
replacements for a Note issued pursuant to Condition 10 and, where applicable, the Receipts relating thereto; 
 Noteholders
means the several persons who are for the time being holders of the Notes save that, in respect of the Notes of any Series, for so long as such Notes or any part thereof are represented by a Global Note held on behalf of Euroclear and/or of
Clearstream, Luxembourg, each person (other than Euroclear or Clearstream, Luxembourg) who is for the time being shown in the records of Euroclear or of Clearstream, Luxembourg as the holder of a particular nominal amount of the Notes of such Series
(in which regard any certificate or other document issued by Euroclear or Clearstream, Luxembourg as to the nominal amount of such Notes standing to the account of any person shall be conclusive and binding for all purposes save in the case of
manifest error) shall be treated by the Issuer, the Agent and any other Paying Agent as the holder of such nominal amount of such Notes for all purposes other than with respect to the payment of principal or interest on such Notes, for which purpose
the bearer of the relevant Global Note shall be treated by the Issuer, the Agent and any other Paying Agent as the holder of such nominal amount of such Notes in accordance with and subject to the terms of the relevant Global Note and the
expressions Noteholder, holder of Notes and related expressions shall be construed accordingly; 
 outstanding means, in relation to the Notes, all the Notes issued other than (a) those which have been redeemed in full in accordance with the Conditions, (b) those in respect of which the date for redemption in
accordance with the Conditions has occurred and the redemption moneys wherefor (including all interest (if any) accrued thereon to the date for such redemption and any interest (if any) payable under the Conditions after such date) have been duly
paid to the Agent as provided herein (and, where appropriate, notice has been given to the Noteholders of the relevant Series in accordance with Condition 13) and remain available for payment against presentation of Notes, (c) those which have
become void under Condition 8, (d) those which have 
  

 Page 7 

 been purchased and cancelled as provided in Condition 6, (e) those mutilated or defaced Notes which
have been surrendered in exchange for replacement Notes pursuant to Condition 10, (f) (for the purpose only of determining how many Notes are outstanding and without prejudice to their status for any other purpose) those Notes alleged to have
been lost, stolen or destroyed and in respect of which replacement Notes have been issued pursuant to Condition 10, (g) Temporary Global Notes to the extent that they shall have been duly exchanged for Permanent Global Notes and/or Definitive
Notes and Permanent Global Notes to the extent that they shall have been duly exchanged for Definitive Notes, in each case pursuant to their respective provisions and (h) Temporary Global Notes and Permanent Global Notes which have become void
in accordance with their terms (provided that at the Relevant Time (as defined in the Deed of Covenant) the Underlying Notes (as defined in the Deed of Covenant) will be deemed to be still outstanding) 
 and, 
 PROVIDED THAT for each of the following purposes, namely: 
  

	 (a)
	 the right to attend and vote at any meeting of the Noteholders or any of them; and 

  

	 (b)
	 the determination of how many and which Notes are for the time being outstanding for the purposes of paragraphs 2, 5, 6 and 9 of Schedule 4,

 those Notes (if any) which are for the time being held by any person (including but not limited to the Issuer or any
Subsidiary) for the benefit of the Issuer or any Subsidiary shall (unless and until ceasing to be so held) be deemed not to be outstanding; 
 Permanent Global Note means a global note in the form or substantially in the form set out in Part II of Schedule 2 together with the copy of the applicable Final Terms attached thereto with such modifications (if any) as may
be agreed between the Issuer, the Agent and the relevant Dealer(s), comprising some or all of the Notes of the same Series, issued by the Issuer pursuant to the Programme Agreement or any other agreement between the Issuer and the relevant Dealer(s)
and: 
  

	 (a)
	 issued in exchange for the whole or part of any Temporary Global Note issued initially in respect of such Notes; or 

  

	 (b)
	 in the case of Notes that meet the requirements of U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(3)(iii) or in the case of Notes with a maturity (at
issue) of 183 days or less, issued initially in respect of such Notes; 

 Programme Agreement means the
programme agreement of even date herewith as amended, supplemented or restated from time to time between the Issuer and the dealers named therein relating to the Programme; 
 Receipt means a receipt attached on issue to a Definitive Note redeemable in instalments for the payment of an instalment of principal, such receipt being in the form or
substantially in the form set out in Part V of Schedule 2 or in such other form 
  

 Page 8 

 as may be agreed between the Issuer, the Agent and the relevant Dealer(s) and includes any replacements
for Receipts issued pursuant to Condition 10; 
 Receiptholders means the several persons who are for the time being holders of
the Receipts; 
 Series means a Tranche of the Notes together with any further Tranche or Tranches of the Notes which are
(i) expressed to be consolidated and form a single series and (ii) are identical in all respects (including as to listing) except for their respective Issue Dates, Interest Commencement Dates and/or Issue Prices and the expressions
Notes of the relevant Series and holders of Notes of the relevant Series and related expressions shall be construed accordingly; 
 Subsidiary means any company which is for the time being a subsidiary or a subsidiary undertaking (within the meaning of Sections 736 and 258 respectively of the Companies Act 1985 of Great Britain) of
the Issuer; 
 Talons means the talons (if any) appertaining to, and exchangeable in accordance with the provisions therein
contained for further Coupons appertaining to, a Definitive Note (other than a Zero Coupon Note), such talons being in the form or substantially in the form set out in Part VI of Schedule 2 or in such other form as may be agreed between the Issuer,
the Agent and the relevant Dealer(s) and includes any replacements for Talons issued pursuant to Condition 10; 
 Temporary Global
Note means a global note in the form or substantially in the form set out in Part I of Schedule 2 together with the copy of the applicable Final Terms attached thereto with such modifications (if any) as may be agreed between the Issuer, the
Agent and the relevant Dealer(s), comprising some or all of the Notes of the same Series, issued by the Issuer pursuant to the Programme Agreement or any other agreement between the Issuer and the relevant Dealer(s); 
 Tranche means all Notes which are identical in all respects (including as to listing); and 
 Zero Coupon Note means a Note on which no interest is payable. 
 1.3      Words denoting the singular number only shall include the plural number also and vice versa; words denoting one gender only shall include the other gender;
and words denoting persons only shall include firms and corporations and vice versa. 
 1.4      All references
in this Agreement to costs or charges or expenses shall include any value added tax or similar tax charged or chargeable in respect thereof. 
 1.5      For the purposes of this Agreement, the Notes of each Series shall form a separate series of Notes and the provisions of this Agreement shall apply mutatis mutandis separately and independently
to the Notes of each Series and in this Agreement the expressions Notes, Noteholders, Receipts, Receiptholders, Coupons, Couponholders
and Talons shall be construed accordingly. 
  

 Page 9 

 1.6      All references in this Agreement to principal and/or interest or
both in respect of the Notes or to any moneys payable by the Issuer under this Agreement shall have the meaning set out in Condition 5. 
 1.7      All references in this Agreement to the “relevant currency” shall be construed as references to the currency in which the relevant Notes and/or Coupons are denominated (or payable in the case
of Dual Currency Notes). 
 1.8      In this Agreement, Clause headings are inserted for convenience and ease
of reference only and shall not affect the interpretation of this Agreement. All references in this Agreement to the provisions of any statute shall be deemed to be references to that statute as from time to time modified, extended, amended or
re-enacted or to any statutory instrument, order or, regulation made thereunder or under such re-enactment. 
 1.9      All references in this Agreement to an agreement, instrument or other document (including, without limitation, this Agreement, the Programme Agreement, the Deed of Covenant, the Notes and any
Conditions appertaining thereto) shall be construed as a reference to that agreement, instrument or document as the same may be amended, modified, varied or supplemented from time to time. 
 1.10    Any references herein to Euroclear and/or Clearstream, Luxembourg shall, whenever the context so permits, be deemed to include a reference to any additional or
alternative clearance system approved by the Issuer and the Agent. 
 1.11    Unless the contrary intention appears, all
references in this Agreement to the records of Euroclear and Clearstream, Luxembourg shall be to the records that each of Euroclear and Clearstream, Luxembourg holds for its customers, which reflect the amount of such customer’s interest in the
Notes. 
  

	 2.
	 APPOINTMENT OF AGENT AND PAYING AGENTS

 2.1      The Agent is hereby appointed, and the Agent hereby agrees to act, as agent of
the Issuer, upon the terms and subject to the conditions set out below, for the purposes of, inter alia: 
  

	 (a)
	 completing, authenticating and delivering Global Notes and (if required) completing, authenticating and delivering Definitive Notes;

  

	 (b)
	 giving effectuation instructions in respect of each Global Note which is a Eurosystem-eligible NGN; 

  

	 (c)
	 exchanging Temporary Global Notes for Permanent Global Notes or Definitive Notes, as the case may be, in accordance with the terms of such Temporary Global
Notes; 

  

	 (d)
	 exchanging Permanent Global Notes for Definitive Notes in accordance with the terms of such Permanent Global Notes; 

  

 Page 10 

	 (e)
	 paying sums due on Global Notes and Definitive Notes, and Coupons and instructing Euroclear and Clearstream, Luxembourg to make appropriate entries in respect of
all Global Notes which are NGNs; 

  

	 (f)
	 exchanging Talons for Coupons in accordance with the Conditions; 

  

	 (g)
	 determining the end of the restricted period applicable to each Tranche; 

  

	 (h)
	 unless otherwise specified in the applicable Final Terms, determining the interest and/or other amounts payable in respect of the Notes in accordance with the
Conditions; 

  

	 (i)
	 arranging on behalf of the Issuer for notices to be communicated to the Noteholders; 

  

	 (j)
	 preparing and sending monthly reports to the Bank of England and the Ministry of Finance of Japan and ensuring that, as directed by the Issuer, all necessary
action is taken to comply with any reporting requirements of any competent authority in respect of any relevant currency as may be in force from time to time with respect to the Notes to be issued under the Programme; 

 

	 (k)
	 subject to the Procedures Memorandum, submitting to the relevant Stock Exchange such number of copies of each Final Terms which relates to Notes which are to be
listed as it may reasonably require; 

  

	 (l)
	 receipt of certification required pursuant to United States Treasury Regulation 1.163-5(c)(2)(i)(D)(3) and the prompt onward delivery to the Issuer; and

  

	 (m)
	 performing all other obligations and duties imposed upon it by the Conditions and this Agreement. 

 2.2      Each Paying Agent is hereby appointed as paying agent of the Issuer, upon the terms and subject to the conditions
set out below, for the purposes of paying sums due on Notes, Receipts and Coupons and of performing all other obligations and duties imposed upon it by the Conditions and this Agreement. 
 2.3      In relation to each issue of Eurosystem-eligible NGNs, the Issuer hereby authorises and instructs the Agent to elect Euroclear or Clearstream, Luxembourg as
common safekeeper. From time to time, the Issuer and the Agent may agree to vary this election. The Issuer acknowledges that any such election is subject to the right of Euroclear and Clearstream, Luxembourg to jointly determine that the other shall
act as common safekeeper in relation to any such issue and agrees that no liability shall attach to the Agent in respect of any such election made by it. 
 2.4      The Notes (including all Temporary Global Notes, Permanent Global Notes and Definitive Notes and any Receipts, Coupons and Talons) will bear the following legend: “Any
United States person who holds this obligation will be subject to limitations under the United States income tax laws, including the limitations provided in sections 165(j) and 1287(a) of the Internal Revenue Code.” The sections referred to in
this legend provide that, with exceptions, a United States person will not 
  

 Page 11 

 be permitted to deduct any loss, and will not be eligible for capital gain treatment with respect to any
gain realized on the sale, exchange or redemption of that Note. The following legend will appear on all Notes that have maturity (at issue) of 183 days or less: “By accepting this obligation, the holder represents and warrants that it is not a
United States person (other than an exempt recipient described in section 6049(b)(4) of the Internal Revenue Code and regulations thereunder) and that it is not acting for or on behalf of a United States person (other than an exempt recipient
described in section 6049(b)(4) of the Internal Revenue Code and the regulations thereunder).” 
  

	 3.
	 ISSUE OF GLOBAL NOTES 

 3.1      Subject to Clause 3.4, following receipt of (i) in the case of an issue not subscribed pursuant to a
Subscription Agreement, a faxed copy of the Final Terms signed by the Issuer or (ii) in the case of an issue subscribed pursuant to a Subscription Agreement, an executed copy of the Subscription Agreement, the Issuer hereby authorises the Agent
and the Agent hereby agrees to take the steps required of the Agent in the Procedures Memorandum. 
 3.2      For the purpose of Clause 3.1 the Agent will, inter alia, on behalf of the Issuer if specified in the applicable Final Terms or form of Final Terms appearing in the Subscription Agreement that a
Temporary Global Note will initially represent the Tranche of Notes: 
  

	 (a)
	 prepare a Temporary Global Note by attaching a copy of the applicable Final Terms to a copy of the applicable master Temporary Global Note and ensure that such
Temporary Global Note bears the legend or legends required under Clause 2.4; 

  

	 (b)
	 authenticate such Temporary Global Note; 

  

	 (c)
	 deliver such Temporary Global Note to the specified common depositary (if the Temporary Global Note is a CGN) or specified common safekeeper (if the Temporary
Global Note is an NGN) of Euroclear and/or Clearstream, Luxembourg and, in the case of a Temporary Global Note which is a Eurosystem-eligible NGN, instruct the common safekeeper to effectuate the same, against receipt from the common depositary or
common safekeeper, as appropriate, of confirmation that such common depositary or common safekeeper, as appropriate, is holding the Temporary Global Note in safe custody for the account of Euroclear and/or Clearstream, Luxembourg;

  

	 (d)
	 if the Temporary Global Note is a CGN, instruct Euroclear or Clearstream, Luxembourg or both of them (as the case may be), unless otherwise agreed in writing
between the Agent and the Issuer, (i) in the case of an issue of Notes not subscribed pursuant to a Subscription Agreement, to credit the Notes represented by such Temporary Global Note to the Agent’s distribution account, and (ii) in
the case of Notes subscribed pursuant to a Subscription Agreement, to hold the Notes represented by such Temporary Global Note to the Issuer’s order; 

  

 Page 12 

	 (e)
	 if the Temporary Global Note is an NGN, instruct Euroclear and Clearstream, Luxembourg to make the appropriate entries in their records to reflect the initial
outstanding aggregate principal amount of the relevant Tranche of Notes; and 

  

	 (f)
	 ensure that the Notes of each Tranche are assigned a common code and ISIN by Euroclear and Clearstream, Luxembourg which are different from the common code and
ISIN assigned to Notes of any other Tranche of the same Series until 40 days after the completion of the distribution of the Notes of such Tranche as notified by the Agent to the relevant Dealer. 

 3.3      For the purpose of Clause 3.1 the Agent will, inter alia, on behalf of the Issuer if specified in the
applicable Final Terms or form of Final Terms appearing in the Subscription Agreement that a Permanent Global Note will initially represent the Notes on issue: 
  

	 (a)
	 in the case of the first Tranche of any Series of Notes, prepare and complete a Permanent Global Note by attaching a copy of the applicable Final Terms to a copy
of the master Permanent Global Note and ensure that such Permanent Global Note bears the legend or legends required under Clause 2.4; 

  

	 (b)
	 in the case of the first Tranche of any Series of Notes, authenticate such Permanent Global Note; 

  

	 (c)
	 in the case of the first Tranche of any Series of Notes, deliver such Permanent Global Note if such Permanent Global Note is a CGN, to the common depositary for
the time being on behalf of Euroclear and/or Clearstream, Luxembourg; 

  

	 (d)
	 in any other case by attaching a copy of the applicable Final Terms to the Permanent Global Note applicable to the relevant Series (and such Permanent Global
Note must bear the legend or legends required under Clause 2.4); 

  

	 (e)
	 if the Permanent Global Note is an NGN, instruct Euroclear and Clearstream, Luxembourg to make the appropriate entries in their records to reflect the initial
outstanding aggregate principal amount of the relevant Tranche of Notes; 

  

	 (f)
	 in the case of a subsequent Tranche of any Series of Notes deliver the applicable Final Terms to the specified common depositary or common safekeeper, as the
case may be, for attachment to the Permanent Global Note and, in the case where the Permanent Global Note is a CGN, make all appropriate entries on the relevant Schedule to the Permanent Global Note to reflect the increase in its nominal amount or,
in the case where the Permanent Global Note is an NGN, instruct Euroclear and Clearstream, Luxembourg to make the appropriate entries in their records to reflect the increased outstanding aggregate principal amount of the relevant Series; and

  

	 (g)
	 ensure that the Notes of each Tranche are assigned a common code and ISIN by Euroclear and Clearstream, Luxembourg which are different from the

  

 Page 13 

	     
	 common code and ISIN assigned to the Notes of any other Tranche of the same Series until 40 days after the completion of the distribution of the Notes of such
Tranche as notified by the Agent to the relevant Dealer. 

 3.4      The Agent shall only be
required to perform its obligations under Clause 3.1 if it holds: 
  

	 (a)
	 a master Temporary Global Note for Sterling denominated Notes and a master Temporary Global Note for non-Sterling denominated Notes, each duly executed by a
person or persons authorised to execute the same on behalf of the Issuer, which may be used by the Agent for the purpose of preparing a Temporary Global Note in accordance with Clause 3.2(a); and 

  

	 (b)
	 a master Permanent Global Note for Sterling denominated Notes and a master Permanent Global for non-Sterling denominated Notes, each duly executed by a person or
persons authorised to execute the same on behalf of the Issuer, which may be used by the Agent for the purpose of preparing a Permanent Global Note in accordance with Clause 4. 

 4.        DETERMINATION OF EXCHANGE DATE,
ISSUE OF PERMANENT GLOBAL NOTES AND DEFINITIVE NOTES IN EXCHANGE FOR
TEMPORARY GLOBAL NOTES AND DETERMINATION OF END OF RESTRICTED PERIOD 

 

	 4.1
	 (a)        The Agent shall determine the Exchange Date for each Temporary Global Note in accordance with the terms
thereof. Forthwith upon determining the Exchange Date in respect of any Tranche, the Agent shall notify such determination to the Issuer, the relevant Dealer, Euroclear and Clearstream, Luxembourg. 

  

	 (b)
	 The Agent shall deliver, upon notice from Euroclear or Clearstream, Luxembourg, a Permanent Global Note or Definitive Notes, as the case may be, in accordance
with the terms of the Temporary Global Note (which terms will include obtaining certification required for U.S. tax purposes pursuant to U.S. Treasury Regulation Section 1.163-5(c)(2)(i)(D)(3) for Notes other than (x) Notes meeting the
requirements of U.S. Treasury Regulation Section 1.163-5(c)(2)(i)(D)(3)(iii) and (y) Notes with a maturity (at issue) of 183 days or less). Where a Temporary Global Note is to be exchanged for a Permanent Global Note, the Agent is hereby
authorised on behalf of the Issuer: 

  

	 	 (i)
	 in the case of the first Tranche of any Series of Notes, to prepare and complete a Permanent Global Note in accordance with the terms of the Temporary Global
Note applicable to such Tranche by attaching a copy of the applicable Final Terms to a copy of the applicable master Permanent Global Note and ensure that such Permanent Global Note bears the legend or legends required under Clause 2.4;

  

	 	 (ii)
	 in the case of the first Tranche of any Series of Notes, to authenticate such Permanent Global Note; 

  

 Page 14 

	 	 (iii)
	 in the case of the first Tranche of any Series of Notes, to deliver such Permanent Global Note, if the applicable Final Terms indicate that this Global Note is
not a New Global Note, to the common depositary which is holding the Temporary Global Note applicable to such Tranche for the time being on behalf of Euroclear and/or Clearstream, Luxembourg either in exchange for such Temporary Global Note or, in
the case of a partial exchange, to enter details of such partial exchange of the Temporary Global Note in the relevant spaces in Schedule Two of both the Temporary Global Note and the Permanent Global Note, or, if the applicable Final Terms indicate
that this Global Note is a New Global Note, to deliver to the common safekeeper; and 

  

	 	 (iv)
	 in any other case, by attaching a copy of the applicable Final Terms to the Permanent Global Note applicable to the relevant Series and entering details of any
exchange in whole or part as aforesaid. Such Permanent Global Note must bear the legend or legends required under Clause 2.4. 

  

	 4.2
	 (a)        In the case of a Tranche in respect of which there is only one Dealer, the Agent will determine the end of the
restricted period in respect of such Tranche as being the fortieth day following the date certified by the relevant Dealer to the Agent as being the date as of which distribution of the Notes of that Tranche was completed.

  

	 (b)
	 In the case of a Tranche in respect of which there is more than one Dealer but is not issued on a syndicated basis, the Agent will determine the end of the
restricted period in respect of such Tranche as being the fortieth day following the latest of the dates certified by all the relevant Dealers to the Agent as being the respective dates as of which distribution of the Notes of that Tranche purchased
by each such Dealer was completed. 

  

	 (c)
	 In the case of a Tranche issued on a syndicated basis, the Agent will determine the end of the restricted period in respect of such Tranche as being the fortieth
day following the date certified by the Lead Manager to the Agent as being the date as of which distribution of the Notes of that Tranche was completed. 

  

	 (d)
	 Forthwith upon determining the end of the restricted period in respect of any Tranche, the Agent shall notify such determination to the Issuer, Euroclear,
Clearstream, Luxembourg and the relevant Dealer(s) (in the case of a non-syndicated issue) or the Lead Manager (in the case of a syndicated issue). 

  

	 5.
	 ISSUE OF DEFINITIVE NOTES 

 5.1      Upon notice from Euroclear or Clearstream, Luxembourg pursuant to the terms of a Temporary Global Note or a
Permanent Global Note, as the case may be, the Agent shall deliver the relevant Definitive Note(s) in accordance with the terms of the relevant Global Note (which terms will include obtaining certification for U.S. tax purposes pursuant to U.S.
Treasury Regulation Section 1.163-5(c)(2)(i)(D)(3) for Notes other than (x) Notes meeting the requirements of U.S. Treasury Regulation 
  

 Page 15 

 Section 1.163-5(c)(2)(i)(D)(3)(iii) and (y) Notes with a maturity (at issue) of 183 days or
less). For this purpose the Agent is hereby authorised on behalf of the Issuer: 
  

	 (a)
	 to authenticate such Definitive Note(s) in accordance with the provisions of this Agreement; and 

  

	 (b)
	 to deliver such Definitive Note(s) to, or to the order of, Euroclear and/or Clearstream, Luxembourg either in exchange for such Global Notes or, in the case of a
partial exchange of a Temporary Global Note, on entering details of any partial exchange of the Temporary Global Note in the relevant space in Schedule Two of such Temporary Global Note. 

 All Definitive Notes must bear the legend or legends required under Clause 2.4. 
 The Agent shall notify the Issuer forthwith upon receipt of a request for issue of a Definitive Note or Definitive Notes in accordance with the
provisions of a Temporary Global Note or Permanent Global Note, as the case may be, and the aggregate nominal amount of such Temporary Global Note or Permanent Global Note, as the case may be, to be exchanged in connection therewith. 
 5.2      The Issuer undertakes to deliver to, or to the order of, the Agent sufficient numbers of executed Definitive Notes
with, if applicable, Receipts, Coupons and Talons attached to enable the Agent to comply with its obligations under this Clause. 
  

	 6.
	 TERMS OF ISSUE 

 6.1      The Agent shall cause all Temporary Global Notes, Permanent Global Notes and Definitive Notes delivered to it, or to its order and held by it or at its
order under this Agreement to be maintained in safe custody and shall ensure that such Notes are issued only in accordance with the provisions of this Agreement and the relevant Global Note and Conditions. 
 6.2      Subject to the procedures set out in the Procedures Memorandum, for the purposes of Clause 3 the Agent is entitled
to treat a telephone, telex or facsimile communication from a person purporting to be (and who the Agent believes in good faith to be) the authorised representative of the Issuer named in the list referred to in, or notified pursuant to, Clause 19.7
as sufficient instructions and authority of the Issuer for the Agent to act in accordance with Clause 3.1. 
 6.3      In the event that a person who has signed on behalf of the Issuer any Note not yet issued but held by the Agent in accordance with Clause 3.1 ceases to be authorised as described in Clause 19.7, the
Agent shall (unless the Issuer gives notice to the Agent that Notes signed by that person do not constitute valid and binding obligations of the Issuer or otherwise until replacements have been provided to the Agent) continue to have authority to
issue any such Notes, and the Issuer hereby warrants to the Agent that such Notes shall, unless notified as aforesaid, be valid and binding obligations of the Issuer. Promptly upon such person ceasing to be authorised, the Issuer shall provide the
Agent with replacement Notes and upon receipt of such replacement Notes the Agent shall cancel and destroy the Notes held by it which are 
  

 Page 16 

 signed by such person and shall provide to the Issuer a confirmation of destruction in respect thereof
specifying the Notes so cancelled and destroyed. 
 6.4      If the Agent pays an amount (the
Advance) to the Issuer on the basis that a payment (the Payment) has been, or will be, received from a Dealer and if the Payment is not received by the Agent on the date the Agent pays the Issuer, the Issuer shall repay
to the Agent the Advance and shall pay interest on the Advance (or the unreimbursed portion thereof) from (and including) the date such Advance is made to (but excluding) the earlier of repayment of the Advance and receipt by the Agent of the
Payment (at a rate quoted at that time by the Agent as its cost of funding the Advance provided that evidence of the basis of such rate is given to the Issuer). 
 6.5      Except in the case of issues where the Agent does not act as receiving bank for the Issuer in respect of the purchase price of the Notes being issued, if on the relevant Issue
Date a Dealer does not pay the full purchase price due from it in respect of any Note (the Defaulted Note) and, as a result, the Defaulted Note remains in the Agent’s distribution account with Euroclear and/or Clearstream,
Luxembourg after such Issue Date, the Agent will continue to hold the Defaulted Note to the order of the Issuer. The Agent shall notify the Issuer forthwith of the failure of the Dealer to pay the full purchase price due from it in respect of any
Defaulted Note and, subsequently, shall notify the Issuer forthwith upon receipt from the Dealer of the full purchase price in respect of such Defaulted Note. 
  

