Document:

Credit Agreement, dated as of November 22, 2011

 Exhibit 10.01 

 
  

 
 $3,000,000,000 

CREDIT AGREEMENT 
 Dated as of November 22, 2011 
 among 

EBAY INC. 

as the Borrower, 

The Designated Borrowers from Time to Time Parties Hereto, 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent, 

The Other Lenders Party Hereto, 
 CITIBANK, N.A. and 
 DEUTSCHE BANK SECURITIES INC., 

as Syndication Agents, 
 and 
 BANK OF AMERICA, N.A., 

HSBC BANK USA, NATIONAL ASSOCIATION, 
 THE ROYAL BANK OF SCOTLAND plc and 
 WELLS FARGO BANK, N.A.,

 as Documentation Agents 
  

 
  

J.P. MORGAN SECURITIES LLC, 
 CITIGROUP GLOBAL MARKETS INC. and 
 DEUTSCHE BANK SECURITIES
INC., 
 As Joint Lead Arrangers and Joint Book Managers 

 TABLE OF CONTENTS 

 

							
	 Section
	  	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	  
			
	 1.01
	  	 Defined Terms
	  	 	1	  
			
	 1.02
	  	 Other Interpretive Provisions
	  	 	22	  
			
	 1.03
	  	 Accounting Terms
	  	 	23	  
			
	 1.04
	  	 Rounding
	  	 	24	  
			
	 1.05
	  	 Times of Day
	  	 	24	  
		
	 ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	24	  
			
	 2.01
	  	 Committed Loans
	  	 	24	  
			
	 2.02
	  	 Borrowings, Conversions and Continuations of Committed Loans
	  	 	25	  
			
	 2.03
	  	 Prepayments
	  	 	27	  
			
	 2.04
	  	 Termination or Reduction of Commitments
	  	 	28	  
			
	 2.05
	  	 Repayment of Loans
	  	 	28	  
			
	 2.06
	  	 Interest
	  	 	29	  
			
	 2.07
	  	 Fees
	  	 	29	  
			
	 2.08
	  	 Computation of Interest and Fees
	  	 	31	  
			
	 2.09
	  	 Evidence of Debt
	  	 	31	  
			
	 2.10
	  	 Payments Generally; Administrative Agent’s Clawback
	  	 	32	  
			
	 2.11
	  	 Sharing of Payments by Lenders
	  	 	34	  
			
	 2.12
	  	 Extension of Maturity Date
	  	 	35	  
			
	 2.13
	  	 Increase in Commitments
	  	 	36	  
			
	 2.14
	  	 Swingline Loans
	  	 	38	  
			
	 2.15
	  	 Letters of Credit
	  	 	39	  
			
	 2.16
	  	 Defaulting Lenders
	  	 	44	  
			
	 2.17
	  	 Determination of Dollar Amounts
	  	 	46	  
			
	 2.18
	  	 Judgment Currency
	  	 	46	  
		
	 ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	46	  
			
	 3.01
	  	 Taxes
	  	 	46	  
			
	 3.02
	  	 Illegality
	  	 	49	  
			
	 3.03
	  	 Inability to Determine Rates
	  	 	50	  
			
	 3.04
	  	 Increased Costs; Reserves on Eurocurrency Rate Loans
	  	 	50	  
			
	 3.05
	  	 Compensation for Losses
	  	 	52	  
			
	 3.06
	  	 Mitigation Obligations; Replacement of Lenders
	  	 	52	  
			
	 3.07
	  	 Survival
	  	 	53	  
			
	 3.08
	  	 Issuing Banks
	  	 	53	  
		
	 ARTICLE IV. CONDITIONS PRECEDENT
	  	 	53	  

  
 - i -

 TABLE OF CONTENTS 

(continued) 
  

							
			
	 4.01
	  	 Conditions of Closing
	  	 	53	  
			
	 4.02
	  	 Conditions to all Borrowings
	  	 	54	  
			
	 4.03
	  	 Conditions to Initial Borrowings by each Designated Borrower
	  	 	55	  
		
	 ARTICLE V. REPRESENTATIONS AND WARRANTIES
	  	 	56	  
			
	 5.01
	  	 Existence, Qualification and Power
	  	 	56	  
			
	 5.02
	  	 Authorization; No Contravention
	  	 	56	  
			
	 5.03
	  	 Governmental Authorization; Other Consents
	  	 	56	  
			
	 5.04
	  	 Binding Effect
	  	 	57	  
			
	 5.05
	  	 Financial Statements; No Material Adverse Effect
	  	 	57	  
			
	 5.06
	  	 Litigation
	  	 	57	  
			
	 5.07
	  	 Ownership of Property
	  	 	57	  
			
	 5.08
	  	 Taxes
	  	 	57	  
			
	 5.09
	  	 ERISA Compliance
	  	 	58	  
			
	 5.10
	  	 Margin Regulations; Investment Company Act
	  	 	58	  
			
	 5.11
	  	 Disclosure
	  	 	58	  
			
	 5.12
	  	 Intellectual Property; Licenses, Etc
	  	 	59	  
		
	 ARTICLE VI. AFFIRMATIVE COVENANTS
	  	 	59	  
			
	 6.01
	  	 Financial Statements
	  	 	59	  
			
	 6.02
	  	 Certificates; Other Information
	  	 	60	  
			
	 6.03
	  	 Notices
	  	 	60	  
			
	 6.04
	  	 Payment of Taxes
	  	 	61	  
			
	 6.05
	  	 Preservation of Existence, Etc
	  	 	61	  
			
	 6.06
	  	 Maintenance of Properties
	  	 	61	  
			
	 6.07
	  	 Maintenance of Insurance
	  	 	61	  
			
	 6.08
	  	 Compliance with Laws
	  	 	62	  
			
	 6.09
	  	 Books and Records
	  	 	62	  
			
	 6.10
	  	 Use of Proceeds
	  	 	62	  
			
	 6.11
	  	 Ownership of Designated Borrowers
	  	 	62	  
		
	 ARTICLE VII. NEGATIVE COVENANTS
	  	 	62	  
			
	 7.01
	  	 Liens
	  	 	62	  
			
	 7.02
	  	 Fundamental Changes; Acquisitions
	  	 	65	  
			
	 7.03
	  	 Use of Proceeds
	  	 	65	  
			
	 7.04
	  	 Financial Covenant
	  	 	65	  
		
	 ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES
	  	 	65	  
			
	 8.01
	  	 Events of Default
	  	 	65	  
			
	 8.02
	  	 Remedies Upon Event of Default
	  	 	68	  
			
	 8.03
	  	 Application of Funds
	  	 	68	  

  
 - ii -

 TABLE OF CONTENTS 

(continued) 
  

							
	 ARTICLE IX. ADMINISTRATIVE AGENT
	  	 	69	  
			
	   9.01
	  	 Appointment and Authority
	  	 	69	  
			
	   9.02
	  	 Rights as a Lender
	  	 	69	  
			
	   9.03
	  	 Exculpatory Provisions
	  	 	69	  
			
	   9.04
	  	 Reliance by Administrative Agent
	  	 	70	  
			
	   9.05
	  	 Delegation of Duties
	  	 	70	  
			
	   9.06
	  	 Resignation of Administrative Agent
	  	 	70	  
			
	   9.07
	  	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	71	  
			
	   9.08
	  	 No Other Duties, Etc
	  	 	71	  
		
	 ARTICLE X. GUARANTY
	  	 	71	  
			
	 10.01
	  	 Guarantee
	  	 	71	  
			
	 10.02
	  	 No Subrogation
	  	 	72	  
			
	 10.03
	  	 Amendments, etc. with respect to the Obligations of each Designated Borrower
	  	 	73	  
			
	 10.04
	  	 Guarantee Absolute and Unconditional
	  	 	73	  
			
	 10.05
	  	 Reinstatement
	  	 	74	  
			
	 10.06
	  	 Payments
	  	 	74	  
			
	 10.07
	  	 Independent Obligations
	  	 	74	  
		
	 ARTICLE XI. MISCELLANEOUS
	  	 	74	  
			
	 11.01
	  	 Amendments, Etc.
	  	 	74	  
			
	 11.02
	  	 Notices; Effectiveness; Electronic Communication
	  	 	76	  
			
	 11.03
	  	 No Waiver; Cumulative Remedies
	  	 	78	  
			
	 11.04
	  	 Expenses; Indemnity; Damage Waiver
	  	 	78	  
			
	 11.05
	  	 Payments Set Aside
	  	 	80	  
			
	 11.06
	  	 Successors and Assigns
	  	 	80	  
			
	 11.07
	  	 Treatment of Certain Information; Confidentiality
	  	 	84	  
			
	 11.08
	  	 Right of Setoff
	  	 	85	  
			
	 11.09
	  	 Interest Rate Limitation
	  	 	86	  
			
	 11.10
	  	 Counterparts; Integration; Effectiveness
	  	 	86	  
			
	 11.11
	  	 Survival
	  	 	86	  
			
	 11.12
	  	 Severability
	  	 	86	  
			
	 11.13
	  	 Replacement of Lenders
	  	 	87	  
			
	 11.14
	  	 Governing Law; Jurisdiction; Etc
	  	 	87	  
			
	 11.15
	  	 Waiver of Jury Trial
	  	 	88	  
			
	 11.16
	  	 No Advisory or Fiduciary Responsibility
	  	 	88	  
			
	 11.17
	  	 USA PATRIOT Act Notice
	  	 	89	  
			
	 11.18
	  	 Termination of Joinder Agreements
	  	 	89	  

  
 - iii -

			
	 SCHEDULES
	  	
		
	   2.01
	  	 Commitments and Applicable Percentages

		
	   7.01
	  	 Existing Liens

		
	 11.02
	  	 Administrative Agent’s Office; Certain Addresses for Notices

		
	 EXHIBITS
	  	
		
		  	 Form of

		
	 A
	  	 Committed Loan Notice

		
	 B
	  	 Note

		
	 C
	  	 Compliance Certificate

		
	 D
	  	 Assignment and Assumption

		
	 E
	  	 U.S. Tax Compliance Certificate

		
	 F
	  	 Joinder Agreement

		
	 G
	  	 Mandatory Cost

  
 - iv -

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (“Agreement”) is entered into as of November 22, 2011, among EBAY INC., a Delaware
corporation (the “Borrower”), the Designated Borrowers from time to time parties hereto, each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and
JPMORGAN CHASE BANK, N.A., as Administrative Agent. 
 The Borrower has requested that the Lenders provide a revolving credit
facility, 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: 
 “ABR” means for any day a fluctuating rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the greatest of (a) the Prime Rate in effect on such day,
(b) the Federal Funds Effective Rate in effect on such day plus 0.5% and (c) the Eurocurrency Rate appearing as of such day (or, if such day is not a Business Day, as of the immediately preceding Business Day) on the relevant Bloomberg
Financial Markets Service page in respect of a proposed Eurocurrency Rate Loan denominated in U.S. Dollars with a one-month Interest Period plus 1.0%. Any change in the ABR due to a change in the Prime Rate, the Federal Funds Effective Rate or such
Eurocurrency Rate shall be effective as of the opening of business on the day of such change in the Prime Rate, the Federal Funds Effective Rate or such Eurocurrency Rate, respectively. 

“ABR Loan” means a Loan that bears interest based on the ABR. Each Swingline Loan shall be an ABR Loan. 

“Acquisition” means any transaction or series of related transactions for the purpose of or resulting, directly or
indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, (b) the acquisition of in excess of 50% of the capital stock, partnership interests, membership interests
or equity of any Person, or otherwise causing any Person to become a Subsidiary, or (c) a merger or consolidation or any other combination with another Person (other than a Person that is a Subsidiary of the Borrower). 

“Actual Knowledge” means, with respect to any information or event, that a Responsible Officer of the Borrower has
actual knowledge of such information or event. 
 “Additional Commitment Lender” has the meaning specified in
Section 2.12(d). 
 “Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as
administrative agent under any of the Loan Documents, or any successor administrative agent. 

 “Administrative Agent’s Office” means the Administrative Agent’s
address and, as appropriate, account as set forth on Schedule 11.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrower 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. 
 “Agent
Parties” has the meaning specified in Section 11.02(c). 
 “Aggregate Commitments” means
the Commitments of all the Lenders. 
 “Agreed Currencies” means (a) U.S. Dollars, (b) Euro,
(c) Pounds Sterling, (d) Swiss Francs, (e) Australian Dollars and (f) Singapore Dollars. 

“Agreement” means this Credit Agreement. 
 “Applicable Jurisdiction” has the meaning specified in Section 11.04(a). 
 “Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented by such
Lender’s Commitment at such time; provided that in the case of Section 2.16 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the total Commitments (disregarding any
Defaulting Lender’s Commitment) represented by such Lender’s Commitment. If the commitment of each Lender to make Loans has been terminated pursuant to Section 8.02 or if the Aggregate 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, for any day, with respect to any ABR Loan or Eurocurrency Rate Loan of any Class, or with respect to the Commitment Fees payable hereunder, as the case may be,
the applicable rate per annum set forth below under the caption “Eurocurrency Rate”, “ABR Rate” or “Commitment Fee”, as the case may be, based upon the Index Debt Rating by Moody’s, S&P and/or Fitch,
respectively, applicable on such date: 
 Applicable Rate 

 

							
	 Index Debt Rating
	  	Eurocurrency
Rate	 	ABR Rate	 	Commitment
Fee
	 Level I
 Index Debt Ratings
	  	0.625%	 	0.00%	 	0.05%

  
 2 

							
	 Index Debt Rating
	  	Eurocurrency
Rate	 	ABR Rate	 	Commitment
Fee
				
	 of at least AA- by S&P/AA- by Fitch/Aa3 by Moody’s
	  		 		 	
				
	 Level II
 Index Debt Ratings of at least A+ by S&P/A+ by Fitch/A1 by Moody’s and not Level I
	  	0.75%	 	0.00%	 	0.06%
				
	 Level III
 Index Debt Ratings of at least A by S&P/A by Fitch/A2 by Moody’s and not Level I or II
	  	0.875%	 	0.00%	 	0.08%
				
	 Level IV
 Index Debt Ratings of at least A- by S&P/A- by Fitch/A3 by Moody’s and not Level I, II or III
	  	1.00%	 	0.00%	 	0.10%
				
	 Level V
 Index Debt Ratings below Level IV
	  	1.125%	 	0.125%	 	0.15%

 For purposes of the foregoing, (i) in the event that Index Debt Ratings are provided by all of Moody’s, Fitch
and S&P, and such ratings shall fall within different Levels (A) if any two ratings are at the same Level, the Applicable Rate shall be based upon such Level and (B) if no two ratings are at the same Level, the Applicable Rate shall be
based upon the Level which is in the middle of the distribution of the three ratings; (ii) in the event that Index Debt Ratings are provided by any two of Moody’s, Fitch and S&P, (A) if such ratings shall fall within the same
Level, the Applicable Rate shall be based upon such Level, and (B) if such ratings shall fall within different Levels, the Applicable Rate shall be based on the higher of the two Levels unless one of the two ratings is two or more Levels lower
than the other, in which case the Applicable Rate shall be determined by reference to the Level immediately below the Level of the higher of 

  
 3 

 
the two ratings; (iii) in the event that an Index Debt Rating is provided only by one of Moody’s, Fitch and S&P, the Applicable Rate shall be based on such Level; (iv) if at
any time the Borrower does not have an Index Debt Rating from any of S&P, Moody’s and Fitch, the Applicable Rate shall be based on Level V status; and (v) if the Index Debt Rating established by a rating agency shall be changed (other
than as a result of a change in the rating system of such rating agency), such change shall be effective as of the date on which it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been
furnished by the Borrower to the Administrative Agent and the Lenders pursuant to Section 6.02 or otherwise. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on
the date immediately preceding the effective date of the next such change. If the rating system of any of the rating agencies shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, the
Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate
shall be determined by reference to the rating most recently in effect prior to such change or cessation. 
 “Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Arrangers” means J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Deutsche Bank Securities, Inc.

 “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 (and the Borrower, in the case that the Borrower’s consent
is required hereunder), in substantially the form of Exhibit D or any other form approved by the Administrative Agent and the Borrower. 
 “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 Obligation, 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, an amount equal to (i) the outstanding principal amount of Indebtedness incurred at such time by the
Securitization Subsidiary, or (ii) if the Securitization Subsidiary has incurred no such Indebtedness, the unrecovered purchase price of all accounts receivable (or interest therein) or other assets sold or transferred by such Securitization
Subsidiary to the conduit entity or other credit provider relating to such Securitization. 
 “Audited Financial
Statements” means the audited- consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2010, and the related 

  
 4 

 
consolidated statements of income or operations, stockholders’ equity and cash flows for such fiscal year of the Borrower and its Subsidiaries, including the notes thereto. 

“Australian Dollars” means the lawful currency of Australia. 

“Availability Period” means the period from and including the Closing Date to the earliest of (a) the Maturity
Date, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.04, and (c) the date of termination of the commitment of each Lender to make Loans pursuant to Section 8.02. 

“Borrower” has the meaning specified in the introductory paragraph hereto. 

“Borrower Materials” means materials and/or information made available to the Lenders by the Administrative Agent or
provided by or on behalf of the Borrower under this Agreement. 
 “Borrowing” means a borrowing consisting of
(a) simultaneous Committed Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period, made by each of the Lenders pursuant to Section 2.01 or (b) Swingline Loans. 

“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 City, New York or San Francisco, California; provided that (a) if such day relates to any Eurocurrency Rate Loan, the term “Business Day” shall also exclude any day on
which banks are not open for dealings in the applicable Agreed Currency in the London interbank market or (other than in respect of Borrowings denominated in U.S. Dollars or Euro) the principal financial center of such Agreed Currency, and
(b) when used in connection with a Eurocurrency Rate Loan denominated in Euro, the term “Business Day” shall also exclude any day on which the TARGET payment system is not open for the settlement of payments in Euro. 

“Change in Law” means the occurrence, after the date of this Agreement or, with respect to any Issuing Bank or Lender,
such later date on which such Issuing Bank or Lender becomes a party to 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;
provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and
(y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 
 “Change of Control” means an event or series of events by which: any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act, 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 Exchange Act, directly or 

  
 5 

 
indirectly, of 50% or more of the equity securities of the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower on a fully-diluted basis.

 “Class” means (a) when used in reference to any Loan, refers to whether such Loan is a Tranche 1 Loan,
Tranche 2 Loan or Swingline Loan and (b) when used in reference to any Commitment, refers to whether such Commitment is a Tranche 1 Commitment or a Tranche 2 Commitment. 
 “Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 11.01. 

“Code” means the U.S. Internal Revenue Code of 1986. 

“Commitment Fee” has the meaning specified in Section 2.07(a). 

“Commitments” means the Tranche 1 Commitments and the Tranche 2 Commitments. 

“Committed Loan” has the meaning specified in Section 2.01. 

“Committed Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Committed Loans from one Type
to the other, or (c) a continuation of Eurocurrency Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A. 

“Compliance Certificate” means a certificate substantially in the form of Exhibit C. 

“Computation Date” has the meaning specified in Section 2.17. 

“Consolidated EBITDA” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, an amount
equal to Consolidated Net Income for such period plus the following to the extent deducted in calculating such Consolidated Net Income: (a) interest expense for such period, (b) depreciation and amortization expense (including
amortization or impairment of Intangible Assets for Acquisitions or Dispositions), for such period, (c) income tax expense for such period, (d) non-cash charges or expenses related to equity plans or equity awards in such period,
(e) payroll taxes on exercise of stock options or vesting of restricted stock units or other equity awards in such period, (f) impairment of goodwill in such period, (g) extraordinary losses from Acquisitions or Dispositions for such
period, (h) any transaction expenses from Acquisitions or Dispositions for such period, and (i) non-cash restructuring charges and other non-cash exit and disposal costs during such period (provided that cash payments in respect of
such restructuring charges and exit and disposal costs shall be deducted from Consolidated EBITDA when such payments are made), and minus the following to the extent included in calculating such Consolidated Net Income: (x) extraordinary
gains from Acquisitions or Dispositions for such period and (y) any reversals of non-cash restructuring charges or other non-cash exit and disposal costs during such period; provided, however, that solely for the purpose of the
computations of the Consolidated Interest Coverage Ratio, if an Acquisition or a Disposition shall have occurred during the relevant period, Consolidated EBITDA shall be calculated, at the option of the Borrower, on a pro forma basis in accordance
with the SEC pro forma reporting rules under the Exchange Act, as if such Acquisition or Disposition, as applicable, occurred on the first day of the applicable period. 

  
 6 

 “Consolidated Interest Coverage Ratio” means, as of any date of
determination, the ratio of (a) Consolidated EBITDA for the period of four fiscal quarters most recently ended to (b) Consolidated Interest Expense for the period of four fiscal quarters most recently ended. 

“Consolidated Interest Expense” means, for any period, total interest expense (including that attributable to
obligations in respect of capital leases and exclusive of any reduction or offset for interest income) of the Borrower and its Subsidiaries for such period with respect to all outstanding Indebtedness of the Borrower and its Subsidiaries and
computed in accordance with GAAP; provided, however, that solely for the purpose of the computations of the Consolidated Interest Coverage Ratio, if there has occurred an Acquisition or Disposition during the relevant period,
Consolidated Interest Expense shall be calculated, at the option of the Borrower, on a pro forma basis in accordance with the SEC pro forma reporting rules under the Exchange Act, as if such Acquisition or Disposition, as applicable, occurred on the
first day of the applicable period. 
 “Consolidated Net Income” means, for any period, for the Borrower
and its Subsidiaries on a consolidated basis, the net income of the Borrower and its Subsidiaries (excluding extraordinary gains and extraordinary losses) for that period and computed in accordance with GAAP. 

“Consolidated Net Tangible Assets” means, as of any date on which the Borrower effects a transaction requiring such
Consolidated Net Tangible Assets to be measured under this Agreement, the aggregate amount of assets (less applicable reserves) after deducting therefrom (a) all current liabilities, except for current maturities of long-term debt and
obligations under capital leases, and (b) all Intangible Assets, to the extent included in said aggregate amount of assets, all as set forth in the most recent consolidated balance sheet of the Borrower and its consolidated Subsidiaries
prepared in accordance with GAAP contained in an annual report on Form 10-K or a quarterly report on Form 10-Q (in each case as amended, if applicable) filed by the Borrower with the SEC or if, at such date, the Borrower shall have ceased filing
such reports with the SEC, the Borrower’s then most recent consolidated annual or quarterly balance sheet prepared in accordance with GAAP. 
 “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. 
 “Credit Party” means the Administrative Agent, each Issuing Bank or the Swingline Lender (and, for purposes of Section 2.18, each Lender). 

“Debt Securities” means any bonds, debentures, notes or other debt instruments of the Borrower of any Series
authenticated and delivered under the Reference Indenture. 
 “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. 

  
 7 

 “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, with respect to the Obligations, an interest rate equal to (i) the ABR plus (ii) the Applicable Rate, if any, applicable to ABR 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) otherwise applicable to such Loan plus 2% per annum. 

“Defaulting Lender” means any Lender that (a) has failed, within two Business Days of the date required to be
funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder,
unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and
including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding
obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default,
if any) to funding a loan under this Agreement cannot be satisfied), (c) has failed, within three Business Days after written request by a Credit Party, to provide a certification in writing from an authorized officer of such Lender that it
will comply with its obligations to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this
clause (c) upon such Credit Party’s receipt of such certification in form and substance reasonably satisfactory to such Credit Party and the Administrative Agent or (d) has, or has a direct or indirect parent company that has,
(i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely
by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or
agreements made with such Lender. 
 “Designated Borrower” means each Subsidiary of the Borrower that becomes a
party hereto pursuant to Section 4.03, until such time as the Borrower notifies the Administrative Agent in writing that it wishes to terminate such Subsidiary’s designation as a Designated Borrower, so long as, on the effective
date of such termination, all Obligations of such Designated Borrower hereunder shall have been paid in full. 

  
 8 

 “Designated Borrower Closing Date” means, with respect to each Designated
Borrower, the date on which the conditions precedent set forth in Section 4.03 shall have been satisfied in respect of such Designated Borrower. 
 “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) of any property by any Person,
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. 
 “Documentation Agents” means Bank of America, N.A., HSBC Bank USA, National Association, The Royal Bank of Scotland plc and Wells Fargo Bank, N.A. 

“Dollar Amount” of any currency at any date means (a) if such currency is U.S. Dollars, the amount of such
currency, or (b) if such currency is a Foreign Currency, the equivalent in such currency of U.S. Dollars, calculated on the basis of the Exchange Rate for such currency on or as of the most recent Computation Date provided for in
Section 2.17. 
 “Eligible Assignee” means any Person that meets the requirements to be an assignee
under Section 11.06(b) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)). 
 “Equivalent Amount” of any currency with respect to any amount of U.S. Dollars at any date means the equivalent in such currency of such amount of U.S. Dollars, calculated on the basis of
the Exchange Rate for such other currency at 11:00 a.m. London time on the date on or as of which such amount is to be determined. 
 “ERISA” means the Employee Retirement Income Security Act of 1974. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 
 “ERISA
Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by the Borrower 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 Borrower 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, the commencement
of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan, or the appointment of a trustee to administer any Pension Plan or Multiemployer Plan pursuant to Section 4042 of ERISA; or (e) the imposition of any liability
under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate. 
 “Euro” means the single currency of the participating member states of the European Union. 

  
 9 

 “Eurocurrency Base Rate” means, with respect to any Eurocurrency Rate Loan
for any Interest Period, the rate appearing on, in the case of U.S. Dollars, the relevant Bloomberg Financial Markets Service page and, in the case of any Foreign Currency, the appropriate page of such service which displays British Bankers
Association Interest Settlement Rates for deposits in such Foreign Currency (or, in each case, on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those
currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in the applicable Agreed Currency in the London interbank
market) at approximately 11:00 a.m., London time, two Business Days prior to (or, in the case of Loans denominated in Pounds Sterling, on the day of) the commencement of such Interest Period, as the rate for deposits in the applicable Agreed
Currency with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason (including, for the avoidance of doubt, in the event of a Eurocurrency Rate Loan denominated in Singapore Dollars
or any other Agreed Currency for which no screen quote based on British Bankers Association Interest Settlement Rates is available from the relevant Bloomberg Financial Markets Service page or such successor or substitute service), then the
“Eurocurrency Base Rate” with respect to such Eurocurrency Rate Loan for such Interest Period shall be equal to the average of the rates at which deposits in the applicable Agreed Currency in an Equivalent Amount of $5,000,000 and for a
maturity comparable to such Interest Period are offered by the principal London offices of the Reference Banks (or, if applicable for any Reference Bank, its other Foreign Currency Payment Office for such Foreign Currency) in immediately available
funds in the London interbank market (or, if applicable, such other offshore interbank market for such Foreign Currency) at approximately 11:00 a.m., London time (or, if applicable, such other Local Time for such Foreign Currency), two Business Days
prior to (or, in the case of Loans denominated in Pounds Sterling, on the day of) the commencement of such Interest Period. 

“Eurocurrency Rate” means, with respect to any Eurocurrency Rate Loan for any Interest Period, an interest rate per
annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the sum of (a) the Eurocurrency Base Rate for such Interest Period plus (b) in the case of Loans made by a Lender from its office or branch in the United
Kingdom, the Mandatory Cost. 
 “Eurocurrency Rate Loan” means a Committed Loan that bears interest at a rate
based on the Eurocurrency Rate. 
 “Event of Default” has the meaning specified in Section 8.01.

 “Exchange Act” means the Securities Exchange Act of 1934. 

“Exchange Rate” means, on any day, with respect to any Foreign Currency, the rate at which such Foreign Currency may be
exchanged into U.S. Dollars, as set forth at approximately 11:00 a.m., Local Time, on such date on the relevant Reuters World Currency Page for such Foreign Currency (subject to delivery to the Borrower of a “screen shot” of such Reuters
World Currency Page). In the event that such rate does not appear on any Reuters World Currency Page, the Exchange Rate with respect to such Foreign Currency shall be determined by reference to such other publicly available service for displaying
exchange rates as may be reasonably selected by the Administrative Agent (subject to delivery to the Borrower of a “screen shot” of 

  
 10 

 
such other service) or, in the event no such service is selected, such Exchange Rate shall instead be calculated (subject to delivery to the Borrower of a notice setting forth the basis for such
calculation) on the basis of the arithmetical average of the spot exchange rates of the Administrative Agent for such Foreign Currency on the London market at 11:00 a.m., London Time, on such date for the purchase of U.S. Dollars with such Foreign
Currency, for delivery two Business Days later; provided, that if at the time of any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate to determine such
rate (subject to delivery to the Borrower of a notice setting forth the basis for such determination), and such determination shall be conclusive absent manifest error. 
 “Excluded Earnout” means any obligations of the Borrower or any Subsidiary to pay additional consideration in connection with any Acquisition, if such additional consideration is payable
(i) in capital stock or other equity interests or (ii) in cash or in capital stock or other equity interests (at the option of the Borrower or such Subsidiary). 
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower or any
Designated 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, in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located, or taxes imposed as a result of a present or former connection with such
jurisdiction (other than a connection arising solely from such recipient having executed, delivered, enforced, become a party to, performed its obligations, received payments, received or perfected a security interest under, or engaged in any other
transaction in accordance with the terms of this Agreement); (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which the Borrower or any Designated Borrower is located; (c) in
the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower or any Designated Borrower under Section 11.13), any U.S. federal 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), 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 the Borrower or any Designated Borrower with respect to such withholding tax pursuant to Section 3.01(a); (d) in the case of a Foreign Lender who is an assignee (other than an assignee pursuant to a
request by the Borrower or any Designated Borrower under Section 11.13) of a Loan made to a Designated Borrower, any withholding tax that is imposed on amounts payable to such Foreign Lender by such Designated Borrower at the time such
Foreign Lender becomes a party hereto, except to the extent that such Foreign Lender’s assignor was entitled at such time to receive additional amounts from such Designated Borrower with respect to such withholding tax pursuant to
Section 3.01(a); (e) any withholding tax attributable to a Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 3.01(e); and (f) U.S. federal withholding
taxes imposed pursuant to FATCA. 
 “Existing Maturity Date” has the meaning specified in
Section 2.12(a). 

  
 11 

 “FATCA” means sections 1471 through 1474 of the Code, as of the date of
this Agreement and any regulations or official interpretations thereof. 
 “Federal Funds Effective Rate”
means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the
next Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such
transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent. 
 “Fitch” means Fitch, Inc. and any affiliate thereof and any successor thereto that is a nationally-recognized rating agency. 

“Foreign Currencies” means Agreed Currencies other than U.S. Dollars. 

“Foreign Currency Payment Office” of the Administrative Agent or a Reference Bank shall mean, for each Foreign Currency,
the office, branch, affiliate or correspondent bank of the Administrative Agent or such Reference Bank for such currency as specified from time to time by it, in the case of the Administrative Agent by notice to the Borrower, each Designated
Borrower and each Lender. 
 “Foreign Lender” means, as to the Borrower or any Designated Borrower, any Lender
that is organized under the laws of a jurisdiction other than that in which the Borrower or such Designated Borrower, as the case may be, 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. 
 “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, 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, any (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 that the term “Guarantee” shall not include endorsements for collection or deposit, in either case in the ordinary course of business, or contingent or inchoate indemnity obligations in effect on the Closing Date or
entered into in connection with any Acquisition or Disposition (other than such obligations with respect to Indebtedness). 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. 
 “Increase Effective Date” has the meaning
specified in Section 2.13(d). 
 “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 for borrowed money evidenced by
bonds, debentures, notes, loan agreements or other similar instruments; (b) all direct or contingent obligations of such Person arising under letters of credit, 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 and other than
any Excluded Earnout); (e) indebtedness secured by a Lien on property owned by such Person, whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; (f) Attributable Indebtedness in respect of
capital leases, Synthetic Lease Obligations and Securitizations (but excluding any operating leases required to be classified as debt under GAAP); and (g) all Guarantees of such Person in respect of any of the foregoing. 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). 

  
 13 

 “Index Debt Rating” means, for Moody’s, S&P or Fitch, its rating
for senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other Person or subject to any other credit enhancement or, if no such rating is available, (x) its public corporate family rating of
the Borrower (in the case of Moody’s), (y) its public corporate rating of the Borrower (in the case of S&P) or (z) its corporate or other equivalent rating of the Borrower (in the case of Fitch). 

“Information” has the meaning specified in Section 11.07. 

“Intangible Assets” means assets that are considered to be intangible assets under GAAP, including customer lists,
goodwill, computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research and development costs. 

“Interest Payment Date” means, (a) as to any Loan other than an ABR 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; (b) as to any ABR Loan (other than a Swingline Loan), the last Business Day of each March, June, September and December and the Maturity Date; and (c) as to any Swingline Loan, the day that such
Loan is required to be repaid. 
 “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 Borrower or the applicable Designated
Borrower in its Committed Loan Notice, or such other period that is twelve months or less requested by the Borrower or such Designated Borrower and available from all Lenders; 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 immediately 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. 

“IP Rights” has the meaning specified in Section 5.12. 

“IRS” means the United States Internal Revenue Service. 

“Issuing Bank” means each of JPMorgan Chase Bank, N.A., Deutsche Bank AG New York Branch and any other Lender to be
selected with such Lender’s consent from time to time by the Borrower in consultation with the Administrative Agent, each in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in
Section 2.15(i). An Issuing Bank may arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank acceptable to the Borrower, in which case the term “Issuing Bank” shall include any such Affiliate
with respect to Letters of Credit issued by such Affiliate. 

  
 14 

 “Joinder Agreement” means a joinder agreement entered into by a Designated
Borrower in substantially the form of Exhibit F or any other form approved by the Administrative Agent and the Borrower. 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“LC Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit
at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower and the applicable Designated Borrowers at such time. The LC Exposure of any Lender at any time shall be its
Tranche 1 Percentage of the total LC Exposure at such time. 
 “Lender” has the meaning specified in the
introductory paragraph hereto. Unless the context otherwise requires, the term “Lender” includes the Swingline Lender. 
 “Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary. 

“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s
Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. 
 “Letter of Credit” means any letter of credit issued pursuant to this Agreement. 
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, 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 the Borrower or any Designated Borrower under Article II of this Agreement. For the avoidance of doubt, the Loans shall include the Tranche 1 Committed Loans, the Tranche 2 Committed Loans and the Swingline
Loans. 
 “Loan Documents” means this Agreement, any Notes and any Joinder Agreements that have not been
terminated pursuant to Section 11.18. 

  
 15 

 “Loan Parties” means the Borrower and each of its Subsidiaries that is a
party to a Loan Document. 
 “Local Time” means (a) in the case of a Loan, Borrowing or LC Disbursement
denominated in U.S. Dollars, New York City time, and (b) in the case of a Loan, Borrowing or LC Disbursement denominated in a Foreign Currency, local time (it being understood that such local time shall mean London, England time unless
otherwise notified by the Administrative Agent). 
 “Mandatory Cost” has the meaning assigned to such term on
Exhibit G. 
 “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the results of operations, business, properties, or financial condition of the Borrower and its Subsidiaries taken as a whole; (b) a material impairment of the ability of the Borrower to perform its obligations under any
Loan Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the Borrower of any Loan Document to which it is a party. 

“Maturity Date” means the later of (a) November 22, 2016 and (b) if maturity is extended pursuant to
Section 2.12, such extended maturity date as determined pursuant to such Section; provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the immediately preceding Business Day.

 “Maximum Rate” has the meaning specified in Section 11.09. 

“Moody’s” means Moody’s Investors Service, Inc. and any affiliate thereof and any successor thereto that is a
nationally-recognized rating agency. 
 “Multiemployer Plan” means any employee benefit plan of the type
described in Section 4001(a)(3) of ERISA, to which the Borrower 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. 

“Non-Extending Lender” has the meaning specified in Section 2.12(b). 

“Note” means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender,
substantially in the form of Exhibit B. 
 “Notice Date” has the meaning specified in
Section 2.12(b). 
 “Obligations” means all advances to, and debts, liabilities, obligations,
covenants and duties of, the Borrower and/or the Designated Borrowers arising under any Loan Document or otherwise with respect to any Loan or reimbursement obligation of the Borrower and/or the Designated Borrowers in respect of a Letter of Credit,
whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising (including, in the case of the Borrower, its obligations pursuant to the guarantee contained in
Article X). 

  
 16 

 “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 (or equivalent comparable constitutive documents with respect to any non-U.S. jurisdiction); 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 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. 
 “Outstanding Amount” means, with respect to any Lender at any time, the sum of (a) the aggregate outstanding principal amount of Committed Loans at such time after giving effect to
any borrowings and prepayments or repayments of Committed Loans plus (b) its LC Exposure at such time plus (c) its Swingline Exposure at such time. 
 “Participant” has the meaning specified in Section 11.06(d). 
 “Participant Register” has the meaning specified in Section 11.06(d). 
 “Patriot Act” has the meaning specified in Section 11.17. 
 “PBGC” means the Pension Benefit Guaranty Corporation. 

“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 Borrower or any ERISA Affiliate or to which the Borrower 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. 

“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 Borrower or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate. 

“Platform” means IntraLinks or another similar electronic system. 

  
 17 

 “Pounds Sterling” means the lawful currency of the United Kingdom.

 “Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase
Bank, N.A., as its prime rate in effect at its office located at 270 Park Avenue, New York, New York; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Reference Banks” means JPMorgan Chase Bank, N.A., Citibank, N.A. and Deutsche Bank AG. 

“Reference Indenture” means, the Indenture dated as of October 28, 2010 between the Borrower and Wells Fargo Bank,
National Association, as trustee. 
 “Register” has the meaning specified in Section 11.06(c).

 “Registered IP Rights” has the meaning specified in Section 5.12. 

“Registered Public Accounting Firm” has the meaning specified in the Securities Laws and shall be independent of the
Borrower as prescribed by the Securities Laws. 
 “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. 
 “Relevant Anniversary Date” has the meaning specified in Section 2.12(a). 
 “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived. 

“Required Lenders” means, as of any date of determination, Lenders having more than 50% of the Aggregate Commitments or,
if the commitment of each Lender to make Loans has been terminated pursuant to Section 8.02, Lenders holding in the aggregate more than 50% of the Total Outstandings; provided that the Commitment of, and the portion of the Total
Outstandings held or deemed to be held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 
 “Responsible Officer” means the chief executive officer, chief financial officer, treasurer, chief accounting officer or controller of the Borrower (or, with respect to a Designated
Borrower, of such Designated Borrower) and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the Borrower (or, with respect to a Designated Borrower, of such Designated Borrower) so designated by
any of the foregoing officers in the corporate banking resolutions delivered as of the Closing Date pursuant to Section 4.01(a)(iii) (or, with respect to a Designated Borrower, as of the applicable Designated Borrower Closing Date
pursuant to Section 4.03(c)) to the Administrative Agent, and as modified from time to time to specify other authorized officers or employees, provided that a certified copy of such modified resolutions is promptly delivered to
the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of the Borrower (or, with respect to a Designated Borrower, of such Designated Borrower) shall be conclusively presumed to have

  
 18 

 
been authorized by all necessary corporate, partnership and/or other action on the part of the Borrower (or, with respect to a Designated Borrower, of such Designated Borrower) and such
Responsible Officer shall be conclusively presumed to have acted on behalf of the Borrower (or, with respect to a Designated Borrower, of such Designated Borrower). 
 “S&P” means Standard & Poor’s Ratings Services and any affiliate thereof and any successor thereto that is a nationally-recognized rating agency. 

“Sale Lease-Back Transaction” means any arrangement with any Person providing for the leasing by the Borrower or any
Subsidiary of the Borrower of any property which has been or is to be sold or transferred by the Borrower or such Subsidiary to such Person with the intention of taking back a lease of such property. 

“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. 
 “SEC Reports” means the annual, regular, periodic and special reports that the Borrower has filed
with the SEC under Section 13 or 15(d) of the Exchange Act. 
 “Securities Act” means the Securities Act
of 1933. 
 “Securities Laws” means the Securities Act, the Exchange Act, Sarbanes-Oxley and the applicable
accounting and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the PCAOB. 
 “Securitization” means the securitization by the Borrower or any Subsidiary of accounts receivable or other assets. 

“Securitization Subsidiary” means a wholly-owned Subsidiary of the Borrower created solely for purposes of effectuating
a Securitization, the activities and assets of which are limited solely to such purpose and assets, and the Organization Documents of which contain customary bankruptcy-remote provisions. 

“Series” or “Series of Debt Securities” means any series of bonds, debentures, notes or other debt
instruments of the Borrower created pursuant to Section 2.2 of the Reference Indenture. 
 “Significant
Subsidiary” means, at any time, any Designated Borrower or any other Subsidiary that satisfies the criteria for a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the
Securities Act, as such Regulation is in effect on the date hereof. Such determination shall be made in relationship to the Borrower and its Subsidiaries on a consolidated basis as of the end of the most recently completed fiscal year on an annual
basis at the time that the annual financial statements for the Borrower and its Subsidiaries are delivered pursuant to Section 6.01(a). 
 “Singapore Dollars” means the lawful currency of Singapore. 

  
 19 

 “Specified Indebtedness” has the meaning specified in
Section 8.01(e). 
 “Stockholders’ Equity” means, as of any date of determination,
consolidated stockholders’ equity of the Borrower and its Subsidiaries as of that date determined in accordance with GAAP. 

“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 securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a
contingency) are at the time beneficially owned, 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 Borrower. 
 “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 similar 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) 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). 
 “Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be its
Tranche 1 Percentage of the total Swingline Exposure at such time. 
 “Swingline Lender” means JPMorgan Chase
Bank, N.A., in its capacity as lender of Swingline Loans hereunder. 
 “Swingline Loan” means a Loan made
pursuant to Section 2.14. 

  
 20 

 “Swiss Francs” means the lawful currency of Switzerland. 

“Syndication Agents” means Citibank N.A. and Deutsche Bank AG New York Branch. 

“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so- called synthetic,
off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of real property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person,
would be characterized as the indebtedness of such Person (without regard to accounting treatment). 
 “TARGET”
means 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) reasonably determined by the Administrative Agent to be a
suitable replacement) 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 $250,000,000. 
 “Total Outstandings” means the aggregate Outstanding Amount of each Lender. 
 “Tranche 1 Commitment” means, as to any Tranche 1 Lender, the obligation of such Tranche 1 Lender, if any, to make Tranche 1 Loans and participate in Swingline Loans and Letters of Credit
in an aggregate principal amount and/or face amount not to exceed the amount set forth under the heading “Tranche 1 Commitment” opposite such Tranche 1 Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant
to which such Tranche 1 Lender became a party hereto, as the same may be changed from time to time pursuant to the terms and conditions hereof. The aggregate original amount of the Tranche 1 Commitments is $2,045,000,000. 

“Tranche 1 Committed Loan” has the meaning specified in Section 2.01. 

“Tranche 1 Lender” means each Lender that holds a Tranche 1 Commitment or has a Tranche 1 Loan. 

“Tranche 1 Loan” means any Loan made in respect of a Tranche 1 Commitment. 