	 7.
	 PAYMENTS 

 7.1      Subject to the final paragraph of Condition 5(b), no payment on any Note or Coupon will be made at the corporate trust office of a Paying Agent or any other agency maintained by
the Issuer in the United States nor will any payment be made by any transfer to an account in, or by mail to an address in, the United States except as may be permitted by U.S. tax law in effect at the time of such payment without detriment to the
Issuer in the opinion of the Issuer. 
 If such payment may be made the Issuer will notify the Agent
accordingly. 
 The Issuer will, before 10 a.m. (local time in the relevant financial centre of the payment), on each date on which any
payment in respect of any Note becomes due, transfer to an account specified by the Agent such amount in the relevant currency as shall be sufficient for the purposes of such payment in funds settled through such payment system as the Agent and the
Issuer may agree. 
 7.2      The Issuer will ensure that no later than 10.00 a.m. (London time) on the second
Business Day (as defined below) immediately preceding the date on which any payment is to be made to the Agent pursuant to Clause 7.1, the Agent shall receive from the paying bank of the Issuer a payment confirmation in the form of a tested telex or
authenticated SWIFT MT100 message or other form acceptable to the Agent. For the purposes of this Clause Business Day means a day which is both: 
  

	 (a)
	 a day on which commercial banks and foreign exchange markets settle payments in London and any other place specified in the applicable Final Terms as an
Additional Business Centre; and 

  

 Page 17 

	 (b)
	 either (1) in relation to a payment to be made in a Specified Currency other than euro, a day on which commercial banks and foreign exchange markets settle
payments in the principal financial centre of the country of the relevant Specified Currency (if other than London) and which if the Specified Currency is Australian Dollars or New Zealand Dollars, shall be Sydney and Auckland respectively or
(ii) in relation to a payment to be made in euro, is a Target Settlement Day. Target Settlement Day means any day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System is open.

  

	 7.3 (a)
	 The Agent shall ensure that no payments in respect of a Temporary Global Note will be made if certification of non-U.S. beneficial ownership as required by U.S.
securities laws and U.S. Treasury regulations (in the form set out in the Temporary Global Note) has not been received from Euroclear and/or Clearstream, Luxembourg in accordance with the terms thereof and forwarded to the Issuer.

  

	 (b)
	 In the case of any Permanent Global Note that is issued initially in respect of any Notes (other than Notes with a maturity (at issue) of 183 days or less), the
Agent shall ensure that no payments in respect of a Permanent Global Note will be made if the requirements of U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(3)(iii) are not met. 

 7.4      Subject to the receipt by the Agent of the payment confirmation as provided in Clause 7.2 above, the Agent or the
relevant Paying Agent shall pay or cause to be paid all amounts due in respect of the Notes on behalf of the Issuer in the manner provided in the Conditions. If any payment provided for in Clause 7.1 is made late but otherwise in accordance with the
provisions of this Agreement, the Agent and each Paying Agent shall nevertheless make payments in respect of the Notes as aforesaid following receipt by it of such payment. 
 7.5      If for any reason the Agent considers in its sole discretion that the amounts to be received by the Agent pursuant to Clause 7.1 will be, or the amounts
actually received by it pursuant thereto are, insufficient to satisfy all claims in respect of all payments then falling due in respect of the Notes, neither the Agent nor any Paying Agent shall be obliged to pay any such claims until the Agent has
received the full amount of all such payments. 
 7.6      Without prejudice to Clauses 7.4 and 7.5, if the
Agent pays any amounts to the holders of Notes, Receipts or Coupons or to any Paying Agent at a time when it has not received payment in full in respect of the relevant Notes in accordance with Clause 7.1 (the excess of the amounts so paid over the
amounts so received being the shortfall), the Issuer will, in addition to paying amounts due under Clause 7.1, pay to the Agent on demand interest (at a rate which represents the Agent’s cost of funding the Shortfall) on the
Shortfall (or the unreimbursed portion thereof) until the receipt in full by the Agent of the Shortfall. 
 7.7      The Agent shall on demand promptly reimburse each Paying Agent for payments in respect of Notes properly made by such Paying Agent in accordance with this Agreement and the Conditions unless the Agent
has notified the Paying Agent, 
  

 Page 18 

 prior to the opening of business in the location of the office of the Paying Agent through which payment
in respect of the Notes can be made on the due date of payment in respect of the Notes, that the Agent does not expect to receive sufficient funds to make payment of all amounts falling due in respect of such Notes. 
 7.8      Whilst any Notes are represented by Global Notes, all payments due in respect of such Notes shall be made to, or
to the order of, the holder of the Global Notes, subject to and in accordance with the provisions of the Global Notes. On the occasion of any such payment, (i) in the case of an CGN, the Paying Agent to which the Global Note was presented for
the purpose of making such payment shall cause the appropriate Schedule to the relevant Global Note to be annotated so as to evidence the amounts and dates of such payments of principal and/or interest as applicable or (ii) in the case of any
Global Note which is an NGN, the agent shall instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their records to reflect such payment. 
 7.9      If the amount of principal and/or interest then due for payment is not paid in full (otherwise than by reason of a deduction required by law to be made therefrom), (i) the
Paying Agent to which a Note is presented for the purpose of making such payment shall, unless the Note is an NGN, make a record of such Shortfall on the Note and such record shall, in the absence of manifest error, be prima facie evidence
that the payment in question has not to that extent been made or (ii) in the case of any Global Note which is an NGN, the Agent shall instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their records to reflect such
shortfall in payment. 
 8.        DETERMINATIONS AND
NOTIFICATIONS IN RESPECT OF NOTES AND INTEREST DETERMINATION 
  

	 8.1
	 Determinations and Notifications 

  

	 (a)
	 The Agent shall make all such determinations and calculations (howsoever described) as it is required to do under the Conditions, all subject to and in
accordance with the Conditions. 

  

	 (b)
	 The Agent shall not be responsible to the Issuer or to any third party (except in the event of negligence, default or bad faith of the Agent, as the case may be)
as a result of the Agent having acted on any quotation given by any Reference Bank which subsequently may be found to be incorrect. 

  

	 (c)
	 The Agent shall promptly notify (and confirm in writing to) the Issuer, the other Paying Agents and (in respect of a Series of Notes listed on a Stock Exchange)
the relevant Stock Exchange of, inter alia, each Rate of Interest, Interest Amount and Interest Payment Date and all other amounts, rates and dates which it is obliged to determine or calculate under the Conditions as soon as practicable
after the determination thereof and of any subsequent amendment thereto pursuant to the Conditions. 

  

	 (d)
	 The Agent shall use its best endeavours to cause each Rate of Interest, Interest Amount and Interest Payment Date and all other amounts, rates and dates

  

 Page 19 

	     
	 which it is obliged to determine or calculate under the Conditions to be published as required in accordance with the Conditions as soon as possible after their
determination or calculation. 

  

	 (e)
	 If the Agent does not at any material time for any reason determine and/or calculate and/or publish the Rate of Interest, Interest Amount and/or Interest Payment
Date in respect of any Interest Period or any other amount, rate or date as provided in this Clause, it shall forthwith notify the Issuer and the Paying Agents of such fact. 

  

	 (f)
	 Determinations with regard to Notes (including, without limitation, Indexed Notes and Dual Currency Notes) shall be made by the Calculation Agent specified in
the applicable Final Terms in the manner specified in the applicable Final Terms. Unless otherwise agreed between the Issuer and the relevant Dealer, such determinations shall be made on the basis of a Calculation Agency Agreement substantially in
the form of the Appendix to this Agreement. 

  

	 8.2
	 Interest Determination, Screen Rate Determination including Fallback Provisions 

  

	 (a)
	 Where Screen Rate Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest
for each Interest Period will, subject as provided below, be either: 

  

	 	 (i)
	 the offered quotation; or 

  

	 	 (ii)
	 the arithmetic mean (rounded if necessary to the fourth decimal place, with 0.00005 being rounded upwards) of the offered quotations, is (expressed as a
percentage rate per annum), for the Reference Rate which appears or appear, as the case may be, on the Relevant Screen Page as at 11.00 a.m. (London time) on the Interest Determination Date in question plus or minus (as indicated in the applicable
Final Terms) the Margin (if any), all as determined by the Agent. If five or more such offered quotations are available on the Relevant Screen page, the highest (or, if there is more than one such highest quotation, one only of such quotations) and
the lowest (or, if there is more than one such lowest quotation, one only of such quotations) shall be disregarded by the Agent for the purpose of determining the arithmetic mean (rounded as provided above) of such offered quotations.

  

	 (b)
	 If the Relevant Screen Page is not available or, if in the case of (a)(i) above, no such offered quotation appears or, in the case of (a)(ii) above, fewer than
three such offered quotations appear, in each case as at the time specified in the preceding paragraph the Agent shall request the principal London office of each of the Reference Banks (as defined below) to provide the Agent with its offered
quotation (expressed as a percentage rate per annum) for the Reference Rate at approximately 11.00 a.m. (London time) on the Interest Determination Date in question. If two or more of the Reference Banks provide the Agent with such offered
quotations, the Rate of Interest for such Interest Period shall 

  

 Page 20 

	     
	 be the arithmetic mean (rounded if necessary to the fourth decimal place with 0.00005 being rounded upwards) of such offered quotations plus or minus (as
appropriate) the Margin (if any), all as determined by the Agent. 

  

	 (c)
	 If on any Interest Determination Date one only or none of the Reference Banks provides the Agent with such offered quotations as provided in the preceding
paragraph, the Rate of Interest for the relevant Interest Period shall be the rate per annum which the Agent determines as being the arithmetic mean (rounded if necessary to the fourth decimal place, with 0.00005 being rounded upwards) of the rates,
as communicated to (and at the request of) the Agent by the Reference Banks or any two or more of them, at which such banks were offered, at approximately 11.00 a.m. (London time) on the relevant Interest Determination Date, deposits in the
Specified Currency for a period equal to that which would have been used for the Reference Rate by leading banks in the London inter-bank market plus or minus (as appropriate) the Margin (if any) or, if fewer than two of the Reference Banks provide
the Agent with such offered rates, the offered rate for deposits in the Specified Currency for a period equal to that-which would have been used for the Reference Rate, or the arithmetic mean (rounded as provided above) of the offered rates for
deposits in the Specified Currency for a period equal to that which would have been used for the Reference Rate, at which, at approximately 11.00 a.m. (London time) on the relevant Interest Determination Date, any one or more banks (which bank or
banks is or are in the opinion of the Issuer suitable for such purpose) informs the Agent it is quoting to leading banks in the London inter-bank market plus or minus (as appropriate) the Margin (if any), provided that, if the Rate of Interest
cannot be determined in accordance with the foregoing provisions of this paragraph, the Rate of Interest shall be determined as at the last preceding Interest Determination Date (though substituting, where a different Margin is to be applied to the
relevant Interest Period from that which applied to the last preceding Interest Period, the Margin relating to the relevant Interest Period, in place of the Margin relating to that last preceding Interest Period). 

  

	 (d)
	 Reference Banks means, in the case of (a)(i) above, those banks whose offered rates were used to determine such quotation when such quotation last
appeared on the Relevant Screen Page and, in the case of (a)(ii) above, those banks whose offered quotations last appeared on the Relevant Screen Page when no fewer than, three such offered quotations appeared. 

  

	 (e)
	 If the Reference Rate from time to time in respect of Floating Rate Notes is specified in the applicable Final Terms as being other than the London inter-bank
offered rate, the Rate of Interest in respect of such Notes will be determined as provided in the applicable Final Terms. 

  

	 9.
	 NOTICE OF ANY WITHHOLDING OR DEDUCTION

 If the Issuer is, in respect of any payment, compelled to withhold or deduct any amount for or on account of taxes,
duties, assessments or governmental charges as specifically contemplated under the Conditions, the Issuer shall give notice thereof to 
  

 Page 21 

 the Agent as soon as practicable after it becomes aware of the requirement to make such withholding or
deduction and shall give to the Agent such information as it shall reasonably require to enable it to comply with such requirement. 
  

	 10.
	 DUTIES OF THE AGENT IN CONNECTION WITH
EARLY REDEMPTION 

 10.1    If the Issuer decides to
redeem any Notes for the time being outstanding prior to their Maturity Date in accordance with the Conditions, the Issuer shall give notice of such decision to the Agent not less than 15 days before the date on which the Issuer will give notice to
the Noteholders in accordance with the Conditions of such redemption in order to enable the Agent to undertake its obligations herein and in the Conditions. 
 10.2    If some only of the Notes are to be redeemed on such date, the Agent shall make the required drawing in accordance with the Conditions but shall give the Issuer reasonable notice of the
time and place, proposed for such drawing and the Issuer shall be entitled to send representatives to attend such drawing. 
 10.3    The Agent shall publish the notice required in connection with any such redemption and shall at the same time also publish a separate list of the serial numbers of any Notes previously drawn and not presented for
redemption. Such notice shall specify the date fixed for redemption, the redemption amount, the manner in which redemption will be effected and, in the case of a partial redemption, the serial numbers of the Notes to be redeemed. Such notice will be
published in accordance with the Conditions. The Agent will also notify the other Paying Agents of any date fixed for redemption of any Notes. 
 10.4    Each Paying Agent will keep a stock of notices (each a Put Notice) in the form set out in Schedule 5 and will make such notices available on demand to holders of Notes, the Conditions of which
provide for redemption at the option of Noteholders. Upon receipt of any Note deposited in the exercise of such option in accordance with the Conditions, the Paying Agent with which such Note is deposited shall hold such Note (together with any
Receipts, Coupons and Talons relating to it deposited with it) on behalf of the depositing Noteholder (but shall not, save as provided below, release it) until the due date for redemption of the relevant Note consequent upon the exercise of such
option, when, subject as provided below, it shall present such Note (and any such Receipts, Coupons and Talons) to itself for payment of the amount due thereon together with any interest due on such date in accordance with the Conditions and shall
pay such moneys in accordance with the directions of the Noteholder contained in the Put Notice. If, prior to such due date for its redemption such Note becomes immediately due and payable or if upon due presentation payment of such redemption
moneys is improperly withheld or refused, the Paying Agent concerned shall post such Note (together with any such Receipts, Coupons and Talons) by uninsured post to, and at the risk of, the relevant Noteholder unless the Noteholder has otherwise
requested and paid the costs of such insurance to the relevant Paying Agent at the time of depositing the Notes at such address as may have been given by the Noteholder in the Put Notice. At the end of each period for the exercise of such option,
each Paying Agent shall promptly notify the Agent of the principal amount of the Notes in respect of which such option has been exercised with 
  

 Page 22 

 it together with their serial numbers and the Agent shall promptly notify such details to the Issuer.

  

	 11.
	 RECEIPT AND PUBLICATION OF NOTICES 

11.1    Forthwith upon the receipt by the Agent of a demand or notice from any Noteholder in accordance with the Conditions the
Agent shall forward a copy thereof to the Issuer. 
 11.2    On behalf of and at the request and expense of the Issuer,
the Agent shall cause to be published all notices required to be given by the Issuer to the Noteholders in accordance with the Conditions. 
  

	 12.
	 CANCELLATION OF NOTES, RECEIPTS, COUPONS AND
TALONS 

 12.1    All Notes which are redeemed, all Receipts or
Coupons which are paid and all Talons which are exchanged shall be cancelled by the Agent or Paying Agent by which they are redeemed, paid or exchanged. The Issuer shall immediately notify the Agent in writing of all Notes which are purchased by the
Issuer or any Subsidiary. In addition, all Notes which are purchased by or on behalf of the Issuer or any Subsidiary and are surrendered to a Paying Agent for cancellation, together (in the case of Definitive Notes) with all unmatured Receipts,
Coupons or Talons (if any) attached thereto or surrendered therewith, shall be cancelled by the Paying Agent to which they are surrendered. Each of the other Paying Agents shall give to the Agent details of all payments made by it and shall deliver
all cancelled Notes, Receipts, Coupons and Talons to or to the order of the Agent. 
  

	 12.2
	 A certificate stating: 

  

	 (a)
	 the aggregate nominal amount of Notes which have been redeemed and the aggregate amount paid in respect thereof; 

  

	 (b)
	 the number of Notes cancelled together (in the case of Notes in definitive form) with details of all unmatured Receipts, Coupons or Talons (if any) attached
thereto or delivered therewith; 

  

	 (c)
	 the aggregate amount paid in respect of interest on the Notes; 

  

	 (d)
	 the total number by maturity date of Receipts, Coupons and Talons so cancelled; and 

  

	 (e)
	 (in the case of Definitive Notes) the serial numbers of such Notes, 

 shall be given to the Issuer by the Agent as soon as reasonably practicable and in any event within three months after the date of such repayment or, as the case may be, payment or exchange.

 The Agent shall destroy or procure the destruction of all cancelled Notes, Receipts, Coupons and Talons and, forthwith upon destruction,
furnish the Issuer with a 
  

 Page 23 

 certificate of the serial numbers of the Notes (in the case of Notes in definitive form) and the number
by maturity date of Receipts, Coupons and Talons so destroyed. 
 Without prejudice to the obligations of the Agent pursuant to Clause 2, the
Agent shall keep a full and complete record of all Notes, Receipts, Coupons and Talons (other than serial numbers of Coupons, except those which have been replaced pursuant to Condition 10) and of their redemption, purchase by or on behalf of the
Issuer or any Subsidiary and cancellation, payment or exchange (as the case may be) and of all replacement Notes, Receipts, Coupons or Talons issued in substitution for mutilated, defaced, destroyed, lost or stolen Notes, Receipts, Coupons or
Talons. The Agent shall at all reasonable times make such record available to the Issuer and any persons authorised by it for inspection and for the taking of copies thereof or extracts therefrom. 
 12.3    The Agent is authorised by the Issuer and instructed (a) in the case of any Global Note which is a CGN, to endorse or to
arrange for the endorsement of the relevant Global Note to reflect the reduction in the nominal amount represented by it by the amount so redeemed or purchased and cancelled and (b) in the case of any Global Note which is an NGN, to instruct
Euroclear and Clearstream, Luxembourg to make appropriate entries in their records to reflect such redemption or purchase and cancellation, as the case may be; provided, that, in the case of a purchase or cancellation, the Issuer has notified the
Agent of the same in accordance with Clause 12.1. 
 12.4    All records and certificates made or given pursuant to this
Clause and Clause 13 shall make a distinction between Notes, Receipts, Coupons and Talons of each Series. 
 12.5    The
Agent may call for and shall rely in any records, certificate or other document of or to be issued by Euroclear or Clearstream, Luxembourg in relation to any determination of the principal amount of Notes represented by an NGN. Any such records,
certificate or other document shall be conclusive and binding for all purposes. The Agent shall not be liable to any person by reason of having acquired as valid or not having rejected any such records, certificate or other document to such effect
purporting to be issued by Euroclear or Clearstream, Luxembourg and subsequently found to be forged or not authentic. 
  

	 13.
	 ISSUE OF REPLACEMENT NOTES, RECEIPTS, COUPONS AND
TALONS 

 13.1    The Issuer will cause a sufficient quantity of
additional forms of Notes, Receipts, Coupons and Talons to be available, upon request, to the Agent at its specified office for the purpose of issuing replacement Notes, Receipts, Coupons and Talons as provided below. 
 13.2    The Agent will, subject to and in accordance with the Conditions and the following provisions of this Clause, cause to be
delivered any replacement Notes, Receipts, Coupons and Talons which the Issuer may determine to issue in place of Notes, Receipts, Coupons and Talons which have been lost, stolen, mutilated, defaced or destroyed. 
  

 Page 24 

 13.3    In the case of a mutilated or defaced Note, the Agent shall ensure that
(unless otherwise covered by such indemnity as the Issuer may reasonably require) any replacement Note will only have attached to it Receipts, Coupons and Talons corresponding to those (if any) attached to the mutilated or defaced Note which is
presented for replacement. 
 13.4    The Agent shall not issue any replacement Note, Receipt, Coupon or Talon unless and
until the claimant therefor shall have: 
  

	 (a)
	 paid such costs and expenses as may be incurred in connection therewith; 

  

	 (b)
	 furnished it with such evidence and indemnity as the Issuer may reasonably require; and 

  

	 (c)
	 in the case of any mutilated or defaced Note, Receipt, Coupon or Talon, surrendered it to the Agent. 

 13.5    The Agent shall cancel any mutilated or defaced Notes, Receipts, Coupons and Talons in respect of which replacement Notes,
Receipts, Coupons and Talons have been issued pursuant to this Clause 13 and shall furnish the Issuer with a certificate stating the serial numbers of the Notes, Receipts, Coupons and Talons so cancelled and, unless otherwise instructed by the
Issuer in writing, shall destroy such cancelled Notes, Receipts, Coupons and Talons and furnish the Issuer with a destruction certificate containing the information specified in Clause 12.3. 
 13.6    The Agent shall, on issuing any replacement Note, Receipt, Coupon or Talon, forthwith inform the Issuer and the other Paying Agents of the serial number of such
replacement Note, Receipt, Coupon or Talon issued and (if known) of the serial number of the Note, Receipt, Coupon or Talon in place of which such replacement Note, Receipt, Coupon or Talon has been issued. Whenever replacement Receipts, Coupons or
Talons are issued pursuant to the provisions of this Clause 13, the Agent shall also notify the other Paying Agents of the maturity dates of the lost, stolen, mutilated, defaced or destroyed Receipts, Coupons or Talons and of the replacement
Receipts, Coupons or Talons issued. 
 13.7    The Agent shall keep a full and complete record of all replacement Notes,
Receipts, Coupons and Talons issued and shall make such record available at all reasonable times to the Issuer and any persons authorised by it for inspection and for the taking of copies thereof or extracts therefrom. 
 13.8    Whenever any Note, Receipt, Coupon or Talon for which a replacement Note, Receipt, Coupon or Talon has been issued and in
respect of which the serial number is known and is presented to the Agent or any of the other Paying Agents for payment, the Agent or, as the case may be, the relevant other Paying Agent shall immediately send notice thereof to the Issuer and the
other Paying Agents. 
  

	 14.
	 COPIES OF DOCUMENTS AVAILABLE FOR INSPECTION

 14.1    So long as listed Notes are outstanding or Notes are capable of being issued under the
Programme, copies of the following documents will, when published, be 
  

 Page 25 

 available from the registered office of the Issuer and from the specified office of the Agent in London:

  

	 (a)
	 the Amended and Restated Articles of Incorporation of the Issuer; 

  

	 (b)
	 the audit reports and consolidated audited financial statements of the Issuer in respect of the financial years ended 31st December, 2005 and
25th December, 2004 and the condensed consolidated unaudited interim financial statements of the Issuer in respect of the quarterly periods ended 17th June, 2006 and 25th March, 2006; 

  

	 (c)
	 the Programme Agreement, this Agreement, the forms of the Temporary Global Notes, the Permanent Global Notes, the Definitive Notes, the Receipts, the Coupons,
the Talons and the Deed of Covenant; 

  

	 (d)
	 a copy of the Prospectus; 

  

	 (e)
	 any future prospectuses, offering circulars, information memoranda and supplements including Final Terms (save that the Final Terms relating to a Note which is
neither admitted to trading on a regulated market in the European Economic Area nor offered in the European Economic Area in circumstances where a Prospectus is required to be published under the Prospectus Directive will only be available for
inspection by a holder of such Note and such holder must produce evidence satisfactory to the Paying Agent as to the identity of such holder) to the Prospectus and any other documents incorporated therein by reference; and

  

	 (f)
	 in the case of each issue of Notes admitted to trading on the Gilt Edged and Fixed Interest Market, the syndication agreement (or equivalent document).

 For this purpose, the Issuer shall furnish the Agent and the Paying Agents with sufficient copies of each of such
documents. 
 14.2    Each of the Paying Agents shall hold available for inspection at its specified office copies of:

  

	 (a)
	 this Agreement and the forms of the Temporary Global Notes, the Permanent Global Notes, the Definitive Notes, the Receipts, the Coupons and the Talons;

  

	 (b)
	 the Deed of Covenant; and 

  

	 (c)
	 the Final Terms applicable to each Note save that Final Terms relating to an unlisted Note will only be available for inspection by a holder of such Note and
such holder must produce evidence satisfactory to the relevant Paying Agent as to identity. 

 14.3    For the above purposes, the Issuer shall furnish the Agent and the Paying Agent with sufficient copies of each of the relevant documents. 
  

 Page 26 

	 15.
	 MEETINGS OF NOTEHOLDERS 

 15.1    The provisions of Schedule 4 shall apply to meetings of the Noteholders and shall have effect in the same manner as if set
out in this Agreement. 
 15.2    Without prejudice to Clause 15.1, each of the Agent and the other Paying Agents on the
request of any Noteholder shall issue voting certificates and block voting instructions in accordance with Schedule 4 and shall forthwith give notice to the Issuer in writing of any revocation or amendment of a block voting instruction. Each of the
Agent and the other Paying Agents will keep a full and complete record of all voting certificates and block voting instructions issued by it and will, not less than 24 hours before the time appointed for holding a meeting or adjourned meeting,
deposit at such place as the Agent shall designate or approve, full particulars of all voting certificates and block voting instructions issued by it in respect of such meeting or adjourned meeting. 
  

	 16.
	 COMMISSIONS AND EXPENSES 

 16.1    The Issuer agrees to pay to the Agent such fees and commissions as the Issuer and the Agent shall separately agree in respect
of the services of the Agent and the other Paying Agents hereunder together with any reasonable expenses (including legal, printing, postage, tax, cable and advertising expenses) incurred by the Agent and the other Paying Agents in connection with
their said services. 
 16.2    The Agent will make payment of the fees and commissions due hereunder to the other Paying
Agents and will reimburse their expenses promptly after the receipt of the relevant moneys from the Issuer. The Issuer shall not be responsible for any such payment or reimbursement by the Agent to the other Paying Agents. 
  

	 17.
	 INDEMNITY 

 17.1    The Issuer shall indemnify the Agent and its directors and officers and each of the other Paying Agents against any losses, liabilities, costs, claims, actions, demands or expenses
(including, but not limited to, all reasonable costs, legal fees, charges and expenses paid or incurred in disputing or defending any of the foregoing) which any of them may incur or which may be made against the Agent or any other Paying Agent as a
result of or in connection with its appointment or the exercise of its powers and duties hereunder except such as may result from its own default, negligence or bad faith or that of its officers, directors or employees or the breach by it of the
terms of this Agreement. 
 17.2    Each of the Agent and the other Paying Agents shall severally indemnify the Issuer
and its directors and officers against any loss, liability, cost, claim, action, demand or expenses (including, but not limited to, all reasonable costs, legal fees, charges and expenses paid or incurred in disputing or defending any of the
foregoing) which any of them may incur or which may be made against any of them as a result of the breach by the Agent or such other Paying Agents of the terms of this Agreement or its default, negligence or bad faith or that of its officers,
directors or employees. 
  

 Page 27 

	 18.
	 REPAYMENT BY THE AGENT 

 Upon the Issuer being discharged from its obligation to make payments in respect of any Notes pursuant to the relevant Conditions, and provided that
there is no outstanding, bona fide and proper claim in respect of any such payments, the Agent shall forthwith on demand pay to the Issuer sums equivalent to any amounts paid to it by the Issuer for the purposes of such payments. 

 

	 19.
	 CONDITIONS OF APPOINTMENT 

 19.1    The Agent shall be entitled to deal with money paid to it by the Issuer for the purpose of this Agreement in the same manner
as other money paid to a banker by its customers except: 
  

	 (a)
	 that it shall not exercise any right of set-off, lien or similar claim in respect thereof; 

  

	 (b)
	 as provided in Clause 19.2; and 

  

	 (c)
	 that it shall not be liable to account to the Issuer for any interest thereon. 