“Tranche 1 Percentage” means with respect to any Tranche 1 Lender at any time, the percentage (carried out to the ninth
decimal place) of the aggregate Tranche 1 Commitments represented by such Tranche 1 Lender’s Tranche 1 Commitment at such time; provided that in the case of Section 2.16 when a Defaulting Lender shall exist, “Tranche 1
Percentage” shall mean the percentage of the total Tranche 1 Commitments (disregarding any Defaulting Lender’s Tranche 1 Commitment) represented by such Tranche 1 Lender’s Tranche 1 Commitment. If the commitment of each Lender to make
Tranche 1 Loans has been terminated pursuant to Section 8.02 or if the Tranche 1 Commitments have expired, then the Tranche 1 Percentage of each Tranche 1 Lender shall be determined based on the Tranche 1 Percentage of such Tranche 1

  
 21 

 
Lender most recently in effect, giving effect to any subsequent assignments. The initial Tranche 1 Percentage of each Tranche 1 Lender is set forth opposite the name of such Tranche 1 Lender on
Schedule 2.01 or in the Assignment and Assumption pursuant to which such Tranche 1 Lender becomes a party hereto, as applicable. 
 “Tranche 2 Commitment” means, as to any Tranche 2 Lender, the obligation of such Tranche 2 Lender, if any, to make Tranche 2 Loans in an aggregate principal amount not to exceed the
amount set forth under the heading “Tranche 2 Commitment” opposite such Tranche 2 Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Tranche 2 Lender became a party hereto, as the same may
be changed from time to time pursuant to the terms and conditions hereof. The aggregate original amount of the Tranche 2 Commitments is $955,000,000. 
 “Tranche 2 Committed Loan” has the meaning specified in Section 2.01. 
 “Tranche 2 Lender” means each Lender that holds a Tranche 2 Commitment or has a Tranche 2 Loan. 
 “Tranche 2 Loan” means any Loan made in respect of a Tranche 2 Commitment. 
 “Tranche 2 Percentage” means with respect to any Tranche 2 Lender at any time, the percentage (carried out to the ninth decimal place) of the aggregate Tranche 2 Commitments represented
by such Tranche 2 Lender’s Tranche 2 Commitment at such time; provided that in the case of Section 2.16 when a Defaulting Lender shall exist, “Tranche 2 Percentage” shall mean the percentage of the total Tranche 2
Commitments (disregarding any Defaulting Lender’s Tranche 2 Commitment) represented by such Tranche 2 Lender’s Tranche 2 Commitment. If the commitment of each Lender to make Tranche 2 Loans has been terminated pursuant to
Section 8.02 or if the Tranche 2 Commitments have expired, then the Tranche 2 Percentage of each Tranche 2 Lender shall be determined based on the Tranche 2 Percentage of such Tranche 2 Lender most recently in effect, giving effect to
any subsequent assignments. The initial Tranche 2 Percentage of each Tranche 2 Lender is set forth opposite the name of such Tranche 2 Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Tranche 2 Lender becomes
a party hereto, as applicable. 
 “Type” means, with respect to a Committed Loan, its character as an ABR 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 the Pension Plan pursuant to Sections 412 and 430 of the Code for the
applicable plan year. 
 “United States” and “U.S.” mean the United States of America.

 “U.S. Dollar” and “$” mean lawful money of the United States. 

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: 

  
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 (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.” The word “or” shall not be exclusive. 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. 

1.03 Accounting Terms. (a) Generally. 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, except as otherwise specifically prescribed herein (provided that all terms of an accounting or financial nature used herein
shall be construed, and all computations of amounts and ratios referred to herein shall be made without giving effect to any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting
Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined
therein). 
 (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 Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and 

  
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the Borrower 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 Borrower 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) Consolidation of Variable Interest Entities. All references herein to consolidated financial statements
of the Borrower and its Subsidiaries or to the determination of any amount for the Borrower 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
Borrower is required to consolidate pursuant to FASB Interpretation No. 46 (revised December 2003) Consolidation of Variable Interest Entities as if such variable interest entity were a Subsidiary as defined herein. 

1.04 Rounding. Any financial ratios required to be maintained by the Borrower 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 Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to Pacific time (daylight or standard, as applicable). 
 ARTICLE II. 

THE COMMITMENTS AND CREDIT EXTENSIONS 
 2.01 Committed Loans. Subject to the terms and conditions set forth herein, (i) each Tranche 1 Lender severally agrees to make loans (each such loan, a “Tranche 1 Committed
Loan”) in Agreed Currencies to the Borrower or a Designated Borrower 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
Tranche 1 Commitment; provided, however, that after giving effect to any Borrowing, (x) the Dollar Amount of the aggregate Outstanding Amounts of the Tranche 1 Lenders shall not exceed the total Tranche 1 Commitments, and
(y) the Dollar Amount of the Outstanding Amount with respect to the Tranche 1 Loans of any Tranche 1 Lender shall not exceed such Lender’s Tranche 1 Commitment and (ii) each Tranche 2 Lender severally agrees to make loans (each such
loan, a “Tranche 2 Committed Loan” and, together with the Tranche 1 Committed Loans, the “Committed Loans”) in U.S. Dollars, Euro and/or Pounds Sterling to the Borrower or a Designated Borrower 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 Tranche 2 Commitment; provided, however, that after giving effect to any Borrowing,
(x) the Dollar Amount of the aggregate Outstanding Amounts of the Tranche 2 Lenders shall not exceed the total Tranche 2 Commitments, (y) the Dollar Amount of the Outstanding Amount with respect to the Tranche 2 Loans of any Tranche 2
Lender shall not exceed such Lender’s Tranche 2 Commitment and (z) the Tranche 2 Lenders shall only be obligated to make Tranche 2 Committed Loans denominated in (A) U.S. Dollars, (B) Euro 

  
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and/or (C) Pounds Sterling. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower or a Designated Borrower may borrow under
this Section 2.01, prepay under Section 2.03, and reborrow under this Section 2.01. Committed Loans may be ABR Loans or Eurocurrency Rate Loans, as further provided herein; provided that ABR Loans shall
only be made in U.S. Dollars. Each Lender may, at its option, make any Committed Loan available to the Borrower or a Designated Borrower by causing any foreign or domestic branch or Affiliate of such Lender to make such Committed Loan;
provided that, any exercise of such option shall not affect the obligation of the Borrower or such Designated Borrower to repay such Committed Loan in accordance with the terms and subject to the conditions of this Agreement, and such
Affiliate shall be treated as a Lender for purposes of this Agreement. 
 2.02 Borrowings, Conversions and Continuations of
Committed Loans. 
 (a) Each Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation
of Eurocurrency Rate Loans shall be made upon the Borrower’s or a Designated Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone in the case of Loans denominated in U.S. Dollars. Each such notice must
be received by the Administrative Agent not later than 12:00 noon Local Time (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurocurrency Rate Loans denominated in U.S. Dollars or of any
conversion of Eurocurrency Rate Loans denominated in U.S. Dollars to ABR Loans, (ii) three Business Days prior to the requested date of any Borrowing or continuation of Eurocurrency Rate Loans denominated in a Foreign Currency, and
(iii) on the requested date of any Borrowing of ABR Loans; provided, however, that if the Borrower or such Designated Borrower wishes to request Eurocurrency Rate Loans having an Interest Period other than one, two, three or six
months in duration as provided in the definition of “Interest Period”, the applicable notice must be received by the Administrative Agent not later than 12:00 noon Local Time four Business Days prior to the requested date of such
Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the Lenders of the Class of Loans so requested of such request and determine whether the requested Interest Period is available to all of them. Not
later than 12:00 noon Local Time, three Business Days before the requested date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower or the applicable Designated Borrower (which notice may be by
telephone) whether or not the requested Interest Period has been consented to by all the Lenders of such Class. Each telephonic notice by the Borrower or a Designated Borrower pursuant to this Section 2.02(a) must be confirmed promptly
by delivery to the Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower or such Designated Borrower. Each Borrowing of, conversion to or continuation of Eurocurrency
Rate Loans denominated in U.S. Dollars shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof, or if the remaining amount available under the Commitments of a Class is less than $5,000,000, in multiples of
$1,000,000. Each Borrowing or continuation of Eurocurrency Rate Loans denominated in a Foreign Currency shall be in a principal amount of the smallest amount of such Foreign Currency that has an Equivalent Amount in excess of $5,000,000 or a whole
multiple of the smallest amount of such Foreign Currency that has an Equivalent Amount in excess of $1,000,000 or, if the remaining amount available under the Commitments of a Class is less than such minimum amount, in a whole multiple of the
smallest amount of such Foreign Currency 

  
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that has an Equivalent Amount in excess of $1,000,000. Each Borrowing of or conversion to ABR Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess
thereof, or if the remaining amount available under the Commitments of a Class is less than $5,000,000, in multiples of $1,000,000. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Borrower or the
applicable Designated Borrower is requesting a Borrowing, a conversion of Committed 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 Committed Loans to be borrowed, converted or continued, (iv) the Class and Type of Committed Loans to be borrowed or to which existing Committed Loans are to be
converted, and (v) if applicable, the duration of the Interest Period and the Agreed Currency with respect thereto. If the Borrower or the applicable Designated Borrower fails to specify a Type of Committed Loan in a Committed Loan Notice or if
the Borrower or such Designated Borrower fails to give a timely notice requesting a conversion or continuation, then (i) in the case of a Borrowing denominated in U.S. Dollars, the applicable Committed Loans shall be made as, or converted to,
ABR Loans and (ii) in the case of a Borrowing denominated in a Foreign Currency, such Borrowing shall be made as a Eurocurrency Rate Loan in the same Agreed Currency with an Interest Period of one month. Any such automatic conversion to ABR
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 Borrower or a Designated Borrower requests a Borrowing of, conversion to, or continuation of
Eurocurrency Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. 
 (b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Tranche 1 Lender or Tranche 2 Lender, as the case may be, of the amount of its Tranche 1 Percentage or
Tranche 2 Percentage, as applicable, of the applicable Tranche 1 Committed Loans or Tranche 2 Committed Loans, and if no timely notice of a conversion or continuation is provided by the Borrower or the applicable Designated Borrower, the
Administrative Agent shall notify each Tranche 1 Lender or Tranche 2 Lender, as the case may be, of the details of any automatic conversion to ABR Loans described in the preceding subsection. In the case of a Borrowing, each Lender shall make the
amount of its Committed Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 2:00 p.m. Local Time on the Business Day specified in the applicable Committed Loan Notice;
provided that Swingline Loans shall be made as provided in Section 2.14. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Borrowing,
Section 4.01), the Administrative Agent shall make all funds so received available to the Borrower or the applicable Designated Borrower, as applicable, in like funds as received by the Administrative Agent either by (i) crediting
the account of the Borrower or such Designated Borrower, as applicable, on the books of the Administrative Agent 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 Borrower or such Designated Borrower; provided that ABR Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.15(e) shall be remitted by
the Administrative Agent to the applicable Issuing Bank. 
 (c) Except as otherwise provided herein, a Eurocurrency Rate Loan
may be continued or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan. During 

  
 26 

 
the existence of a Default, no Loans denominated in U.S. Dollars may be requested as, converted to or continued as Eurocurrency Rate Loans without the consent of the Required Lenders. 

(d) The Administrative Agent shall promptly notify the Borrower or the applicable Designated Borrower, as applicable, 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 ABR Loans are outstanding, the Administrative Agent shall notify the Borrower or the applicable Designated
Borrower, as applicable, and the Lenders of any change in the Prime Rate used in determining the ABR promptly following the public announcement of such change. 
 (e) After giving effect to all Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of Committed Loans as the same Type, there shall not be more than ten
Interest Periods in effect with respect to Committed Loans. 
 (f) This Section 2.02 shall not apply to Borrowings
of Swingline Loans, which may not be converted or continued. 
 2.03 Prepayments. 

(a) The Borrower or a Designated Borrower may, upon notice to the Administrative Agent (and, in the case of prepayment of a Swingline
Loan, the Swingline Lender), at any time or from time to time voluntarily prepay Committed Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than
12:00 noon Pacific Time (A) three Business Days prior to any date of prepayment of Eurocurrency Rate Loans and (B) on the date of prepayment of ABR Loans; (ii) any prepayment of Eurocurrency Rate Loans denominated in U.S. Dollars
shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; (iii) any prepayment of Eurocurrency Rate Loans denominated in a Foreign Currency shall be in a principal amount of not less than the smallest
amount of such Foreign Currency that has an Equivalent Amount in excess of $5,000,000 and in an whole multiple of the smallest amount of such Foreign Currency that has an Equivalent Amount in excess of $1,000,000; and (iv) any prepayment of ABR
Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof or, in each case, 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) of Committed 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 Borrower or a Designated Borrower, the Borrower or such Designated Borrower, as applicable, 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 Committed Loans of the Lenders in accordance with their respective Applicable Percentages. 
 (b) If at any time, (i) other than as a result of fluctuations in currency exchange rates, the sum of the aggregate principal Dollar Amount of the Total Outstandings (calculated, with respect to
Loans and LC Exposure denominated in Foreign Currencies, as of the most recent 

  
 27 

 
Computation Date with respect to each such Loans and LC Exposure) exceeds the Aggregate Commitments, (ii) other than as a result of fluctuations in currency exchange rates, the sum of the
aggregate principal Dollar Amount of the aggregate Outstanding Amounts of the Lenders in respect of any Class of Commitments (calculated, with respect to Loans and LC Exposure (in the case of the Tranche 1 Commitments) denominated in Foreign
Currencies, as of the most recent Computation Date with respect to each such Loans and LC Exposure (in the case of the Tranche 1 Commitments)) exceeds the total Commitments in respect of such Class, (iii) solely as a result of fluctuations in
currency exchange rates, the aggregate principal Dollar Amount of the Total Outstandings (so calculated), as of the most recent Computation Date, exceeds one hundred five percent (105%) of the Aggregate Commitments or (iv) solely as a
result of fluctuations in currency exchange rates, the aggregate principal Dollar Amount of the aggregate Outstanding Amounts of the Lenders in respect of any Class of Commitments (so calculated), as of the most recent Computation Date, exceeds one
hundred five percent (105%) of the total Commitments in respect of such Class, the Borrower and/or the Designated Borrowers shall immediately repay Borrowings or cash collateralize LC Exposure in accordance with the procedures set forth in
Section 2.15(j) in an aggregate principal amount sufficient to cause (x) the Dollar Amount of the Total Outstandings (so calculated) to be less than or equal to the Aggregate Commitments or (y) the Dollar Amount of the
aggregate Outstanding Amounts of the Lenders in respect of the applicable Class of Commitments (so calculated) to be less than or equal to the total Commitments in respect of such Class. 

2.04 Termination or Reduction of Commitments. The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate
Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 12:00 noon Pacific Time five 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, and (iii) the Borrower shall not terminate or reduce the Aggregate
Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Dollar Amount of the Total Outstandings would exceed the Aggregate Commitments. The Administrative Agent will promptly notify the Lenders of any such notice
of termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All interest and fees accrued until the effective date of
any termination of the Aggregate Commitments shall be paid on the effective date of such termination. Each reduction of the Aggregate Commitments shall be made ratably among the Classes in accordance with the percentage which the aggregate amount of
Commitments of each Class then constitutes of the Aggregate Commitments then in effect and modified by the Administrative Agent to account for rounding adjustments. Each reduction of the Aggregate Commitments of any Class shall be made ratably among
the Lenders within such Class in accordance with their respective Commitments in respect of such Class. 
 2.05 Repayment of
Loans. Each of the Borrower and the Designated Borrowers shall repay to the Lenders on the Maturity Date the aggregate principal amount of Committed Loans outstanding to it on such date. Each of the Borrower and the Designated Borrowers shall
repay to the Swingline Lender the then unpaid principal amount of each Swingline Loan made to it on the earlier of (i) the Maturity Date and (ii) the first date after such Swingline Loan is made that is the 15th or last day of a calendar
month and is at least two Business Days after such Swingline 

  
 28 

 
Loan is made; provided that on each date that a Borrowing is made, the Borrower or the applicable Designated Borrower, as applicable, shall repay all Swingline Loans made to it then
outstanding. 
 2.06 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 Eurocurrency Rate for such Interest Period plus the Applicable Rate; and (ii) each ABR Loan (including each Swingline Loan) shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the ABR plus the Applicable Rate. 
 (b) 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. 
 (i) If any amount (other than principal of any Loan) payable
by the Borrower or a Designated Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), 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. 
 (ii) While any Event of Default exists, each of the Borrower and the Designated Borrowers shall pay interest on the principal amount of all outstanding Obligations owing by it hereunder at a fluctuating
interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
 (iii)
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. 

2.07 Fees. 
 (a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, a commitment fee (the “Commitment
Fee”) equal to the Applicable Rate times the actual daily amount by which the Aggregate Commitments exceed the Total Outstandings provided, that in calculating the Total Outstandings for this purpose, the aggregate principal
amount of Swingline Loans then outstanding shall be deemed to be zero. 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

  
 29 

 
Article IV 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 ending 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) Letter of Credit Fees. The Borrower agrees to pay (i) to the Administrative Agent for the account of each Tranche 1 Lender, a participation fee with respect to such Tranche 1 Lender’s
participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurocurrency Rate Loans on the average daily Dollar Amount of such Tranche 1 Lender’s LC Exposure (excluding
any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Closing Date to but excluding the later of the date on which (x) such Tranche 1 Lender’s Tranche 1 Commitment terminates and
(y) the date on which such Tranche 1 Lender ceases to have any LC Exposure, and (ii) to each Issuing Bank, a fronting fee, which shall accrue at the rate or rates per annum separately agreed upon between the Borrower and such Issuing Bank
on the average daily Dollar Amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Closing Date to but excluding the later of (A) the date of termination
of the Tranche 1 Commitments and (B) the date on which there ceases to be any LC Exposure in respect of such Issuing Bank, as well as such Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any
Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on such day, commencing on the first such
date to occur after the Closing Date; provided that all such fees shall be payable on the date on which the Tranche 1 Commitments terminate and any such fees accruing after the date on which the Tranche 1 Commitments terminate shall be
payable on demand. Any other fees payable to an Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable
for the actual number of days elapsed (including the first day but excluding the last day). 
 (c) Other Fees. The
Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in any fee agreements with the Administrative Agent and to perform any other obligations contained therein. Such fees shall be fully earned when
paid and shall not be refundable for any reason whatsoever. 
 (i) The Borrower shall pay to the Lenders such fees as shall have
been separately agreed upon in writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

(d) Fees Generally. All fees payable hereunder shall be paid on the dates due, in U.S. Dollars, in immediately available funds, to
the Administrative Agent (or to an Issuing Bank, in the case of fees payable to it) for distribution, in the case of Commitment Fees and participation fees, to the Lenders. Fees paid shall not be refundable under any circumstances. 

2.08 Computation of Interest and Fees. 

  
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 (a) All computations of interest for ABR Loans when the ABR is determined by reference to
the Prime Rate shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed (including the first day but excluding the last day). All computations of interest for Borrowings denominated in Pounds Sterling
shall be computed on the basis of a year of three hundred sixty-five (365) days, and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All other computations of fees and interest shall
be made on the basis of a 360-day year and actual days elapsed (including the first day but excluding the last day) (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall
accrue 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 repaid, provided that any Loan that is repaid on the same day on which it is made
shall, subject to Section 2.10(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. Any change in the
interest rate on a Loan resulting from a change in the ABR shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall promptly notify the Borrower or the applicable
Designated Borrower, as applicable, and the relevant Lenders of the effective date and the amount of each such change in interest rate. 
 (b) If any Reference Bank’s Commitment shall terminate (otherwise than on termination of all the Commitments), or its Loans shall be assigned for any reason whatsoever, such Reference Bank shall
thereupon cease to be a Reference Bank, and if, as a result of the foregoing, there shall only be two Reference Bank remaining, then the Administrative Agent (subject to the prior written consent of the Borrower) shall, by notice to the Borrower and
the Lenders, designate another Lender as a Reference Bank so that there shall at all times be at least three Reference Banks. 

(c) Each Reference Bank shall use its best efforts to furnish quotations of rates to the Administrative Agent as contemplated hereby. If
any of the Reference Banks shall be unable or otherwise fails to supply such rates to the Administrative Agent upon its request, the rate of interest shall be determined on the basis of the quotations of the remaining Reference Banks. 

2.09 Evidence of Debt. The Loans 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 Loans made by the Lenders to the
Borrower or a Designated Borrower 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 any of the Borrower and the Designated Borrowers hereunder to
pay any amount owing by it 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 made through the Administrative Agent, each of the Borrower and the Designated Borrowers shall execute and deliver to such Lender
(through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse 

  
 31 

 
thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 
 2.10 Payments Generally; Administrative Agent’s Clawback. 
 (a)
General. All payments to be made by the Borrower or a Designated Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by each of
the Borrower and the Designated Borrowers hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, (x) in the case of payments denominated in U.S. Dollars, at the
Administrative Agent’s Office and in immediately available funds not later than 2:00 p.m. Local Time on the date specified herein and (y) in the case of payments denominated in a Foreign Currency, its Foreign Currency Payment Office for
such Foreign Currency; provided that any payments to be made directly to each Issuing Bank or the Swingline Lender as expressly provided herein shall be made directly to the Persons entitled thereto. The Administrative Agent will promptly distribute
to each Lender its Tranche 1 Percentage (or other applicable share as provided herein, including, in the case of prepayments of and interest on commitments, if the outstanding Committed Loans are not ratable in proportion to the Tranche 1
Percentages, to each Lender ratable based on the amount owed to it) with respect to payments received in respect of the Tranche 1 Commitments and its Tranche 2 Percentage (or other applicable share as provided herein, including, in the case of
prepayments of and interest on commitments, if the outstanding Committed Loans are not ratable in proportion to the Tranche 2 Percentages, to each Lender ratable based on the amount owed to it) with respect to payments received in respect of the
Tranche 2 Commitments of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m. Local Time shall be deemed received on the next Business Day and
any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower or a Designated 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. All payments hereunder of principal or interest in respect of any Loan or LC Disbursement shall, except as otherwise expressly provided herein, be made in the
currency of such Loan or LC Disbursement, and all other payments hereunder and under each other Loan Document shall be made in U.S. Dollars. Notwithstanding the foregoing provisions of this Section, if, after the making of any Borrowing or LC
Disbursement in any Foreign Currency, currency control or exchange regulations are imposed in the country which issues such Foreign Currency with the result that such Foreign Currency no longer exists or the Borrower or the applicable Designated
Borrower, as the case may be, is not able to make payment to the Administrative Agent for the account of the Lenders in such Foreign Currency, then all payments to be made by the Borrower or such Designated Borrower hereunder in such Foreign
Currency shall instead be made when due in a currency that replaced such Foreign Currency or, if no such replacement currency exists, in U.S. Dollars in an amount equal to the Dollar Amount (as of the date of repayment) of such payment due, it being
the intention of the parties hereto that the Borrower or such Designated Borrower takes all risks of the imposition of any such currency control or exchange regulations. 
 (b) 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

  
 32 

 
Borrowing of Eurocurrency Rate Loans (or, in the case of any Borrowing of ABR Loans, prior to 2:00 p.m., Local Time 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 ABR
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 Borrower or the applicable Designated 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 Borrower or the applicable Designated Borrower severally agree to
pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower or such Designated 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 rate determined by the Administrative Agent in accordance with banking industry rules and conventions on interbank
compensation, 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 the Borrower or such Designated Borrower, the
interest rate applicable to the applicable Loan or, if such payment is in U.S. Dollars, ABR Loans. If the Borrower or such Designated 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 the Borrower or such Designated Borrower the amount of such interest paid by it 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 Committed Loan included in such Borrowing. Any payment by the Borrower or a Designated Borrower shall be without prejudice to any claim the Borrower or such Designated Borrower may have against a Lender
that shall have failed to make such payment to the Administrative Agent. 
 (c) Payments by Borrower or any Designated
Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower or the applicable Designated Borrower, as applicable, prior to the date on which any payment is due to the
Administrative Agent for the account of the Lenders hereunder that the Borrower or such Designated Borrower will not make such payment, the Administrative Agent may assume that the Borrower or such Designated Borrower has made such payment on such
date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower or such Designated Borrower has not in fact made such payment, then each of the Lenders severally agrees
to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender in immediately available 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 greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules and conventions on interbank compensation. Any payment by any
Lender pursuant to this clause (i) shall be without prejudice to any claim such Lender or the Administrative Agent may have against the Borrower or the applicable Designated Borrower, as applicable, for having failed to make such payment to the
Administrative Agent. 

  
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 A notice of the Administrative Agent to any Lender, the Borrower or any Designated Borrower
with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error. 
 (d)
Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made
available to the Borrower or the applicable Designated Borrower, as applicable, by the Administrative Agent because the conditions to the applicable Borrowings set forth in Article IV are 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 within one Business Day, without interest. 
 (e) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Committed Loans and to make payments pursuant to Section 11.04(c) are several and not joint. The
failure of any Lender to make any Committed Loan 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 Committed Loan, to purchase its participation or to make its payment under Section 11.04(c). 
 (f) 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. 
 2.11 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 Committed Loans made by it or participations in LC Disbursements or Swingline
Loans resulting in such Lender receiving payment of a proportion of the aggregate amount of such Committed Loans and participations in LC Disbursements and Swingline Loans 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 Committed Loans and participations in LC
Disbursements and Swingline Loans, 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 Committed Loans and participations in LC Disbursements and Swingline 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 (x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in
any of its Committed Loans or participations in LC Disbursements and Swingline Loans to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section shall apply). The Borrower consents
to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation 

  
 34 

 
pursuant to the foregoing arrangements may exercise against each the Borrower and the Designated Borrowers rights of setoff and counterclaim with respect to such participation as fully as if such
Lender were a direct creditor of the Borrower or such Designated Borrower in the amount of such participation. 
 2.12
Extension of Maturity Date. 
 (a) Requests for Extension. The Borrower may, by notice to the Administrative Agent
(who shall promptly notify the Lenders) not earlier than 60 Business Days and not later than 35 Business Days prior to each anniversary of the Closing Date (each a “Relevant Anniversary Date”), request that each Lender extend such
Lender’s Maturity Date for an additional year from the Maturity Date then in effect hereunder (the “Existing Maturity Date”). 
 (b) Lender Elections to Extend. Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not earlier than 30 Business Days prior to the Relevant
Anniversary Date and not later than the date (the “Notice Date”) that is 20 Business Days prior to the Relevant Anniversary Date, advise the Administrative Agent whether or not such Lender agrees to such extension (and each Lender
that determines not to so extend its Maturity Date (a “Non-Extending Lender”) shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later than the Notice Date) and any Lender that
does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other Lender to so agree. Following any extension,
the LC Exposure shall continue to be held ratably among the Tranche 1 Lenders, but on the Maturity Date applicable to the Committed Loans of any Non-Extending Lender, the LC Exposure of such Non-Extending Lender shall be ratably reallocated, to the
extent of the unused Tranche 1 Commitments of the extending Tranche 1 Lenders, to such extending Tranche 1 Lenders (without regard to whether the conditions set forth in Section 4.02 can then be satisfied) and the Borrower and the
applicable Designated Borrowers shall cash collateralize the balance of such LC Exposure in accordance with Section 2.15(j). 
 (c) Notification by Administrative Agent. The Administrative Agent shall notify the Borrower of each Lender’s determination under this Section no later than the date 15 Business Days prior to
the Relevant Anniversary Date (or, if such date is not a Business Day, on the immediately preceding Business Day). 
 (d)
Additional Commitment Lenders. The Borrower shall have the right on or before the Relevant Anniversary Date to replace each Non-Extending Lender with, and add as “Lenders” under this Agreement in place thereof, one or more Eligible
Assignees (each, an “Additional Commitment Lender”) as provided in Section 11.13, each of which Additional Commitment Lenders shall have entered into an Assignment and Assumption pursuant to which such Additional
Commitment Lender shall, effective as of the Relevant Anniversary Date, undertake a Commitment within a Class of such Non-Extending Lender (and, if any such Additional Commitment Lender is already a Lender, its Commitment within such Class of such
Non-Extending Lender shall be in addition to such Lender’s Commitment hereunder on such date). 

  
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 (e) Minimum Extension Requirement. If (and only if) the total of the Commitments of
the Lenders that have agreed so to extend their Maturity Date and the additional Commitments of the Additional Commitment Lenders shall be more than 50% of the aggregate amount of the Commitments in effect immediately prior to the Relevant
Anniversary Date, then, effective as of the Relevant Anniversary Date, the Maturity Date of each Extending Lender and of each Additional Commitment Lender shall be extended to the date falling 364 days after the Existing Maturity Date (except that,
if such date is not a Business Day, such Maturity Date as so extended shall be the immediately preceding Business Day) and each Additional Commitment Lender shall thereupon become a “Lender” for all purposes of this Agreement.

 (f) Conditions to Effectiveness of Extensions. Notwithstanding the foregoing, the extension of the Maturity Date
pursuant to this Section shall not be effective with respect to any Lender unless: (i) no Default shall have occurred and be continuing on the date of such extension and after giving effect thereto; (ii) the representations and warranties
contained in this Agreement that are qualified by materiality shall be true and correct on and as of the date of such extension and after giving effect thereto, and such representations and warranties that are not qualified by materiality shall be
true and correct in all material respects on and as of the date of such extension and after giving effect thereto, in each case as though made on and as of such date (or, if any such representation or warranty is expressly stated to have been made
as of a specific date, true and correct in all material respects as of such specific date (provided, that such materiality qualifier shall not be applicable to any representation or warranty that already is qualified or modified by materiality in
the text thereof) and, for purposes of this Section 2.12, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements
delivered pursuant to clauses (a) and (b), respectively, of Section 6.01); and (iii) on the Relevant Anniversary Date of each Non-Extending Lender that has not been replaced as provided in
Section 2.12(d), each of the Borrower and the Designated Borrowers shall prepay any Committed Loans outstanding to it on such date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to
keep such outstanding Committed Loans ratable with any revised Applicable Percentages of the respective Lenders effective as of such date. 
 (g) Conflicting Provisions. This Section 2.12 shall supersede any provisions in Section 2.11 or 11.01 to the contrary. 

2.13 Increase in Commitments. 
 (a) Request for Increase. Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may from time to time, request an
increase in the Tranche 1 Commitments and/or the Tranche 2 Commitments by an aggregate amount (for all such requests) not exceeding $1,000,000,000; provided that (i) any such request for an increase shall be in a minimum amount of
$50,000,000, and (ii) the Borrower may make a maximum of five such requests. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to
respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). 

  
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 (b) Lender Elections to Increase. Each Lender shall notify the Administrative Agent
within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Tranche 1 Percentage and/or Tranche 2 Percentage of such requested increase. Any Lender not
responding within such time period shall be deemed to have declined to increase its Commitment. 
 (c) Notification by
Administrative Agent: Additional Lenders. The Administrative Agent shall notify the Borrower and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the
approval of the Administrative Agent (which approval shall not be unreasonably withheld), the Borrower may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance satisfactory to the
Administrative Agent and its counsel. 
 (d) Increase Effective Date and Allocations. If the Tranche 1 Commitments and/or
the Tranche 2 Commitments are increased in accordance with this Section, the Administrative Agent and the Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase among
the Lenders of such Class. The Administrative Agent shall promptly notify the Borrower and the Lenders of the final allocation of such increase and the Increase Effective Date. 

(e) Conditions to Effectiveness of Increase. As a condition precedent to such increase, the Borrower shall deliver to the
Administrative Agent a certificate dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer (i) certifying and attaching the resolutions adopted by the Borrower approving or consenting to
such increase and (ii) certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in Article V and the other Loan Documents that are qualified by materiality shall be true and
correct on and as of the Increase Effective Date, and such representations and warranties that are not qualified by materiality shall be true and correct in all material respects on and as of the Increase Effective Date, except to the extent that
such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date (provided, that such materiality qualifier shall not be applicable to any
representation or warranty that already is qualified or modified by materiality in the text thereof), and except that for purposes of this Section 2.13, the representations and warranties contained in subsections (a) and
(b) of Section 5.05 shall be deemed to refer to the most recent statements delivered pursuant to clauses (a) and (b), respectively, of Section 6.01, and (B) no Default exists. The Borrower
and the Designated Borrowers shall prepay any Committed Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Committed Loans
ratable with any revised Applicable Percentages arising from any nonratable increase in the Commitments under this Section. 

(f) Conflicting Provisions. This Section shall supersede any provisions in Section 2.11 or 11.01 to the
contrary. 
 2.14 Swingline Loans. 

  
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 (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to
make Swingline Loans to the Borrower or a Designated Borrower from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding
Swingline Loans exceeding $100,000,000 or (ii) the sum of the Outstanding Amounts in respect of all Tranche 1 Commitments exceeding the aggregate amount of the Tranche 1 Commitments; provided that the Swingline Lender shall not be
required to make a Swingline Loan to refinance an outstanding Swingline Loan. Each Swingline Loan shall be in an amount that is a whole multiple of $1,000,000 and not less than $10,000,000. Within the foregoing limits and subject to the terms and
conditions set forth herein, the Borrower or a Designated Borrower may borrow, prepay and reborrow Swingline Loans. Swingline Loans shall be denominated in U.S. Dollars. 
 (b) To request a Swingline Loan, the Borrower or a Designated Borrower shall notify the Administrative Agent of such request by telephone (confirmed by telecopy), not later than 2:00 p.m., New York City
time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly advise the
Swingline Lender of any such notice received from the Borrower or a Designated Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower or a Designated Borrower by means of a credit to the general deposit account of
the Borrower or such Designated Borrower, as applicable, with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.15(e), by remittance to the
applicable Issuing Bank) by 5:00 p.m., New York City time, on the requested date of such Swingline Loan. 
 (c) The Swingline
Lender may by written notice given to the Administrative Agent not later than 10:00 a.m., New York City time, on any Business Day require the Tranche 1 Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans
outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Tranche 1 Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Tranche 1 Lender, specifying
in such notice such Tranche 1 Lender’s Tranche 1 Percentage of such Swingline Loan or Loans. Each Tranche 1 Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for
the account of the Swingline Lender, such Lender’s Tranche 1 Percentage of such Swingline Loan or Loans. Each Tranche 1 Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph
is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Tranche 1 Commitments, and that each such payment shall be made without
any offset, abatement, withholding or reduction whatsoever. Each Tranche 1 Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.10 with
respect to Loans made by such Tranche 1 Lender (and Section 2.10 shall apply, mutatis mutandis, to the payment obligations of the Tranche 1 Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the
amounts so received by it from the Tranche 1 Lenders. The Administrative Agent shall notify the Borrower and any applicable Designated Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments
in respect of such Swingline Loan shall be 

  
 38 

 
made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrower or a Designated Borrower (or other party on behalf of the Borrower
or a Designated Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent, and any such amounts so received by the
Administrative Agent shall be promptly remitted by the Administrative Agent to the Tranche 1 Lenders that have made their payments pursuant to this paragraph and to the Swingline Lender, as applicable; provided that any such payment so
remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower or an applicable Designated Borrower, as applicable, for any reason. The
purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower or any Designated Borrower of any default in the payment thereof. 
 (d) The Swingline Lender shall not be required to make any Swingline Loan after the Maturity Date as applicable to its Committed Loans, and any Swingline Loans outstanding on the Maturity Date of the
Committed Loans of any Tranche 1 Lender shall be prepaid on such date. 
 (e) Replacement of the Swingline Lender. The
Swingline Lender may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Swingline Lender and the successor Swingline Lender or in accordance with Section 11.13. The Administrative
Agent shall notify the Tranche 1 Lenders of any such replacement of the Swingline Lender. At the time any such replacement shall become effective, the Borrower and each applicable Designated Borrower shall repay all outstanding Swingline Loans in
accordance with Section 2.05. From and after the effective date of any such replacement, (i) the successor Swingline Lender shall have all the rights and obligations of the replaced Swingline Lender under this Agreement with respect
to the Swingline Loans to be made thereafter and (ii) references herein to the term “Swingline Lender” shall be deemed to refer to such successor or to any previous Swingline Lender, or to such successor and all previous Swingline
Lenders, as the context shall require. After the replacement of the Swingline Lender hereunder, the replaced Swingline Lender shall remain a party hereto and shall continue to have all the rights and obligations of the Swingline Lender under this
Agreement with respect to Swingline Loans made by it prior to such replacement, but shall not be required to make any new Swingline Loans. 
 2.15 Letters of Credit. 
 (a) General. Subject to the terms and
conditions set forth herein, the Borrower or a Designated Borrower may request the issuance of Letters of Credit denominated in Agreed Currencies as the applicant thereof for the support of its or its Subsidiaries’ obligations, in a form
reasonably acceptable to the Administrative Agent and the applicable Issuing Bank, at any time and from time to time during the Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms
and conditions of any form of letter of credit application or other agreement submitted by the Borrower or a Designated Borrower to, or entered into by the Borrower or a Designated Borrower with, the applicable Issuing Bank relating to any Letter of
Credit, the terms and conditions of this Agreement shall control. 

  
 39 

 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request
the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower or a Designated Borrower shall hand deliver or telecopy (or transmit by electronic communication , if arrangements for doing
so have been approved by the applicable Issuing Bank) to such Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension, but in any event no less than three Business Days) a
notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which
such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the Agreed Currency applicable thereto, the name and address of the beneficiary thereof and such other
information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the applicable Issuing Bank, the Borrower or the applicable Designated Borrower shall also submit a letter of credit application on such
Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the
Borrower or the applicable Designated Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, subject to Sections 2.03(b) and 2.17, (i) the Dollar Amount of
the LC Exposure shall not exceed $300,000,000 and (ii) the Dollar Amount of the sum of the Outstanding Amounts in respect of all Tranche 1 Commitments shall not exceed the aggregate amount of the Tranche 1 Commitments. 

(c) Expiration Date. Each Letter of Credit shall expire (or be subject to termination by notice from the applicable Issuing Bank
to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal
or extension) and (ii) the date that is five Business Days prior to the Maturity Date of the Committed Loans of such Issuing Bank. 
 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the applicable Issuing
Bank or the Tranche 1 Lenders, such Issuing Bank hereby grants to each Tranche 1 Lender, and each Tranche 1 Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Tranche 1 Lender’s Tranche 1
Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Tranche 1 Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for
the account of the applicable Issuing Bank, such Tranche 1 Lender’s Tranche 1 Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrower or the applicable Designated Borrower on the date due as provided in
paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower or such Designated Borrower for any reason. Each Tranche 1 Lender acknowledges and agrees that its obligation to acquire
participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence
and continuance of a Default or reduction or termination of the Tranche 

  
 40 

 
1 Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 

(e) Reimbursement. If an Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower or the
applicable Designated Borrower, as applicable, shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement in the applicable Agreed Currency not later than 12:00 noon, Local Time, on the
Business Day immediately following the day that the Borrower or such Designated Borrower, as applicable, receives such notice; provided that if such LC Disbursement is denominated in U.S. Dollars and is not less than $100,000, the Borrower or
the applicable Designated Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.02(b) or 2.14 that such payment be financed with a Borrowing of ABR Loans or a Swingline Loan in
the Dollar Amount of such LC Disbursement and, to the extent so financed, the Borrower’s or such Designated Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Borrowing of ABR Loans or a Swingline
Loan. If the Borrower or the applicable Designated Borrower fails to make such payment when due, the Administrative Agent shall notify each Tranche 1 Lender of the applicable LC Disbursement, the payment then due from the Borrower or such Designated
Borrower in respect thereof and such Tranche 1 Lender’s Tranche 1 Percentage thereof. Promptly following receipt of such notice, each Tranche 1 Lender shall pay to the Administrative Agent its Tranche 1 Percentage of the payment then due from
the Borrower or the applicable Designated Borrower, in the same manner as provided in Section 2.02(b) with respect to Tranche 1 Loans made by such Tranche 1 Lender (and Section 2.10 shall apply, mutatis mutandis, to
the payment obligations of the Tranche 1 Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Tranche 1 Lenders. Promptly following receipt by the Administrative Agent of any
payment from the Borrower or a Designated Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Tranche 1 Lenders have made payments pursuant to this
paragraph to reimburse such Issuing Bank, then to such Tranche 1 Lenders and such Issuing Bank, as applicable. Any payment made by a Tranche 1 Lender pursuant to this paragraph to reimburse an Issuing Bank for any LC Disbursement (other than the
funding of ABR Loans or a Swingline Loan as contemplated above) shall not constitute a Tranche 1 Loan and shall not relieve the Borrower or the applicable Designated Borrower of its obligation to reimburse such LC Disbursement. If the
Borrower’s or the applicable Designated Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Foreign Currency would subject a Credit Party to any stamp duty, ad valorem charge or similar tax that would not be payable
if such reimbursement were made or required to be made in U.S. Dollars, the Borrower or such Designated Borrower shall, at its option, either (x) pay the amount of any such tax requested by such Credit Party or (y) reimburse each LC
Disbursement made in such Foreign Currency in U.S. Dollars, in an amount equal to the Dollar Amount of such LC Disbursement on the date such LC Disbursement is made. 
 (f) Obligations Absolute. The Borrower’s and each applicable Designated Borrower’s obligations to reimburse LC Disbursements as provided in paragraph (e) of this Section shall
be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter
of Credit or this Agreement, 

  
 41 

 
or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein
being untrue or inaccurate in any respect, (iii) payment by an Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or
circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s or such Designated
Borrower’s obligations hereunder. Neither the Administrative Agent, the Tranche 1 Lenders nor any Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or
transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or
delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes
beyond the control of such Issuing Bank; provided that the foregoing shall not be construed to excuse an Issuing Bank from liability to the Borrower or the applicable Designated Borrower, as applicable, to the extent of any direct damages (as
opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower and each Designated Borrower to the extent permitted by applicable law) suffered by the Borrower or any Designated Borrower
that are caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of
gross negligence or willful misconduct on the part of an Issuing Bank (as finally determined by a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing
and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, an Issuing Bank may, in its sole discretion,
either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in
strict compliance with the terms of such Letter of Credit. 
 (g) Disbursement Procedures. An Issuing Bank shall,
promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Administrative Agent, the Borrower or the applicable Designated Borrower
by telephone (confirmed by telecopy) of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower
or such Designated Borrower, as applicable, of its obligation to reimburse such Issuing Bank and the Tranche 1 Lenders with respect to any such LC Disbursement. 
 (h) Interim Interest. If an Issuing Bank shall make any LC Disbursement, then, unless the Borrower or the applicable Designated Borrower shall reimburse such LC Disbursement in full on the date
such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower or such Designated Borrower reimburses such LC
Disbursement, at the rate per annum then applicable to ABR Loans (or, if such LC Disbursement 

  
 42 

 
is denominated in a Foreign Currency, the rate determined by the Administrative Agent in accordance with banking industry rules and conventions on interbank compensation for such Foreign Currency
plus the then effective Applicable Rate with respect to Eurocurrency Rate Loans); provided that if the Borrower or such Designated Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this
Section, then Section 2.06(b) shall apply. Interest accrued pursuant to this paragraph shall be for the account of such Issuing Bank, except that interest accrued on and after the date of payment by any Tranche 1 Lender pursuant to
paragraph (e) of this Section to reimburse such Issuing Bank shall be for the account of such Tranche 1 Lender to the extent of such payment. 
 (i) Replacement of an Issuing Bank. An Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor
Issuing Bank or in accordance with Section 11.13. The Administrative Agent shall notify the Tranche 1 Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrower and each
applicable Designated Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.07(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank
shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to
such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall
continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

(j) Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower or a
Designated Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Tranche 1 Loans has been accelerated, Tranche 1 Lenders with LC Exposure representing greater than 50% of the total LC Exposure)
demanding the deposit of cash collateral pursuant to this paragraph, the Borrower or such Designated Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Tranche 1
Lenders, an amount in cash or provide a “back-to-back” letter of credit or alternative collateral as the Administrative Agent may approve in its sole discretion in good faith, equal to the LC Exposure owing by it as of such date plus any
accrued and unpaid interest thereon; provided that the obligation of the Borrower or any Designated Borrower to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable,
without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower or such Designated Borrower described in Section 8.01(f). Such deposit shall be held by the Administrative Agent as
collateral so long as any LC Exposure exists hereunder for the payment and performance of the obligations of the Borrower or such Designated Borrower, as applicable, under this Agreement. The Administrative Agent shall have exclusive dominion and
control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the
Borrower’s or the applicable Designated Borrower’s risk and expense, such deposits shall not bear interest. 