 19.2    In acting hereunder and in connection with the Notes, the Agent and the other Paying Agents shall act solely as agents of the Issuer and will not thereby assume any
obligations towards or relationship of agency or trust for or with any of the owners or holders of the Notes, Receipts, Coupons or Talons, except that all funds held by the Agent or the other Paying Agents for payment to the Noteholders,
Couponholders and Receiptholders shall be held by it, to be applied as set forth herein, but need not be segregated from other funds except as required by law. 
 19.3    The Agent and the other Paying Agents hereby undertake to the Issuer to perform such obligations and duties, and shall be obliged to perform such duties and only such duties, as are herein,
in the Conditions and in the Procedures Memorandum specifically set forth, and no implied duties or obligations shall be read into this Agreement or the Notes against the Agent and the other Paying Agents, other than the duty to act honestly and in
good faith and to exercise the diligence of a reasonably prudent agent in comparable circumstances. 
 19.4    The Agent
may consult with legal and other professional advisers reasonably acceptable to the Issuer and the opinion of such advisers shall be full and complete protection in respect of any action taken, omitted or suffered hereunder in good faith and in
accordance with the opinion of such advisers. 
 19.5    Each of the Agent and the other Paying Agents shall be protected
and shall incur no liability for or in respect of any action taken, omitted or suffered in reliance upon any instruction, request or order from the Issuer or any notice, resolution, direction, consent, certificate, affidavit, statement, cable, telex
or other paper or document which it reasonably believes to be genuine and to have been delivered, signed or sent by the proper party or parties or upon written instructions from the Issuer. 
  

 Page 28 

 19.6    Any of the Agent and the other Paying Agents and their officers, directors
and employees may become the owner of, or acquire any interest in, any Notes, Receipts, Coupons or Talons with the same rights that it or he would have if the Agent or the relevant other Paying Agent, as the case may be, concerned were not appointed
hereunder, and may engage or be interested in any financial or other transaction with the Issuer and may act on, or as depositary, trustee or agent for, any committee or body of holders of Notes or Coupons or in connection with any other obligations
of the Issuer as freely as if the Agent or the relevant other Paying Agent, as the case may be, were not appointed hereunder. 
 19.7    The Issuer shall provide the Agent with a certified copy of the list of persons authorised to execute documents and take action on its behalf in connection with this Agreement and shall notify the Agent
immediately in writing if any of such persons ceases to be so authorised or if any additional person becomes so authorised together, in the case of an additional authorised person, with evidence satisfactory to the Agent that such person has been so
authorised. 
  

	 20.
	 COMMUNICATION BETWEEN THE PARTIES 

 A copy of all communications relating to the subject matter of this Agreement between the Issuer and the Noteholders, Receiptholders or Couponholders and
any of the Paying Agents (other than the Agent) shall be sent to the Agent by the other relevant Paying Agent. 
  

	 21.
	 CHANGES IN AGENT AND OTHER PAYING
AGENTS 

 21.1    The Issuer agrees that, for so long as any Note is
outstanding, or until moneys for the payment of all amounts in respect of all outstanding Notes have been made available to the Agent and have been returned to the Issuer as provided herein: 
  

	 (a)
	 so long as any Notes are listed on any Stock Exchange, there will at all times be a Paying Agent (which may be the Agent) with a specified office in such place
as may be required by the rules and regulations of the relevant Stock Exchange; 

  

	 (b)
	 there will at all times be a Paying Agent (which may be the Agent) with a specified office in a principal financial centre in continental Europe; and

  

	 (c)
	 there will at all times be an Agent. 

 In addition, the Issuer shall appoint a Paying Agent having a specified office in New York City in the circumstances described in the final paragraph of Condition 5(b). Any variation, termination, appointment or change shall only take
effect (other than in the case of insolvency (as provided in Clause 21.5, when it shall be of immediate effect) after not less than 30 nor more than 45 days’ prior notice thereof shall have been given to the Noteholders in accordance with the
Conditions. 
 21.2    The Agent may (subject as provided in Clause 21.4) at any time resign as Agent by giving at least
90 days’ written notice to the Issuer of such intention on its part, specifying the date on which its desired resignation shall become effective. 
  

 Page 29 

 21.3    The Agent may (subject as provided in Clause 21.4) be removed at any time by
the Issuer on at least 45 days’ notice by the filing with it of an instrument in writing signed on behalf of the Issuer specifying such removal and the date when it shall become effective. 
 21.4    Any resignation under Clause 21.2 or removal under Clause 21.3 or 21.5 shall only take effect upon the appointment by the
Issuer as hereinafter provided, of a successor Agent and (other than in cases of insolvency of the Agent) on the expiry of the notice to be given under Clause 23. The Issuer agrees with the Agent that if, by the day falling ten days before the
expiry of any notice under Clause 21.2, the Issuer has not appointed a successor Agent, then the Agent shall be entitled, on behalf of the Issuer, to appoint as a successor Agent in its place a reputable financial institution of good standing which
the Issuer shall approve (such approval not to be unreasonably withheld or delayed). 
 21.5    In case at any time the
Agent resigns, or is removed, or becomes incapable of acting or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of an
administrator, liquidator or administrative or other receiver of all or a substantial part of its property, or admits in writing its inability to pay or meet its debts as they mature or suspends payment thereof, or if any order of any court is
catered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law or if a receiver of it or of all or a substantial part of its property is appointed or if any officer takes charge or control
of it or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, a successor Agent, which shall be a reputable financial institution of good standing may be appointed by the Issuer by an instrument in writing filed
with the successor Agent. Upon the appointment as aforesaid of a successor Agent and acceptance by the latter of such appointment and (other than in case of insolvency of the Agent when it shall be of immediate effect) upon expiry of the notice to
be given under Clause 23 the Agent so superseded shall cease to be the Agent hereunder. 
 21.6    Subject to Clause
21.1, the Issuer may, after prior consultation with the Agent, terminate the appointment of any of the other Paying Agents at any time and/or appoint one or more further other Paying Agents by giving to the Agent, and to the relevant other Paying
Agent at least 45 days’ notice in writing to that effect (other than in the case of insolvency of the other Paying Agent). 
 21.7    Subject to Clause 21.1, all or any of the Paying Agents may resign their respective appointments hereunder at any time by giving the Issuer and the Agent at least 45 days’ written notice to that effect.

 21.8    Upon its resignation or removal becoming effective, the Agent or the relevant Paying Agent: 
  

	 (a)
	 shall, in the case of the Agent, forthwith transfer all moneys held by it hereunder and the records referred to in Clauses 12.3 and 13.7 to the successor Agent
hereunder; and 

  

 Page 30 

	 (b)
	 shall be entitled to the payment by the Issuer of its commissions, fees and expenses for the services therefore rendered hereunder in accordance with the terms
of Clause 16. 

 21.9    Upon its appointment becoming effective, a successor Agent and any new Paying
Agent shall, without further act, deed or conveyance, become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of its predecessor or, as the case may be, a Paying Agent with like effect as if originally named
as Agent or (as the case may be) a Paying Agent hereunder. 
  

	 22.
	 MERGER AND CONSOLIDATION 

 Any corporation into which the Agent or any other Paying Agent may be merged or converted, or any corporation with which the Agent or any of the other
Paying Agents may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Agent or any of the other Paying Agents shall be a party, or any corporation to which the Agent or any of the other Paying
Agents shall sell or otherwise transfer all or substantially all the assets of the Agent or any other Paying Agent shall, on the date when such merger, conversion, consolidation or transfer becomes effective and to the extent permitted by any
applicable laws, become the successor Agent or, as the case may be, other Paying Agent under this Agreement without the execution or filing of any paper or any further act on the part of the parties hereto, unless otherwise required by the Issuer
and after the said effective date all references in this Agreement to the Agent or, as the case may be, such other Paying Agent shall be deemed to be references to such corporation. Written notice of any such merger, conversion, consolidation or
transfer shall forthwith be given to the Issuer by the relevant Agent or other Paying Agent. 
  

	 23.
	 NOTIFICATION OF CHANGES TO PAYING AGENTS

 Following receipt of notice of resignation from the Agent or any other Paying Agent and forthwith upon appointing a
successor Agent or, as the case may be, further or other Paying Agents or on giving notice to terminate the appointment of any Agent or, as the case may be, other Paying Agent, the Agent (on behalf of and at the expense of the Issuer) shall give or
cause to be given not more than 45 days’ nor less than 30 days’ notice thereof to the Noteholders in accordance with the Conditions. 
  

	 24.
	 CHANGE OF SPECIFIED OFFICE 

 If the Agent or any other Paying Agent determines to change its specified office it shall (after having, in any such case other than a change of
specified office within the same city, obtained the prior written approval of the Issuer thereto) give to the Issuer and (if applicable) the Agent written notice of such determination giving the address of the new specified office which shall be in
the same city and stating the date on which such change is to take effect, which shall not be less than 45 days thereafter. The Agent (on behalf and at the expense of the Issuer shall within 15 days of receipt of such notice (unless the appointment
of the Agent or the other relevant Paying Agent, as the case may be, is to terminate pursuant to Clause 21 on or prior to the date of such change) give or cause to be given not more than 45 days’ nor less than 30 days’ notice thereof to
the Noteholders in accordance with the Conditions. 
  

 Page 31 

	 25.
	 NOTICES 

 Any notice or communication given hereunder shall be sufficiently given or served: 
  

	 (a)
	 if delivered in person to the relevant address specified on the signature pages hereof and, if so delivered, shall be deemed to have been delivered at time of
receipt; or 

  

	 (b)
	 if sent by facsimile or telex to the relevant number specified on the signature pages hereof and, if so sent, shall be deemed to have been delivered immediately
after transmission provided such transmission is confirmed by the answerback of the recipient (in the case of telex) or when an acknowledgement of receipt is received (in the case of facsimile). 

 Where a communication is received after business hours it shall be deemed to be received and become effective on the next business day. Every
communication shall be irrevocable save in respect of any manifest error therein. 
  

	 26.
	 TAXES AND STAMP DUTIES 

 The Issuer agrees to pay any and all stamp and other documentary taxes or duties which may be payable in connection with the execution, delivery,
performance and enforcement of this Agreement. 
  

	 27.
	 CURRENCY INDEMNITY 

 If, under any applicable law and whether pursuant to a judgment being made or registered against the Issuer or in the liquidation, insolvency or analogous process of the Issuer or for any other
reason, any payment under or in connection with this Agreement is made or falls to be satisfied in a currency (the other currency) other than that in which the relevant payment is expressed to be due (the required currency) under this
Agreement, then, to the extent that the payment (when converted into the required currency at the rate of exchange on the date of payment or, if it is not practicable for the Agent or the relevant other Paying Agent to purchase the required currency
with the other currency on the date of payment, at the rate of exchange as soon thereafter as it is practicable for it to do so or, in the case of a liquidation, insolvency or analogous process at the rate of exchange on the latest date permitted by
applicable law for the determination of liabilities in such liquidation, insolvency or analogous process) actually received by the Agent or the relevant other Paying Agent falls short of the amount due under the terms of this Agreement, the Issuer
undertakes that it shall, as a separate and independent obligation, indemnify and hold harmless the Agent and each other Paying Agent against the amount of such shortfall. For the purpose of this Clause, the rate of exchange means the rate at
which the Agent or the relevant other Paying Agent is able on the relevant date to purchase the required currency with the other currency and shall take into account any premium and other costs of exchange. 
  

 Page 32 

	 28.
	 AMENDMENTS 

 This Agreement may be amended in writing by agreement between the Issuer, the Agent and the other Paying Agents, but without the consent of any Noteholder, Receiptholder or Couponholder, for the purpose of curing any
ambiguity or of curing, correcting or supplementing any defective provision contained herein or in any manner which the parties may mutually deem necessary or desirable and which shall not be materially prejudicial to the interests of the
Noteholders. The Issuer and the Agent may also agree any modification pursuant to Condition 15. 
  

	 29.
	 DESCRIPTIVE HEADINGS 

 The descriptive headings in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof. 
  

	 30.
	 GOVERNING LAW AND SUBMISSION TO JURISDICTION

 30.1    This Agreement is governed by, and shall be construed in accordance with, the laws of
England. 
 30.2    The Issuer hereby irrevocably agrees, for the exclusive benefit of the Paying Agents, that the courts
of England are to have jurisdiction to settle any disputes which may arise out of or in connection with this Agreement and that accordingly any suit, action or proceedings (together referred to as proceedings) arising out of or in
connection with this Agreement may be brought in such courts. The Issuer hereby irrevocably waives any objection which it may have now or hereafter to the laying of the venue of any such Proceedings in any such court and any claim that any such
Proceedings have been brought in an inconvenient forum and hereby further irrevocably agrees that a judgment in any such Proceedings brought in the English courts shall be conclusive and binding upon it and may be enforced in the courts of any other
jurisdiction Nothing contained in this Clause shall limit any right to take Proceedings against the Issuer in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of
Proceedings in any other jurisdiction, whether concurrently or not. The Issuer hereby appoints PepsiCo International Limited at its registered office at 63 Kew Road, Richmond, Surrey, England TW9 2QL (Attention: Division Counsel) as its agent for
service of process, and undertakes that, in the event of PepsiCo International Limited ceasing so to act or ceasing to be registered in England, it will appoint another person, as the Agent may approve, as its agent for service of process in England
in respect of any Proceedings. Nothing herein shall affect the right to serve process in any other manner permitted by law. 
  

	 31.
	 CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

 A person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999
to enforce any of its terms. 
  

 Page 33 

	 32.
	 COUNTERPARTS 

 This Agreement my be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the
same instrument. 
 IN WITNESS WHEREOF the parties
hereto have executed this Agreement as of the date first above written. 
  

 Page 34 

 APPENDIX 
 FORM OF CALCULATION AGENCY AGREEMENT 
 Dated [      ] 

PEPSICO, INC. 
 U.S.
$2,500,000,000 
 EURO MEDIUM TERM NOTE PROGRAMME 
  

					
		  	 	  	
		  	  
  
 CALCULATION AGENCY AGREEMENT
  
  
	  	
		  	 	  	

  
  
  
  
  
  
  
  
  
  
 

 

 THIS AGREEMENT is made on
[            ] 
 BETWEEN 
 (1)        PepsiCo, Inc. of 700 Anderson
Hill Road, Purchase, New York 10577 (the Issuer); and 
 (2)        [            ] of
[                    ] (the Calculation Agent, which expression shall include its successor or successors for the time being as
calculation agent hereunder). 
 WHEREAS 
 (A)        The Issuer has entered into an amended and restated programme agreement with the Dealers named therein
dated ·2006, under which the Issuer may issue Euro Medium Term Notes (Notes) with an aggregate nominal amount of up to
U.S.$2,500,000,000 (or its equivalent in other currencies). 
 (B)        The Notes will be issued
subject to and with the benefit of the amended and restated Agency Agreement dated · 2006 (the Agency Agreement) and entered into
between the Issuer, JPMorgan Chase Bank, N.A. as Agent (the Agent which expression shall include its successor or successors for the time being under the Agency Agreement) and the other parties, named therein. 
 NOW IT IS HEREBY AGREED that

 INTERPRETATION 
 1.          Save as otherwise stated herein, all words and phrases defined in the Agency Agreement shall have the same meaning as when used in this Agreement. 
 APPOINTMENT OF THE CALCULATION AGENT 
 2.          The Issuer hereby appoints [          ]
as Calculation Agent in respect of each Series of Notes described in the Schedule hereto (the Relevant Notes) for the purposes set out in Clause 3 below, all upon the provisions hereinafter set out. The agreement of the parties
hereto that this Agreement is to apply to each Series of Relevant Notes shall be evidenced by the manuscript annotation and signature in counterpart of the Schedule hereto. 
 DUTIES OF CALCULATION AGENT 
 3.          The Calculation Agent shall in relation to each Series of Relevant Notes perform all the functions and duties imposed on the Calculation Agent by the terms
and conditions of the Relevant Notes (the Conditions) including endorsing the Schedule hereto appropriately in relation to each Series of Relevant Notes. 
 EXPENSES 
 4.          Save as
provided in Clause 5 below, the Calculation Agent shall bear all expenses incurred by it in connection with its said services. 
  

 Page 36 

 INDEMNITY 
 5.1      The Issuer shall indemnify the Calculation Agent and its directors and officers against any losses, liabilities, costs, claims, actions, demands or expenses
(including, but not limited to, all reasonable costs, legal fees, charges and expenses paid or incurred in disputing or defending any of the foregoing) which any of them may incur or which may be made against any of them as a result of or in
connection with its appointment or the exercise of its powers and duties under this Agreement except such as may result from its own default, negligence or bad faith or that of its officers, directors or employees or the breach by it of the terms of
this Agreement. 
 5.2      The Calculation Agent shall indemnify the Issuer and its directors and officers
against any losses, liabilities, costs, claims, actions, demands or expenses (including, but not limited to, all reasonable costs, legal fees, charges and expenses paid or incurred in disputing or defending any of the foregoing) which the Issuer or
any such director or officer may incur or which may be made against the Issuer or any such director or officer as a result of the breach by the Calculation Agent of the terms of this Agreement or its default, negligence or bad faith or that of its
officers, directors or employees. 
 CONDITIONS OF APPOINTMENT 
 6.1      In acting hereunder and in connection with the Relevant Notes the Calculation Agent shall act as agent of the
Issuer and shall not thereby assume any obligations towards or relationship of agency or trust for or with any of the owners or holders of the Relevant Notes or the receipts or coupons (if any) appertaining thereto (the Receipts and
the Coupons, respectively). 
 6.2      In relation to each issue of Relevant Notes the
Calculation Agent shall be obliged to perform such duties and only such duties as are herein and in the Conditions specifically set forth and no implied duties or obligations shall be read into this Agreement or the Conditions against the
Calculation Agent, other than the duty to act honestly and in good faith and to exercise the diligence of a reasonably prudent expert in comparable circumstances. 
 6.3      The Calculation Agent may consult with legal and other professional advisers and the opinion of such advisers shall be full and complete protection in respect of any action
taken, omitted or suffered hereunder in good faith and in accordance with the opinion of such advisers. 
 6.4      The Calculation Agent shall be protected and shall incur no liability for or in respect of any action taken, omitted or suffered in reliance upon any instruction, request or order from the Issuer or
any notice, resolution, direction, consent, certificate, affidavit, statement, cable, telex or other paper or document which it reasonably believes to be genuine and to have been delivered, signed or sent by the proper party or parties or upon
written instructions from the Issuer. 
 6.5      The Calculation Agent and any of its officers, directors and
employees may become the owner of, or acquire any interest in, any Notes, Receipts or Coupons (if any) with the same rights that it or he would have if the Calculation Agent were not 
  

 Page 37 

 appointed hereunder, and may engage or be interested in any financial or other transaction with the
Issuer and may act on, or as depositary, trustee or agent for, any committee or body of holders of Notes or Coupons (if any) or in connection with any other obligations of the Issuer as freely as if the Calculation Agent were not appointed
hereunder. 
 TERMINATION OF APPOINTMENT 
 7.1      The Issuer may terminate the appointment of the Calculation Agent at any time by giving to the Calculation Agent
at least 45 days’ prior written notice to that effect, provided that, so long as any of the Relevant Notes is outstanding: 
  

	 (a)
	 such notice shall not expire less than 45 days before any date upon which any payment is due in respect of any Relevant Notes; and 

 

	 (b)
	 notice shall be given in accordance with the Conditions, to the holders of the Relevant Notes at least 30 days prior to any removal of the Calculation Agent

  

	 7.2
	 Notwithstanding the provisions of Clause 7.1 above, if at any time: 

  

	 (a)
	 the Calculation Agent becomes incapable of acting, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an agreement for
the benefit of its creditors or consents to the appointment of an administrator, liquidator or administrative or other receiver of all or any substantial part of its property, or it admits in writing its inability to pay or meet its debts as they
may mature or suspends payment thereof, or if any order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law or if a receiver of it or of all or a substantial part
of its property is appointed or if any officer takes charge or control of the Calculation Agent or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or 

  

	 (b)
	 the Calculation Agent fails duly to perform any function or duty imposed upon it by the Conditions and this Agreement, the Issuer may forthwith without notice
terminate the appointment of the Calculation Agent, in which event notice thereof shall be given to the holders of the Relevant Notes in accordance with the Conditions as soon as practicable thereafter. 

 7.3      The termination of the appointment pursuant to Clause 7.1 or 7.2 above of the Calculation Agent hereunder shall
not entitle the Calculation Agent to any amount by way of compensation but shall be without prejudice to any amount then accrued due. 
 7.4      The Calculation Agent may resign its appointment hereunder at any time by giving to the Issuer at least 90 days’ prior written notice to that effect. Following receipt of a notice of resignation
from the Calculation Agent, the Issuer shall promptly give notice thereof to the holders of the Relevant Notes in accordance with the Conditions. 
 7.5      Notwithstanding the provisions of Clauses 7.1, 7.2 and 7.4 above, so long as any of the Relevant Notes is outstanding, the termination of the appointment of the 
  

 Page 38 

 Calculation Agent (whether by the Issuer or by the resignation of the Calculation Agent) shall not be
effective unless upon the expiry of the relevant notice a successor Calculation Agent has, been appointed. The Issuer agrees with the Calculation Agent that if, by the day falling 10 days before the expiry of any notice under Clause 7.1 or 7.4, the
Issuer has not appointed a replacement Calculation Agent, the Calculation Agent shall be entitled, on behalf of the Issuer, to appoint as a successor Calculation Agent in its place a reputable financial institution of good standing which the Issuer
shall approve. 
 7.6      Upon its appointment becoming effective, a successor Calculation Agent shall without
further act, deed or conveyance, become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as the Calculation Agent hereunder. 
 7.7      If the appointment of the Calculation Agent hereunder is terminated (whether by the Issuer or by the resignation
of the Calculation Agent), the Calculation Agent shall on the date on which such termination takes effect deliver to the successor Calculation Agent all records concerning the Relevant Notes maintained by it (except such documents and records as it
is obliged by law or regulation to retain or not to release), but shall have no other duties or responsibilities hereunder. 
 7.8      Any corporation into which the Calculation Agent may be merged or converted, or any corporation with which the Calculation Agent may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Calculation Agent shall be a party, or any corporation to which the Calculation Agent shall sell or otherwise transfer all or substantially all of its assets shall, on the date when such merger, consolidation
or transfer becomes effective and to the extent permitted by any applicable laws, become the successor Calculation Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto,
unless otherwise required by the Issuer, and after the said effective date all references in this Agreement to the Calculation Agent shall be deemed to be references to such corporation. Written notice of any such merger, conversion, consolidation
or transfer shall forthwith be given to the Issuer and the Agent. 
 7.9      Upon giving notice of the
intended termination of the appointment of the Calculation Agent, the Issuer shall use all reasonable endeavours to appoint a further bank or investment bank as successor Calculation Agent. 
 NOTICES 
 8.1      Any notice or
communication given hereunder shall be sufficiently given or served: 
  

	 (a)
	 if delivered in person to the relevant address specified on the signature pages hereof and, if so delivered, shall be deemed to have been delivered at time of
receipt; or 

  

	 (b)
	 if sent by facsimile or telex to the relevant number specified on the signature pages hereof and, if so sent, shall be deemed to have been delivered

  

 Page 39 

	     
	 immediately after transmission provided such transmission is confirmed by the answerback of the recipient (in the case of telex) or when an acknowledgement of
receipt is received (in the case of facsimile). 

 Where a communication is received after business hours it shall be
deemed to be received and become effective on the next business day. Every communication shall be irrevocable save in respect of any manifest error therein. 
 DESCRIPTIVE HEADINGS AND COUNTERPARTS 
 9.1      The descriptive headings in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof. 
 9.2      This Agreement may be executed in any number of counterparts, all of which, taken together, shall constitute one and the same agreement and any party may
enter into this Agreement by executing a counterpart. 
 GOVERNING LAW AND
JURISDICTION 
 10.1      This Agreement is governed by, and shall be construed in
accordance with, the laws of England. 
 10.2      The Issuer hereby irrevocably agrees, for the exclusive
benefit of the Calculation Agent, that the courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection with this Agreement and that accordingly any suit, action or proceedings (together referred to as
Proceedings) arising out of or in connection with this Agreement may be brought in such courts. The Issuer hereby irrevocably waives any objection which it may have now or hereafter to the laying of the venue of any such Proceedings in
any such court and any claim that any such Proceedings have been brought in an inconvenient forum and hereby further irrevocably agree that a judgment in any such Proceedings brought in the English courts shall be conclusive and binding upon it and
may be enforced in the courts of any other jurisdiction. Nothing contained in this Clause shall limit any right to take Proceedings against the Issuer in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more
jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not. The Issuer hereby appoints PepsiCo International Limited at its registered office at 63 Kew Road, Richmond, Surrey, England TW9 2QL (Attention:
Division Counsel) as its agent for service of process, and undertakes that, in the event of PepsiCo International Limited ceasing so to act or ceasing to be registered in England, it will appoint another person, as the Calculation Agent may approve,
as its agent for the service of process in England in respect of any Proceedings. Nothing herein shall affect the right to serve process in any manner permitted by law. 
 CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 
 11.      A person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms.

  

 Page 40 

 IN WITNESS whereof
this Agreement has been entered into the day and year first above written. 
  

 Page 41 

 Schedule 1 to the Calculation Agency Agreement 
  

									
	 Series number
	 	 Issue Date
	 	 Maturity Date
	 	 Title and
 Nominal
 Amount
	 	 Annotation by
 Calculation
 Agent/Issuer

  

 Page 42 

 PepsiCo, Inc. 
 700 Anderson Hill Road 
 Purchase 
 New York 10577 
 U.S.A 
  

			
	 Telex No:
	  	     62848 PEPSICO

	 Telefax No:
	  	     914 253 2017

	 Attention:
	  	     Treasurer

 By: 
 [Name and address of Calculation Agent] 
  

			
	 Telex No:
	  	     [                    ]

	 Telefax No:
	  	     [                    ]

	 Attention:
	  	     [                    ]

 By: 
  

 Page 43 

 SCHEDULE 1 
 TERMS AND CONDITIONS OF THE NOTES 
 The following are the Terms and Conditions of the Notes
(sometimes referred to herein as “Terms and Conditions”) to be issued by the Issuer which will be incorporated by reference into each global Note and each definitive Note, in the latter case only if permitted by the relevant stock exchange
or competent authority (if any) and agreed by the Issuer and the relevant Dealer(s) at the time of issue but if not so permitted and agreed, such definitive Note will have endorsed upon or attached thereto such Terms and Conditions. The applicable
Final Terms in relation to any Tranche of Notes may specify other terms and conditions which shall, to the extent so specified or to the extent inconsistent with the following Terms and Conditions, replace or modify the following Terms and
Conditions for the purpose of such Notes. The applicable Final Terms (or the relevant provisions thereof) will be endorsed upon, or attached to, each temporary global Note, permanent global Note and definitive Note. Reference should be made to
“Form of the Notes” above for a description of the content of Final Terms which will include the definitions of certain terms used in the following Terms and Conditions or specify which of such terms are to apply in relation to the
relevant Notes. 
 This Note is one of a series of Notes issued by PepsiCo, Inc. (the “Issuer”) pursuant to the Agency
Agreement (as defined below). References herein to the “Notes” shall be references to the Notes of this Series (as defined below) and shall mean (i) in relation to any Notes represented by a global Note, units of the lowest Specified
Denomination in the Specified Currency, (ii) definitive Notes issued in exchange (or part exchange) for a global Note and (iii) any global Note. The Notes, the Receipts (as defined below) and the Coupons (as defined below) also have the
benefit of an amended and restated Agency Agreement (the “Agency Agreement” which expression shall include such agreement as it may be amended or modified from time to time) dated • 2006, and made among the Issuer, JPMorgan Chase
Bank, London Branch as issuing and principal paying agent and agent bank (the “Agent”, which expression shall include any successor agent specified in the applicable Final Terms) and the other paying agents named therein (together with the
Agent, the “Paying Agents”, which expression shall include any additional or successor paying agents). 
 Interest bearing
definitive Notes (unless otherwise indicated in the applicable Final Terms) have interest coupons (“Coupons”) and, if indicated in the applicable Final Terms, talons for further Coupons (“Talons”) attached on issue. Any reference
herein to Coupons or coupons shall, unless the context otherwise requires, be deemed to include a reference to Talons or talons. Definitive Notes repayable in instalments have receipts (“Receipts”) for the payment of the instalments of
principal (other than the final instalment) attached on issue. 
 The Final Terms for this Note (or the relevant provisions thereof) are set
out in Part A of the Final Terms attached hereto or endorsed hereon which supplement these Terms and Conditions and may specify other terms and conditions which shall, to the extent so specified or to the extent inconsistent with these Terms and
Conditions, replace or modify these Terms and Conditions for the purposes of this Note. References herein 
  

 Page 44 

 to the “applicable Final Terms” are to Part A of the Final Terms (or the relevant provisions
thereof) attached hereto or endorsed hereon. 
 Any reference herein to “Noteholders” shall mean the holders of the Notes, and
shall, in relation to any Notes represented by a global Note, be construed as provided below. Any reference herein to “Receiptholders” shall mean the holders of the Receipts and any reference herein to “Couponholders” shall mean
the holders of the Coupons, and shall, unless the context otherwise requires, include the holders of the Talons. 
 As used herein,
“Tranche” means Notes which are identical in all respects (including as to listing) and “Series” means a Tranche of Notes together with any further Tranche or Tranches of Notes which are (i) expressed to be consolidated and
form a single series and (ii) identical in all respects (including as to listing and admission to trading) except for their respective Issue Dates, Interest Commencement Dates and/or Issue Prices. 
 The Noteholders, the Receiptholders and the Couponholders are entitled to the benefit of the Deed of Covenant (the “Deed of Covenant”) dated
21 July, 2006 and made by the Issuer. The original of the Deed of Covenant is held by a common depositary on behalf of Euroclear (as defined below) and Clearstream, Luxembourg (as defined below). 
 Copies of the Agency Agreement, the form of the Final Terms and the Final Terms applicable to this Note and the Deed of Covenant are available for
viewing during normal business hours at, and copies may be obtained from, the specified office of each of the Agent and the other Paying Agents save that (i) Final Terms relating to an unlisted Note of any Series and/or relating to a Note which
is neither admitted to trading on a regulated market in the European Economic Area nor offered in the European Economic Area in circumstances where a Prospectus is required to be published under the Prospectus Directive, will only be available for
inspection by a Noteholder holding one or more unlisted Notes of that Series and such Noteholder must produce evidence satisfactory to the relevant Paying Agent as to identity. The Noteholders, the Receiptholders and the Couponholders are deemed to
have notice of, and are entitled to the benefit of, all the provisions of the Deed of Covenant, the Agency Agreement and the applicable Final Terms which are binding on them. 
 Words and expressions defined in the Agency Agreement or used in the applicable Final Terms shall have the same meanings where used in these Terms and Conditions unless the context otherwise
requires or unless otherwise stated and provided that, in the event of inconsistency between the Agency Agreement and the applicable Final Terms, the applicable Final Terms will prevail. 
  

	 1.
	 Form, Denomination and Title 

  

	     
	 The Notes are in bearer form and, in the case of definitive Notes, serially numbered, in the Specified Currency and the Specified Denomination(s). Notes of one
Specified Denomination may not be exchanged for Notes of another Specified Denomination. In the case of any Notes which are to be admitted to trading on a regulated market within the European Economic Area or offered to the public in a Member State
of the European Economic Area in 

  

 Page 45 

	     
	 circumstances which require the publication of a Prospectus under the Prospectus Directive, the minimum Specified Denomination shall be €50,000 (or its
equivalent in any other currency as at the date of issue of the relevant Notes). In the case of Notes with a maturity (at issue) of 183 days or less, the minimum Specified Denomination shall be U.S.$500,000 (or its equivalent in any other currency
as at the date of issue of the relevant Notes). 

  

	     
	 So long as the Notes are represented by a temporary global Note or a permanent global Note, the Notes shall be tradeable only in principal amounts of at least
the Specified Denomination (or if more than one Specified Denomination, the lowest Specified Denomination) and, provided the relevant clearing system(s) so permit, integral multiples of the Tradeable Amount in excess thereof provided in the relevant
Final Terms. 

  

	     
	 This Note is a Fixed Rate Note, a Floating Rate Note, a Zero Coupon Note, an Indexed Interest Note, an Indexed Redemption Amount Note, a Dual Currency Note or a
Partly Paid Note or a combination of any of the foregoing, depending upon the Interest/Payment Basis shown in the applicable Final Terms. 

  

	     
	 Notes in definitive form are issued with Coupons attached, unless they are Zero Coupon Notes in which case references to Coupons and Couponholders in these Terms
and Conditions are not applicable. 

  

	     
	 Subject as set out below, title to the Notes, Receipts and Coupons will pass by delivery. The Issuer and any Paying Agent may deem and treat the bearer of any
Note, Receipt or Coupon as the absolute owner thereof (whether or not overdue and notwithstanding any notice of ownership or writing thereon or notice of any previous loss or theft thereof) for all purposes but, in the case of any global Note,
without prejudice to the provisions set out in the next succeeding paragraph. 

  

	     
	 For so long as any of the Notes is represented by a global Note held on behalf of Euroclear Bank S.A./N.V. as operator of the Euroclear System
(“Euroclear”) and/or Clearstream Banking, société anonyme (“Clearstream, Luxembourg”), each person (other than Euroclear or Clearstream, Luxembourg) who is for the time being shown in the records of Euroclear or of
Clearstream, Luxembourg as the holder of a particular nominal amount of such Notes (in which regard any certificate or other document issued by Euroclear or Clearstream, Luxembourg as to the nominal amount of such Notes standing to the account of
any person shall be conclusive and binding for all purposes save in the case of manifest error) shall be treated by the Issuer and any Paying Agent as the holder of such nominal amount of such Notes for all purposes other than with respect to the
payment of principal or interest on the Notes, for which purpose the bearer of the relevant global Note shall be treated by the Issuer and any Paying Agent as the holder of such Notes in accordance with and subject to the terms of the relevant
global Note (and the expressions “Noteholder” and “holder of Notes” and related expressions shall be construed accordingly). Notes which are represented by a 

  

 Page 46 

	     
	 global Note will be transferable only in accordance with the rules and procedures for the time being of Euroclear or of Clearstream, Luxembourg, as the case may
be. 

  

	     
	 References to Euroclear and/or Clearstream, Luxembourg shall, whenever the context so permits, except in relation to Notes in NGN form, be deemed to include a
reference to any additional or alternative clearing system approved by the Issuer and the Agent. 

  

	 2.
	 Status of the Notes 

  

	     
	 The Notes and the relative Receipts and Coupons are direct, unconditional, unsubordinated and (subject to the provisions of Condition 3) unsecured obligations of
the Issuer and rank pari passu without any preference among themselves and equally with all other outstanding unsecured and unsubordinated obligations of the Issuer, present and future, but, in the event of insolvency, only to the extent permitted
by applicable laws relating to creditors’ rights. 

  

	 3.
	 Negative Pledge 

  

	     
	 For so long as Notes of any Series shall be outstanding neither the Issuer nor any Restricted Subsidiary (as defined below) will incur, suffer to exist or
guarantee any indebtedness for borrowed money (“Debt”), secured by a mortgage, pledge or lien (a “Mortgage”) on any Principal Property (as defined below) or on any shares of stock of any Restricted Subsidiary unless the Issuer or
such Restricted Subsidiary secures or causes such Restricted Subsidiary to secure the Notes of such Series (and any other Debt of the Issuer or such Restricted Subsidiary, at the option of the Issuer or such Restricted Subsidiary, not subordinate to
the Notes) equally and rateably with or prior to such secured Debt for as long as such Debt remains so secured, unless after giving effect thereto the aggregate amount of all such secured Debt does not exceed 15% of Consolidated Net Tangible Assets
(as defined below). This restriction will not, however, apply to Debt secured by: 

  

	 	 (i)
	 Mortgages existing prior to the Issue Date of such Notes; or 

  

	 	 (ii)
	 Mortgages on property of or shares of stock of (or other interests) or Debt of, any corporation existing at the time such corporation becomes a Restricted
Subsidiary; or 

  

	 	 (iii)
	 Mortgages in favour of the Issuer or a Restricted Subsidiary; or 

  

	 	 (iv)
	 Mortgages in favour of, or required by, any governmental bodies; or 

  

	 	 (v)
	 Mortgages on property or shares of stock (or other interests) or Debt of any corporation existing at the time of the acquisition thereof (including acquisition
through merger or consolidation) or to secure the payment of all or any part of the purchase price thereof or construction or improvement thereon or to secure any Debt incurred 

  

 Page 47 

	 	     
	 prior to, at the time of, or within 365 days after the later of the acquisition, the completion of construction or improvement, or the commencement of full
operation of such property or within 365 days after the acquisition of such shares or Debt for the purpose of financing all or any part of the purchase price thereof of construction or improvement thereon; and 

  

	 	 (vi)
	 any extension, renewal, or replacement of any Mortgage referred to in any of the preceding subparagraphs (i) to (v) inclusive.

  

	     
	 “Consolidated Net Tangible Assets” means the total amount of assets (less applicable depreciation, amortisation, and other valuation
reserves) of the Company and its Restricted Subsidiaries, after deducting therefrom (i) all current liabilities of the Company and its Restricted Subsidiaries (excluding any such liabilities that are intercompany items) and (ii) all
goodwill, trade names, trademarks, patents, unamortised debt discount and expense and other like intangibles, all as set forth on the latest consolidated balance sheet of the Company and its Restricted Subsidiaries prepared in accordance with US
GAAP. 

  

	     
	 “Principal Property” means any single manufacturing or processing plant, office building, or warehouse owned or leased by the Issuer or a
Restricted Subsidiary other than a plant, warehouse, office building, or portion thereof which, in the opinion of the Issuer’s Board of Directors, is not of material importance to the business conducted by the Issuer and its Restricted
Subsidiaries as an entirety. 

  

	     
	 “Restricted Subsidiary” means at any time any subsidiary of the Issuer except a subsidiary which is at the time an Unrestricted
Subsidiary. 

  

	     
	 “Unrestricted Subsidiary” means any other subsidiary of the Issuer (not at the time designated a Restricted Subsidiary) (i) the
major part of whose business consists of finance, banking, credit, leasing, insurance, financial services, or other similar operations, or any combination thereof, (ii) substantially all the assets of which consist of the capital stock of one
or more such subsidiaries, or (iii) designated as such by the Issuer’s Board of Directors; provided that such designation will not constitute a violation of the terms of the Notes. Any subsidiary designated as a Restricted Subsidiary may
be designated as an Unrestricted Subsidiary unless such designation will constitute a violation of these Terms and Conditions. 

  

	     
	 The transfer of a Principal Property to an Unrestricted Subsidiary and the change in designation of a subsidiary owning a Principal Property from a Restricted
Subsidiary to an Unrestricted Subsidiary is not restricted by the terms of the Notes, save that such a change in designation shall not be permitted if such change in designation would result in a violation of the foregoing negative pledge provision.

  

 Page 48 

	 4.
	   Interest 

  

	 (a)
	 Interest on Fixed Rate Notes 

  

	     
	 Each Fixed Rate Note bears interest on its nominal amount (or, if it is a Partly Paid Note, the amount paid up) from (and including) the Interest Commencement
Date at the rate(s) per annum equal to the Rate(s) of Interest so specified in the applicable Final Terms payable in arrear on the Interest Payment Date(s) in each year and on the Maturity Date so specified if that does not fall on the Interest
Payment Date. The first payment of interest will be made on the Interest Payment Date next following the Interest Commencement Date and, if the first anniversary of the Interest Commencement Date is not an Interest Payment Date, will amount to the
Initial Broken Amount. If the Maturity Date is not an Interest Payment Date, interest from (and including) the preceding Interest Payment Date (or the Interest Commencement Date, as the case may be) to (but excluding) the Maturity Date will amount
to the Final Broken Amount. 

  

	     
	 If interest is required to be calculated for a period ending other than on an Interest Payment Date, such interest shall be calculated by applying the Rate of
Interest to each Specified Denomination, multiplying such sum by the applicable Fixed Day Count Fraction, and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards
or otherwise in accordance with applicable market convention. 

  

	     
	 In these Terms and Conditions: 

  

	     
	 “Day Count Fraction” means, in respect of the calculation of an amount of interest in accordance with this Condition 4(a):

  

	 	 (i)
	 if “Actual/Actual (ICMA)” is specified in the applicable Final Terms: 

  

	 	 (a)
	 in the case of Notes where the number of days in the relevant period from (and including) the most recent Interest Payment Date (or, if none, the Interest
Commencement Date) to (but excluding) the relevant payment date (the “Accrual Period”) is equal to or shorter than the Determination Period during which the Accrual Period ends, the number of days in such Accrual Period divided by the
product of (1) the number of days in such Determination Period and (2) the number of Determination Dates that would occur in one calendar year assuming interest was to be payable in respect of the whole of that year; or

  

	 	 (b)
	 in the case of Notes where the Accrual Period is longer than the Determination Period during which the Accrual Period ends, the sum of:

  

	 	 (1)
	 the number of days in such Accrual Period falling in the Determination Period in which the Accrual Period 

  

 Page 49 

	 	     
	 begins divided by the product of (x) the number of days in such Determination Period and (y) the number of Determination Dates that would occur in one
calendar year assuming interest was to be payable in respect of the whole of that year; and 

  

	 	 (2)
	 the number of days in such Accrual Period falling in the next Determination Period divided by the product of (x) the number of days in such Determination
Period and (y) the number of Determination Dates that would occur in one calendar year assuming interest was to be payable in respect of the whole of that year; and 

  

	 	 (ii)
	 if “30/360” is specified in the applicable Final Terms, the number of days in the period from (and including) the most recent Interest Payment Date
(or, if none, the Interest Commencement Date) to (but excluding) the relevant payment date (such number of days being calculated on the basis of 12 30-day months) divided by 360; and 

  

	     
	 “Determination Period” means, the period from (and including) a Determination Date to (but excluding) the next Determination Date
(including, where either the Interest Commencement Date or the final Interest Payment Date is not a Determination Date, the period commencing on the first Determination Date prior to, and ending on the first Determination Date following after, such
date); and 

  

	     
	 “sub-unit” means, with respect to any currency other than euro, the lowest amount of such currency that is available as legal tender in
the country of such currency and means, with respect to euro, one cent. 

  

	 (b)
	   Interest on Floating Rate Notes and Indexed Interest Notes 

  

	 (i)
	 Interest Payment Dates 

  

	     
	 Each Floating Rate Note and Indexed Interest Note bears interest on its nominal amount (or, if it is a Partly Paid Note, the amount paid up) from (and including)
the Interest Commencement Date and such interest will be payable in arrear on either: 

  

	 	 (A)
	 the Interest Payment Date(s) in each year (the period from (and including) the Interest Commencement Date to (but excluding) the first Interest Payment Date and
each successive period from (and including) an Interest Payment Date to (but excluding) the next Interest Payment Date each being an “Interest Period”); or 

  

	 	 (B)
	 if no express Interest Payment Date(s) is/are specified in the applicable Final Terms, each date (each an “Interest Payment Date”) which falls the
number of months or other period specified as the Specified Period in the applicable Final Terms after the preceding Interest Payment 

  

 Page 50 

	 	     
	 Date or, in the case of the first Interest Payment Date, after the Interest Commencement Date. 

  

	     
	 If a business day convention is specified in the applicable Final Terms and (x) if there is no numerically corresponding day on the calendar month in which
an Interest Payment Date should occur or (y) if any Interest Payment Date would otherwise fall on a day which is not a Business Day, then, if the business day convention specified is: 

  

	 	 (1)
	 in any case where Interest Periods are specified in accordance with Condition 4(b)(i)(B) above, the Floating Rate Convention, such Interest Payment Date
(i) in the case of (x) above, shall be the last day that is a Business Day in the relevant month and the provisions of (B) below shall apply mutatis mutandis or (ii) in the case of (y) above, shall be postponed to the next
day which is a Business Day unless it would thereby fall into the next calendar month, in which event (A) such Interest Payment Date shall be brought forward to the immediately preceding Business Day and (B) each subsequent Interest
Payment Date shall be the last Business Day in the month which falls the number of months or other period specified as the Interest Period in the applicable Final Terms after the preceding applicable Interest Payment Date occurred; or

  

	 	 (2)
	 the Following Business Day Convention, such Interest Payment Date shall be postponed to the next day which is a Business Day; or 

  

	 	 (3)
	 the Modified Following Business Day Convention, such Interest Payment Date shall be postponed to the next day which is a Business Day unless it would thereby
fall into the next calendar month, in which event such Interest Payment Date shall be brought forward to the immediately preceding Business Day; or 

  

	 	 (4)
	 the Preceding Business Day Convention, such Interest Payment Date shall be brought forward to the immediately preceding Business Day.

  

	     
	 In this Condition, “Business Day” means a day which is both: 

  

	 	 (A)
	 a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign
currency deposits) in London and any Additional Business Centre specified in the applicable Final Terms; and 

  

	 	 (B)
	 either (1) in relation to any sum payable in a Specified Currency other than euro, a day on which commercial banks and foreign exchange markets settle
payments in the principal financial centre of the country of the relevant Specified Currency (if other than London and which if the Specified Currency is Australian dollars or New Zealand dollars shall be Sydney or Auckland, respectively) or
(2) in relation to any sum payable in euro, a day on which the TARGET System is open. In 

  

 Page 51 

	 	     
	 these Terms and Conditions, “TARGET System” means the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System.

  

	 (ii)
	 Rate of Interest 

  

	     
	 The Rate of Interest payable from time to time in respect of Floating Rate Notes and Indexed Interest Notes will be determined in the manner specified in the
applicable Final Terms. 

  

	 	 (A)
	 ISDA Determination for Floating Rate Notes 

  

	 	     
	 Where ISDA Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for
each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable Final Terms) the Margin (if any). For the purposes of this sub-paragraph (A), “ISDA Rate” for an Interest Period means a rate equal to the
Floating Rate that would be determined by the Agent or other person specified in the applicable Final Terms under an interest rate swap transaction if the Agent or that other person were acting as Calculation Agent for that swap transaction under
the terms of an agreement incorporating the 2000 ISDA Definitions, each as amended and updated as at the Issue Date of the first Tranche of the Notes, published by the International Swaps and Derivatives Association, Inc. (the “ISDA
Definitions”) and under which: 

  

	 	 (1)
	 the Floating Rate Option is as specified in the applicable Final Terms; 

  

	 	 (2)
	 the Designated Maturity is a period specified in the applicable Final Terms; and 

  

	 	 (3)
	 the relevant Reset Date is either (i) if the applicable Floating Rate Option is based on the London inter-bank offered rate (LIBOR) or on the Euro-zone
inter-bank offered rate (EURIBOR) for a currency, the first day of that Interest Period or (ii) in any other case, as specified in the applicable Final Terms. 

  

	 	     
	 For the purposes of this sub-paragraph (A), “Floating Rate”, “Calculation Agent”, “Floating Rate Option”, “Designated
Maturity” and “Reset Date” have the meanings given to those terms in the ISDA Definitions. 

  

	 	     
	 When this sub-paragraph (A) applies, in respect of each relevant Interest Period the Agent will be deemed to have discharged its obligations under Condition
5(b)(iv) in respect of the determination of the Rate of Interest if it has determined the Rate of Interest in respect 

  

 Page 52 

	 	     
	 of such Interest Period in the manner provided in this sub-paragraph (A). 

  

	 	 (B)
	 Screen Rate Determination for Floating Rate Notes 

  

	 	     
	 Where Screen Rate Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined for each Interest
Period the Rate of Interest for each Interest Period will, subject as provided below, be either: 

  

	 	 (1)
	 the offered quotation; or 

  

	 	 (2)
	 the arithmetic mean (rounded if necessary to the fourth decimal place, with 0.00005 being rounded upwards) of the offered quotations,

  

	 	     
	 (expressed as a percentage rate per annum) for the Reference Rate which appears or appear, as the case may be, on the Relevant Screen Page as at 11.00 a.m.
(London time, in the case of LIBOR, or Brussels time, in the case of EURIBOR) on the Interest Determination Date in question plus or minus (as indicated in the applicable Final Terms) the Margin (if any), all as determined by the Agent. If five or
more such offered quotations are available on the Relevant Screen Page, the highest (or, if there is more than one such highest quotation, one only of such quotations) and the lowest (or, if there is more than one such lowest quotation, one only of
such quotations) shall be disregarded by the Agent for the purpose of determining the arithmetic mean (rounded as provided above) of such offered quotations. 

  

	 	     
	 The Agency Agreement contains provisions for determining the Rate of Interest in the event that the Relevant Screen Page is not available or if, in the case of
(1) above, no such quotation appears or, in the case of (2) above, fewer than three such offered quotations appear, in each case as at the time specified in the preceding paragraph. 

  

	 	     
	 If the Reference Rate from time to time in respect of Floating Rate Notes is specified in the applicable Final Terms as being other than LIBOR or EURIBOR, the
Rate of Interest in respect of such Notes will be determined as provided in the applicable Final Terms. 

  

	 (iii)
	 Minimum and/or Maximum Interest Rate 

  

	     
	 If the applicable Final Terms specifies a Minimum Rate of Interest for any Interest Period, then, in the event that the Rate of Interest in respect of such
Interest Period determined in accordance with the above provisions is less than such Minimum Rate of Interest, the Rate of Interest for such Interest Period shall be such Minimum Rate of Interest. If the applicable Final Terms specifies a Maximum
Rate of Interest for any Interest Period, then, in the event that the Rate of Interest in respect of such Interest Period determined in accordance with the above provisions is greater than such Maximum Rate of 

  

 Page 53 

	     
	 Interest, the Rate of Interest for such Interest Period shall be such Maximum Interest Rate. 

  

	 (iv)
	 Determination of Rate of Interest and Calculation of Interest Amounts 

  

	     
	 The Agent, in the case of Floating Rate Notes, and the Calculation Agent, in the case of Indexed Interest Notes, will, at or as soon as practicable after each
time at which the Rate of Interest is to be determined, determine the Rate of Interest for the relevant Interest Period Subject to any Minimum Rate of Interest or Maximum Rate of Interest specified in the applicable Final Terms. In the case of
Indexed Interest Notes, the Calculation Agent will notify the Agent of the Rate of Interest for the relevant Interest Period as soon as practicable after calculating the same. 

  

	     
	 The Agent will calculate the amount of interest (the “Interest Amount”) payable on the Floating Rate Notes or Indexed Interest Notes in respect of each
Specified Denomination for the relevant Interest Period. Each Interest Amount shall be calculated by applying the Rate of Interest to the Specified Denomination, multiplying such sum by the applicable Day Count Fraction, and rounding the resultant
figure to the nearest U.S. cent (or its approximate equivalent in the relevant Specified Currency), half a U.S. cent (or its approximate equivalent in the relevant Specified Currency) being rounded upwards. 

  

	     
	 “Day Count Fraction” means, in respect of the calculation of an amount of interest for any Interest Period: 

 

	 	 (i)
	 if “Actual/365” or “Actual/Actual” is specified in the applicable Final Terms, the actual number of days in the Interest Period divided by
365 (or, if any portion of that Interest Period falls in a leap year, the sum of (A) the actual number of days in that portion of the Interest Period falling in a leap year divided by 366 and (B) the actual number of days in that portion
of the Interest Period falling in a non-leap year divided by 365); 

  

	 	 (ii)
	 if “Actual/365 (Fixed)” is specified in the applicable Final Terms, the actual number of days in the Interest Period divided by 365;

  

	 	 (iii)
	 if “Actual/360” is specified in the applicable Final Terms, the actual number of days in the Interest Period divided by 360;

  

	 	 (iv)
	 if “30/360”, “360/360” or “Bond Basis” is specified in the applicable Final Terms, the number of days in the Interest Period
divided by 360 (the number of days to be calculated on the basis of a year of 360 days with 12 30-day months (unless (a) the last day of the Interest Period is the 31st day of a month but the first day of the Interest Period is a day other than
the 30th or 31st day of a month, in which case the month that includes that last day shall not be considered to be shortened to a 30-day month, or (b) the last day of the Interest Period is the last day 

  

 Page 54 

	 	     
	 of the month of February, in which case the month of February shall not be considered to be lengthened to a 30-day month)); and 

  

	 	 (v)
	 if “30E/360” or “Eurobond Basis” is specified in the applicable Final Terms, the number of days in the Interest Period divided by 360 (the
number of days to be calculated on the basis of a year of 360 days with 12 30-day months, without regard to the date of the first day or last day of the Interest Period unless, in the case of an Interest Period ending on the Maturity Date, the
Maturity Date is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a 30-day month). 

  

	 (v)
	 Notification of Rate of Interest and Interest Amounts 

  

	     
	 The Agent will cause the Rate of Interest and each Interest Amount for each Interest Period and the relevant Interest Payment Date to be notified to the Issuer
and any stock exchange on which the relevant Floating Rate Notes or Indexed Interest Notes are for the time being listed and notice thereof to be published in accordance with Condition 13 as soon as possible after their determination but in no event
later than the fourth London Business Day (as defined in Condition 6(c)) thereafter. Each Interest Amount and Interest Payment Date so notified may subsequently be amended (or appropriate alternative arrangements made by way of adjustment) without
prior notice in the event of an extension or shortening of the Interest Period. Any such amendment will be promptly notified to each stock exchange on which the relevant Floating Rate Notes or Indexed Interest Notes are for the time being listed and
to the Noteholders in accordance with Condition 14. 