  
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Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the applicable Issuing Bank for
LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower or the applicable Designated Borrower for the LC Exposure at such time or,
if the maturity of the Loans has been accelerated (but subject to the consent of Tranche 1 Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other obligations of the Borrower or each Designated
Borrower, as applicable, under this Agreement; provided, however, that if prior to the acceleration of the maturity of the Loans the LC Exposure shall cease to exist, moneys in such account shall be returned to the Borrower and the applicable
Designated Borrowers as provided below. If the Borrower or a Designated Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid)
shall be returned to the Borrower or such applicable Designated Borrower, as applicable, within three Business Days after the earlier of (a) all Events of Default having been cured or waived or (b) the LC Exposure ceasing to exist.

 2.16 Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a
Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) fees
shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.07(a); 
 (b) the Commitment and Outstanding Amount of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to
any amendment, waiver or other modification pursuant to Section 11.01); provided, that this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification
requiring the consent of such Lender or each Lender affected thereby; 
 (c) with respect to any Tranche 1 Lender becoming a
Defaulting Lender, if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then: 

(i) all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting
Lenders in accordance with their respective Tranche 1 Percentages but only to the extent that (x) the sum of all non-Defaulting Lenders’ Outstanding Amounts under such Tranche 1 Commitments plus such Defaulting Lender’s Swingline
Exposure and LC Exposure does not exceed the total of all non-Defaulting Lenders’ Tranche 1 Commitments and (y) the conditions set forth in Section 4.02 are satisfied at such time; 

(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower and the
applicable Designated Borrowers shall within one Business Day following notice by the Administrative Agent, (x) first, prepay such Swingline Exposure and (y) second, cash collateralize for the benefit of the Issuing Banks
only the obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any 

  
 44 

 
partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.15(j) for so long as such LC Exposure is outstanding; 

(iii) if the Borrower or a Designated Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to
clause (ii) above, the Borrower or such Designated Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.07(b) with respect to such Defaulting Lender’s LC Exposure during the
period such Defaulting Lender’s LC Exposure is cash collateralized; 
 (iv) if the LC Exposure of the non-Defaulting
Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.07(a) and Section 2.07(b) shall be adjusted in accordance with such non-Defaulting Lenders’
Tranche 1 Percentages; and 
 (v) if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor
cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of any Issuing Bank or any other Lender hereunder, all letter of credit fees payable under Section 2.07(b)
with respect to such Defaulting Lender’s LC Exposure shall be payable to the applicable Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and 

(d) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing
Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Tranche 1 Commitments of the
non-Defaulting Lenders that are Tranche 1 Lenders and/or cash collateral will be provided by the Borrower and the applicable Designated Borrowers in accordance with Section 2.16(c), and participating interests in any newly made Swingline
Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders that are Tranche 1 Lenders in a manner consistent with Section 2.16(c)(i) (and such Defaulting Lender shall not participate therein).

 In the event that the Administrative Agent and the Borrower and, with respect to a Tranche 1 Lender that is a Defaulting
Lender, the Swingline Lender and the Issuing Banks each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the relevant Lenders shall
be readjusted to reflect the inclusion of such Lender’s Tranche 1 Commitment (if any) and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall
determine may be necessary in order for such Lender to hold such Loans in accordance with its Tranche 1 Percentage or Applicable Percentage, as the case may be. 
 2.17 Determination of Dollar Amounts. The Administrative Agent will determine the Dollar Amount of: 

  
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 (a) each Eurocurrency Rate Loan as of the date two Business Days prior to the date of such
Borrowing or, if applicable, the date of conversion or continuation of any Borrowing as a Eurocurrency Rate Loan; 
 (b) the LC
Exposure as of the date of each request for the issuance of any Letter of Credit; and 
 (c) all outstanding Loans and the LC
Exposure on and as of the last Business Day of each calendar quarter and, during the continuation of an Event of Default, on any other Business Day elected by the Administrative Agent in its discretion or upon instruction by the Required Lenders.

 Each day upon or as of which the Administrative Agent determines Dollar Amounts as described in the preceding clauses (a), (b) and
(c) is herein described as a “Computation Date” with respect to each Borrowing, Letter of Credit or LC Exposure for which a Dollar Amount is determined on or as of such day. 

2.18 Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due from the
Borrower or a Designated Borrower hereunder in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the
rate of exchange used shall be that at which the Administrative Agent could, in accordance with normal banking procedures applicable to arm’s length transactions, purchase the specified currency with such other currency at the Administrative
Agent’s main New York City office on the Business Day immediately preceding that on which final, non-appealable judgment is given. The obligations of the Borrower or the applicable Designated Borrower in respect of any sum due to any Credit
Party hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such Credit Party of any sum adjudged to be so due in such other
currency such Credit Party may in accordance with normal, reasonable banking procedures purchase the specified currency with such other currency. If the amount of the specified currency so purchased is less than the sum originally due to such Credit
Party in the specified currency, the Borrower or the applicable Designated Borrower, as applicable, agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Credit
Party against such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally due to any Credit Party in the specified currency and (b) any amounts shared with other Lenders as a result of allocations of
such excess as a disproportionate payment to such Lender under Section 2.11, such Credit Party agrees to remit such excess to the Borrower or such Designated Borrower. 

ARTICLE III. 
 TAXES, YIELD PROTECTION AND ILLEGALITY 
 3.01 Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower or a Designated Borrower
hereunder or under any other Loan 

  
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Document shall be made free and clear of and without reduction or withholding for any Taxes, except as required by applicable law, provided that if the Borrower or such Designated Borrower
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 or Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower or such Designated
Borrower shall make such deductions and (iii) the Borrower or such Designated Borrower shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b) Payment of Other Taxes by the Borrower or any Designated Borrower. Without limiting the provisions of subsection
(a) above, the Borrower or the applicable Designated Borrower, as applicable, shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

(c) Indemnification by the Borrower or any Designated Borrower. The Borrower or the applicable Designated Borrower shall indemnify
the Administrative Agent and each Lender, within 30 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under
this Section) paid by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority; provided, that neither the Borrower nor any Designated Borrower shall be obligated to make a payment pursuant to this Section 3.01 in respect of penalties and
interest attributable to or included in any Indemnified Taxes or Other Taxes (and, for the avoidance of doubt, reasonable expenses arising therefrom or with respect thereto), if (i) such penalties, interest or expenses are attributable to the
failure of the Administrative Agent or any Lender to pay amounts paid to the Administrative Agent or any Lender by the Borrower or any Designated Borrower (for Indemnified Taxes or Other Taxes) to the relevant Governmental Authority within thirty
(30) calendar days after receipt of such payment from the Borrower or Designated Borrower or (ii) such penalties, interest or expenses are attributable to the gross negligence or willful misconduct of the Administrative Agent or any
Lender. A certificate as to the amount of such payment or liability delivered to the Borrower or any Designated Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a
Lender, shall be conclusive absent manifest error. The Borrower or any Designated Borrower shall have the rights specified in Section 11.13 in respect of any Lender for whose account the Borrower or such Designated Borrower makes any
payment under this Section 3.01. 
 (d) Evidence of Payments. As soon as practicable after any payment of
Indemnified Taxes or Other Taxes by the Borrower or a Designated Borrower to a Governmental Authority, the Borrower or such Designated Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent; provided that nothing in this Section 3.01(d) shall
require the Borrower or such Designated Borrower to make available its tax returns. 

  
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 (e) Status of Lenders. 

(i) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which
the Borrower or a Designated 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 Borrower or such Designated Borrower
(with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower, such Designated Borrower 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 Borrower or a Designated Borrower, or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower, such Designated Borrower or the Administrative Agent as will enable the Borrower, such Designated Borrower 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, in the event that the Borrower or a Designated Borrower is resident for tax purposes in the United States, any
Foreign Lender shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be reasonably requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the request of the Borrower 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 originals 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 originals 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 substantially in the form of Exhibit E 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 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 originals of Internal Revenue Service Form W-8BEN or W-8IMY as appropriate, (iv) to the extent a Foreign Lender is not the beneficial owner, duly completed originals of Internal Revenue Service Form W-8IMY,
accompanied by the applicable Internal Revenue Service forms from each beneficial owner, and (v) 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 Borrower or such Designated Borrower to determine the withholding or deduction required to be made. Each Lender that is a “U.S.
person” as defined in Section 7701(a)(30) of the Code shall deliver to the Borrower and Administrative Agent duly complete originals of Internal Revenue Service Form W-9. Each Lender agrees that if any form or certification it previously
delivered expires or becomes obsolete or inaccurate in any respect, it shall promptly update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(ii) If a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in 

  
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Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or
times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by
the Borrower or the Administrative Agent as may be necessary for the Borrower, each Designated Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s
obligations under FATCA or to determine the amount to deduct and withhold from such payment. 
 (f) Treatment of Certain
Refunds. If the Administrative Agent or any Lender has determined, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or any Designated Borrower or with respect
to which the Borrower or any Designated Borrower has paid additional amounts pursuant to this Section, it shall promptly pay to the Borrower or such Designated Borrower, as applicable, an amount equal to such refund (but only to the extent of
indemnity payments made, or additional amounts paid, by the Borrower or such Designated Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent
or such Lender, as the case maybe, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower or such Designated Borrower, upon the request of the
Administrative Agent or such Lender, agrees to repay the amount paid over to it (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative
Agent or such Lender is required to repay such refund to such Governmental Authority. This subsection shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to
its taxes that it deems confidential) to the Borrower, any Designated Borrower or any other Person. 
 (g) Indemnification by
Lenders. Each Lender shall severally indemnify the Administrative Agent for any Taxes (but, in the case of any Indemnified Taxes, only to the extent that the Loan Parties have not already indemnified the Administrative Agent for such Indemnified
Taxes and without limiting the obligation of the Loan Parties to do so) attributable to such Lender that are paid or payable by the Administrative Agent in connection with any Loan Document and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this Section 3.01(g) shall be paid within 10 days after the Administrative Agent
delivers to the applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent. Such certificate shall be conclusive of the amount so paid or payable absent manifest error. 

3.02 Illegality. If any Lender reasonably 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, 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, the applicable Agreed Currency in the London interbank market, then, on 

  
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notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make or continue Eurocurrency Rate Loans or to convert ABR Loans to Eurocurrency
Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower and each applicable Designated
Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all affected Eurocurrency Rate Loans denominated in U.S. Dollars of such Lender to it to ABR Loans, and to repay all affected
Eurocurrency Rate Loans in any other Agreed Currency, 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 Borrower shall also pay accrued interest on the amount so prepaid or converted. The Borrower shall have the rights in respect of any such Lender specified
in Section 11.13. 
 3.03 Inability to Determine Rates. If the Required Lenders reasonably determine that for
any reason in connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof that (a) deposits in the applicable currency are not being offered to banks in the London interbank eurocurrency market for the
applicable amount and Interest Period of such Eurocurrency Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan or
(c) the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify
the Borrower, each applicable Designated Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the applicable currency shall be suspended until the Administrative Agent (upon the
instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower and any applicable Designated Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in
such currency or, failing that, in the case of any such Loans denominated in U.S. Dollars will be deemed to have converted such request into a request for a Borrowing of ABR Loans in the amount specified therein. 

3.04 Increased Costs; Reserves on Eurocurrency Rate Loans. 

(a) Increased Costs Generally. If any Change in Law shall (i) impose, modify or deem applicable any reserve, special deposit,
compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e);
(ii) subject any Lender to any tax of any kind whatsoever with respect to this Agreement or any Eurocurrency Rate Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Indemnified Taxes or
Other Taxes covered by Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender); or impose on any Lender or the London interbank market any other condition, cost or expense affecting this
Agreement or Eurocurrency Rate Loans made by such Lender or participation therein; and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurocurrency Rate Loan (or of maintaining its
obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender 

  
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hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, the Borrower or the applicable Designated Borrower, as applicable, will pay to such Lender such
additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered; provided that any such amount or amounts shall not be duplicative of any amounts to the extent otherwise paid by the Borrower under
any other provision of this Agreement. The Borrower and each applicable Designated Borrower shall have the rights specified in Section 11.13 in respect of any Lender for whose account the Borrower or such Designated Borrower makes any
payment under this Section 3.04. 
 (b) Capital Requirements. If any Lender determines that any Change in Law
affecting such Lender or any Lending Office of such Lender or such Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the
capital of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy or liquidity), then from time to time the Borrower will pay to such
Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c) Certificates for Reimbursement. A certificate of a Lender setting forth in reasonable detail the amount or amounts necessary to compensate such Lender or its holding company, as the case may
be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower or a Designated Borrower shall be conclusive absent manifest error. Such Lender shall also certify that it is generally charging such
costs to similarly situated customers of the applicable Lender under agreements having provisions similar to this Section 3.04 after consideration of such factors as such Lender then reasonably determines to be relevant (which
determination shall be made in good faith (and not on an arbitrary or capricious basis). The Borrower or the applicable Designated Borrower, as applicable, shall pay such Lender the amount shown as due on any such certificate within 30 days after
receipt thereof. 
 (d) Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to
the foregoing provisions of this Section shall not constitute a waiver of such Lender’s right to demand such compensation, provided that neither Borrower nor any Designated Borrower shall be required to compensate a Lender pursuant to
the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and
of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period
of retroactive effect thereof). 
 (e) Reserves on Eurocurrency Rate Loans. Each of the Borrower and the applicable
Designated Borrowers shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional interest on the 

  
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unpaid principal amount of each Eurocurrency Rate Loan made to it equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith,
which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower or such Designated Borrower shall have received at least 10 days’ prior notice (with a
copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest shall be due and payable 10 days from receipt of such
notice. 
 3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to
time, each of the Borrower and the applicable Designated Borrowers 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 made to it other than an ABR 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); (b) any failure by it (for a
reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than an ABR Loan on the date or in the amount notified by it; or (c) 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 it pursuant to Section 11.13; including any loss of anticipated profits 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. Each of the Borrower and the applicable Designated Borrowers shall also pay any customary administrative fees charged by such Lender in
connection with the foregoing. For purposes of calculating amounts payable by the Borrower or any 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 Rate for such Loan by a matching deposit or other borrowing in the London interbank eurocurrency market for a comparable amount and for a comparable period, whether or not such Eurocurrency Rate Loan was in fact so funded.

 3.06 Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or the Borrower
or a Designated Borrower is required to pay (or will be required to pay) any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant
to Section 3.02, then such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or
affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04 as the case may be, in the future, or eliminate the need
for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees
to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

  
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 (b) Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if the Borrower or a Designated Borrower is required to pay (or will be required to pay) any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 3.01, the Borrower may replace such Lender in accordance with Section 11.13. 
 3.07
Survival. All of the Borrower’s and each Designated Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments and repayment of all other Obligations hereunder. 

3.08 Issuing Banks. Each Issuing Bank shall be deemed to be a Lender for purposes of this Article III. 

ARTICLE IV. 

CONDITIONS PRECEDENT 
 4.01 Conditions of Closing. The obligation of each Lender to make its initial Loan and of each Issuing Bank to issue any Letters of Credit hereunder shall not become effective, and the Closing Date
shall not occur, until the date on which each of the following conditions is satisfied: 
 (a) The Administrative Agent’s
receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the Borrower, each dated the Closing Date (or, in the case of
certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders: 

(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the
Borrower; 
 (ii) a Note executed by the Borrower in favor of each Lender requesting a Note; 

(iii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the
Borrower 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;

 (iv) such documents and certifications as the Administrative Agent may reasonably require to evidence that the Borrower is
duly organized, and that the Borrower is validly existing, in good standing and qualified to engage in business in the States of Delaware and California; 
 (v) a favorable written opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender and dated as of the Closing Date, covering such matters relating to the
Borrower, this Agreement, or other matters incident 

  
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to the transactions contemplated by this Agreement as the Administrative Agent may reasonably require; 
 (vi) a certificate signed by a Responsible Officer of the Borrower (on behalf of the Borrower) certifying that the conditions specified in Sections 4.02(a) and (b) have been satisfied;
and 
 (vii) such other assurances, certificates, documents, consents or opinions as the Administrative Agent or the Required
Lenders reasonably may require. 
 (b) Any fees required to be paid on or before the Closing Date shall have been paid.

 (c) The Administrative Agent shall have received reasonably satisfactory evidence that the Credit Agreement, dated as of
November 7, 2006 among the Borrower, Bank of America, N.A., as administrative agent and the other agents and lenders from time to time parties thereto, as amended, modified or supplemented, shall have been terminated and all amounts due
thereunder shall have been paid in full. 
 Without limiting the generality of the provisions of Section 9.04, for
purposes of determining compliance with the conditions specified in this Section 4.01, each Lender and Issuing Bank that has signed this Agreement (and each such Lender’s or Issuing Bank’s Affiliates, successors and/or assigns)
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 and Issuing Bank unless the
Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 
 4.02 Conditions to all Borrowings. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of any Issuing Bank to issue, amend, renew or extend any Letter of Credit, is
subject to the satisfaction of the following conditions precedent: 
 (a) The representations and warranties of the Borrower
contained in Article V (other than the representations and warranties contained in Sections 5.05(c), 5.06(b) and 5.12 for all Borrowings other than any Borrowing occurring on the Closing Date) or any other Loan Document
that are qualified by materiality shall be true and correct on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, and the representations and warranties that are not qualified by
materiality shall be true and correct in all material respects on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date (provided, that such materiality qualifier shall not be applicable to any representation or warranty that already is
qualified or modified by materiality in the text thereof), and except that for purposes of this Section 4.02, the representations and warranties contained in subsections (a) and (b) of Section 5.05
shall be deemed to refer to the most recent statements delivered pursuant to clauses (a) and (b), respectively, of Section 6.01. 

  
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 (b) No Default shall exist, or would result from such proposed Borrowing or from the
application of the proceeds thereof. 
 (c) The Administrative Agent shall have received a Committed Loan Notice in accordance
with the requirements hereof. 
 Each Committed Loan Notice in respect of a Borrowing submitted by the Borrower and each
issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and have been satisfied on and as of the date of the applicable Borrowing or
issuance, amendment, renewal or extension of such Letter of Credit. 
 4.03 Conditions to Initial Borrowings by each
Designated Borrower. The agreement of each Lender to make a Loan on the occasion of any Borrowing, and of any Issuing Bank to issue, amend, renew or extend any Letter of Credit, to any Designated Borrower hereunder is subject to the
satisfaction, prior to or concurrently with the making of such extension of credit on the Designated Borrower Closing Date applicable to such Designated Borrower, of the following conditions precedent: 

(a) The conditions set forth in Section 4.01 shall have been satisfied prior to or concurrently with the conditions set forth
in this Section 4.03 (provided that the conditions set forth in clauses (a)(iii), (iv), (v), (vi) and (vii) of Section 4.01 need only to have been satisfied as of the Closing Date) and the Borrower shall have
given the Administrative Agent and to the Lenders at least 15 Business Days prior notice of such Designated Borrower Closing Date with reasonable details with respect thereto. 
 (b) The Administrative Agent shall have received a Joinder Agreement executed and delivered by the Borrower, the applicable Subsidiary and the Administrative Agent, providing for such Subsidiary to become
a Designated Borrower. 
 (c) The Administrative Agent shall have received (i) a certificate of such Designated Borrower,
dated such Designated Borrower Closing Date, substantially in the form of the certificates delivered by the Borrower on the Closing Date pursuant to Section 4.01(iii) and (vi), with appropriate insertions and attachments,
including corporate or other applicable resolutions, other corporate or other applicable documents and certificates in respect of such Designated Borrower substantially equivalent to comparable documents delivered on the Closing Date and
(ii) such other documents with respect to such Designated Borrower as the Administrative Agent or the Required Lenders shall reasonably request. 
 (d) The Administrative Agent shall have received a legal opinion from counsel to such Designated Borrower in form and substance reasonably satisfactory to the Administrative Agent as to relevant matters
covered generally in the opinions previously delivered pursuant to Section 4.01(v) hereof and to such other matters as are customary for initial extensions of credit to a subsidiary borrower similar to the applicable Designated Borrower.

 (e) After giving effect to any actions taken as contemplated by the immediately following sentence and
Section 3.01(a), (i) payments to any Lender by any such Designated Borrower shall not be subject to any withholding Taxes or Other Taxes and (ii) no Lender shall 

  
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have given notice to the Administrative Agent that it has determined in good faith that it would be subject in making Loans or issuing Letters of Credit to such Designated Borrower to any
regulatory or legal limitation or restriction applicable thereto or any material financial disadvantage (other than as referred to in the preceding clause (i)) arising out of or attributable to the location or jurisdiction of organization of such
Designated Borrower or the nature of its activities and have given notice to such effect to the Administrative Agent. The Administrative Agent shall have the right to adjust the provisions of Article II as it may reasonably determine to enable the
Lenders that are able to make Loans or issue Letters of Credit to such Designated Borrower without becoming subject to any such withholding Taxes or Other Taxes, such regulatory or any legal restriction or limitation or financial disadvantage, and
without causing the Borrower or any Designated Borrower to incur any such disadvantages of its own (including any such disadvantage in the form of being required to indemnify Lenders for withholding payments including Taxes) to make Loans or issue
Letters of Credit available to such Designated Borrower on a non-pro rata basis with Lenders that are not so able, with such adjustments to be made in a manner that, to the extent practicable, are reasonably equitable to all the Lenders. 

(f) The Administrative Agent and the Lenders shall have received all documentation and other information reasonably requested by the
Lenders or the Administrative Agent under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act. 
 ARTICLE V. 
 REPRESENTATIONS AND WARRANTIES 

The Borrower and each Designated Borrower represents and warrants to the Administrative Agent and the Lenders that: 

5.01 Existence, Qualification and Power. The Borrower and each Designated Borrower (a) is duly organized, validly existing
and in good standing under the Laws of the jurisdiction of its incorporation and (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to execute, deliver and perform its
obligations under the Loan Documents. 
 5.02 Authorization; No Contravention. The execution, delivery and performance by
the Borrower and each Designated Borrower of each Loan Document to which such Person is party, have been duly authorized by all necessary corporate action, and do not and will not contravene (a) the terms of any of the Borrower’s or any
Designated Borrower’s Organizational Documents or (b) any Law or any material contractual restriction binding on or affecting it, except, in each case referred to in clause (b), to the extent such contravention could not, in the aggregate,
reasonably be expected to have a Material Adverse Effect. 
 5.03 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 in connection with the execution, delivery or performance by, or enforcement
against, the Borrower or any Designated Borrower of this Agreement or any other Loan Document other than any reports required to be filed by the Borrower with the SEC pursuant to the Exchange Act. 