  

	 (vi)
	 Certificates to be Final 

  

	     
	 All certificates, communications, opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the
provisions of this Condition 4(b), whether by the Agent or, if applicable, the Calculation Agent, shall (in the absence of negligence, wilful misconduct, bad faith or manifest error) be binding on the Issuer, the Agent, the Calculation Agent (if
applicable), the other Paying Agents and all Noteholders, Receiptholders and Couponholders and (in the absence as aforesaid) no liability to the Issuer, the Noteholders, the Receiptholders or the Couponholders shall attach to the Agent or the
Calculation Agent (if applicable) in connection with the exercise or non-exercise by it of its powers, duties and discretions pursuant to such provisions. 

  

	 (c)
	 Dual Currency Notes 

  

	     
	 In the case of Dual Currency Notes, if the rate or amount of interest falls to be determined by reference to an exchange rate, the rate or amount of interest
payable shall be determined in the manner specified in the applicable Final Terms. 

  

	 (d)
	 Partly Paid Notes 

  

 Page 55 

	     
	 In the case of Partly Paid Notes (other than Partly Paid Notes which are Zero Coupon Notes), interest will accrue as aforesaid on the paid-up nominal amount of
such Notes and otherwise as specified in the applicable Final Terms. 

  

	 (e)
	 Accrual of Interest 

  

	     
	 Each Note (or in the case of the redemption of part only of a Note, that part only of such Note) will cease to bear interest (if any) from the date for its
redemption unless, upon due presentation thereof, payment of principal is improperly withheld or refused. In such event, interest will continue to accrue until whichever is the earlier of: 

  

	 	 (1)
	 the date on which all amounts due in respect of such Note have been paid; and 

  

	 	 (2)
	 five days after the date on which the full amount of the moneys payable has been received by the Agent and notice to that effect has been given in accordance
with Condition 13 or individually. 

  

	 5.
	 Payments 

  

	 (a)
	   Method of Payment 

  

	     
	 Subject as provided below: 

  

	 	 (i)
	 payments in a Specified Currency other than euro will be made by transfer to an account in the relevant Specified Currency (which, in the case of a payment in
Japanese Yen to a non-resident of Japan, shall be a non-resident account) maintained by the payee with, or by a cheque in such Specified Currency drawn on, a bank (which, in the case of a payment in Japanese Yen to a nonresident of Japan, shall be
an authorised foreign exchange bank) in the principal financial centre of the country of such Specified Currency (which, if the Specified Currency is Australian dollars or New Zealand dollars, shall be Sydney or Auckland, respectively); and

  

	 	 (ii)
	 payments in euro will be made by credit or transfer to an euro account (or any other amount to which euro may be credited or transferred) specified by the payee
or, at the option of the payee, by a euro cheque. 

  

	     
	 Payments will be subject in all cases to any fiscal or other laws and regulations applicable thereto in the place of payment, but without prejudice to the
provisions of Condition 7. 

  

	     
	 Subject to the final paragraph of Condition 5(b) below, no payment on any Note or Coupon will be made at any office of a Paying Agent or any other agency
maintained by the Issuer in the United States (as defined in Condition 7) nor will any payment be made by any transfer to an account in, or by mail to an address in, the United States except as may be permitted by U.S. tax law

  

 Page 56 

	     
	 in effect at the time of such payment without detriment to the Issuer in the opinion of the Issuer. 

  

	 (b)
	 Presentation of Notes, Receipts and Coupons 

  

	     
	 Payments of principal in respect of definitive Notes will (subject as provided below) be made in the manner provided in paragraph (a) above only against
surrender of Receipts and definitive Notes, and payments of interest in respect of definitive Notes will (subject as provided below) be made as aforesaid only against surrender of Coupons, in each case at the specified office of any Paying Agent
outside the United States. 

  

	     
	 Payments of instalments of principal (if any), other than the final instalment, will (subject as provided below) be made in the manner provided in paragraph
(a) above against surrender of the relevant Receipt. Payment of the final instalment will be made in the manner provided in paragraph (a) above only against surrender of the relevant Note. Each Receipt must be presented for payment of the
relevant instalment together with the definitive Note to which it appertains. Receipts presented without the definitive Note to which they appertain do not constitute valid obligations of the Issuer. Upon the date on which any definitive Note
becomes due and repayable, unmatured Receipts (if any) relating thereto (whether or not attached) shall become void and no payment shall be made in respect thereof. 

  

	     
	 Fixed Rate Notes in definitive form (other than Dual Currency Notes or Indexed Redemption Amount Notes) should be presented for payment together with all
unmatured Coupons appertaining thereto (which expression shall for this purpose include Coupons falling to be issued on exchange of mature Talons), failing which the amount of any missing unmatured Coupon (or, in the case of payment not being made
in full, the same proportion of the amount of such missing unmatured Coupon as the sum so paid bears to the sum due) will be deducted from the sum due for payment. Each amount of principal so deducted will be paid in the manner mentioned above
against surrender of the relative missing Coupon at any time before the expiry of 10 years after the Relevant Date (as defined in Condition 7) in respect of such principal (whether or not such Coupon would otherwise have become void under Condition
8) or, if later, five years from the date on which such Coupon would otherwise have become due, but in no event thereafter. 

  

	     
	 Upon any Fixed Rate Note becoming due and repayable prior to its Maturity Date, all unmatured Talons (if any) appertaining thereto will become void and no
further Coupons will be issued in respect thereof. 

  

	     
	 Upon the date on which any Floating Rate Note, Dual Currency Note or Indexed Note in definitive form becomes due and repayable, unmatured Coupons and Talons (if
any) relating thereto (whether or not attached) shall become void and no payment or, as the case may be, exchange for further Coupons shall be made in respect thereof. 

  

 Page 57 

	     
	 If the due date for redemption of any definitive Note is not an Interest Payment Date, interest (if any) accrued in respect of such Note from (and including) the
preceding Interest Payment Date or, as the case may be, the Interest Commencement Date shall be payable only against surrender of the relevant definitive Note. 

  

	     
	 Payments of principal and interest (if any) in respect of Notes represented by any global Note will (subject as provided below) be made in the manner specified
above in relation to definitive Notes and otherwise in the manner specified in the relevant global Note against presentation or surrender, as the case may be, of such global Note at the specified office of any Paying Agent outside the United States.
A record of each payment made against presentation or surrender of such global Note, distinguishing between any payment of principal and any payment of interest, will be made on such global Note by such Paying Agent and such record shall be prima
facie evidence that the payment in question has been made. 

  

	     
	 The holder of a global Note shall be the only person entitled to receive payments in respect of Notes represented by such global Note and the Issuer will be
discharged by payment to, or to the order of, the holder of such global Note in respect of each amount so paid. Each of the persons shown in the records of Euroclear or Clearstream, Luxembourg as the beneficial holder of a particular nominal amount
of Notes represented by such global Note must look solely to Euroclear or Clearstream, Luxembourg, as the case may be, for his share of each payment so made by the Issuer to, or to the order of, the holder of such global Note. No person other than
the holder of such global Note shall have any claim against the Issuer in respect of any payments due on that global Note. 

  

	     
	 Notwithstanding the foregoing, U.S. dollar payments of principal and interest in respect of the Notes will be made at the specified office of a Paying Agent in
the United States if: 

  

	 	 (i)
	 the Issuer has appointed Paying Agents with specified offices outside the United States with the reasonable expectation that such Paying Agents would be able to
make payment in U.S. dollars at such specified offices outside the United States of the full amount of principal and interest on the Notes in the manner provided above when due; 

  

	 	 (ii)
	 payment of the full amount of such principal and interest at all such specified offices outside the United States is illegal or effectively precluded by exchange
controls or other similar restrictions on the full payment or receipt of principal and interest in U.S. dollars; and 

  

	 	 (iii)
	 such payment is then permitted under United States law without involving, in the opinion of the Issuer, adverse tax consequences to the Issuer.

  

	 (c)
	 Payment Day 

  

 Page 58 

	     
	 If the date for payment of any amount in respect of any Note, Receipt or Coupon is not a Payment Day, the holder thereof shall not be entitled to payment until
the next following Payment Day in the relevant place and shall not be entitled to further interest or other payment in respect of such delay. For these purposes, “Payment Day” means any day which is both: 

  

	 	 (i)
	 a day on which commercial banks and foreign exchange markets settle payments in the relevant place of presentation; and 

  

	 	 (ii)
	 a Business Day (as defined in Condition 4(b)(i)). 

  

	 (d)
	 Interpretation of Principal and Interest 

  

	     
	 Any reference in these Terms and Conditions to principal in respect of the Notes shall be deemed to include, as applicable: 

  

	 	 (i)
	 any additional amounts which may be payable with respect to principal under Condition 7; 

  

	 	 (ii)
	 the Final Redemption Amount of the Notes; 

  

	 	 (iii)
	 the Early Redemption Amount of the Notes; 

  

	 	 (iv)
	 the Optional Redemption Amount(s) (if any) of the Notes; 

  

	 	 (v)
	 in relation to Notes redeemable in instalments, the Instalment Amounts; 

  

	 	 (vi)
	 in relation to Zero Coupon Notes, the Amortised Face Amount; and 

  

	 	 (vii)
	 any premium and any other amounts which may be payable by the Issuer under or in respect of the Notes. 

  

	     
	 Any reference in these Terms and Conditions to interest in respect of the Notes shall be deemed to include, as applicable, any additional amounts which may be
payable with respect to interest under Condition 7. 

  

	 6.
	 Redemption and Purchase 

  

	 (a)
	 At Maturity 

  

	     
	 Unless previously redeemed or purchased and cancelled as specified below, each Note will be redeemed by the Issuer at its Final Redemption Amount specified in,
or determined in the manner specified in, the applicable Final Terms in the relevant Specified Currency on the Maturity Date. 

  

	 (b)
	 Redemption for Tax Reasons 

  

	 	 (i)
	 If as a result of: 

  

 Page 59 

	 	 (I)
	 any actual or proposed change in or amendment to the laws (or any regulations or rulings promulgated thereunder) of the United States or any political
subdivision or taxing authority thereof or therein, or any change in the application, official interpretation or enforcement of such laws, regulations or rulings; 

  

	 	 (II)
	 any action taken by a taxing authority which action is generally applied or is taken with respect of the Issuer; 

  

	 	 (III)
	 a decision rendered by a court of competent jurisdiction in the United States or any political subdivision thereof, whether or not such decision was rendered
with respect to the Issuer; or 

  

	 	 (IV)
	 a technical advice memorandum or letter ruling, or other administrative pronouncement issued by the United States Internal Revenue Service on substantially the
same facts as those pertaining to the Issuer, 

  

	 	     
	 which change, amendment, action, decision, memorandum, letter ruling or pronouncement becomes effective or issued on or after the Issue Date of the first Tranche
of the Notes (such laws, regulations, rulings, actions, decisions, memoranda or letter rulings being hereinafter collectively referred to as “United States Law”), there is a substantial likelihood that the Issuer on the occasion of the
next payment due in respect of the Notes (in accordance with Condition 5) will be required to pay any additional amounts (as defined in Condition 7, the “Additional Amounts”), and such obligation cannot be avoided by the Issuer taking, in
the view of the Issuer, reasonable measures available to it that require no material cost to the Issuer, the Issuer may at its option redeem such Notes in whole, but not in part, at any time (in the case of Notes other than Floating Rate Notes or
Indexed Interest Notes) or on any Interest Payment Date (in the case of Floating Rate Notes or Indexed Interest Notes). Notice of such redemption of the Notes will be given to the holders of the Notes not more than 60 nor less than 30 days prior to
the date fixed for redemption by publication in accordance with Condition 13. 

  

	 	 (ii)
	 Notes redeemed pursuant to this Condition 6(b) will be redeemed at their Early Redemption Amount referred to in paragraph (e) below together (if
appropriate) with interest accrued to (but excluding) the date of redemption. 

  

	 (c)
	 Redemption at the Option of the Issuer 

  

	     
	 If the Issuer is specified in the applicable Final Terms as having an option to redeem, the Issuer may, having given: 

  

	 	 (i)
	 not less than 30 nor more than 60 days’ notice to the Noteholders in accordance with Condition 13; and 

  

 Page 60 

	 	 (ii)
	 not less than 15 days before the giving of the notice referred to in (i), notice to the Agent; 

  

	     
	 (which notices shall be irrevocable), redeem all or some only of the Notes then outstanding on the Optional Redemption Date(s) and at the Optional Redemption
Amount(s) specified in, or determined in the manner specified in, the applicable Final Terms together, if appropriate, with interest accrued to (but excluding) the Optional Redemption Date(s). Any such redemption must be of a nominal amount equal to
the Minimum Redemption Amount or a Higher Redemption Amount, both as indicated in the applicable Final Terms. In the case of a partial redemption of Notes, the Notes to be redeemed (“Redeemed Notes”) will be selected individually by lot,
in the case of Redeemed Notes represented by definitive Notes, and in accordance with the rules of Euroclear and/or Clearstream, Luxembourg (to be reflected in the records of Euroclear and Clearstream, Luxembourg as either a pool factor or a
reduction in nominal amount, at their discretion), in the case of Redeemed Notes represented by a global Note, not more than 60 days prior to the date fixed for redemption (such date of selection being hereinafter called the “Selection
Date”). In the case of Redeemed Notes represented by definitive Notes, a list of the serial numbers of such Redeemed Notes will be published in accordance with Condition 13 not less than 30 days prior to the date fixed for redemption. The
aggregate nominal amount of Redeemed Notes represented by definitive Notes shall bear the same proportion to the aggregate nominal amount of all Redeemed Notes as the aggregate nominal amount of definitive Notes outstanding bears to the aggregate
nominal amount of the Notes outstanding, in each case on the Selection Date, provided that such first mentioned nominal amount shall, if necessary, be rounded downwards to the nearest integral multiple of the Specified Denomination, and the
aggregate nominal amount of Redeemed Notes represented by a global Note shall be equal to the balance of the Redeemed Notes. No exchange of the relevant global Note will be permitted during the period from (and including) the Selection Date to (and
including) the date fixed for redemption pursuant to this sub-paragraph (c) and notice to that effect shall be given by the Issuer to the Noteholders in accordance with Condition 13 at least 10 days prior to the Selection Date.

  

	 (d)
	 Redemption at the Option of the Noteholders 

  

	     
	 If the Noteholders are specified in the applicable Final Terms as having an option to redeem, upon the holder of any Note giving to the Issuer in accordance with
Condition 13 not less than 30 nor more than 60 days’ notice (which notice shall be irrevocable) or such other period of notice as is specified in the applicable Final Terms, the Issuer will upon the expiry of such notice redeem, subject to, and
in accordance with, the terms specified in the applicable Final Terms, in whole (but not in part), such Note on the Optional Redemption Date and at the Optional Redemption Amount specified in, or determined in the manner specified in, the applicable
Final Terms together, if appropriate, with interest accrued to (but excluding) the Optional Redemption Date. 

  

 Page 61 

	     
	 If this Note is in definitive form, to exercise the right to require redemption of this Note the holder of this Note must deliver such Note at the specified
office outside the United States of any Paying Agent at any time during normal business hours of such Paying Agent falling within the notice period, accompanied by a duly completed and signed notice of exercise in the form (for the time being
current) obtainable from any specified office of any Paying Agent (a “Put Notice”) and in which the holder must specify a bank account (or, if payment is by cheque, an address) to which payment is to be made under this Condition.

  

	     
	 Any Put Notice given by a holder of any Note pursuant to this paragraph shall be irrevocable except where prior to the due date of redemption an Event of Default
shall have occurred and be continuing in which event such holder, at its option, may elect by notice to the Issuer to withdraw the notice given pursuant to this paragraph and instead to declare such Note forthwith due and payable pursuant to
Condition 9. 

  

	 (e)
	 Early Redemption Amounts 

  

	     
	 For the purpose of paragraph (b) above and Condition 9, the Notes will be redeemed at the Early Redemption Amount calculated as follows:

  

	 	 (i)
	 in the case of Notes with a Final Redemption Amount equal to the Issue Price, at the Final Redemption Amount thereof; or 

  

	 	 (ii)
	 in the case of Notes (other than Zero Coupon Notes but including Instalment Notes and Partly Paid Notes) with a Final Redemption Amount which is or may be less
or greater than the Issue Price or which is payable in a Specified Currency other than that in which the Notes are denominated, at the amount specified in, or determined in the manner specified in, the applicable Final Terms or, if no such amount or
manner is so specified in the Final Terms, at their nominal amount; or 

  

	 	 (iii)
	 in the case of Zero Coupon Notes, at an amount (the “Amortised Face Amount”) equal to the product of: 

  

	 	 (A)
	 the Reference Price; and 

  

	 	 (B)
	 the sum of the figure 1 and the Accrual Yield, raised to the power of x, where “x” is a fraction the numerator of which is equal to the number of days
(calculated on the basis of a 360-day year consisting of 12 months of 360 days each) from (and including) the Issue Date of the first Tranche of the Notes to (but excluding) the date fixed for redemption or (as the case may be) the date upon which
such Note becomes due and repayable and the denominator of which is 360. 

  

	 	     
	 Where such calculation is to be made for a period which is not a whole number of years, it shall be made on the basis of a 360-day year

  

 Page 62 

	 	     
	 consisting of 12 months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed or such other calculation basis as may be
specified in the applicable Final Terms. 

  

	 (f)
	 Instalments 

  

	     
	 If the Notes are repayable in instalments, they will be redeemed in the Instalment Amounts and on the Instalment Dates. In the case of early redemption, the
Early Redemption Amount will be determined pursuant to paragraph (e) above. 

  

	 (g)
	 Partly Paid Notes 

  

	     
	 If the Notes are Partly Paid Notes, they will be redeemed, whether at maturity, early redemption or otherwise, in accordance with the provisions of this
Condition and the applicable Final Terms. 

  

	 (h)
	 Purchases 

  

	     
	 The Issuer or any of its subsidiaries may at any time purchase Notes (provided that, in the case of definitive Notes, all unmatured Receipts, Coupons and Talons
appertaining thereto are purchased therewith) at any price in the open market or otherwise. Such Notes may be held, reissued, resold or, at the option of the Issuer, surrendered to any Paying Agent for cancellation. 

  

	 (i)
	 Cancellation 

  

	     
	 All Notes which are redeemed will forthwith be cancelled (together with all unmatured Receipts and Coupons attached thereto or surrendered therewith at the time
of redemption). All Notes so cancelled and the Notes purchased and cancelled pursuant to paragraph (h) above (together with all unmatured Receipts and Coupons cancelled therewith) shall be forwarded to the Agent and cannot be reissued or
resold. 

  

	 (j)
	 Late Payment on Zero Coupon Notes 

  

	     
	 If the amount payable in respect of any Zero Coupon Note upon redemption of such Zero Coupon Note pursuant to paragraph (a), (b), (c) or (d) above or
upon its becoming due and repayable as provided in Condition 9 is improperly withheld or refused, the amount due and repayable in respect of such Zero Coupon Note shall be the amount calculated as provided in paragraph (e) (iii) above as
though the references therein to the date fixed for the redemption or the date upon which such Zero Coupon Note becomes due and payable were replaced by references to the date which is the earlier of: 

  

	 	 (i)
	 the date on which all amounts due in respect of such Zero Coupon Note have been paid; and 

  

	 	 (ii)
	 five days after the date on which the full amount of the moneys payable has been received by the Agent and notice to that effect has

  

 Page 63 

	 	     
	 been given to the Noteholder either in accordance with Condition 13 or individually. 

  

	 7.
	 Taxation 

  

	     
	 The Issuer will, subject to the exceptions and limitations set forth below, pay such Additional Amounts as are necessary in order that the net payment by the
Issuer or any Paying Agent of the principal of and interest (made in accordance with Condition 5) (including any discount) on a Note or Coupon to a holder who is a United States Alien (as such term is defined below), after deduction or withholding
for or on account of any present or future tax, assessment or governmental charge of the United States (as such term is defined below), or a political subdivision or authority thereof or therein, imposed by withholding with respect to the payment,
will not be less than the amount provided for in such Note or such Coupon to be then due and payable; provided, however, that the foregoing obligation to pay Additional Amounts shall not apply to: 

  

	 	 (i)
	 any tax, assessment or governmental charge that would not have been so imposed but for the existence of any present or former connection between such holder (or
between a fiduciary, settlor, beneficiary, member or shareholder of, or holder of power over, such holder, if such holder is an estate, trust, partnership or corporation) and the United States, including, without limitation, such holder (or
fiduciary, settlor, beneficiary, member, shareholder or holder of a power): 

  

	 	 (A)
	 being or having been present or engaged in a trade or business in the United States or having or having had a permanent establishment therein; or

  

	 	 (B)
	 having a current or former relationship with the United States, including a relationship as a citizen or resident or being treated as a resident thereof; or

  

	 	 (C)
	 being or having been a personal holding company, a controlled foreign corporation, a passive foreign investment company, a foreign personal holding company with
respect to the United States, a corporation that has accumulated earnings to avoid United States federal income tax or a private foundation or other tax-exempt organisation; or 

  

	 	 (D)
	 being or having been an actual or a constructive “10-per-cent. shareholder” of the Issuer as defined in Section 871(h)(3) of the Code, a bank
receiving interest described under Section 881(c)(3)(A) of the Code or a direct or indirect subsidiary of the Issuer; or 

  

	 	 (ii)
	 any holder who is a fiduciary or partnership or other than the sole beneficial owner of the Note or Coupon, but only to the extent that a beneficiary or settlor
with respect to such fiduciary or member of such 

  

 Page 64 

	 	     
	 partnership or a beneficial owner of the Note or Coupon would not have been entitled to the payment of an additional amount had such beneficiary, settlor, member
or beneficial owner been the holder of such Note or Coupon; or 

  

	 	 (iii)
	 any tax, assessment or governmental charge that would not have been imposed or withheld but for the failure of the holder, if required, to comply with
certification, identification or information reporting requirements under United States income tax laws, without regard to any tax treaty, with respect to the payment, concerning the nationality, residence, identity or connection with the United
States of the holder or a beneficial owner of such Note or Coupon, if such compliance is required by United States income tax laws, without regard to any tax treaty, as a precondition to relief or exemption from such tax, assessment or governmental
charge; or 

  

	 	 (iv)
	 any tax, assessment or governmental charge that would not have been so imposed or withheld but for the presentation by the holder of such Note or Coupon for
payment on a date more than 30 days after the Relevant Date; or 

  

	 	 (v)
	 any estate, inheritance, gift, sales, transfer, excise, wealth or personal property tax or any similar tax, assessment or governmental charge; or

  

	 	 (vi)
	 any tax, assessment or governmental charge that is (a) payable otherwise than by withholding by the Issuer or a Paying Agent from the payment of the
principal of or interest on such Note or Coupon or (b) required to be withheld by any Paying Agent from any such payment if such payment can be made without such withholding by any other Paying Agent; or 

  

	 	 (vii)
	 any withholding or deduction that is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC on the
taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such Directive; or 

  

	 	 (viii)
	 any Note or Coupon presented for payment by or on behalf of a holder who would have been able to avoid such withholding or deduction by presenting the relevant
Note or Coupon to another Paying Agent in a Member State of the EU; or 

  

	 	 (ix)
	 any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii) or (viii). 

  

	     
	 As used with this Condition, “United States” means the United States of America (including the States and the District of Columbia), the Commonwealth
of Puerto Rico and each possession of the United States of America and place subject to its jurisdiction and “United States Alien” means any person that is for United States federal income tax purposes (A) a foreign corporation,
(B) a foreign partnership one or more of the members of which is, 

  

 Page 65 

	     
	 for United States federal income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or
trust, (C) a non-resident alien individual or (D) a non-resident alien fiduciary of a foreign estate or trust. 

  

	     
	 As used herein, the “Relevant Date” means the date on which such payment first becomes due, except that, if the full amount of the moneys payable has
not been duly received by the Agent on or prior to such due date, it means the date on which, the full amount of such moneys having been so received, notice to that effect is duly given to the Noteholders in accordance with Condition 13.

  

	 8.
	 Prescription 

  

	     
	 The Notes, Receipts and Coupons will become void unless presented for payment within a period of 10 years (in the case of principal) and five years (in the case
of interest) after the Relevant Date (as defined in Condition 7) therefor. 

  

	     
	 There shall not be included in any Coupon sheet issued on exchange of a Talon any Coupon the claim for payment in respect of which would be void pursuant to this
Condition or Condition 5(b) or any Talon which would be void pursuant to Condition 5(b). 

  

	 9.
	 Events of Default 

  

	     
	 If any one or more of the following events (each an “Event of Default”) shall have occurred and be continuing: 

  

	 	 (i)
	 default in the payment of any interest on any Note when it becomes due and payable, and continuance of such default for a period of 30 days; or

  

	 	 (ii)
	 default in the payment of the principal amount of (or premium, if any, on) any Note as and when the same shall become due by the terms of the Note and
continuance of such default for a period of 7 days; or 

  

	 	 (iii)
	 default in the performance or breach of any covenant, warranty or other obligation of the Issuer in respect of the Notes (other than a covenant or warranty in
respect of the Notes a default in the performance of which or the breach of which is elsewhere in this Condition specifically dealt with), and continuance of such default or breach for a period of 90 days after there has been given, by registered or
certified mail, to the Issuer by the Noteholder a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

  

	 	 (iv)
	 the entry of an order for relief against the Issuer under the Federal Bankruptcy Code of the United States (11 U.S.C. § 1 et seq.) (the “U.S.
Bankruptcy Code”) by a court of competent jurisdiction or a 

  

 Page 66 

	 	     
	 decree or order by a court of competent jurisdiction adjudging the Issuer bankrupt or insolvent under any other applicable United States law, or the entry of a
decree or order approving as properly filed a petition seeking reorganisation, arrangement, adjustment or composition of or in respect of the Issuer under the U.S. Bankruptcy Code or any other applicable United States law, or appointing a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of the Issuer or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and
in effect for a period of 90 consecutive days; or 

  

	 	 (v)
	 the consent by the Issuer to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking
reorganisation or relief under the U.S. Bankruptcy Code or any other applicable United States law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of the Issuer or of any substantial part of its property, or the making by it of a general assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due,
or the taking of corporate action by the Issuer in furtherance of any such action, 

  

	     
	 then any Noteholder may, by written notice to the Issuer at the specified office of the Agent, effective upon the date of receipt thereof by the Agent, declare
the Note held by the holder to be forthwith due and payable whereupon the same shall become forthwith due and payable at the Early Redemption Amount (as described in Condition 6(e)), together with accrued interest (if any) to the date of repayment,
without presentment, demand, protest or other notice of any kind. 

  

	     
	 A default under any indebtedness of the Issuer other than the Notes will not constitute an Event of Default, and a default under one Series of Notes will not
constitute a default under any other Series of Notes. No declaration of acceleration by the Noteholders with respect to any Series of Notes shall constitute a declaration of acceleration with respect to any other Series of Notes.