  
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 5.04 Binding Effect. This Agreement has been, and each other Loan Document, when
delivered hereunder, will have been, duly executed and delivered by the Borrower and each Designated Borrower. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of the
Borrower and each Designated Borrower, enforceable against the Borrower and each Designated Borrower in accordance with its terms, subject to the effect of applicable bankruptcy, insolvency, arrangement, moratorium and other similar laws affecting
creditors’ rights generally and to the application of general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 

5.05 Financial Statements; No Material Adverse Effect. 
 (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; and
(ii) fairly present in all material respects the financial condition of the Borrower 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. 
 (b) The unaudited consolidated balance
sheet of the Borrower and its Subsidiaries dated September 30, 2011, and the related consolidated statements of income or operations, stockholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in
accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present in all material respects the financial condition of the Borrower 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. 

(c) Since September 30, 2011, subject to the SEC Reports, 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. 
 5.06 Litigation. There are
no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Subsidiaries or
against any of their properties or revenues that (a) purport to enjoin or restrain the execution or delivery of this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) except as disclosed in the
SEC Reports, either individually or in the aggregate could reasonably be expected to have a Material Adverse Effect. 
 5.07
Ownership of Property. Each of the Borrower and each Subsidiary has good record and marketable 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. 

5.08 Taxes. As of the Closing Date the Borrower and its Subsidiaries have paid all tax liabilities, assessments and governmental
charges and levies that were due and payable and that 

  
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collectively are material to the Borrower and its Subsidiaries, taken as a whole, except those which are being contested in good faith by appropriate proceedings diligently conducted and for
which adequate reserves have been provided in accordance with GAAP and except to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

5.09 ERISA Compliance. 
 (a) Each Plan is in compliance with all material provisions of ERISA, the Code and other Federal or state Laws, except where noncompliance would not result in or could not reasonably be expected to result
in a Material Adverse Effect. The Borrower and each ERISA Affiliate have made all required contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period
pursuant to Section 412 of the Code has been made with respect to any Plan which in any case could not result in or could not reasonably be expected to result in a Material Adverse Effect. 

(b) There are no pending or, to the knowledge of the Borrower, 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 in excess of the Threshold Amount; (iii) neither the Borrower nor 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) neither the Borrower nor 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) neither the Borrower nor any ERISA Affiliate has
engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA; provided that in each of the preceding instances, the individual event described has resulted or could reasonably be expected to result in a Material
Adverse Effect. 
 5.10 Margin Regulations; Investment Company Act. 

(a) Neither the Borrower nor any Designated 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. 

(b) Neither the Borrower nor any Designated Borrower is required to be registered as an “investment company” under the
Investment Company Act of 1940. 
 5.11 Disclosure. No report, financial statement, certificate or other written
information furnished by or on behalf of the Borrower to the Administrative Agent or any Lender prior to the Closing Date in connection with the transactions contemplated hereby and the negotiation of this Agreement (in each case, as modified or
supplemented by other information so furnished or by the SEC Reports filed prior to the Closing Date) contains any material misstatement of fact, and 

  
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no such document, when considered collectively with all other such documents and the SEC Reports filed prior to the Closing Date, 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 Borrower represents only that such information was prepared in good faith based upon
assumptions believed to be reasonable at the time. 
 5.12 Intellectual Property; Licenses, Etc. The Borrower and its
Subsidiaries own, or possess the right to use (through express agreement or implied right), all of the material trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights
(collectively, “IP Rights”) that are required for the operation of their respective businesses, without conflict with the registered, valid and enforceable IP Rights (collectively, “Registered IP Rights”) of any
other Person, except as specified in the SEC Reports and except where the failure to own or possess the right to use any such Registered IP Right would not reasonably be expected to have a Material Adverse Effect. To the Actual Knowledge of the
Borrower, no slogan, trademark, service mark, trade name, product, method, or practice now employed, or now contemplated to be employed by the Borrower or any Subsidiary infringes upon any Registered IP Rights held by any other Person, except as
specified in the SEC Reports and except where such infringement would not reasonably be expected to have a Material Adverse Effect. Except as specified in the SEC Reports, no written claim or litigation regarding any of the foregoing is pending or,
to the Actual Knowledge of the Borrower, threatened in writing, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 ARTICLE VI. 
 AFFIRMATIVE COVENANTS 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than inchoate indemnity obligations)
hereunder shall remain unpaid or unsatisfied, any Letter of Credit remains outstanding or any LC Disbursement shall not have been reimbursed: 
 6.01 Financial Statements. The Borrower shall deliver to the Administrative Agent and each Lender, in form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders:

 (a) as soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, a consolidated
balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders’ 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 and prepared in accordance with GAAP; audited and accompanied by a report and opinion of Pricewaterhouse Coopers LLP or other Registered Public Accounting Firm of
nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and applicable Securities Laws and shall not be subject to any “going concern” or like qualification or
exception or any, qualification or exception as to the scope of such audit or with respect to the absence of any material misstatement. 

  
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 (b) as soon as available, but in any event within 45 days after the end of each of the first
three fiscal quarters of each fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated statements of income or operations, stockholders’
equity and cash flows for such fiscal quarter and for the portion of the, Borrower’s fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the
corresponding portion of the previous fiscal year, all in reasonable detail, certified by the chief executive officer, chief financial officer, treasurer, chief accounting officer or controller of the Borrower as fairly presenting in all material
respects the financial condition, results of operations, stockholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes.

 6.02 Certificates; Other Information. The Borrower shall deliver to the Administrative Agent and each Lender, in form
and detail reasonably satisfactory to the Administrative Agent and the Required Lenders: 
 (a) concurrently with the delivery
of the financial statements referred to in Sections 6.01(a) and (b), a duly completed Compliance Certificate signed by the chief executive officer, chief accounting officer, chief financial officer, treasurer or controller of the
Borrower; 
 (b) promptly, such additional information regarding the business, financial or corporate affairs of the Borrower or
any Subsidiary (including any Designated Borrower), or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request in connection with this Agreement; and 

(c) promptly after Moody’s, S&P or Fitch shall have announced a change in the Index Debt Rating, or if any such rating agency
shall cease to have an Index Debt Rating, written notice of such rating change or cessation. 
 Notwithstanding the foregoing,
the information required to be delivered pursuant to Section 6.01(a) or (b) shall be deemed to have been delivered on the date on which such information has been posted on the Internet at www.sec.gov or such other website
previously notified by the Borrower to the Administrative Agent to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent). Notwithstanding anything
contained herein, in every instance the Borrower shall be required to provide paper copies of the Compliance Certificates required by Section 6.02(a) 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 Borrower 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. 
 6.03
Notices. Promptly after the Borrower’s obtaining Actual Knowledge thereof, the Borrower shall notify the Administrative Agent and each Lender: 
 (a) of the occurrence of any Default; 

  
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 (b) of any matter, including litigation, that has resulted or could reasonably be expected
to result in a Material Adverse Effect; and 
 (c) of the occurrence of any ERISA Event that has resulted in or could reasonably
be expected to result in a Material Adverse Effect. 
 Each notice pursuant to this Section 6.03 shall be accompanied by a statement
of a Responsible Officer of the Borrower (on behalf of the Borrower) setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to
Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 
 6.04 Payment of Taxes. Except where the failure to do so could not reasonably be expected to have a Material Adverse Effect, the Borrower shall, and shall cause each of its Subsidiaries to, pay and
discharge as the same shall become due and payable, all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets that collectively are material to the Borrower and its Subsidiaries, taken as a whole, 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 Borrower or such Subsidiary. 

6.05 Preservation of Existence, Etc. The Borrower shall, and shall cause each of its Significant Subsidiaries to,
(a) preserve, renew and maintain in full force and effect its legal existence, except in a transaction permitted by Section 7.02, and except (other than with respect to the maintenance of the existence of each Designated Borrower)
that no Subsidiary shall be required to preserve, renew and maintain its corporate existence, if the Borrower or such Subsidiary shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Borrower and
its Subsidiaries, taken as a whole, and that the loss thereof could not be reasonably expected to have a Material Adverse Effect; (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 failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) take all reasonable action to maintain the United States registrations (to
the extent permitted under applicable law) of all of its registered and validly issued patents, trademarks, trade names and service marks, except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse
Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution, or the transactions permitted under Section 7.02. 
 6.06 Maintenance of Properties. The Borrower shall, and shall cause each of its Subsidiaries to, 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, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

6.07 Maintenance of Insurance. Except where the failure to do so could not reasonably be expected to have a Material Adverse
Effect, the Borrower shall (a) maintain with financially sound and reputable insurance companies insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the
same 

  
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or similar businesses, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons, and/or (b) retain risk through a self insurance
mechanism or by agreement with an Affiliate or externally regulated vehicle for funding loss normally provided through insurance coverage carried by companies engaged in the same or similar businesses and owning similar properties. 

6.08 Compliance with Laws. The Borrower shall, and shall cause each of its Subsidiaries to, comply in all material respects 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. 
 6.09 Books and Records. The Borrower shall, and shall cause each of its Significant Subsidiaries to, maintain proper books of record and account that permit the preparation of consolidated
financial statements of the Borrower materially in accordance with GAAP. 
 6.10 Use of Proceeds. The Borrower shall use
the proceeds of the Borrowings for working capital, capital expenditures, Acquisitions and other purposes not in contravention of any Law or of any Loan Document (including for commercial paper support). 

6.11 Ownership of Designated Borrowers. The Borrower shall own, directly or indirectly, all of the capital stock of each
Designated Borrower. 
 ARTICLE VII. 
 NEGATIVE COVENANTS 
 So long as any Lender shall have any Commitment
hereunder, any Loan or other Obligation (other than inchoate indemnity obligations) hereunder shall remain unpaid or unsatisfied, any Letter of Credit remains outstanding or any LC Disbursement shall not have been reimbursed: 

7.01 Liens. The Borrower shall not, and shall not permit any of its Subsidiaries to, 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 7.01 hereto and any
replacements, renewals or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount of the obligations secured or benefited thereby is not increased at the time of such replacement, 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 replacement, renewal or extension, and (iii) the direct or any contingent obligor
with respect thereto is not changed; 
 (c) Liens for taxes, fees, assessments or other governmental charges, levies or claims
not yet due or which are not delinquent beyond any period of grace or remain payable without 

  
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penalty or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable
Person in accordance with GAAP; 
 (d) carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s, landlord’s, supplier’s or other like Liens arising in the ordinary course of business; 
 (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; 

(f) deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory or regulatory
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 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 Indebtedness in respect of
capital leases, Synthetic Lease Obligations, purchase money obligations and other obligations (other than obligations in respect of Sale Lease-Back Transactions), the proceeds of which are used to acquire or construct fixed or capital assets or
improvements with respect thereto or any refinancings, refundings, renewals, amendments or extensions thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal, amendment 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, refunding, renewal, amendment or extension, and provided
further that such Liens do not at any time encumber any property other than the property financed by such Indebtedness; 

(i) Liens existing on any real property or other specific tangible assets prior to the acquisition thereof by the Borrower or existing on
any such property or asset of any Person that becomes a Subsidiary, provided that (i) such Lien is not created solely in contemplation of such acquisition or such Person becoming a Subsidiary, as the case may be; (ii) such Lien
shall not apply to any other property or assets of the Borrower or any other Subsidiary; and (iii) any such Lien does not by its terms secure any Indebtedness other than Indebtedness existing immediately prior to the time of such acquisition or
such Person becoming a Subsidiary, as the case may be; and any replacements, renewals or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount of the obligations secured or benefited
thereby is not increased at the time of such replacement, 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 replacement, renewal
or extension, and (iii) the direct or any contingent obligor with respect thereto is not changed; 
 (j) Liens securing
judgments for the payment of money not constituting an Event of Default under Section 8.01(g); 

  
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 (k) Liens arising by virtue of any contractual, statutory or common law provision relating
to banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts, other funds maintained with a creditor depository institution, or investment or securities accounts; provided that (i) such account is not a
dedicated cash collateral account and is not subject to restrictions against access by the Borrower or the relevant Subsidiary in excess of those set forth by the regulations promulgated by the FRB, and (ii) such account is not intended by the
Borrower or any of its Subsidiaries to provide collateral to the depository institution with respect to otherwise unrelated obligations of the Borrower or any such Subsidiary to such depository institution; 

(l) Liens arising under repurchase agreements, reverse repurchase agreements, securities lending and borrowing agreements and similar
transactions; 
 (m) Liens arising from precautionary filings in respect of operating leases; 

(n) Liens arising from leases, licenses, subleases or sublicenses granted to others in the ordinary course of business which
(i) would not reasonably be expected to have a Material Adverse Effect and (ii) do not secure any Indebtedness; 
 (o)
any interest or title of a lessor in the property (and the proceeds, accession or products thereof) subject to any operating lease, and Liens arising from UCC financing statements (or equivalent filings, registrations or agreements in foreign
jurisdictions) relating to true leases or leases permitted hereunder; 
 (p) Liens to secure intercompany Indebtedness among the
Borrower and its Subsidiaries in the ordinary course of business; 
 (q) Liens arising in connection with any Securitization,
provided that such Liens do not encumber any assets other than the receivables or other assets being financed, the property securing or otherwise relating to such receivables or other assets, and the proceeds thereof; 

(r) Liens solely on deposits, advances, contractual payments, including implementation allowances or escrows to or with landlords,
customers or clients or in connection with insurance arrangement in the ordinary course of business; 
 (s) Liens encumbering
property or assets under construction (and proceeds or products thereof) arising from progress or partial payments by a customer of the Borrower or its Subsidiaries relating to such property or assets; 

(t) Liens arising in connection with any Sale Lease-Back Transaction, provided that (i) such Sale Lease-Back Transaction
involves a lease for a term of not more than three years, (ii) such Sale Lease-Back Transaction is between the Borrower and one of its Subsidiaries, or between any of its Subsidiaries or (iii) the Borrower or any of its Subsidiaries
applies an amount equal to the net proceeds of such Sale Lease-Back Transaction within 365 days after such Sale Lease-Back Transaction to any of (or a combination of) (A) the prepayment or retirement of bonds, notes, debentures or similar
instruments (including, without limitation, Debt Securities of any other Series issued under the Reference Indenture) or Indebtedness of the Borrower or a Subsidiary of the Borrower (other than bonds, notes, debentures, similar instruments or

  
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Indebtedness of the Borrower that is by its terms subordinated in right of payment to the Debt Securities of such Series) that by its terms matures more than 12 months after its creation or
(B) the purchase, construction, development, expansion or improvement of properties or facilities that are used in or useful to the business of the Borrower or any of its Subsidiaries; and 

(u) other Liens to secure Indebtedness or other obligations (including Liens arising in connection with any Sale Lease-Back Transaction
not permitted by Section 7.01(t)) other than those described above in this Section 7.01, provided that the aggregate amount of the Indebtedness and other obligations secured by such Liens permitted by this
subsection (u) shall not at any time exceed an amount equal to the greater of (x) $500,000,000 and (y) 15% of Consolidated Net Tangible Assets of the Borrower. 

7.02 Fundamental Changes; Acquisitions. The Borrower and each Designated Borrower shall not: (a) merge, dissolve, liquidate
or consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets, or all or substantially all of the assets of itself and its Subsidiaries (whether now owned
or hereafter acquired), to or in favor of any Person; provided, however, that, if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing, (i) any Person may merge
with or into or consolidate with the Borrower or a Designated Borrower, if the Borrower or such Designated Borrower (or another Designated Borrower) is the surviving Person, and (ii) the Borrower or a Designated Borrower may (A) merge into
any of its Subsidiaries for the purpose of effecting a change in its state of incorporation (if all Obligations shall have been assumed by such Subsidiary by operation of Law or through assumption documents satisfactory to the Administrative Agent),
and (B) reincorporate in any other jurisdiction in the United States, but must in each case promptly notify the Administrative Agent thereof; or (b) make any Acquisition, unless at the time thereof and immediately after giving effect
thereto no Default shall have occurred and be continuing. 
 7.03 Use of Proceeds. The Borrower shall not use the
proceeds of any Borrowing, 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, in each case in violation of, or for a purpose which violates, or would be inconsistent with, Regulation T, U or X of the FRB. 

7.04 Financial Covenant. The Borrower shall not permit its Consolidated Interest Coverage Ratio, as determined as of the end of
any fiscal quarter of the Borrower, to be less than 3:00 to 1:00. 
 ARTICLE VIII. 

EVENTS OF DEFAULT AND REMEDIES 
 8.01 Events of Default. Any of the following shall constitute an Event of Default: 
 (a) Non-Payment. The Borrower or any Designated Borrower fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or any reimbursement obligation in respect
of any LC Disbursement, or (ii) within three Business Days after the same 

  
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becomes due, any interest on any Loan, or any fee due hereunder, or any other amount payable hereunder or under any other Loan Document; or 

(b) Specific Covenants. The Borrower fails to perform or observe any term, covenant or agreement contained in any of
Section 6.03(a) or 6.05(a) (with respect to the Borrower’s existence or the existence of any Designated Borrower to which Loans or reimbursement obligations in respect of Letters of Credit are outstanding), or Article
VII; or 
 (c) Other Defaults. The Borrower or any Designated Borrower 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 30 days after the receipt by the Borrower of notice from the
Administrative Agent or any Lender thereof; or 
 (d) Representations and Warranties. Any representation, warranty,
certification or statement of fact made or deemed made by or on behalf of the Borrower or any Designated Borrower herein, in any other Loan Document, or in any document delivered in connection herewith or therewith (i) if not qualified by
materiality, shall be incorrect in any material respect when made or deemed made, or (ii) if qualified by materiality, shall be incorrect when made or deemed made; or 
 (e) Cross-Default. (i) The Borrower 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 (“Specified Indebtedness”), after giving effect to any applicable grace period, if any, specified in the agreement or instrument relating to such
Indebtedness or Guarantee, or (B) fails to observe or perform any other agreement or condition relating to any Specified Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, after giving effect to
any applicable grace period, if any, specified in the agreement or instrument relating to such Specified Indebtedness, 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
Specified Indebtedness or the beneficiary or beneficiaries of any Specified Indebtedness constituting a 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 Specified 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 Specified Indebtedness to be made,
prior to its stated maturity, or such Specified Indebtedness consisting of a 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 Borrower or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) and the Swap Termination Value owed by the Borrower or
such Subsidiary as a result thereof is greater than the Threshold Amount, or (B) any Termination Event (as so defined) under such Swap Contract as to which the Borrower or any Subsidiary is an Affected Party (as so defined) and (i) the
Swap Termination Value owed by the 

  
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Borrower or such Subsidiary as a result thereof is greater than the Threshold Amount, and (ii) the Borrower or such Subsidiary shall fail to make payment thereof within the later to occur of
five Business Days after the due date thereof and the expiration of any grace periods in such Swap Contract applicable to such payment obligation; or 
 (f) Inability to Pay Debts; Insolvency Proceedings, Etc. The Borrower or any Significant Subsidiary becomes unable or admits in writing its inability or fails generally to pay its debts as they
become due; or the Borrower or any of its Significant 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 the Borrower or such Significant Subsidiary and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to the
Borrower or such Significant Subsidiary or to all or any material part of its property is instituted without the consent of the Borrower or such Significant Subsidiary and continues undismissed or unstayed for 60 calendar days, or an order for
relief is entered in any such proceeding; or 
 (g) Judgments. There is entered against the Borrower or any Significant
Subsidiary one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the
insurer does not dispute coverage) and (i) enforcement proceedings are commenced by any creditor upon such judgment or order, or (ii) there is a period of 60 consecutive days during which a stay of enforcement of such judgment, by reason
of a pending appeal or otherwise, is not in effect; or 
 (h) ERISA. (i) An ERISA Event occurs with respect to a
Pension Plan or Multiemployer Plan which has resulted in liability of the Borrower 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 Borrower 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 
 (i) 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; or the Borrower or any other Person contests in any manner the validity or
enforceability of any Loan Document; or the Borrower 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 

(j) Change of Control. There occurs any Change of Control; or 

(k) Guarantee. The guarantee contained in Article X shall cease, for any reason, to be in full force and effect or the
Borrower shall so assert. 

  
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 8.02 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 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 Borrower and each Designated Borrower; or

 (c) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan
Documents; 
 provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the
Borrower or any Designated Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans 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 without further act of the Administrative Agent or any Lender. 
 8.03
Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable, any amounts received on account of the Obligations 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 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 Obligations constituting accrued and unpaid
interest on the Loans and other Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them; 
 Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and reimbursement obligations in respect of Letters of Credit (including to cash collateralize
outstanding Letters of Credit), ratably among the Lenders in proportion to the respective amounts described in this clause Fourth held by them; and 

  
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 Last, the balance, if any, after all of the Obligations have been indefeasibly paid
in full, to the Borrower or as otherwise required by Law. 
 ARTICLE IX. 

ADMINISTRATIVE AGENT 
 9.01 Appointment and Authority. Each of the Lenders and each Issuing Bank hereby irrevocably appoints JPMorgan Chase Bank, N.A. 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 and the Lenders, and the Borrower shall not have rights as a third-party beneficiary of any of such provisions. 

9.02 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 the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

9.03 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 the Borrower 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 8.02) 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 Borrower or a Lender. The
Administrative Agent shall not be 

  
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responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document,
(ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions
set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction
of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 9.04 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 that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have
received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not
be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

9.05 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. 