  

	 10.
	 Replacement of Notes, Receipts, Coupons and Talons 

  

	     
	 Should any Note, Receipt, Coupon or Talon be lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Replacement Agent
upon payment by the claimant of such costs and expenses as may be incurred in connection therewith and on such terms as to evidence and indemnity as the Issuer may reasonably require. Mutilated or defaced Notes, Receipts, Coupons or Talons must be
surrendered before replacements will be issued. 

  

	 11.
	 Agent and Paying Agents 

  

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	 The names of the initial Agent and the other initial Paying Agents and their initial specified offices are set out below. 

  

	   
	 The Issuer is entitled to vary or terminate the appointment of any Paying Agent and/or additional or other Paying Agents and/or approve any change in the
specified office through which any Paying Agent acts, provided that: 

  

	 	 (i)
	 so long as the Notes are listed on any stock exchange, there will at all times be a Paying Agent with a specified office in such place as may be required by the
rules and regulations of the relevant stock exchange or competent authority; 

  

	 	 (ii)
	 there will at all times be a Paying Agent with a specified office in a city in continental Europe; 

  

	 	 (iii)
	 there will at all times be an Agent; and 

  

	 	 (iv)
	 the Issuer will ensure that it maintains a Paying Agent in a European Union Member State (if any) that is not obliged to deduct tax pursuant to European Council
Directive 2003/48/EC or any law implementing or complying with, or introduced in order to conform to, such Directive. 

  

	     
	 In addition, the Issuer shall forthwith appoint a Paying Agent having a specified office in New York City in the circumstances described in the final paragraph
of Condition 5(b). Any variation, termination, appointment or change shall only take effect (other than in the case of insolvency, when it shall be of immediate effect) after not less than 30 nor more than 45 days’ prior notice thereof shall
have been given to the Noteholders in accordance with Condition 13. 

  

	 12.
	 Exchange of Talons 

  

	   
	 On and after the Fixed Interest Date or the Interest Payment Date, as appropriate, on which the final Coupon comprised in any Coupon sheet matures, the Talon (if
any) forming part of such Coupon sheet may be surrendered at the specified office of the Agent or any other Paying Agent in exchange for a further Coupon sheet including (if such further Coupon sheet does not include Coupons to (and including) the
final date for the payment of interest due in respect of the Note to which it appertains) a further Talon, subject to the provisions of Condition 8. Each Talon shall, for the purposes of these Terms and Conditions, be deemed to mature on the Fixed
Interest Date or the Interest Payment Date (as the case may be) on which the final Coupon comprised in the relative Coupon sheet matures. 

  

	 13.
	 Notices 

  

	     
	 All notices regarding the Notes shall be published in a leading English language daily newspaper of general circulation in London. It is expected that such
publication will be made in the Financial Times in London. The Issuer 

  

 Page 68 

	     
	 shall also ensure that notices are duly published in a manner which complies with the rules and regulations of any stock exchange (or other relevant authority)
on which the Notes are for the time being listed or by which they have been admitted to trading. Any such notice will be deemed to have been given on the date of the first publication in both such newspapers. 

  

	     
	 Until such time as any definitive Notes are issued, there may (provided that, in the case of Notes listed on a stock exchange, the stock exchange agrees), so
long as the global Note(s) is or are held in its/their entirety on behalf of Euroclear and Clearstream, Luxembourg, be substituted for such publication in such newspaper(s) the delivery of the relevant notice to Euroclear and Clearstream, Luxembourg
for communication by them to the holders of the Notes. Any such notice shall be deemed to have been given to the holders of the Notes on the seventh day after the day on which the said notice was given to Euroclear and Clearstream, Luxembourg.

  

	     
	 Notices to be given by any holder of the Notes shall be in writing and given by lodging the same, together with the relative Note or Notes, with the Agent.
Whilst any of the Notes are represented by a global Note, such notice may be given by any holder of a Note to the Agent via Euroclear and/or Clearstream, Luxembourg, as the case may be, in such manner as the Agent and Euroclear and/or Clearstream,
Luxembourg, as the case may be, may approve for this purpose. 

  

	 14.
	 Meetings of Noteholders, Modification and Waiver 

  

	     
	 The Agency Agreement contains provisions for convening meetings of the Noteholders to consider any matter affecting their interests, including the sanctioning by
Extraordinary Resolution of a modification of the Notes, the Receipts, the Coupons or any of the provisions of the Agency Agreement. Such a meeting may be convened by the Issuer or Noteholders holding not less than five per cent. in nominal amount
of the Notes for the time being remaining outstanding. The quorum at any such meeting for passing an Extraordinary Resolution is one or more persons holding or representing not less than 50 per cent. in nominal amount of the Notes for the time
being outstanding, or at any adjourned meeting one or more persons being or representing Noteholders whatever the nominal amount of the Notes so held or represented, except that at any meeting the business of which includes the modification of
certain provisions of the Notes, Receipts or Coupons (including modifying the date of maturity of the Notes or any date for payment of interest thereof, reducing or cancelling the amount of principal or the rate of interest payable in respect of the
Notes or altering the currency of payment of the Notes, Receipts or Coupons), the quorum shall be one or more persons holding or representing not less than 75 per cent. in nominal amount of the Notes for the time being outstanding, or at any
adjourned such meeting one or more persons holding or representing a clear majority in nominal amount of the Notes for the time being outstanding. An Extraordinary Resolution passed at any meeting of the Noteholders shall be binding on all the
Noteholders, 

  

 Page 69 

	     
	 whether or not they are present at the meeting, and on all Receiptholders and Couponholders. 

  

	     
	 The Agent and the Issuer may agree, without the consent of the Noteholders, Receiptholders or Couponholders, to: 

  

	 	 (i)
	 any modification (except as mentioned above) of the Agency Agreement which is not prejudicial to the interests of the Noteholders; or

  

	 	 (ii)
	 any modification of the Notes, the Receipts, the Coupons or the Agency Agreement which is of a formal, minor or technical nature or is made to correct a manifest
error or to comply with mandatory provisions of the law of the jurisdiction in which the Issuer is incorporated. 

  

	     
	 Any such modification shall be binding on the Noteholders, the Receiptholders and the Couponholders and any such modification shall be notified to the
Noteholders in accordance with Condition 13 as soon as practicable thereafter. 

  

	 15.
	 Further Issues 

  

	     
	 The Issuer shall be at liberty from time to time without the consent of the Noteholders, Receiptholders or Couponholders to create and issue further notes having
terms and conditions the same as the Notes or the same in all respects save for the amount and date of the first payment of interest thereon and so that the same shall be consolidated and form a single Series with the outstanding Notes.

  

	 16.
	 Redenomination of the Notes into Euro 

  

	 (a)
	 Contractual Right of Redenomination 

  

	     
	 The Issuer, may, without the consent of the Noteholders, by giving a redenomination notice pursuant to subparagraph (c) of this Condition 16, with effect
from a date to be determined by the Issuer (the “Redenomination Date”, which shall be an Interest Payment Date, unless specified otherwise in the Final Terms), redenominate into euro all, but not some only, of the Notes, provided that the
Specified Currency is the official currency of a participating member state of European Economic and Monetary Union on the Redenomination Date. Simultaneously, the Issuer may alter the Specified Denomination(s) of the Notes and adjust the provisions
regarding the Day Count Fraction, the Reference Rate (where applicable) and the Business Day definition to the existing or anticipated market practice. 

  

	 (b)
	 Amendment of Conditions 

  

	     
	 The redenomination and any additional measures which may be taken in this connection will, to the extent not governed by mandatory laws or regulations,

  

 Page 70 

	     
	 occur by way of an amendment to the Conditions as the Issuer may determine in its reasonable discretion, taking into account the interests of the Noteholders.
Any conversion of the principal amount of each Note into euro shall be made in accordance with existing or anticipated market practice and, if consistent therewith, may be made by (i) converting the principal amount of each Note into euro by
using the fixed conversion rate between the Specified Currency and the euro, and rounding the resultant figure to the nearest 0.01 euro (with 0.005 euro being rounded upwards) and (ii) altering the Specified Denomination(s) of the Notes to 0.01
euro if the regulations and procedures of the relevant Clearing System(s) so permit, otherwise one euro. Upon the redenomination, all references in the Notes to the Specified Currency will be deemed references to “euro”. This does not
apply if the Notes are Dual Currency Notes. 

  

	 (c)
	 Redenomination Notice 

  

	     
	 The redenomination notice will be given in accordance with Condition 12 at least 30 calendar days prior to the Redenomination Date. It will:

  

	 	 (i)
	 specify the Redenomination Date; and 

  

	 	 (ii)
	 describe any amendments to the Conditions and specify the wording of the amended or additional provisions. 

  

	 (d)
	 Statutory Right of Redenomination 

  

	     
	 To the extent that applicable provisions of law permit the Issuer to redenominate the Notes into the euro and to take additional measures, the Issuer may
exercise the rights provided by law instead or in addition to the rights set out above. 

  

	 (e)
	 Consolidation 

  

	     
	 The Issuer reserves the right, in connection with, and as part of, the redenomination notice in respect of any Series of Notes without the consent of the
Noteholders or Couponholders consolidate such Series with other notes of the Issuer, which are, or as of the Redenomination Date, will be, denominated in euro and have otherwise identical terms, so that the same form a single series with the Series
comprising the Notes. 

  

	 17.
	 Governing Law and Submission to Jurisdiction 

  

	 (a)
	 The Agency Agreement, the Notes, the Receipts and the Coupons are governed by, and shall be construed in accordance with, English law.

  

	 (b)
	 The Issuer agrees, for the exclusive benefit of the Paying Agents, the Noteholders, the Receiptholders and the Couponholders that the courts of England are to
have jurisdiction to settle any disputes which may arise out of or in connection with the Agency Agreement, the Notes, the Receipts and/or the Coupons and that accordingly any suit, action or proceedings (together 

  

 Page 71 

	     
	 referred to as “Proceedings”) arising out of or in connection with the Agency Agreement, the Notes, the Receipts and the Coupons may be brought in such
courts. The Issuer hereby irrevocably waives any objection which it may have now or hereafter to the laying of the venue of any such Proceedings in any such court and any claim that any such Proceedings have been brought in an inconvenient forum and
hereby further irrevocably agrees that a judgment in any such Proceedings brought in the English courts shall be conclusive and binding upon it and may be enforced in the courts of any other jurisdiction. Nothing contained in this Condition shall
limit any right to take Proceedings against the Issuer in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently
or not. The Issuer appoints PepsiCo International Limited at its registered office at 63 Kew Road, Richmond, Surrey TW9 2QL, England: Attention: Division Counsel as its agent for service of process, and undertakes that, in the event of PepsiCo
International Limited ceasing so to act or ceasing to be registered in England, it will appoint another person as its agent for service of process in England in respect of any Proceedings. Nothing herein shall affect the right to serve proceedings
in any other manner permitted by law. The Issuer hereby irrevocably and unconditionally waives with respect to the Agency Agreement, the Notes, the Receipts and/or the Coupons any right to claim immunity from jurisdiction or execution and any
similar defence and irrevocably and unconditionally consents to the giving of any relief or the issue of any process, including without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or
intended use) of any order or judgment made or given in connection with any Proceedings. 

  

	 18.
	 Contracts (Rights of Third Parties) Act 1999 

  

	     
	 No person shall have any right to enforce any term or condition of the Notes under the Contracts (Rights of Third Parties) Act 1999.

  

 Page 72 

 SCHEDULE 2 
 FORMS OF GLOBAL AND DEFINITIVE NOTES, RECEIPTS, 
 COUPONS AND TALONS 
 PART I 
 FORM OF TEMPORARY GLOBAL NOTE

 ANY UNITED STATES PERSON WHO HOLDS
THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES
INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a)
OF THE INTERNAL REVENUE CODE. 
 [BY
ACCEPTING THIS OBLIGATION, THE HOLDER REPRESENTS AND WARRANTS THAT IT IS
NOT A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED
IN SECTION 6049(b)(4) OF THE INTERNAL REVENUE CODE AND REGULATIONS THEREUNDER) AND
THAT IT IS NOT ACTING FOR OR ON BEHALF OF A UNITED
STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(b)(4) OF
THE INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER).]1 
 PEPSICO, INC. 
 TEMPORARY GLOBAL NOTE 
 This Global Note is a
Temporary Global Note in respect of a duly authorised issue of Euro Medium Term Notes (the Notes) of PepsiCo, Inc. (the Issuer) described, and having the provisions specified, in the Final Terms attached hereto (the
Final Terms). References herein to the Conditions shall be to the Terms and Conditions of the Notes as set out in Schedule 1 to the Agency Agreement (as defined below) as modified and supplemented by the information set out in the
Final Terms, but in the event of any conflict between the provisions of that Schedule and the information set out in the Final Terms, the Final Terms will prevail. 
 Words and expressions defined or set out in the Conditions and/or the Final Terms shall bear the same meaning when used herein. 
 This Global Note is issued subject to, and with the benefit of, the Conditions and an Agency Agreement (the Agency Agreement, which expression shall be construed as a reference to that agreement as the
same may be amended, supplemented or restated from time to time) dated 21 July 2006 and made between the Issuer, JPMorgan Chase Bank, N.A. (the Agent) and the Paying Agents named therein. 
 If the applicable Final Terms indicate that this Global Note is intended to be a New Global Note, the nominal amount of Notes represented by this Global
Note shall be the aggregate amount from time to time entered in the records of both Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme (together, the relevant Clearing Systems). The records of the relevant
Clearing Systems (which expression 
  

	
	  

 1      This legend will be required for all Notes with maturity (at issue) of 183 days or less. 
  

 Page 73 

 in this Global Note means the records that each relevant Clearing System holds for its customers which
reflect the amount of such customer’s interest in the Notes) shall be conclusive evidence of the nominal amount of Notes represented by this Global Note and, for these purposes, a statement issued by a relevant Clearing System stating the
nominal amount of Notes represented by this Global Note at any time shall be conclusive evidence of the records of the relevant Clearing System at that time. 
 For value received the Issuer, subject to and in accordance with the Conditions, promises to pay to the bearer hereof on each Instalment Date (if the Notes are repayable in instalments) and on the Maturity Date and/or
on such earlier date(s) as all or any of the Notes represented by this Global Note may become due and repayable in accordance with the Conditions, the amount payable under the Conditions in respect of such Notes on each such date and to pay interest
(if any) on the nominal amount of the Notes from time to time represented by this Global Note calculated and payable as provided in the Conditions together with any other sums payable under the Conditions, upon presentation and, at maturity,
surrender of this Global Note to or to the order of the Agent or any of the other Paying Agents located outside the United States (except as provided in the Conditions) from time to time appointed by the Issuer in respect of the Notes, but in each
case subject to the requirements as to certification provided herein. On any redemption or payment of an instalment or interest being made in respect of, or purchase and cancellation of, any of the Notes represented by this Global Note the Issuer
shall procure that: 
  

	 (i)
	 if the applicable Final Terms indicate that this Global Note is intended to be a New Global Note, details of the payment of interest shall be entered in the
records of the relevant Clearing System, while details of redemption or purchase and cancellation (as the case may be) shall be entered pro rata in the records of the relevant Clearing Systems and, upon any such entry being made, the nominal amount
of the Notes recorded in the records of the relevant Clearing Systems and represented by this Global Note shall be reduced by the aggregate nominal amount of the Notes so redeemed or purchased and cancelled or by the aggregate amount of such
instalment so paid, or 

  

	 (ii)
	 if the applicable Final Terms indicate that this Global Note is not intended to be a New Global Note, details of such redemption, payment or purchase and
cancellation (as the case may be) shall be entered by or on behalf of the Issuer in Schedule One hereto and the relevant space in Schedule One hereto recording any such redemption, payment or purchase and cancellation (as the case may be) shall be
signed by or on behalf of the Issuer. Upon any such redemption, payment of an instalment or purchase and cancellation, as aforesaid, the nominal amount of the Notes represented by this Global Note shall be reduced by the nominal amount of such Notes
so redeemed or purchased and cancelled or the amount of such instalment. The nominal amount of this Global Note and of the Notes represented hereby following any such redemption, payment of an instalment or purchase and cancellation as aforesaid or
any exchange as referred to below shall be the nominal amount most recently entered by or on behalf of the Issuer in the relevant column in Part II, III or IV of Schedule One or in Schedule Two hereto. Prior to the Exchange Date (as defined below),
all payments (if any) on this Global Note 

  

 Page 74 

	     
	 will only be made to the bearer hereof to the extent that there is presented to the Agent by Clearstream Banking, société anonyme
(Clearstream, Luxembourg) or Euroclear Bank S.A./N.V., as operator of the Euroclear System (Euroclear) a certificate to the effect that it has received from or in respect of a person entitled to a beneficial interest in a
particular nominal amount of the Notes represented by this Global Note (as shown by its records) a certificate of non-US beneficial ownership in the form required by the Issuer. The bearer of this Global Note will not be entitled to receive any
payment of interest hereon due on or after the Exchange Date. 

 On or after the date (the Exchange Date)
which is 40 days after the later of (i) the Issue Date and (ii) the completion of the distribution (as determined by the Agent) of the Notes represented by this Global Note, this Global Note may be exchanged in whole or in part (free of
charge) for, as specified in the Final Terms, either (i) security printed Definitive Notes and (if applicable) Coupons, Receipts and Talons in the form set out in Parts III, IV, V and VI respectively of Schedule 2 to the Agency Agreement (on
the basis that all the appropriate details have been included on the face of such Definitive Notes and (if applicable) Coupons, Receipts and Talons and the Final Terms (or the relevant provisions of the Final Terms) have been either endorsed on or
attached to such Definitive Notes)) or, (ii) if the applicable Final Terms indicate that this Global Note is intended to be a New Global Note, interests recorded in the records of the relevant Clearing Systems in a Permanent Global Note, or, if
the applicable Final Terms indicate that this Global Note is not intended to be a New Global Note, a Permanent Global Note, which is in or substantially in the form set out in Part II of Schedule 2 to the Agency Agreement (together with the Final
Terms attached thereto) upon notice being given by Euroclear and/or Clearstream acting on the instructions of any holder of an interest in this Global Note and subject, in the case of Definitive Notes, to such notice period as is specified in the
Final Terms. 
 If Definitive Notes and (if applicable) Coupons, Receipts and/or Talons have already been issued in exchange for all the
Notes represented for the time being by the Permanent Global Note, then this Global Note may only thereafter be exchanged for Definitive Notes and (if applicable) Coupons, Receipts and/or Talons pursuant to the terms hereof. 
 This Global Note may be exchanged by the bearer hereof on any day (other than a Saturday or Sunday) on which banks are open for business in London. The
Issuer shall procure that the Definitive Notes or (as the case may be) the Permanent Global Note shall be issued and delivered and (in the case of the Permanent Global Note where the applicable Final Terms indicate that this Global Note is intended
to be a New Global Note recorded in the records of the relevant Clearing System) in exchange for only that portion of this Global Note in respect of which there shall have been presented to the Agent by Clearstream, Luxembourg or Euroclear a
certificate to the effect that it has received from or in respect of a person entitled to a beneficial interest in a particular nominal amount of the Notes represented by this Global Note (as shown by its records) a certificate of non-US beneficial
ownership in the form required by the Issuer. 
  

 Page 75 

 On an exchange of the whole of this Global Note, this Global Note shall be surrendered to or to the order
of the Agent. On an exchange of part only of this Global Note, the Issuer shall procure that: 
  

	 (i)
	 if the applicable Final Terms indicate that this Global Note is intended to be a New Global Note, details of such exchange shall be entered pro rata in the
records of the relevant Clearing Systems; or 

  

	 (ii)
	 if the applicable Final Terms indicate that this Global Note is not intended to be a New Global Note, details of such exchange shall be entered by or on behalf
of the Issuer in Schedule Two hereto and the relevant space in Schedule Two hereto recording such exchange shall be signed by or on behalf of the Issuer, whereupon the nominal amount of this Global Note and the Notes represented by this Global Note
shall be reduced by the nominal amount so exchanged and upon any such exchange of this Global Note for a Permanent Global Note, details of such exchange shall be entered by or on behalf of the Issuer in Schedule Two to the Permanent Global Note and
the relevant space in Schedule Two thereto recording such exchange shall be signed by or on behalf of the Issuer. 

 Until
the exchange of the whole of this Global Note as aforesaid, the bearer hereof shall in all respect (except as otherwise provided herein) be entitled to the same benefits as if he were the bearer of Definitive Notes and the relative Coupons, Receipts
and/or Talons (if any) in the form(s) set out in Part III, Part IV, Part V and Part VI, respectively, of Schedule 2 to the Agency Agreement. 
 In the event that this Global Note (or any part hereof) has become due and repayable in accordance with the Conditions or that the Maturity Date in respect thereof has occurred and payment in full of the amount due has not been made to the
bearer in accordance with the foregoing then, unless within the period of 15 days commencing on the relevant due date payment in full of the amount due in respect of this Global Note is received by the bearer in accordance with the foregoing, this
Global Note will become void at 8.00 p.m. (London time) on such fifteenth day and the bearer will have no further rights under this Global Note (but without prejudice to the rights which the bearer or any other person may have under the Deed of
Covenant executed by the Issuer on 21 July 2006 in respect of the Euro Medium Term Notes issued under the Programme Agreement pursuant to which this Global Note is issued). 
 This Global Note is governed by, and shall be construed in accordance with, English law. 
 This Global Note shall not be valid unless authenticated by the Agent and, if the applicable Final Terms indicate that this Global Note is intended to be
held in a manner which would allow Eurosystem eligibility, effectuated by the entity appointed as common safe-keeper by the Relevant Clearing Systems. 
 IN WITNESS whereof the Issuer has caused this Global Note to be duly executed on its behalf. 
 PEPSICO, INC. 
  

 Page 76 

 By: 
 Authorised Signatory 
 Authenticated without recourse, 
 warranty or
liability by 
 JPMORGAN CHASE BANK, N.A. 
 By: 
 Authorised Signatory 
 Effectuated without recourse, 
 warranty or liability by 
 ................................. 
 as common safekeeper 
 By: 
 Authorised Signatory 
  

 Page 77 

 Schedule One to the Temporary Global Note 
 Part I 
 Interests Payments 
  

									
	 Date made
	  	 Total amount of
 interest payable
	  	 Amount of
 interest paid
	  	 Confirmation of
 payment on behalf
 of the Issuer
	  	
	  
 __________
	  	 __________
	  	 __________
	  	 __________
	  	
	  
 __________
	  	 __________
	  	 __________
	  	 __________
	  	
	  
 __________
	  	 __________
	  	 __________
	  	 __________
	  	
	  
 __________
	  	 __________
	  	 __________
	  	 __________
	  	
	  
 __________
	  	 __________
	  	 __________
	  	 __________
	  	
	  
 __________
	  	 __________
	  	 __________
	  	 __________
	  	
	  
 __________
	  	 __________
	  	 __________
	  	 __________
	  	
	  
 __________
	  	 __________
	  	 __________
	  	 __________
	  	
	  
 __________
	  	 __________
	  	 __________
	  	 __________
	  	
	  
 __________
	  	 __________
	  	 __________
	  	 __________
	  	
	  
 __________
	  	 __________
	  	 __________
	  	 __________
	  	
	  
 __________
	  	 __________
	  	 __________
	  	 __________
	  	
	  
 __________
	  	 __________
	  	 __________
	  	 __________
	  	
		  		  	  
 *
	  		  	

  
  
  
  
  
 ____________________________________________________________________________________________________________ 
  

	 *
	 Schedule One should only be completed where the applicable Final Terms indicate that this Global Note is not intended to be a New Global Note.

  

 Page 78 

 Part II 
 Payment of Instalment Amounts 
  

									
	 Date made
	 	 Total amount of
 Instalment
 Amounts
 payable
	 	 Amount of
 Instalment
 Amounts Paid
	 	 Remaining
 nominal amount
 of this Global Note
 following such
 payment*
	 	 Confirmation of
 payment on
 behalf of the
 Issuer

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

  
  
  
  
  
  
  
 ____________________________________________________________________________________________________________ 
  

	 *
	 See most recent entry in Part II, III or IV of Schedule One or in Schedule Two in order to determine this amount. 

  

 Page 79 

 Part III 
 Redemptions 
  

									
	 Date made
	 	 Total amount of
 principal
 payable
	 	 Amount of
 principal paid
	 	 Remaining
 nominal amount
 of this Global Note
 following such
 redemption*
	 	 Confirmation of
 payment on
 behalf of the
 Issuer

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________
	 	 __________

  
  
  
  
  
  
  
  
 ____________________________________________________________________________________________________________ 
  

	 *
	 See most recent entry in Part II, III or IV of Schedule One or in Schedule Two in order to determine this amount. 

  

 Page 80 

 Part IV 
 Purchases and Cancellations 
  

							
	 Date made
	 	 Part of nominal
 amount of this Global
 Note purchased and
 cancelled
	 	 Remaining
 nominal amount
 of this Global
 Note following
 such purchase
 and cancellation*
	 	 Confirmation of
 purchase and
 cancellation on
 behalf of the
 Issuer

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

  
  
  
  
  
  
  
  
  
 ____________________________________________________________________________________________________________ 
  

	 *
	 See most recent entry in Part II, III or IV of Schedule One or in Schedule Two in order to determine this amount. 

  

 Page 81 

 Schedule Two to the Temporary Global Note* 
 Exchanges for Definitive Notes or Permanent
Global Note 
  

							
	 Date made
	 	 Nominal amount of
 this Global Note
 exchanged for
 Definitive Notes or a
 Permanent Global
 Note
	 	 Remaining
 nominal amount
 of this Global
 Note following
 such exchange**
	 	 Notation made
 on behalf of the
 Issuer

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

	  
 __________
	 	 __________
	 	 __________
	 	 __________

  
  
  
  
  
  
 ____________________________________________________________________________________________________________ 
  

	 *
	 Schedule Two should only be completed where the applicable Final Terms indicate that this Global Note is not intended to be a New Global Note.