9.06 Resignation of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the Lenders,
each Issuing Bank and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the consent of the Borrower (not to be unreasonably withheld) unless an Event of Default shall have occurred and be
continuing, to appoint a successor, which shall be a Lender with an office in the United States, or an Affiliate of any such Lender with an office in the United States. Such successor Administrative Agent shall deliver to the Borrower duly completed
Internal Revenue Service Form W-8, W-9, or other applicable Internal Revenue Service forms. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 45 days after the retiring
Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and each Issuing Bank, appoint a successor Administrative Agent meeting the qualifications set forth above; provided
that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has 

  
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accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent
shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall
instead be made by or to each Lender 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 Borrower to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 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. 
 9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender 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 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 or any other Loan Document. 
 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Arrangers, Syndication Agents or Documentation Agents listed on the cover page hereof shall have any powers,
duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder. Without limiting the foregoing, none of such Lenders shall have or be
deemed to have a fiduciary relationship with any Lender. The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent)
authorized to act for, any other Lender. 
 ARTICLE X. 

GUARANTY 

10.01 Guarantee. In order to induce the Administrative Agent and the Lenders to execute and deliver this Agreement and to make or
maintain the Loans, and in consideration thereof, the Borrower hereby unconditionally and irrevocably guarantees, as primary obligor and 

  
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not merely as surety, to the Administrative Agent, for the ratable benefit of the Lenders, the prompt and complete payment and performance by each Designated Borrower when due (whether at stated
maturity, by acceleration or otherwise) of the Obligations of such Designated Borrower, and the Borrower further agrees to pay any and all reasonable expenses (including, without limitation, all reasonable fees, charges and disbursements of counsel)
which may be paid or incurred by the Administrative Agent or by the Lenders in enforcing, or obtaining advice of counsel in respect of, any of their rights under the guarantee contained in this Article X. The guarantee contained in this
Article X, subject to Section 10.05, shall remain in full force and effect until the Obligations of each Designated Borrower are paid in full and the Commitments are terminated, notwithstanding that from time to time prior thereto
such Designated Borrower may be free from any Obligations. 
 The Borrower agrees that whenever, at any time, or from time to
time, it shall make any payment to the Administrative Agent or any Lender on account of its liability under this Article X, it will notify the Administrative Agent and such Lender in writing that such payment is made under the guarantee
contained in this Article X for such purpose. No payment or payments made by any Designated Borrower or any other Person or received or collected by the Administrative Agent or any Lender from any Designated Borrower or any other Person by
virtue of any action or proceeding or any setoff or appropriation or application, at any time or from time to time, in reduction of or in payment of the Obligations of such Designated Borrower shall be deemed to modify, reduce, release or otherwise
affect the liability of the Borrower under this Article X which, notwithstanding any such payment or payments, shall remain liable for the unpaid and outstanding Obligations of such Designated Borrower until, subject to
Section 10.05, the Obligations of such Designated Borrower are paid in full and the Commitments are terminated. 

10.02 No Subrogation. Notwithstanding any payment made by the Borrower pursuant to this Article X or any set-off or
application of funds of the Borrower by the Administrative Agent or any Lender in connection with the guarantee contained in this Article X, the Borrower shall not be entitled to be subrogated to any of the rights of the Administrative Agent
or any Lender against any Designated Borrower or any collateral security or guarantee or right of offset held by the Administrative Agent or any Lender for the payment of the Obligations of such Designated Borrower, nor shall the Borrower seek or be
entitled to seek any contribution or reimbursement from such Designated Borrower in respect of payments made by the Borrower under this Article X, until all amounts owing to the Administrative Agent and the Lenders on account of the
Obligations of such Designated Borrower are paid in full and the Commitments are terminated. If any amount shall be paid to the Borrower on account of such subrogation rights at any time when all of the Obligations of each Designated Borrower shall
not have been paid in full, such amount shall be held by the Borrower in trust for the Administrative Agent and the Lenders, segregated from other funds of the Borrower, and shall, forthwith upon receipt by the Borrower, be turned over to the
Administrative Agent in the exact form received by the Borrower (duly indorsed by the Borrower to the Administrative Agent, if required), to be applied against the Obligations of such Designated Borrower, whether matured or unmatured, in such order
as the Administrative Agent may determine. The provisions of this Section 10.02 shall survive the term of the guarantee contained in this Article X and the payment in full of the Obligations and the termination of the Commitments.

  
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 10.03 Amendments, etc. with respect to the Obligations of each Designated Borrower.
The Borrower shall remain obligated under this Article X notwithstanding that, without any reservation of rights against the Borrower, and without notice to or further assent by the Borrower, any demand for payment of or reduction in the
principal amount of any of the Obligations of any Designated Borrower made by the Administrative Agent or any Lender may be rescinded by the Administrative Agent or such Lender, and any of the Obligations of such Designated Borrower continued, and
the Obligations of such Designated Borrower, or the liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be
renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender, and this Agreement and any other documents executed and delivered in connection herewith may be amended,
modified, supplemented or terminated, in whole or in part, as the Lenders (or the Required Lenders, as the case may be) may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the
Administrative Agent or any Lender for the payment of the Obligations of such Designated Borrower may be sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor any Lender shall have any obligation to protect, secure,
perfect or insure any lien at any time held by it as security for the Obligations of each Designated Borrower or for the guarantee contained in this Article X or any property subject thereto. 

10.04 Guarantee Absolute and Unconditional. The Borrower waives any and all notice of the creation, renewal, extension or accrual
of any of the Obligations of each Designated Borrower and notice of or proof of reliance by the Administrative Agent or any Lender upon the guarantee contained in this Article X or acceptance of the guarantee contained in this Article
X; the Obligations of each Designated Borrower, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Article
X; and all dealings between the Borrower or any Designated Borrower, on the one hand, and the Administrative Agent and the Lenders, on the other, shall likewise be conclusively presumed to have been had or consummated in reliance upon the
guarantee contained in this Article X. The Borrower waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower or any Designated Borrower with respect to the Obligations of such
Designated Borrower. To the full extent permitted by law, the guarantee contained in this Article X shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability
of this Agreement, any of the Obligations of any Designated Borrower or any collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Administrative Agent or any Lender,
(b) the legality under applicable Laws of repayment by any Designated Borrower of the Obligations of such Designated Borrower or the adoption of any requirement of law purporting to render any Obligations of such Designated Borrower null and
void, (c) any defense, setoff or counterclaim (other than a defense of payment or performance by a Designated Borrower) which may at any time be available to or be asserted by the Borrower against the Administrative Agent or any Lender,
(d) any change in ownership of any Designated Borrower, any merger or consolidation of any Designated Borrower into another Person or any loss of any Designated Borrower’s separate legal identity or existence, or (e) any other
circumstance whatsoever (with or without notice to or knowledge of the Borrower or any Designated Borrower) which constitutes, or might be construed to 

  
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constitute, an equitable or legal discharge of any Designated Borrower for any Obligations of such Designated Borrower, or of the Borrower under the guarantee contained in this Article X
in bankruptcy or in any other instance. When the Administrative Agent or any Lender is pursuing its rights and remedies under this Article X against the Borrower, the Administrative Agent or any Lender may, but shall be under no obligation
to, pursue such rights and remedies as it may have against any Designated Borrower or any other Person or against any collateral security or guarantee for the Obligations of such Designated Borrower or any right of offset with respect thereto, and
any failure by the Administrative Agent or any Lender to pursue such other rights or remedies or to collect any payments from any Designated Borrower or any such other Person or to realize upon any such collateral security or guarantee or to
exercise any such right of offset, or any release of any Designated Borrower or any such other Person or of any such collateral security, guarantee or right of offset, shall not relieve the Borrower of any liability under this Article X and
shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative Agent and the Lenders against the Borrower. 
 10.05 Reinstatement. The guarantee contained in this Article X shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of
the Obligations of any Designated Borrower is rescinded or must otherwise be restored or returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of such Designated Borrower or
upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, such Designated Borrower or any substantial part of its property, or otherwise, all as though such payments had not been made.

 10.06 Payments. The Borrower hereby agrees that any payments in respect of the Obligations of any Designated Borrower
pursuant to this Article X will be paid to the Administrative Agent without setoff or counterclaim in U.S. Dollars, at the office of the Administrative Agent specified in Section 11.02. 

10.07 Independent Obligations The obligations of the Borrower under the guarantee contained in Article X are independent of
the obligations of each Designated Borrower, and a separate action or actions may be brought and prosecuted against the Borrower whether or not such Designated Borrower be joined in any such action or actions. The Borrower waives, to the full extent
permitted by law, the benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof. Any payment by a Designated Borrower or other circumstance which operates to toll any statute of limitations as to such
Designated Borrower shall operate to toll the statute of limitations as to the Borrower. 
 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 Borrower or any Designated Borrower therefrom,
shall be 

  
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effective unless in writing signed by the Required Lenders, the Borrower and each Designated Borrower, and acknowledged by the Administrative Agent, each Issuing Bank and the Swingline Lender,
and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall: 

(a) waive any condition set forth in Section 4.01(a) or Section 4.03 without the written consent of each Lender;

 (b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to
Section 8.02) without the written consent of such Lender; 
 (c) postpone any date fixed by this Agreement or any
other Loan Document for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) or any scheduled or mandatory reduction of the Aggregate Commitments hereunder or under any other Loan Document without the written
consent of each Lender directly affected thereby; 
 (d) reduce the principal of, or the rate of interest specified herein on,
any Loan or LC Disbursement, or any fees or other amounts payable hereunder or under any other Loan Document, or change the manner of computation of any financial ratio (including any change in any applicable defined term) used in determining the
Applicable Rate that would result in a reduction of any interest rate on any Loan or LC Disbursement or any fee payable hereunder, without the written consent of each Lender directly affected thereby; provided, however, that only the
consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate; 

(e) change Section 2.11 or Section 8.03 in a manner that would alter the pro rata sharing of payments required
thereby without the written consent of each Lender; 
 (f) change Section 2.14 without the consent of the
Administrative Agent and the Swingline Lender; 
 (g) change Section 2.15 without the consent of the Administrative
Agent and each Issuing Bank; 
 (h) change Section 2.16 without the consent of the Administrative Agent, each
Issuing Bank and the Swingline Lender; 
 (i) release the guaranty contained in Article X with respect to any Designated
Borrower prior to termination of such Subsidiary’s designation as a Designated Borrower in accordance with Section 11.18; or 
 (j) change any provision of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders (or, subject to the last sentence of
this Section 11.01, the Lenders of any Class) required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder without the written consent of each Lender; 

and, provided further, that no such amendment, waiver or consent shall amend, modify or otherwise affect the rights or duties of the
Administrative Agent, any Issuing Bank or the Swingline Lender under this Agreement without the prior written consent of the Administrative 

  
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Agent, each Issuing Bank or the Swingline Lender, as the case may be, in addition to the Lenders required above. Without limiting the generality of the foregoing, the making of a Loan or issuance
of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, the Swingline Lender, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time.
Notwithstanding anything to the contrary herein, (i) any waiver, amendment or modification of this Agreement that by its terms affects the rights or duties under this Agreement of Lenders holding Loans or Commitments of a particular Class (but
not the Lenders holding Loans or Commitments of any other Class) may be effected by an agreement or agreements in writing entered into by the Borrower, each Designated Borrower and the requisite percentage in interest of the affected Class of
Lenders that would be required to consent thereto under this Section 11.01 if such Class of Lenders were the only Class of Lenders hereunder at such time, and (ii) no Defaulting Lender shall have any right to approve or disapprove
any amendment, waiver or consent under this Agreement, except that (x) the Commitment of such Lender may not be increased or extended without the consent of such Lender and (y) the principal amount of, or interest or fees payable on, Loans
or LC Disbursements may not be reduced or excused or the scheduled date of payment may not be postponed as to such Defaulting Lender without such Defaulting Lender’s consent. 

11.02 Notices; Effectiveness; Electronic Communication. 
 (a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices
and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly
permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: (i) if to the Borrower, any Designated Borrower or the Administrative Agent, to the address, telecopier number, electronic mail address
or telephone number specified for such Person on Schedule 11.02 or in the Joinder Agreement applicable thereto; provided that the Borrower and each Designated Borrower shall be notified by electronic mail of any notice sent by
telecopier; 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 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 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 pursuant to
Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent, the Borrower or any Designated Borrower may, in its
discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it (or in the case 

  
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of any Designated Borrower, the Borrower), 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 the Borrower,
any Designated Borrower, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the 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 result from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event
shall any Agent Party have any liability to the Borrower, any Designated Borrower, any Lender 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 Borrower, each Designated Borrower, the Administrative Agent may change its address,
telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to
the Borrower and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number,
telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. 
 (e) Reliance by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices)
purportedly given by or on behalf of the Borrower even if (i) such notices were 

  
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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 Borrower shall indemnify the Administrative Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person
on each notice purportedly given by or on behalf of the Borrower, provided that such indemnity shall not be available as to any Indemnitee (as defined in Section 11.04(b)) to the extent that such losses, costs, expenses and
liabilities result from the gross negligence or willful misconduct of such Indemnitee. 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. 
 (f) Deemed Notices to Designated Borrowers. Any notice given under this
Section 11.02 to the Borrower shall also be deemed notice to any Designated Borrower, and the Borrower shall be entitled to give any notice on behalf of any Designated Borrower. 

11.03 No Waiver; Cumulative Remedies. No failure by any Lender, any Issuing Bank 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 preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

11.04 Expenses; Indemnity; Damage Waiver. 
 (a) Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and the Arrangers (including the reasonable and documented fees,
charges and disbursements of one counsel for the Administrative Agent and the Arrangers), 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 each Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any
Issuing Bank, any Arranger, any Syndication Agent, any Documentation Agent or any Lender ((including the reasonable and documented fees, charges and disbursements of one counsel for the Administrative Agent, each Issuing Bank, the Swingline Lender,
the Arrangers, the Syndication Agents and the Documentation Agents and one local counsel in each jurisdiction of organization of any Designated Borrower but only so long as such jurisdiction is different from the jurisdiction of organization of the
Borrower or any other Designated Borrower (such jurisdiction, the “Applicable Jurisdiction”)(and, in the case of an actual or perceived conflict of interest where the Administrative Agent and/or its Affiliates, each Issuing Bank,
the Swingline Lender, the Arrangers, the Syndication Agents and/or the Documentation Agents affected by such conflict has retained its own counsel, of another law firm acting as counsel for such Person and another local counsel in each Applicable
Jurisdiction)) in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, 

  
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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
Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Issuing Bank, the Swingline Lender, the Arrangers, the Syndication Agents, the Documentation Agents each Lender and each Related Party of any of
the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, penalties, liabilities and related expenses ((including the reasonable and
documented fees, charges and disbursements of one counsel for the Indemnitees and one local counsel for the Indemnitees in each Applicable Jurisdiction)(and, in the case of an actual or perceived conflict of interest where the Indemnitees affected
by such conflict have retained its own counsel, of another law firm acting as counsel for such Indemnitee and another local counsel in each Applicable Jurisdiction)) incurred by any Indemnitee or asserted against any Indemnitee by any third party or
by the Borrower 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 hereby or thereby, the performance by the parties hereto
of their respective obligations hereunder or thereunder, 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 an Issuing Bank to honor a demand for payment under a Letter of Credit if the
documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit) and (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether
based on contract, tort or any other theory, whether brought by a third party or by the Borrower, its equity holders, affiliates or creditors, 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) result from the gross negligence or willful misconduct of such Indemnitee as determined by a court of competent
jurisdiction in a final non-appealable judgment or (y) result from a claim brought by the Borrower against an Indemnitee for a material breach of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower has
obtained a final non-appealable judgment in its favor on such claim as determined by a court of competent jurisdiction. 
 (c)
Reimbursement by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any
sub-agent thereof), each Issuing Bank, the Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), each Issuing Bank, the Swingline Lender 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), each Issuing Bank, or the Swingline Lender in its capacity as such, or against
any Related Party of any of the foregoing acting for the Administrative Agent 

  
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(or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.10(d).

 (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrower and each
Designated Borrower shall not assert, and 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 30 days after demand therefor. 
 (f) Survival. The agreements in this Section shall survive the
resignation of the Administrative Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

11.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent or
any Lender, or the Administrative Agent 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 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 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 Federal Funds Effective Rate from time to time in effect. The obligations of the Lenders 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 shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that neither the Borrower nor any Designated Borrower may assign or otherwise transfer
any of its rights or obligations hereunder without the prior written consent of the 

  
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Administrative Agent, each Issuing Bank, the Swingline Lender and each Lender (and any attempted assignment or transfer by the Borrower or any Designated Borrower without such consent shall be
null and void) 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 11.06 (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, the
Arrangers, the Syndication Agents, the Documentation Agents, their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), 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, each Issuing Bank, the Swingline Lender and the Lenders) any legal or equitable right, remedy or claim under or
by reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more assignees
all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans 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 Loans within any Class 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 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 $15,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be
unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single 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 rights and obligations under this Agreement with respect to the Loans or the Commitment assigned; 
 (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 Borrower (such consent not to be unreasonably
withheld or delayed) shall be required unless (1) subject to the last sentence of this clause (iii), an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender,

  
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an Affiliate of a Lender or an Approved Fund; and (B) the consent of the Administrative Agent, each Issuing Bank and the Swingline Lender (such consent not to be unreasonably withheld or
delayed) shall be required. Notwithstanding the foregoing, if an Event of Default, other than pursuant to Section 8.01(a) or Section 8.01(f), has occurred and is continuing, no assignments will be permitted to be made without
the consent of the Borrower, which consent shall not be unreasonably withheld or delayed, other than to other Lenders, Affiliates of Lenders, Approved Funds, or other commercial banks or regulated financial institutions which are rated by (or whose
direct or indirect parent are rated by) S&P, Moody’s or Fitch. 
 (iv) Assignment and Assumption. The parties to
each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its
sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(v) No Assignment to Borrower. No such assignment shall be made to the Borrower or any of the Borrower’s Affiliates or
Subsidiaries. 
 (vi) No Assignment to Natural Persons. No such assignment shall be made to a natural person. 

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, with respect to payments by or on account of any
obligation of the Borrower or any Designated Borrower hereunder or under any other Loan Document, and the benefits of Sections 3.04, 3.05, and 11.04 with respect to facts and circumstances, in each case, occurring prior to the
effective date of such assignment. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section. 

(c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, 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 LC
Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, each Issuing Bank and the Lenders may
treat each Person whose name is 

  
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recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for
inspection by the Borrower, each Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (d) Participations. Any Lender may at any time sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans 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, (iii) the Borrower, the Administrative Agent, each Issuing Bank
and the Lenders shall continue to deal solely and directly, with such Lender in connection with such Lender’s rights and obligations under this Agreement, and (iv) unless an Event of Default has occurred and is continuing, any such
participation must be approved by the Borrower, which approval shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, if an Event of Default, other than pursuant to Section 8.01(a) or Section 8.01(f),
has occurred and is continuing, no participations will be permitted to be made without the consent of the Borrower, which consent shall not be unreasonably withheld or delayed, other than to other Lenders, Affiliates of Lenders, Approved Funds, or
other commercial banks or regulated financial institutions which are rated by (or whose direct or indirect parent are rated by) S&P, Moody’s or Fitch. 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 the first proviso to Section 11.01 that affects such Participant. Subject to subsection (e) of this Section,
the 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 2.11 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each
Participant and the principal amounts (and stated interest) of each Participant’s interest in the Commitments, Loans, Letters of Credit or other obligations under this Agreement (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any
obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any
notice to the contrary. 
 (e) Limitations upon 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 

  
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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 Borrower’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 Borrower is notified of the participation sold to such Participant and such Participant agrees, for the
benefit of the Borrower and any Designated Borrower, 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. 

11.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, each Issuing Bank, the Swingline Lender
and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers,
employees, agents, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to
the extent requested by any regulatory authority purporting to have jurisdiction over it or any of its Affiliates (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) in any legal,
judicial, administrative proceeding or in accordance with a judicial or other governmental order, subpoena, interrogatory, discovery request, investigative demand or other legal process or as required by applicable law or regulations (in which case
the Administrative Agent, such Issuing Bank, the Swingline Lender or such Lender shall promptly notify the Borrower in writing, in advance, and give the Borrower the opportunity to seek confidential treatment of the information prior to such
disclosure, to the extent permitted by law), (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 Securitization, swap or derivative transaction relating to the Borrower and its obligations, or any
Subsidiary and its obligations, or any credit insurance provider relating to the Borrower and its Obligations, (g) with the consent of the Borrower, (h) to rating agencies or, on a confidential basis, to the CUSIP 

  
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Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loans or (i) 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 Issuing Bank, the Swingline Lender any Lender or any of their respective Affiliates on a nonconfidential basis from a source
other than the Borrower. 
 For purposes of this Section, “Information” means all information received from the
Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Issuing Bank, the Swingline Lender or any Lender on a
nonconfidential basis prior to disclosure by the Borrower or any Subsidiary, provided that, in the case of information received from the Borrower or any Subsidiary after the date hereof, such information is clearly identified at the time of
delivery as confidential or should, because of its nature, reasonably be understood to be 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, each Issuing Bank, the Swingline Lender and the Lenders acknowledges that (a) the Information may
include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material
non-public information in accordance with applicable Law, including Federal and state securities Laws. 
 11.08 Right of
Setoff. If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at any time and from time to time, 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 to or for the credit or the account of the Borrower or any Designated Borrower
against any and all of the obligations of the Borrower or any Designated Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under
this Agreement or any other Loan Document and although such obligations of the Borrower or any Designated Borrower may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such
deposit or obligated on such indebtedness. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender may have. Each Lender agrees to notify the Borrower and, if
applicable, such Designated Borrower 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. Notwithstanding the
foregoing, if any Defaulting Lender shall exercise any such right of setoff, (i) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of this Agreement and,
pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, each Issuing Bank, the Swingline Lender and the Lenders and (ii) the Defaulting
Lender shall 

  
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provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of set off.