  
  

	 **
	 See most recent entry in Part II, III or IV of Schedule One or in Schedule Two in order to determine this amount. 

  

 Page 82 

 PART II 
 FORM OF PERMANENT GLOBAL NOTE 
 ANY UNITED STATES
PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER
THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN
SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
 [BY ACCEPTING THIS OBLIGATION, THE HOLDER REPRESENTS AND WARRANTS
THAT IT IS NOT A UNITED STATES PERSON (OTHER THAN AN EXEMPT
RECIPIENT DESCRIBED IN SECTION 6049(b)(4) OF THE INTERNAL REVENUE CODE AND
REGULATIONS THEREUNDER) AND THAT IT IS NOT ACTING FOR OR ON BEHALF
OF A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED
IN SECTION 6049(b)(4) OF THE INTERNAL REVENUE CODE AND THE REGULATIONS
THEREUNDER).]1 
 PEPSICO, INC. 
 PERMANENT GLOBAL NOTE 
 This Global Note is a Permanent Global Note in respect of a duly authorised Series of Euro Medium Term Notes (the Notes) of PepsiCo, Inc. (the Issuer) described, and
having the provisions specified, in the Final Terms or Final Terms attached hereto (together the Final Terms). Notes will only be issued initially in respect of any Tranche of Notes in permanent global form where no certification of
non-United States beneficial ownership is required by U.S. Treasury Regulations. References herein to the Conditions shall be to the Terms and Conditions of the Notes as set out in Schedule 1 to the Agency Agreement (as defined below)
as modified and supplemented by the information set out in the Final Terms, but in the event of any conflict between the provisions of that Schedule and the information set out in the Final Terms, the Final Terms will prevail. 
 Words and expressions defined or set out in the Conditions and/or the Final Terms shall bear the same meaning when used herein. 
 This Global Note is issued subject to, and with the benefit of, the Conditions and an Agency Agreement (the Agency Agreement, which
expression shall be construed as a reference to that agreement as the same may be amended, supplemented or restated from time to time) dated 21 July 2006 and made between the Issuer, JPMorgan Chase Bank, N.A. (the Agent) and the
Paying Agents named therein. 
 If the applicable Final Terms indicate that this Global Note is intended to be a New Global Note, the nominal
amount of Notes represented by this Global Note shall be the aggregate amount from time to time entered in the records of both Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme (together, the relevant Clearing
Systems). The records of the relevant Clearing Systems (which expression in this Global Note means the records that each relevant Clearing System holds for its customers which reflect the amount of such customer’s interest in the Notes)
shall be 
  

	
	  

 1      This legend will be required for all Notes with maturity (at issue) of 183 days or less. 
  

 Page 83 

 conclusive evidence of the nominal amount of Notes represented by this Global Note and, for these
purposes, a statement issued by a relevant Clearing System stating the nominal amount of Notes represented by this Global Note at any time shall be conclusive evidence of the records of the relevant Clearing System at that time. 
 For value received the issuer, subject to and in accordance with the Conditions, promises to pay to the bearer hereof on each Instalment Date (if the
Notes are repayable in instalments) and on the Maturity Date and/or on such earlier date(s) as all or any of the Notes represented by this Global Note may become due and repayable in accordance with the Conditions, the amount payable under the
Conditions in respect of such Notes on each such date and to pay interest (if any) on the nominal amount of the Notes from time to time represented by this Global Note calculated and payable as provided in the Conditions together with any other sums
payable under the Conditions, upon presentation and, at maturity, surrender of this Global Note to or to the order of the agent at or any of the other Paying Agents located outside the United States (except as provided in the Conditions) from time
to time appointed by the Issuer in respect of the Notes. On any redemption or payment of an instalment or interest being made in respect of, or purchase and cancellation of, any of the Notes represented by this Global Note the Issuer shall procure
that: 
 (i)       if the applicable Final Terms indicate that this Global Note is intended to be a New Global
Note, details of the payment of interest and of any payment of an instalment shall be entered in the records of the relevant Clearing System, details of redemption or purchase and cancellation (as the case may be) shall be entered pro rata in the
records of the relevant Clearing Systems and, upon any such entry being made, the nominal amount of the Notes recorded in the records of the relevant Clearing Systems and represented by this Global Note shall be reduced by the aggregate nominal
amount of the Notes so redeemed or purchased and cancelled or by the aggregate amount of such instalment so paid, or 
 (ii)       if the applicable Final Terms indicate that this Global Note is not intended to be a New Global Note, details of such redemption, payment or purchase and cancellation (as the case may be) shall be
entered by or on behalf of the Issuer in Schedule One hereto and the relevant space in Schedule One hereto recording any such redemption, payment or purchase and cancellation (as the case may be) shall be signed by or on behalf of the Issuer. Upon
any such redemption, payment of an instalment or purchase and cancellation as aforesaid, the nominal amount of the notes represented by this Global Note shall be reduced by the nominal amount of such Notes so redeemed or purchased and cancelled or
the amount of such instalment. The nominal amount of this Global Note and of the Notes represented hereby following any such redemption, payment of an instalment or purchase and cancellation as aforesaid, or any exchange as referred to below shall
be the nominal amount most recently entered by or on behalf of the Issuer in the relevant column in Part II, III or IV of Schedule One or in Schedule Two hereto. 
 [On any exchange of the Temporary Global Note issued in respect of the Notes for this Global Note or any part hereof, details of such exchange shall be entered by or on behalf of the Issuer either, if the applicable
Final Terms indicate that this Global Note is intended to be a New Global Note, as interests recorded in the records of the 
  

 Page 84 

 relevant Clearing Systems in a Permanent Global Note, or if the applicable Final Terms indicate that this
Global Note is not ended to be a New Global Note, in Schedule Two hereto and the relevant space in Schedule Two hereto recording such exchange shall be signed by or on behalf of the Issuer, whereupon the nominal amount of the Temporary Global Note
shall be reduced and the Notes represented by this Global Note shall be increased by the nominal amount of the Temporary Global Note so exchanged.]2 
 This Global Note may be exchanged (free of charge) for Definitive Notes and (if applicable) Coupons, Receipts and/or Talons in the form set out in Part III, Part IV, Part V and Part VI
respectively, of Schedule 2 to the Agency Agreement (on the basis that all the appropriate details have been included on the face of such Definitive Notes and (if applicable) Coupons, Receipts and Talons and the Final Terms (or the relevant
provisions of the Final Terms) have been incorporated on such Definitive Notes) provided that the first notice referred to below given to the Agent by Euroclear Bank S.A./N.V., as operator of the Euroclear System (Euroclear) and/or
Clearstream Banking, société anonyme (Clearstream, Luxembourg) shall give rise to the issue of Definitive Notes for the total amount of Notes represented by this Global Note. Subject to at least 60 days’ written
notice [expiring at least 30 days after the Exchange Date (as defined in the Temporary Global Note referred to above)]3 being given to the Agent by Euroclear and/or Clearstream, Luxembourg acting on the instructions of any holder of any interest in this Global Note, such exchange will be made upon presentation of this Global Note by the bearer hereof
on any day (other than a Saturday or Sunday) on which banks are open for business in London at the office of the Agent specified above. The aggregate nominal amount of Definitive Notes issued upon an exchange of the whole of this Global Note will be
equal to the aggregate nominal amount of Notes represented by this Global Note. 
 On an exchange of this
Global Note, this Global Note shall be surrendered to or to the order of the Agent. 
 Until the exchange of the whole of this Global Note as
aforesaid, the bearer hereof shall in all respect be entitled to the same benefits as if he were the bearer of Definitive Notes and the relative Coupons, Receipts and/or Talons (if any) in the forms set out in Part III, Part IV, Part V and Part VI,
respectively, of Schedule 2 to the Agency Agreement. 
 In the event that this Global Note (or any part hereof) has become due and repayable
in accordance with the Conditions or that the Maturity Date has occurred and payment in full of the amount due has not been made to the bearer in accordance with the foregoing then, unless within the period of 15 days commencing on the relevant due
date payment in full of the amount due in respect of this Global Note is received by the bearer in accordance with the foregoing, this Global Note will become void at 8.00 p.m. (London time) on such fifteenth day and the bearer will have no further
rights under this Global Note (but without prejudice to the rights which the bearer or any other person may have under the Deed of Covenant executed by the Issuer on 21 
  

	
	  

 2      Delete in the case of Notes issued initially in permanent global form (see Final Terms item 6). 
 3      Delete in the case of Notes issued initially in permanent global form (see Final Terms item 6). 
  

 Page 85 

 July 2006 in respect of the Euro Medium Term Notes issued under the Programme Agreement pursuant to which
this Global Note is issued). 
 This Global Note is governed by, and shall be construed in accordance with,
English law. 
 This Global Note shall not be valid unless authenticated by the Agent, and, if the applicable Final Terms indicate that this
Global Note is intended to be held in a manner which would allow Eurosystem eligibility, effectuated by the entity appointed as common safekeeper by the Relevant Clearing Systems. 
 IN WITNESS whereof the Issuer has caused this Global Note to be duly executed on
its behalf. 
 PEPSICO, INC. 
 By:.......................................... 
 Authorised Signatory 
 Authenticated without recourse, 
 warranty or
liability by 
 JPMORGAN CHASE BANK, N.A. 
 By:.......................................... 
 Authorised
Signatory 
 Effectuated without recourse, 
 warranty or liability by 
 .......................................... 
 as common safekeeper 
 By: 
 Authorised Signatory 
  

 Page 86 

 Schedule One to the Permanent Global Note* 
 Part I 
 Interest Repayments 
  

							
	 Date made
	 	 Total amount of
 interest payable
	 	 Amount of
 interest paid
	 	 Confirmation of
 payment on behalf
 of the Issuer

	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________

 ____________________________________________________________________________________________________________ 
  

	 *
	 Schedule One should only be completed where the applicable Final Terms indicate that this Global Note is not intended to be a New Global Note.

  

 Page 87 

 Part II 
 Payment of Instalment Amounts 
  

									
	Date made	 	 Total
 amount of
 Instalment
 Amounts
 payable
	 	 Amount of
 Instalment
 Amounts
 paid
	 	 Remaining
 nominal
 amount of this
 Global Note
 following such
 payment*
	 	 Confirmation
 of payment on
 behalf of the
 Issuer

	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________

  
 ____________________________________________________________________________________________________________ 
  

	 *
	 See most recent entry in Part II, III or IV of Schedule One or in Schedule Two in order to determine this amount. 

  

 Page 88 

 Part III 
 Redemptions 
  

									
	Date made	 	 Total
 amount of
 principal
 payable
	 	 Amount of
 principal
 paid
	 	 Remaining
 nominal
 amount of this
 Global Note
 following such
 redemption*
	 	 Confirmation
 of redemption
 on behalf of
 the Issuer

	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________	 	__________

  
 ____________________________________________________________________________________________________________ 
  

	 *
	 See most recent entry in Part II, III or IV of Schedule One or in Schedule Two in order to determine this amount. 

  

 Page 89 

 Part IV 
 Purchases and Cancellations 
  

							
	 Date made
	 	 Part of nominal
 amount of this Global
 Note purchased and
 cancelled
	 	 Remaining
 nominal amount
 of this Global
 Note following
 such purchase
 and cancellation*
	 	 Confirmation of
 purchase and
 cancellation on behalf
 of the Issuer

	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________

  
  
  
 ____________________________________________________________________________________________________________ 
  

	 *
	 See most recent entry in Part II, III or IV of Schedule One or in Schedule Two in order to determine this amount 

  

 Page 90 

 Schedule Two to the Permanent Global Note* 
 Schedule of Exchanges 
 The following exchanges affecting the
nominal amount of this Global Note have been made: 
  

							
	 Date made
	 	 Nominal amount of
 Temporary Global
 Note exchanged for
 this Global Note
	 	 Nominal amount of
 this Global Note
 exchanged for
 Definitive Notes
	 	 Notation made on
 behalf of the Issuer

	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________
	  
 __________
	 	__________	 	__________	 	__________

  
 ____________________________________________________________________________________________________________ 
  

	 *
	 Schedule Two should only be completed where the applicable Final Terms indicate that this Global Note is not intended to be a New Global Note.

  

 Page 91 

 PART III 
 FORM OF DEFINITIVE NOTE 
 ANY UNITED STATES
PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER
THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN
SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
 [BY ACCEPTING THIS OBLIGATION, THE HOLDER REPRESENTS AND WARRANTS
THAT IT IS NOT A UNITED STATES PERSON (OTHER THAN AN EXEMPT
RECIPIENT DESCRIBED IN SECTION 6049(b)(4) OF THE INTERNAL REVENUE CODE AND
REGULATIONS THEREUNDER) AND THAT IT IS NOT ACTING FOR OR ON BEHALF
OF A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED
IN SECTION 6049(b)(4) OF THE INTERNAL REVENUE CODE AND THE REGULATIONS
THEREUNDER).]1 
 PEPSICO, INC. 
 [Specified Currency and Nominal Amount of Tranche] 
 EURO MEDIUM TERM NOTES DUE [Year of Maturity] 
 This Note is one of a duly authorised issue of Euro Medium Term Notes denominated in the Specified Currency maturing on the Maturity Date (the Notes) of PepsiCo, Inc. (the Issuer). References herein to the
Conditions shall be to the Terms and Conditions [endorsed hereon/set out in Schedule 1 to the Agency Agreement (as defined below) which shall be incorporated by reference herein and have effect as if set out hereon] as modified and supplemented by
the Final Terms (the Final Terms) (or the relevant provisions of the Final Terms) endorsed hereon, but in the event of any conflict between the provisions of the Conditions and the information in the Final Terms, the Final Terms will
prevail. 
 This Note is issued subject to, and with the benefit of, the Conditions and an Agency Agreement (the Agency
Agreement, which expression shall be construed as a reference to that agreement as the same may be amended, supplemented or restated from time to time) dated 21 July 2006 and made between the Issuer, JPMorgan Chase Bank, N.A. (the
Agent) and the Paying Agents named therein. 
 For value received, the Issuer, subject to and in accordance with the
Conditions, promises to pay to the bearer hereof [on each Instalment Date and] on the Maturity Date (if the Notes are redeemable in instalments) and/or on such earlier dates) as this Note may become due and repayable in accordance with the
Conditions, the amount payable under the Conditions in respect of this Note on each such date and to pay interest (if any) on this Note calculated and payable as provided in the Conditions together with any other sums payable under the Conditions.

 This Note shall not be validly issued unless authenticated by the Agent. 
 ____________________________________________________________________________________________________________ 
 1      This legend will be required for all Notes with maturity (at issue) of 183 days or less. 
  

 Page 92 

 IN WITNESS whereof the Issuer has caused
this Note to be duly executed on its behalf. 
 PEPSICO, INC. 
 By: 
 Authorised Signatory 
  

 
 Authenticated without recourse, 
 warranty or liability by 
 JPMORGAN CHASE
BANK, N.A. 
 By: 
 Authorised Signatory 
 Effectuated without recourse, 
 warranty or liability by 
 ................................. 
 common safekeeper 
 By: 
 Authorised Signatory 
  

 Page 93 

 Terms and Conditions 
 [Terms and Conditions to be as set out in Schedule 1 to the Agency Agreement] 
  
  
  
 Final Terms

 [Here to be set out text of Final Terms relating to the Notes] 
  

 Page 94 

 PART IV 
 FORM OF COUPON 
 (Face of Coupon) 
 ANY UNITED STATES PERSON WHO HOLDS THIS
OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME
TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE
INTERNAL REVENUE CODE. 
 [BY ACCEPTING THIS
OBLIGATION, THE HOLDER REPRESENTS AND WARRANTS THAT IT IS NOT A
UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(b)(4)
OF THE INTERNAL REVENUE CODE AND REGULATIONS THEREUNDER) AND THAT IT
IS NOT ACTING FOR OR ON BEHALF OF A UNITED STATES PERSON
(OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(b)(4) OF THE INTERNAL
REVENUE CODE AND THE REGULATIONS THEREUNDER).]1 
 PEPSICO, INC. 
 [Specified Currency and Nominal Amount Tranche] 
 NOTES DUE [Year of Maturity]

 Series No. [            ] 
 Part A 
  
  

			
	 [For Fixed Rate Notes:
	  	
		
	 This Coupon is payable to bearer, separately negotiable and subject to the Terms and Conditions of the said Notes.
	  	 Coupon for
[            ]
due on [            ]
20[  ]

		
	 Part B
	  	
		
	 [For Floating Rate Notes or Indexed Interest Notes:
	  	
		
	 Coupon for the amount due in accordance with the Terms and Conditions on the said notes on the Interest Payment Date falling in
[            ] 20[  ].
	  	 Coupon due
in [            ]
20[  ]

		
	 This Coupon is payable to bearer, separately negotiable and subject to such Terms and Conditions, under which it may become void before its due date.]
	  	

  
 ____________________________________________________________________________________________________________ 
 1      This legend will be required for all Notes with maturity (at issue) of 183 days or less.

  

 Page 95 

									
	 00                    
  
	  	 000000            
  
	  	 [ISIN]        
  
	  	 00                    
  
	  	 000000
  

  

 Page 96 

 (Reverse of Coupon) 
 AGENT 
 JPMorgan Chase Bank, N.A.

 Trinity Tower 
 9 Thomas More
Street 
 London E1W 1YT 
 PAYING AGENTS 
 J.P. Morgan Bank Luxembourg S.A. 
 6 route de Treves 
 L-2633 Senningerberg 
 Luxembourg 
 and/or such other or further Agent and other or further Paying Agents
and/or specified offices as may from time to time be duly appointed by the Issuer and notice of which has been given to the Noteholders. 
  

 Page 97 

 PART V 
 FORM OF RECEIPT 
 (On the front) 
 ANY UNITED STATES PERSON WHO HOLDS THIS
OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME
TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE
INTERNAL REVENUE CODE. 
 [BY ACCEPTING THIS
OBLIGATION, THE HOLDER REPRESENTS AND WARRANTS THAT IT IS NOT A
UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(b)(4)
OF THE INTERNAL REVENUE CODE AND REGULATIONS THEREUNDER) AND THAT IT
IS NOT ACTING FOR OR ON BEHALF OF A UNITED STATES PERSON
(OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(b)(4) OF THE INTERNAL
REVENUE CODE AND THE REGULATIONS THEREUNDER).]1 
 PEPSICO, INC. 
 [Specified Currency and Nominal Amount of Tranche] 
 EURO MEDIUM TERM NOTES DUE [Year of Maturity] 

Series No. [            ] 
 Receipt for the sum of [            ] being the instalment of principal payable in accordance with the Terms and Conditions endorsed on
the Note to which this Receipt appertains (the Conditions) on [            ]. 
 This Receipt is issued subject to and in accordance with the Conditions which shall be binding upon the holder of this Receipt (whether or not it is for the time being attached to such Note) and is payable at the
specified office of the Agent or any of the Paying Agents set out on the reverse of the Note to which this Receipt appertains (and/or any other or further Paying Agents and/or specified offices as may from time to time be duly appointed and notified
to the Noteholders). 
 This Receipt must be presented for payment together with the Note to which it appertains. The Issuer shall have no
obligation in respect of any Receipt presented without the Note to which it appertains or any unmatured Receipts. 
  

	
	 PEPSICO, INC.

	
	 By:

	
	 Authorised Signatory

  
  
  
 ____________________________________________________________________________________________________________ 
 1      This legend will be required for all Notes with maturity (at issue) of 183 days or less.

  

 Page 98 

 PART VI 
 FORM OF TALON 
 (On the front) 
 ANY UNITED STATES PERSON WHO HOLDS THIS
OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME
TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE
INTERNAL REVENUE CODE. 
 [BY ACCEPTING THIS
OBLIGATION, THE HOLDER REPRESENTS AND WARRANTS THAT IT IS NOT A
UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(b)(4)
OF THE INTERNAL REVENUE CODE AND REGULATIONS THEREUNDER) AND THAT IT
IS NOT ACTING FOR OR ON BEHALF OF A UNITED STATES PERSON
(OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(b)(4) OF THE INTERNAL
REVENUE CODE AND THE REGULATIONS THEREUNDER).]1 
 PEPSICO, INC. 
 [Specified Currency and Nominal Amount of Tranche] 
 EURO MEDIUM TERM NOTES DUE [Year of Maturity] 

Series No. [            ] 
 On or after [            ] further Coupons [and a further Talon] appertaining to the Note to which this Talon appertains will be issued
at the specified office of the Agent or any of the Paying Agents set out on the reverse hereof (and/or any other or further Paying Agents and/or specified offices as may from time to time be duly appointed and notified to the Noteholders) upon
production and surrender of this Talon. 
 This Talon may, in certain circumstances, become void under the Terms and Conditions endorsed on
the Notes to which this Talon appertains. 
  

	
	 PEPSICO, INC.

	
	 By:

	
	 Authorised Signatory

  
  
  
  
  
  
  
 ____________________________________________________________________________________________________________ 
 1      This legend will be required for all Notes with maturity (at issue) of 183 days or less.

  

 Page I 

 (Reverse of Receipt and Talon) 
 AGENT 
 JPMorgan Chase Bank, N.A.

 Trinity Tower 
 9 Thomas More
Street 
 London E1W 1YT 
 PAYING AGENTS 
 J.P. Morgan Bank Luxembourg S.A. 
 6 route de Treves 
 L-2633 Senningerberg 
 Luxembourg 
 and/or such other or further Agent and other or further Paying Agents
and/or specified offices as may from time to time be duly appointed by the Issuer and notice of which has been given to the Noteholders. 
  

 Page II 

 SCHEDULE 3 
 FORM OF DEED OF COVENANT 
 THIS DEED OF COVENANT is made on 21 July 2006 by PepsiCo, Inc. (the
Issuer) in favour of the account holders specified below of Clearstream Banking, société anonyme and Euroclear Bank S.A./N.V., as operator of the Euroclear System and/or any other additional clearing system or systems as are specified
in the Final Terms relating to any Note (as defined below) (each a Clearing System). 
 WHEREAS: 

(A)      The Issuer has entered into a Programme Agreement (the Programme Agreement, which expression includes the same
as it may be amended or supplemented from time to time) dated 21 July 2006 with the Dealers named therein under which the Issuer proposes from time to time to issue Euro Medium Term Notes (the Notes). 
 (B)      The Notes will initially be represented by, and comprised in, Temporary Global Notes (the Temporary Global Notes)
or Permanent Global Notes (the Permanent Global Notes, the Temporary Global Notes and the Permanent Global Notes being herein together called the Global Notes) representing a certain number of underlying Notes (the Underlying Notes). Each Underlying
Note initially represented by, and comprised in, a Temporary Global Note may be thereafter represented by a Permanent Global Note. 
 (C)      Each Global Note may, after issue, be deposited with a depositary or, as the case may be, the common safekeeper, for one or more Clearing Systems (each such Clearing System or all such Clearing Systems
together, the Relevant Clearing System). Upon such deposit of a Global Note the Underlying Notes represented by such Global Note will be credited to a securities account or securities accounts with the Relevant Clearing System. Any account holder
with the Relevant Clearing System which has underlying Notes credited to its securities account from time to time (each a Relevant Account Holder) will, subject to and in accordance with the terms and conditions and operating procedures or
management regulations of the Relevant Clearing System, be entitled to transfer such Underlying Notes and (subject to and upon payment being made by the Issuer to the bearer in accordance with the terms of the relevant Global Note) will be entitled
to receive payments from the Relevant Clearing System, as the case may be, calculated by reference to the Underlying Notes credited to its securities account. 
 (D)      In certain circumstances specified in each Global Note, a Global Note will become void. The time at which a Global Note becomes void is hereinafter referred to as the Relevant
Time. In such circumstances each Relevant Account Holder will, subject to and in accordance with the terms of this Deed, acquire against the Issuer all those rights which such Relevant Account Holder would have had if, prior to the Global Note
becoming void, duly executed and authenticated Definitive Note(s) (as defined in the Agency Agreement) and, if the Notes are repayable in instalments, receipts in respect thereof (the Receipts) and interest coupons (the Coupons) appertaining to the
Definitive Note(s) (if appropriate) had been issued in respect of its 
  

 Page III 

 Underlying Note(s) and such Definitive Note(s), Receipts (if appropriate) and Coupons (if appropriate)
were held and beneficially owned by such Relevant Account Holder. 
 NOW THIS DEED WITNESSES AS FOLLOWS:

 1.        If any Global Note becomes void in accordance with the terms thereof the Issuer hereby
undertakes and covenants with each Relevant Account Holder (other than when any Relevant Clearing System is an account holder of any other Relevant Clearing System) that each Relevant Account Holder shall automatically acquire at the Relevant Time,
without the need for any further action on behalf of any person, against the Issuer all those rights which such Relevant Account Holder has credited to its securities account with the Relevant Clearing System at the Relevant Time. The Issuer’s
obligation pursuant to this clause shall be a separate and independent obligation by reference to each Underlying Note which a Relevant Account Holder has credited to its securities account with the Relevant Clearing System and the Issuer agrees
that a Relevant Account Holder may assign its rights hereunder in whole or in part. 
 2.        The
records of the Relevant Clearing System shall be conclusive evidence of the identity of the Relevant Account Holders and the number of Underlying Notes credited to the securities account of each Relevant Account Holder. For the purposes hereof a
statement issued by the Relevant Clearing System stating: 
 (i)        the name of the Relevant
Account Holder to which such statement is issued; and 
 (ii)        the aggregate nominal amount of
Underlying Notes credited to the securities account of such Relevant Account Holder as at the opening of business on the first day following the Relevant Time on which the Relevant Clearing System is open for business, shall be conclusive evidence
of the records of the Relevant Clearing System at the Relevant Time. 
 3.        In the event of a
dispute, the determination of the Relevant Time by the Relevant Clearing System (in the absence of manifest error) shall be final and conclusive for all purposes in connection with the Relevant Account Holders with securities accounts with the
Relevant Clearing System. 
 4.        The Issuer will, subject to the exceptions and limitations set
forth below, pay such Additional Amounts as are necessary in order that the net payment by the Issuer or any Paying Agent of the principal of and interest (including any discount) on a Note or Coupon to a holder who is a United States Alien (as such
term is defined below), after deduction or withholding for or on account of any present or future tax, assessment or governmental charge of the United States (as such term is defined below), or a political subdivision or authority thereof or
therein, imposed by withholding with respect to the payment, will not be less than the amount provided for in such Note or such Coupon to be then due and payable; provided, however, that the foregoing obligation to pay Additional Amounts shall not
apply to: 
  

 Page IV 

	 (i)
	 any tax, assessment or governmental charge that would not have been so imposed but for the existence of any present or former connection between such holder (or
between a fiduciary, settlor, beneficiary, member or shareholder of, or holder of power over, such holder, if such holder is an estate, trust, partnership or corporation) and the United States, including, without limitation, such holder (or
fiduciary, settlor, beneficiary, member, shareholder or holder of a power): 

  

	 	 (A)
	 being or having been present or engaged in a trade or business in the United States or having or having had a permanent establishment therein; or

  

	 	 (B)
	 having a current or former relationship with the United States, including a relationship as a citizen or resident or being treated as a resident thereof; or

  

	 	 (C)
	 being or having been a personal holding company, a controlled foreign corporation, a passive foreign investment company, a foreign personal holding company with
respect to the United States, a corporation that has accumulated earnings to avoid United States federal income tax or a private foundation or other tax-exempt organisation; or 

  

	 	 (D)
	 being or having been an actual or a constructive “10-per cent. shareholder” of the Issuer as defined in Section 871(h)(3) of the Code, or a bank
receiving interest described under Section 881(c)(3)(A) of the Code or a direct or indirect subsidiary of the Issuer; or 

  

	 (ii)
	 any holder who is a fiduciary or partnership or other than the sole beneficial owner of the Note or Coupon, but only to the extent that a beneficiary or settlor
with respect to such fiduciary or member of such partnership or a beneficial owner of the Note or Coupon would not have been entitled to the payment of an additional amount had such beneficiary, settlor, member or beneficial owner been the holder of
such Note or Coupon; or 

  

	 (iii)
	 any tax, assessment or governmental charge that would not have been imposed or withheld but for the failure of the holder, if required, to comply with
certification, identification information reporting requirements under United States income tax laws, without regard to any tax treaty, with respect to the payment, concerning the nationality, residence, identity or connection with the United States
of the holder or a beneficial owner of such Note or Coupon, if such compliance is required by United States income tax laws, without regard to any tax treaty, as a precondition to relief or exemption from such tax, assessment or governmental charge;
or 

  

	 (iv)
	 any tax, assessment or governmental charge that would not have been so imposed or withheld but for the presentation by the holder of such Note or Coupon for
payment on a date more than 30 days after the Relevant Date; or 

  

	 (v)
	 any estate, inheritance, gift, sales, transfer, excise, wealth or personal property tax or any similar tax, assessment or governmental charge; or

  

 Page V 

	 (vi)
	 any tax, assessment or governmental charge that is (a) payable otherwise than by withholding by the Issuer or a Paying Agent from the payment of the
principal of or interest on such Note or Coupon or (b) is required to be withheld by any Paying Agent from any such payment if such payment can be made without such withholding by any other Paying Agent; or 

  

	 (vii)
	 any withholding or deduction that is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC on the
taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such Directive; or 

  

	 (viii)
	 any Note or Coupon presented for payment by or on behalf of a holder who would have been able to avoid such withholding or deduction by presenting the relevant
Note or Coupon to another Paying Agent in a Member State of the EU; or 

  

	 (ix)
	 any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii) or (viii). 

 As used with this paragraph, United States means the United States of America (including the States and the District of Columbia), the Commonwealth of Puerto Rico and each
possession of the United States of America and place subject to its jurisdiction and United States Alien means any person that is for United States federal income tax purposes (A) a foreign corporation, (B) a foreign
partnership one or more of the members of which is, for United States federal income tax purposes, a foreign corporation, a non-resident alien fiduciary of a foreign estate or trust, (C) a non-resident alien individual or (D) a
non-resident alien fiduciary of a foreign estate or trust. 
 As used herein, the Relevant Date means the date on which such
payment fist becomes due, except that, if the full amount of the moneys payable has not been duly received by the Agent on or prior to such due date, it means the date on which, the full amount of such moneys having been so received, notice to that
effect is duly given to the Noteholders. 
 5.        The Issuer will pay any stamp and other duties
and similar taxes, including interest and penalties, payable on or in connection with the execution of this Deed and any action taken by any Relevant Account Holder to enforce the provisions of this Deed. 
 6.        The Issuer hereby warrants, represents and covenants with each Relevant Account Holder that it has all
corporate power, and has taken all necessary corporate or other steps, to enable it to execute, deliver and perform this Deed, and that this Deed constitutes a legal, valid and binding obligation of the Issuer enforceable in accordance with its
terms subject to the laws of bankruptcy and other laws affecting the rights of creditors generally. 
 7.        This Deed shall take effect as a Deed Poll for the benefit of the Relevant Account Holders from time to time and for the time being. This Deed shall be deposited with and held by the
depositary or, as the case may be, the common 
  

 Page VI 

 safekeeper for the Relevant Clearing System until all the obligations of the Issuer hereunder have been
discharged in full. 
 8.        The Issuer hereby acknowledges the right of every Relevant Account
Holder to the production of, and the right of every Relevant Account Holder to obtain (upon payment of a reasonable charge) a copy of, this Deed, and further acknowledges any covenants that the obligations binding upon it contained herein are owed
to, and shall be for the account of, each and every Relevant Account Holder, and that each Relevant Account Holder shall be entitled severally to enforce the said obligations against the Issuer. 
 9.        This Deed is governed by, and shall be construed in accordance with, the law of England. 
 The Issuer hereby irrevocably agrees, for the exclusive benefit of the Paying Agents, that the courts of England are to have jurisdiction to settle any
disputes which may arise out of or in connection with this Deed and that accordingly any suit, action or proceedings (together referred to as Proceedings) arising out of or in connection with this Deed may be brought in such courts. The Issuer
hereby irrevocably waives any objection which it may have now or hereafter to the laying of the venue of any such Proceedings in any such court and any claim that any such Proceedings have been brought in an inconvenient forum and hereby further
irrevocably agrees that a judgment in any such Proceedings brought in the English courts shall be conclusive and binding upon it and may be enforced in the courts of any other jurisdiction. Nothing contained in this Clause shall limit any right to
take Proceedings against the Issuer in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not. The Issuer
hereby appoints PepsiCo International Limited at its registered office at 63 Kew Road, Richmond, Surrey, England TW9 2QL (Attention: Division Counsel) as its agent for service of process, and undertakes that, in the event of PepsiCo International
Limited ceasing so to act or ceasing to be registered in England, it will appoint another person, as the Agent may approve, as its agent for service of process in England in respect of any Proceedings. Nothing herein shall affect the right to serve
process in any manner permitted by law. 
 10.        No person shall have any right to enforce any
term or condition of the Notes under the Contracts (Rights of Third Parties) Act 1999. 
 IN WITNESS whereof the Issuer has caused this Deed
to be duly executed the day and year first above mentioned. 
  

			
	 EXECUTED as a DEED under seal
	  	         )

	 by PEPSICO, INC.
	  	         )

	 and signed and delivered as a deed on
	  	         )

	 its behalf by
	  	         )

	 in the presence of:
	  	         )

 Witness: 
  

 Page VII 

 Name: 
 Address: 
  

 Page VIII 

 SCHEDULE 4 
 PROVISIONS FOR MEETINGS OF NOTEHOLDERS 
  

	 1.
	 As used in this Schedule the following expressions shall have the following meanings unless the context otherwise requires: 

  

	 	 (i)
	 voting certificate shall mean an English language certificate issued by a Paying Agent and dated in which it is stated:

  

	 	 (a)
	 that on the date thereof Notes (not being Notes in respect of which a block voting instruction has been issued and is outstanding in respect of the meeting
specified in such voting certificate and any adjourned such meeting) bearing specified serial numbers were deposited with such Paying Agent or (to the satisfaction for such Paying Agent) were held to its order or under its control and that no such
Notes will cease to be so deposited or held until the first to occur of: 

  

	 	 (1)
	 the conclusion of the meeting specified in such certificate or, if applicable, any adjourned such meeting; and 

  

	 	 (2)
	 the surrender of the certificate to the Paying Agent who issued the same; and 

  

	 	 (b)
	 that the bearer thereof is entitled to attend and vote at such meeting and any adjourned such meeting in respect of the Notes represented by such certificate;

  

	 	 (ii)
	 block voting instruction shall mean an English language document issued by a Paying Agent and dated in which: 

  

	 	 (a)
	 it is certified that Notes (not being Notes in respect of which a voting certificate has been issued and is outstanding in respect of the meeting specified in
such block voting instruction and any adjourned such meeting) have been deposited with such Paying Agent or (to the satisfaction of such Paying Agent) where held to its order or under its control and that no such Notes will cease to be so deposited
or held until the first to occur of: 

  

	 	 (1)
	 the conclusion of the meeting specified in such document or, if applicable, any adjourned such meeting; and 

  

	 	 (2)
	 the surrender to the Paying Agent not less than 48 hours before the time for which such meeting or any adjourned such meeting is convened on the receipt
issued by such Paying Agent in respect of each such 

  

 Page IX 

	 	     
	 deposited Note which is to be released or (as the case may require) the Note or Notes ceasing with the agreement of the Paying Agent to be held to its order or
under its control and the giving of notice by the Paying Agent to the Issuer in accordance with paragraph 17 hereof of the necessary amendment to the block voting instruction; 

  

	 	 (b)
	 it is certified that each holder of such Notes has instructed such Paying Agent that the vote(s) attributable to the Note or Notes so deposited or held should be
cast in a particular way in relation to the resolution or resolutions to be put to such meeting or any adjourned such meeting and that all such instructions are during the period commencing 48 hours prior to the time for which such meeting or any
adjourned such meeting is convened and ending at the conclusion or adjournment thereof neither revocable nor capable of amendment; 

  

	 	 (c)
	 the total number and the serial numbers of the Notes so deposited or held are listed distinguishing with regard to each such resolution between those in respect
of which instructions have been given as aforesaid that the votes attributable thereto should be cast in favour of the resolution and those in respect of which instructions have been so given that the votes attributable thereto should be cast
against the resolution; and 

  

	 	 (d)
	 one or more persons named in such document (each hereinafter called a proxy) is or are authorised and instructed by such Paying Agent to cast the
votes attributable to the Notes so listed in accordance with the instructions referred to in paragraph (c) above as set out in such document. 

  

	 	     
	 The holder of any voting certificate or the proxies named in any block voting instruction shall for all purposes in connection with the relevant meeting or
adjourned meeting of Noteholders be deemed to be the holder of the Notes to which such voting certificate or block voting instruction relates and the Paying Agent with which such Notes have been deposited or the person holding the same to the order
or under the control of such Paying Agent shall be deemed for such purposes not to be the holder of those Notes. 

  

	 	 (iii)
	 References herein to the Notes are to the Notes in respect of which the relevant meeting is convened. 

  

	 2.
	 The Issuer may at any time and, upon a requisition in writing of Noteholders holding not less than ten per cent. in nominal amount of the Notes for the time
being outstanding, shall convene a meeting of the Noteholders and if the Issuer makes default for a period of seven days in convening such a meeting the same may be convened by the requisitionists. Whenever the Issuer is about

  

 Page X 

	     
	 to convene any such meeting it shall forthwith give notice in writing to the Agent and the Dealers of the day, time and place thereof and of the nature of the
business to be transacted thereat. Every such meeting shall be held at such time and place as the Agent may approve. 

  

	 3.
	 At least 21 days’ notice (exclusive of the day on which the notice is given and the day on which the meeting is held) specifying the place, day and hour of
meeting shall be given to the Noteholders prior to any meeting of the Noteholders in the manner provided by Condition 13. Such notice shall state generally the nature of the business to be transacted at the meeting thereby convened but (except
for an Extraordinary Resolution) it shall not be necessary to specify in such notice the terms of any resolution to be proposed. Such notice shall include a statement to the effect that Notes may be deposited with Paying Agents for the purpose of
obtaining voting certificates or appointing proxies not less than 24 hours before the time fixed for the meeting or that, in the case of corporations, they may appoint representatives by resolution of their directors or other governing body. A copy
of the notice shall be sent by post to the Issuer (unless the meeting is convened by the Issuer). 

  

	 4.
	 Some person (who may but need not be a Noteholder) nominated in writing by the Issuer shall be entitled to take the chair at every such meeting but if no such
nomination is made or if at any meeting the person nominated shall not be present within fifteen minutes after the time appointed for holding the meeting the Noteholders present shall choose one of their number to be Chairman.

  

	 5.
	 At any such meeting one or more persons present holding Notes or voting certificates or being proxies and holding or representing in the aggregate not less than
one third in nominal amount of the Notes for the time being outstanding shall (except for the purpose of passing an Extraordinary Resolution) form a quorum for the transaction of business and no business (other than the choosing of a Chairman) shall
be transacted at any meeting unless the requisite quorum be present at the commencement of business. The quorum at any such meeting for passing an Extraordinary Resolution shall (subject as provided below) be one or more persons present holding
Notes or voting certificates or being proxies and holding or representing in the aggregate not less than 50 per cent. in nominal amount of the Notes for the time being outstanding PROVIDED THAT at any meeting the
business of which includes any of the following matters (each of which shall only be capable of being effected after having been approved by Extraordinary Resolution) namely: 

  

	 	 (i)
	 modification of the Maturity Date of the Notes or reduction or cancellation of the nominal amount payable upon maturity; or 

  

	 	 (ii)
	 reduction or cancellation of the amount payable or modification of the payment date in respect of any interest in respect of the Notes or

  

 Page XI 

	 	     
	 variation of the method of calculating the rate of interest in respect of the Notes; or 

  

	 	 (iii)
	 reduction of any Minimum Interest Rate and/or Maximum Interest Rate specified in the applicable Final Terms of any Note; or 

  

	 	 (iv)
	 modification of the currency in which payments under the Notes and/or the Receipts and/or Coupons appertaining thereto are to be made; or

  

	 	 (v)
	 modification of the majority required to pass an Extraordinary Resolution; or 

  

	 	 (vi)
	 the sanctioning of any such scheme or proposal as is described in paragraph 18(F) below; or 

  

	 	 (vii)
	 alteration of this proviso or the proviso to paragraph 6 below; 

  

	     
	 the quorum shall be one or more persons present holding Notes or voting certificates or being proxies and holding or representing in the aggregate not less than
66 2/3 per cent. An Extraordinary Resolution passed at any meeting of the holders of Notes will be binding on all holders of Notes, whether or not they are present at the meeting, and on all holders of Coupons appertain to such Notes.

  

	 6.
	 If within fifteen minutes after the time appointed for any such meeting a quorum is not present the meeting shall if convened upon the requisition of Noteholders
be dissolved. In any other case it shall stand adjourned to the same day in the next week (or if such day is a public holiday the next succeeding business day) at the same time and place (except in the case of a meeting at which an Extraordinary
Resolution is to be proposed in which case it shall stand adjourned for such period being not less than 14 days nor more than 42 day, and at such place as may be appointed by the Chairman and approved by the Agent) and at such adjourned meeting one
or more persons present holding Notes or voting certificates or being proxies (whatever the nominal amount of the Notes so held or represented by them) shall (subject as provided below) form a quorum and shall (subject as provided below) have power
to pass any Extraordinary Resolution or other resolution and to decide upon all matters which could properly have been dealt with at the meeting from which the adjournment took place had the requisite quorum being present PROVIDED
THAT at any adjourned meeting the business of which includes any of the matters specified in the proviso to paragraph 5 above the quorum shall be one or more persons present holding Notes or voting certificates of being proxies
and holding or representing in the aggregate not less than 33 1/3 per cent, in nominal amount of the Notes for the time being outstanding. 

  

	 7.
	 Notice of any adjourned meeting at which an Extraordinary Resolution is to be submitted shall be given in the same manner as notice of an original meeting but as
if 10 were substituted for 21 in paragraph 3 above and such notice shall 

  

 Page XII 

	     
	 (except in cases where the proviso to paragraph 6 above shall apply when it shall state the relevant quorum) state that one or more persons present holding
Notes or voting certificates or being proxies at the adjourned meeting whatever the nominal amount of the Notes held or represented by them will form a quorum. Subject as aforesaid it shall not be necessary to give any notice of an adjourned
meeting. 

  

	 8.
	 Every question submitted to a meeting shall be decided in the first instance by a show of hands and in case of equality of votes the Chairman shall both on a
show of hands and on a poll have a casting vote in addition to the vote or votes (if any) to which he may be entitled as a Noteholder or as a holder of a voting certificate or as a proxy. 

  

	 9.
	 At any meeting, unless a poll is (before or on the declaration of the result of the show of hands) demanded by the Chairman or the Issuer or by one or more
persons present holding Notes or voting certificates or being proxies (whatever the nominal amount of the Notes so held by them), a declaration by the Chairman that a resolution has been carried or carried by a particular majority or lost or not
carried by a particular majority shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution. 

  

	 10.
	 Subject to paragraph 12 below, if at any such meeting a poll is so demanded it shall be taken in such manner and subject as hereinafter provided either at
once or after an adjournment as the Chairman directs and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of the taking of the poll. The demand for a poll shall not prevent the
continuance of the meeting for the transaction of any business other than the motion on which the poll has been demanded. 

  

	 11.
	 The Chairman may with the consent of (and shall if directed by) any such meeting adjourn the same from time to time and from place to place but no business shall
be transaction at any adjourned meeting except business which might lawfully (but for lack of required quorum) have been transacted at the meeting from which the adjournment took place. 

  

	 12.
	 Any poll demanded at any such meeting on the election of a Chairman or on any question of adjournment shall be taken at the meeting without adjournment.

  

	 13.
	 Any director or officer of the Issuer and its lawyers may attend and speak at any meeting. Save as aforesaid, but without prejudice to the proviso to the
definition of “outstanding” in Clause 1(2) of this Agreement, no person shall be entitled to attend and speak nor shall any person be entitled to vote at any meeting of the Noteholders or join with others in requisitioning the
convening of such a meeting unless he either produces the Note or Notes of which he is the holder or a voting certificate or is a proxy. Neither the Issuer nor any Subsidiary shall be entitled to vote at any meeting in respect of Notes held by it
for the benefit of any such company and no other person shall be entitled to vote at any meeting in respect of Notes held by it for the benefit of any such 

  

 Page XIII 

	     
	 company. Nothing herein contained shall prevent any of the proxies named in any block voting instruction from being a director, officer or representative of or
otherwise connected with the Issuer. 

  

	 14.
	 Subject as provided in paragraph 13 hereof at any meeting: 

  

	 	 (A)
	 on a show of hands every person who is present in person and produces a Note or voting certificate or is a proxy shall have one vote; and

  

	 	 (B)
	 on a poll every person who is so present shall have one vote in respect of: 

  

	 	 (i)
	 in the case of a meeting of the holders of Notes all of which are denominated in a single currency, each minimum integral amount of such currency; and

  

	 	 (ii)
	 in the case of a meeting of the holders of Notes denominated in more than one currency, each U.S.$1.00 or, in the case of a Note denominated in a currency other
than U.S. dollars, the equivalent of U.S.$1.00 in such currency at the Agent’s spot buying rate for the relevant currency against U.S. dollars at or about 11.00 a.m. (London time) on the date of publication of the notice of the relevant meeting
(or of the original meeting of which such meeting is an adjournment), 

  

	 	     
	 or such other amount as the Agent shall in its absolute discretion stipulate in nominal amount of Notes so produced or represented by the voting certificate so
produced or in respect of which he is proxy. 

  

	     
	 Without prejudice to the obligations of the proxies named in any block voting instruction any person entitled to more than one vote need not use all his votes or
cast all the votes to which he is entitled in the same way. 

  

	 15.
	 The proxies named in any block voting instruction need not be Noteholders. 

  

	 16.
	 Each block voting instruction together (if so requested by the Issuer) with proof satisfactory to the Issuer of its due execution on behalf of the relevant
Paying Agent shall be deposited at such place as the Agent shall approve not less than 24 hours before the time appointed for holding the meeting or adjourned meeting at which the proxies named in the block voting instruction propose to vote and in
default the block voting instruction shall not be treated as valid unless the Chairman of the meeting decides otherwise before such meeting or adjourned meeting proceeds to business. A certified copy of each block voting instruction shall be
deposited with the Agent before the commencement of the meeting or adjourned meeting but the Agent shall not thereby be obliged to investigate or be concerned with the validity of or the authority of the proxies named in any such block voting
instruction. 

  

 Page XIV 

	 17.
	 Any vote given in accordance with the terms of a block voting instruction shall be valid notwithstanding the previous revocation or amendment of the block voting
instruction or of any of the Noteholders’ instructions pursuant to which it was executed PROVIDED THAT no intimation in writing of such revocation or amendment shall have been received from the relevant Paying
Agent by the Issuer at its registered office (or such other place as may have been approved by the Agent for the purpose) by the time being 24 hours before the time appointed for holding the meeting or adjourned meeting at which the block voting
instruction is to be used. 

  

	 18.
	 A meeting of the Noteholders shall in addition to the powers hereinbefore given have the following powers exercisable by Extraordinary Resolution (subject to the
provisions relating to quorum contained in paragraphs 5 and 6 above) only namely: 

  

	 	 (A)
	 Power to sanction any compromise or arrangement proposed to be made between the Issuer and the Noteholders and Couponholders or any of them.

  

	 	 (B)
	 Power to sanction any abrogation, modification, compromise or arrangement in respect of the rights of the Noteholders and Couponholders against the Issuer or
against any of its property whether such rights shall arise under these presents, the Notes or the Coupons or otherwise. 

  

	 	 (C)
	 Power to assent to any modification of the provisions contained in these presents or the Conditions, the Notes or the Coupons which shall be proposed by the
Issuer. 

  

	 	 (D)
	 Power to give any authority or sanction which under the provisions of these presents or the Notes is required to be given by Extraordinary Resolution.

  

	 	 (E)
	 Power to appoint any persons (whether Noteholders or not) as a committee or committees to represent the interests of the Noteholders and to confer upon such
committee or committees any powers or discretions which the Noteholders could themselves exercise by Extraordinary Resolution. 

  

	 	 (F)
	 Power to sanction any scheme or proposal for the exchange or sale of the Notes for, or the conversion of the Notes into or the cancellation of the Notes in
consideration of, shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities of the Issuer or any other company formed or to be formed, or for or into or in consideration of cash, or partly for or into or in
consideration of such shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in consideration of cash. 

  

 Page XV 

	 	 (G)
	 Power to approve the substitution of any entity in place of the Issuer (or any previous substitute) as the principal debtor in respect of the Notes and the
Coupons. 

  

	 19.
	 Any resolution passed at a meeting of the Noteholders duly convened and held in accordance with the provision hereof shall be binding upon all the Noteholders
whether present or not present at such meeting and whether or not voting and upon all Couponholders and Receiptholders and each of them shall be bound to give effect thereto accordingly and the passing of any such resolution shall be conclusive
evidence that the circumstances justify the passing thereof. Notice of the result of the voting on any resolution duly considered by the Noteholders shall be published in accordance with Condition 13 by the Issuer within 14 days of such result
being known PROVIDED THAT the non-publication of such notice shall not invalidate such resolution. 

  

	 20.
	 The expression Extraordinary Resolution when used in this Agreement or the Conditions means a resolution passed at a meeting of the Noteholders
duly convened and held in accordance with the provisions herein contained by a majority consisting of not less than 75 per cent. of the persons voting thereat upon a show of hands or if a poll be duly demanded then by a majority consisting of
not less than 75 per cent. of the votes given on such poll. 

  

	 21.
	 Minutes of all resolutions and proceedings at every such meeting as aforesaid shall be made and duly entered in books to be from time to time provided for that
purpose by the Issuer and any such Minutes as aforesaid if purporting to be signed by the Chairman of the meeting at which such resolutions were passed or proceedings had shall be conclusive evidence of the matters therein contained and until the
contrary is proved every such meeting in respect of the proceedings of which Minutes have been made shall be deemed to have been duly held and convened and all resolutions passed or proceedings had thereat to have been duly passed or had.

  

	 22.
	 Subject to all other provisions contained herein the Agent may without the consent of the Issuer, the Noteholders or the Couponholders prescribe such further
regulations regarding the requisitioning and/or the holding of meetings of Noteholders and attendance and voting thereat as the Agent may in is sole discretion think fit. 

  

 Page XVI 

 SCHEDULE 5 
 FORM OF PUT NOTICE 
 PEPSICO, INC. 
 [title of relevant Series of Notes] 
 By depositing this duly completed Notice
with any Paying Agent for the above Series of Notes (the Notes) the undersigned holder of such Notes surrendered with this Notice and referred to below irrevocably exercises its option to have such Notes redeemed in accordance with
Condition 6(d) on [redemption date]. 
 The Notice relates to Notes in the aggregate nominal amount of
............ bearing the following serial numbers: 
 ............................................................ 
 ............................................................ 
 ............................................................ 
 If the Notes referred to above are to be
returned (1) to the undersigned under Clause 10(4) of the Agency Agreement, they should be returned by
post to: 
 ............................................ 
 ............................................ 
 ............................................ 
 Payment Instructions 
 Please make
payment in respect of the above-mentioned Notes by [cheque posted to the above address/transfer to the following bank account] (2): 
  

			
	 Bank:
	  	 ............................................

		
	 Branch Address:
	  	 ............................................

		
	 Branch Code:
	  	 ............................................

		
	 Account Number:
	  	 ............................................

		
	 Signature of holder:
	  	 ............................................

		
		  	 Duly authorised on behalf of [             ]

  
  
 [To be completed by recipient Paying Agent] 
  

 Page XVII 

 Details of missing unmatured Coupons
.......................................................(3) 
  

			
	 Received by
	  	 ............................................

		
	 [Signature and stamp of Paying Agent]
	  	
		
	 At its office at:
	  	 ............................................

		
	 On:
	  	 ............................................

  
  
 Notes 
  

	 (1)
	 The Agency Agreement provides that Notes so returned will be sent by post, uninsured and at the risk of the Noteholder, unless the Noteholder otherwise requests
and pays the cost of such insurance to the relevant Paying Agent at the time of depositing the Note referred to above. 

  

	 (2)
	 Delete as applicable. 

  

	 (3)
	 Only relevant for Fixed Rate Notes (which are not also Indexed Redemption Amount Notes) in definitive form. 

  

	 N.B.
	 The Paying Agent with whom the above-mentioned Notes are deposited will not in any circumstances be liable to the depositing Noteholder or any other person for
any loss or damage arising from any act, default or omission of such Paying Agent in relation to the said Notes or any of them unless such loss or damage was caused by the fraud or gross negligence of such Paying Agent or its directors, officers or
employees. 

  

	     
	 This Put Option is not valid unless all of the paragraphs requiring completion are duly completed. Once validly given this Put Notice is irrevocable except in
the circumstances set out in Clause 10(4) of the Agency Agreement. 

  

 Page XVIII 

 SIGNATORIES 
  
 By: 
 The Issuer 
 PEPSICO, INC. 
 700 Anderson Hill Road 
 Purchase 
 New York 10577 
  

			
	 Telephone:
	  	             914 253 2200

		
	 Telefax No:
	  	             62848 PEPSICO

		
	 Telefax No:
	  	             914 249 8346

  
 By: /s/ Lionel L. Nowell
III     
 Name: Lionel L. Nowell III 
 Title:   Senior Vice President & Treasurer 
 By: /s/ J. Darrell Thomas 
 Name: J. Darrell Thomas 
 Title:
  Vice President and Assistant Treasurer 
 The Agent 
 JPMORGAN CHASE BANK, N.A. 
 Trinity Tower 
 9 Thomas More Street 
 London E1W 1YT 
  

			
	 Telephone:
	  	             (44) 1202 347430

		
	 Telex No:
	  	             8954681 CMB G

		
	 Telefax No:
	  	             (44) 1202 347601

		
	 Attention
	  	             WSS-Operations

  
  

	 By:
	 /s/ Jason Mistry 

	     
	 Jason Mistry 

  

 Page XIX 

 The other Paying Agents 
 J.P. MORGAN BANK LUXEMBOURG S.A. 
 6 route de Treves 
 L-2633 Senningerberg 
 Luxembourg 
 All communications c/o the Agent 
  

			
	 By:  
	 	 /s/ Jason Mistry

		 	 Jason Mistry

  

 Page XX

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