 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 Borrower or any Designated Borrower. 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 4.01, this Agreement shall become
effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof 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. All covenants, agreements, representations and warranties made by the Borrower and each Designated Borrower herein and in the certificates or other instruments delivered in
connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit,
regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty
at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount or Obligation payable under this Agreement is outstanding and
unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. 
 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 the economic effect of which comes as close as
possible to that of the illegal, invalid or unenforceable provisions. The 

  
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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 any Lender requests compensation under Section 3.04, or if the Borrower is required
to pay (or will be required to pay) any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01 or if any Lender determines pursuant to Section 3.02 that it is not
permitted to make Eurocurrency Rate Loans, or if any Lender is a Defaulting Lender, or if any Lender declines to approve any waiver, amendment or modification of this Agreement or any Loan Document that requires approval of all Lenders pursuant to
Section 11.01 or if any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative
Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, 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: (a) the Borrower shall have paid to the Administrative
Agent the assignment fee specified in Section 11.06(b); (b) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, 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 Borrower (in the case of all other amounts); (c) 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; and (d) such assignment does not conflict with applicable Laws. A Lender shall not be required to make any such assignment or
delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower 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. 
 (b) SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE 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, 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 

  
 87 

 
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. 
 (c) WAIVER OF VENUE. EACH PARTY HERETO 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 Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR 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. 
 11.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby, the Borrower acknowledges and agrees that (except, with respect to clauses
(ii) and (iii) below, as expressly set forth in any other engagement agreement between the Borrower and/or any of its Affiliates, on the one hand, and the Administrative Agent, any Syndication Agent, any Documentation Agent, any
Lender or any Arranger, on the other hand): (i) the credit facility 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 Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Lenders and the Arrangers, on the other hand, and the Borrower is capable of
evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions 

  
 88 

 
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, the Syndication Agents, the Documentation Agents, the Lenders and the Arrangers each is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Borrower or any of
its Affiliates, stockholders, creditors or employees or any other Person; (iii) neither the Administrative Agent, any Syndication Agent, any Documentation Agent, any Lender nor any other Arrangers have assumed or will assume an advisory, agency
or fiduciary responsibility in favor of the Borrower 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, the Syndication Agents, the Documentation Agents, the Lenders or the Arrangers have advised or are currently advising the Borrower or any of its Affiliates on other matters) and neither the
Administrative Agent, any Syndication Agent, any Documentation Agent, any Lender nor any other Arranger has any obligation to the Borrower or any of its 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, the Syndication Agents, the Documentation Agents, the Lenders and the Arrangers and their respective Affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Borrower and its Affiliates, and neither the Administrative Agent, any Syndication Agent, any Documentation Agent, any Lender nor any other Arranger has any obligation to disclose any
of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the Administrative Agent, the Syndication Agents, the Documentation Agents, the Lenders and the other Arrangers 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 the Borrower has consulted its own legal,
accounting, regulatory and tax advisors to the extent it has deemed appropriate. The Borrower hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent, the Syndication Agents,
the Documentation Agents, the Lenders and the other Arrangers 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 Patriot Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the
Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies the
Borrower and each Designated Borrower, which information includes the name and address of the Borrower and each Designated Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the
Borrower and each Designated Borrower in accordance with the Patriot Act. 
 11.18 Termination of Joinder Agreements.
Following written notice from the Borrower to the Administrative Agent that it wishes to terminate any Subsidiary’s designation as a Designated Borrower and upon payment in full of all Obligations of such Designated Borrower, any Joinder
Agreement entered by such Designated Borrower with respect to this Agreement shall be deemed to have been terminated, and all guaranty obligations of the Borrower under 

  
 89 

 
Article X in respect of such Designated Borrower shall be terminated as of the date of the termination of such Joinder Agreement but subject to the second paragraph of Section 10.01.

 (Remainder of Page Intentionally Left Blank) 

  
 90 

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

			
	EBAY INC.
		
	By:	 	 /s/ Tony Glasby

	Name:	 	      Tony Glasby
	Title:	 	      Treasurer

  
 eBay Credit Agreement
Signature Page 

 
			
	JPMORGAN CHASE BANK, N.A., as
	Administrative Agent, Issuing Bank, Swingline
	Lender and Lender
		
	By:	 	/s/ Goh Siew Tan
	Name:	 	      Goh Siew Tan
	Title:	 	      Vice President

  
 eBay Credit Agreement
Signature Page 

 
			
	DEUTSCHE BANK AG, NEW YORK BRANCH,
	as Issuing Bank and Lender
		
	By:	 	 /s/ Ross Levitsky

	Name:	 	      Ross Levitsky
	Title:	 	      Managing Director
		
	By:	 	 /s/ Edward D. Herko

	Name:	 	      Edward D. Herko
	Title:	 	      Director

  
 eBay Credit Agreement
Signature Page 

 
			
	Citibank, N.A., as
	a Lender
		
	By:	 	 /s/ Susan M. Olsen

	Name:	 	      Susan M. Olsen
	Title:	 	      Vice President

  
 eBay Credit Agreement
Signature Page 

 
			
	Bank of America, N.A., as
	a Lender
		
	By:	 	 /s/ Ronald J. Drobny

	Name:	 	      Ronald J. Drobny
	Title:	 	      Senior Vice President

  
 eBay Credit Agreement
Signature Page 

 
			
	HSBC Bank USA, National Association as
	a Lender
		
	By:	 	 /s/ David Wagstaff

	Name:	 	      David Wagstaff
	Title:	 	      Managing Director

  
 eBay Credit Agreement
Signature Page 

 
			
	THE ROYAL BANK OF SCOTLAND PLC, as
	a Lender
		
	By:	 	 /s/ Richard Ong Pho

	Name:	 	      Richard Ong Pho
	Title:	 	      Vice President

  
 eBay Credit Agreement
Signature Page 

 
			
	Wells Fargo Bank, National Association, as
	a Lender
		
	By:	 	 /s/ E. Lawrence Hyde

	Name:	 	      E. Lawrence Hyde
	Title:	 	      Senior Vice President

  
 eBay Credit Agreement
Signature Page 

 
			
	CREDIT SUISSE AG, Cayman Islands Branch,
	as a Lender
		
	By:	 	 /s/ Karl Studer

	Name:	 	      Karl Studer
	Title:	 	      Director
		
	By:	 	 /s/ Stephan Brechtbuehl

	Name:	 	      Stephan Brechtbuehl
	Title:	 	      Assistant Vice President

  
 eBay Credit Agreement
Signature Page 

 
			
	GOLDMAN SACHS BANK USA, as
	a Lender
		
	By:	 	 /s/ Mark Walton

	Name:	 	      Mark Walton
	Title:	 	      Authorized Signatory

  
 eBay Credit Agreement
Signature Page 

 
			
	Morgan Stanley Bank, N.A., as
	a Lender
		
	By:	 	 /s/ Sherrese Clarke

	Name:	 	      Sherrese Clarke
	Title:	 	      Authorized Signatory

  
 eBay Credit Agreement
Signature Page 

 
			
	Barclays Bank PLC, as
	a Lender
		
	By:	 	 /s/ Michael Mozer

	Name:	 	      Michael Mozer
	Title:	 	      Vice President

  
 eBay Credit Agreement
Signature Page 

 
			
	WESTPAC BANKING CORPORATION, as
	a Lender
		
	By:	 	 /s/ Henrik Jensen

	Name:	 	      Henrik Jensen
	Title:	 	      Director
		 	      Corporate & Institutional Banking

  
 eBay Credit Agreement
Signature Page 

 
			
	BANK OF CHINA, LOS ANGELES BRANCH, as
	a Lender
		
	By:	 	 /s/ Jason Fu

	Name:	 	      Jason Fu
	Title:	 	      Vice President

  
 eBay Credit Agreement
Signature Page 

 
			
	BNP Paribas, as
	a Lender
		
	By:	 	 /s/ Mathew Harvey

	Name:	 	      Mathew Harvey
	Title:	 	      Managing Director and Group Head
		
	By:	 	 /s/ Bill Davidson

	Name:	 	      Bill Davidson
	Title:	 	      Managing Director

  
 eBay Credit Agreement
Signature Page 

 
			
	DBS Bank Ltd., Los Angeles Agency, as
	a Lender

 

			
	 By:
	 	 /s/ James McWalters

	 Name:
	 	      James McWalters
	 Title:
	 	      General Manager

  
 eBay Credit Agreement
Signature Page 

 
			
	Royal Bank of Canada, as
	a Lender

 

			
	 By:
	 	 /s/ Mark Gronich

	 Name:
	 	      Mark Gronich
	 Title:
	 	      Authorized Signatory

  
 eBay Credit Agreement
Signature Page 

 
			
	Standard Chartered Bank, as
	a Lender
		
	 By:
	 	 /s/ James P. Hughes

	 Name:
	 	      James P. Hughes A2386
	 Title:
	 	      Director
		
	 By:
	 	 /s/ Moy Hiang Wong

	 Name:
	 	      Moy Hiang Wong
	 Title:
	 	      Credit Documentation Officer

  
 eBay Credit Agreement
Signature Page 

 
			
	THE BANK OF NEW YORK MELLON, as
	a Lender
		
	 By:
	 	 /s/ Robert Besser

	 Name:
	 	      Robert Besser
	 Title:
	 	      Managing Director

  
 eBay Credit Agreement
Signature Page 

 
			
	UBS LOAN FINANCE LLC, as
	a Lender
		
	 By:
	 	 /s/ Irja R. Otsa

	 Name:
	 	      Irja R. Otsa
	 Title:
	 	      Associate Director
		
	 By:
	 	 /s/ Mary E. Evans

	 Name:
	 	      Mary E. Evans
	 Title:
	 	      Associate Director

  
 eBay Credit Agreement
Signature Page 

 
			
	Union Bank, N.A., as
	a Lender
		
	 By:
	 	 /s/ Michael J. McCutchin

	 Name:
	 	      Michael J. McCutchin
	 Title:
	 	      Vice President

  
 eBay Credit Agreement
Signature Page 

 SCHEDULE 2.01 
 COMMITMENTS 
 AND APPLICABLE PERCENTAGES 

Tranche 1 
  

													
	 Lender
	  	Commitment	 	  	Tranche 1
Percentage	 	 	Applicable
Percentage	 
	 JPMorgan Chase Bank, N.A.
	  	$	325,000,000	  	  	 	15.892420538	% 	 	 	10.833333333	% 
	 Citibank, N.A.
	  	$	325,000,000	  	  	 	15.892420538	% 	 	 	10.833333333	% 
	 Deutsche Bank AG, New York Branch
	  	$	325,000,000	  	  	 	15.892420538	% 	 	 	10.833333333	% 
	 Bank of America, N.A.
	  	$	250,000,000	  	  	 	12.224938875	% 	 	 	8.333333333	% 
	 The Royal Bank of Scotland plc
	  	$	250,000,000	  	  	 	12.224938875	% 	 	 	8.333333333	% 
	 Wells Fargo Bank, National Association
	  	$	250,000,000	  	  	 	12.224938875	% 	 	 	8.333333333	% 
	 Barclays Bank PLC
	  	$	70,000,000	  	  	 	3.422982885	% 	 	 	2.333333333	% 
	 Westpac Banking Corporation
	  	$	70,000,000	  	  	 	3.422982885	% 	 	 	2.333333333	% 
	 BNP Paribas
	  	$	45,000,000	  	  	 	2.200488998	% 	 	 	1.500000000	% 
	 Standard Chartered Bank
	  	$	45,000,000	  	  	 	2.200488998	% 	 	 	1.500000000	% 
	 UBS Loan Finance LLC
	  	$	45,000,000	  	  	 	2.200488998	% 	 	 	1.500000000	% 
	 Union Bank, N.A.
	  	$	45,000,000	  	  	 	2.200488998	% 	 	 	1.500000000	% 
				
	 Tranche 1 Total
	  	$	2,045,000,000	  	  	 	100.000000000	% 	 	 	68.166666667	% 

 Tranche 2 
  

													
	 Lender
	  	Commitment	 	  	Tranche 2
Percentage	 	 	Applicable
Percentage	 
	 HSBC Bank USA, National Association
	  	$	250,000,000	  	  	 	26.178010471	% 	 	 	8.333333333	% 
	 Credit Suisse AG, Cayman Islands Branch
	  	$	175,000,000	  	  	 	18.324607330	% 	 	 	5.833333333	% 
	 Goldman Sachs Bank USA
	  	$	175,000,000	  	  	 	18.324607330	% 	 	 	5.833333333	% 
	 Morgan Stanley Bank, N.A.
	  	$	175,000,000	  	  	 	18.324607330	% 	 	 	5.833333333	% 
	 Bank of China, Los Angeles Branch
	  	$	45,000,000	  	  	 	4.712041885	% 	 	 	1.500000000	% 
	 DBS Bank Ltd., Los Angeles Agency
	  	$	45,000,000	  	  	 	4.712041885	% 	 	 	1.500000000	% 
	 Royal Bank of Canada
	  	$	45,000,000	  	  	 	4.712041885	% 	 	 	1.500000000	% 
	 The Bank of New York Mellon
	  	$	45,000,000	  	  	 	4.712041885	% 	 	 	1.500000000	% 
				
	 Tranche 2 Total
	  	$	955,000,000	  	  	 	100.000000000	% 	 	 	31.833333333	% 
				
	 Total
	  	$	3,000,000,000	  	  	 	100.000000000	% 	 	 	100.000000000	% 

  
 1 

Schedule 2.01 

 SCHEDULE 7.01 

EXISTING LIENS 
  

	1.	Liens granted under the Mortgage, Assignment of Leases and Rents and Security Agreement dated as of June 9, 2004, between 935 HQ Associates, LLC, as borrower, and
CIBC Inc., as Lender securing debt in the original principal amount of $13,000,000. 

  
 1 

Schedule 7.01 

 SCHEDULE 11.02 

ADMINISTRATIVE AGENT’S OFFICE; 
 CERTAIN ADDRESSES FOR NOTICES 
 BORROWER OR ANY DESIGNATED BORROWER: 

eBay Inc. 
 2211 N. First Street 

San Jose, CA 95125-5905 
 Attention: Anthony
Glasby 
 Telephone: (408) 967-5488 

Telecopier: (408) 967-9918 
 Electronic Mail:
tglasby@ebay.com with a copy to jbounds@ebay.com 
 With a copy to: 
 eBay Inc. 
 2145 Hamilton Avenue 
 San Jose, CA 95125-5905 
 Attention: General Counsel 

Telecopier: (408) 376-7514 
 With a copy to:

 Sidley Austin LLP 
 One South
Dearborn 
 Chicago, Illinois 60603 

Attention: Anny C. Huang 
 Telephone: (312)
853-2933 
 Telecopier: (312) 853-7036 

Electronic Mail: ahuang@sidley.com 

  
 1 

Schedule 11.02 

 ADMINISTRATIVE AGENT, ISSUING BANKS AND SWINGLINE LENDER: 

Administrative Agent’s/Swingline Lender’s/Issuing Bank’s Office 
 JPMorgan Chase Bank 
 Loan and Agency Services Group 

1111 Fannin Street, 10th Floor 
 Houston, Texas
77002 
 Attention: Shannon Handcox 

Telephone: 713-427-6103 

Telecopier: 713-750-2878 
 Electronic Mail
(which notices must be sent in .pdf format): 12012443629@tls.ldsprod.com, 
 with a copy to: Shannon.l.handcox@jpmorgan.com 

Account Name: Loan Processing Dept.
 Account No.:
9008113381H2746 
 Ref: eBay Inc. 

Attention: Shannon Handcox 
 ABA#: 021000021

 With a copy to: 
 JPMorgan Chase
Bank 
 383 Madison Avenue, 24th Floor 
 New
York 10179 
 Attention: Goh Siew Tan 
 Telephone: 212-622-4575 
 Telecopier: 212-270-5127 

Electronic Mail: gohsiew.tan@jpmorgan.com 
 If
such notice relates to a Eurocurrency Rate Loan denominated in a Foreign Currency, to: 
 London Administrative Office 

J.P. Morgan Europe Limited 
 125 London Wall

 London EC2Y 5AJ 
 Attention: London
Loans and Agency team 
 Telecopier: +44 207 777 2360 
 Attn: Sue Dalton 
 With a copy to: 
 JPMorgan Chase Bank 
 383 Madison Avenue, 24th Floor 
 New York 10179 
 Attention: Goh Siew Tan 

Telephone: 212-622-4575 

Telecopier: 212-270-5127 
 Electronic Mail:
gohsiew.tan@jpmorgan.com 

  
 2 

Schedule 11.02 

 Issuing Bank’s Office 
 Deutsche Bank AG New York Branch 
 Deutsche Bank Operations 

5022 Gate Parkway, Suite 200, 
 Jacksonville, FL
32256 
 Attention: Raghavendra Nagendra 

Telephone: 904-520-5449 
 Telecopier:
866-240-3622 
 Electronic Mail: Loan.admin-Ny@db.com 
 Account Name: Bankers Trust Co NY 
 Account No.: 60200119 

Ref: eBay Incorporated 
 Attention: Non Agency

 ABA#: 021001033 

  
 3 

Schedule 11.02 

 EXHIBIT A 

FORM OF COMMITTED LOAN NOTICE 
 Date:             ,          
 To:     JPMorgan Chase Bank, N.A., as Administrative Agent 
 Ladies and
Gentlemen: 
 Reference is made to that certain Credit Agreement, dated as of November 22, 2011 (as amended, restated,
extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among eBay Inc., a Delaware corporation (the “Borrower”),
the Designated Borrowers from time to time parties thereto, the Lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent. 
 The undersigned hereby requests (select one): 
  

			
	  ̈ A Borrowing of Committed Loans
	  	 ̈ A conversion or continuation of Loans

 1. On
                                    (a Business Day). 

2. In the amount of
$                    . 
 3.
Comprised of: 
 (A)
                                         
                        
         [Type of Committed Loan requested] 

(B)
                                         
                    

        [Class of Committed Loan requested] 

4. Denominated in:
                                         
        

                       
     [Agreed Currency] 
 5. For Eurocurrency Rate Loans: with an Interest Period of
            months. 
 The Borrowing, if any, requested herein
complies with the provisos to the first sentence of Section 2.01 of the Agreement. 
  

			
	[EBAY INC.][DESIGNATED BORROWER]
		
	By:	 	 
	Name:	 	  

	Title:	 	  

  
 A-1

 Form of Committed Loan Notice 

 EXHIBIT B 

FORM OF NOTE 
  

			
	November [    ], 2011	  	$[                    ]

 FOR VALUE RECEIVED, the undersigned (the “[Designated] Borrower”) hereby promises to pay
to [                    ] or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter
defined), the principal amount of each Loan from time to time made by the Lender to the [Designated] Borrower under that certain Credit Agreement, dated as of November 22, 2011 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the Borrower, the Designated Borrowers from time to time parties thereto, the Lenders from time to time party
thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent. 
 The Designated [Borrower] promises to pay interest on the
unpaid principal amount of each Loan from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the
Administrative Agent for the account of the Lender in the applicable Agreed Currency in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear
interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 

This Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part
subject to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be,
immediately due and payable all as provided in the Agreement. Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to
this Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto. 
 The [Designated]
Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note. 
 (Remainder of Page Intentionally Left Blank) 

  
 B-1

 Form of Note 

 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. 
  

			
	[EBAY INC.] [DESIGNATED BORROWER]
		
	By:	 	 
	Name:	 	  

	Title:	 	  

  
 B-2

 Form of Note 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 

													
	 Date
	 	 Type of

Loan

Made
	 	 Amount of

Loan

Made
	 	 End of

Interest

Period
	 	 Amount of

Principal

or Interest

Paid This

Date
	 	 Outstanding
Principal

Balance

This Date
	 	 Notation

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 B-3

 Form of Note 

 EXHIBIT C 

FORM OF COMPLIANCE CERTIFICATE 
 Financial Statement Date:         ,             

To: JPMorgan Chase Bank, N.A., as Administrative Agent 
 Ladies and Gentlemen: 
 Reference is made to that certain Credit Agreement, dated as of
November 22, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among eBay Inc., a Delaware
corporation (the “Borrower”), the Designated Borrowers from time to time parties thereto, the Lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent. 

The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the
                                        of the
Borrower, and that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the Borrower, and that: 
 [Use following paragraph 1 for fiscal year-end financial statements] 

1. The Borrower has delivered the year-end audited financial statements required by Section 6.01(a) of the Agreement for the fiscal year of
the Borrower ended as of the above date, together with the report and opinion of an independent certified public accountant to the extent required by such section. 
 [Use following paragraph 1 for fiscal quarter-end financial statements] 
 1. The Borrower has delivered the unaudited financial statements required by Section 6.01(b) of the Agreement for the fiscal quarter of the Borrower ended as of the above date. Such financial
statements fairly present in all material respects the financial condition, results of operations, stockholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP as at such date and for such period, subject
only to normal year-end audit adjustments and the absence of footnotes. 
 2. To the best knowledge of the undersigned: 

[select one:] 

[during such fiscal period, the Borrower performed and observed each covenant and condition of the Loan Documents applicable to it, and no Default has
occurred and is continuing.] 
 —or— 

  
 C-1

 Form of Compliance Certificate 

 [during such fiscal period, the following covenants or conditions have not been performed or observed and
the following is a list of each such Default and its nature and status:] 
 3. The financial covenant analyses and information set forth on
Schedules 1 and 2 attached hereto are true and accurate on and as of the date of this Certificate. 
 IN WITNESS WHEREOF,
the undersigned has executed this Certificate as of             ,         . 

 

			
	EBAY INC.
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
 C-2

 Form of Compliance Certificate 

 For the Quarter/Year ended
            (“Statement Date”) 
 SCHEDULE 1

 to the Compliance Certificate 
 ($ in 000’s) 
 I. Section 7.04 — Consolidated Interest Coverage Ratio. 

 

					
			
	A.	  	Consolidated EBITDA for four consecutive fiscal quarters ending on Statement Date (“Subject Period”):	  	$                
			
	1.	  	Consolidated Net Income for Subject Period:	  	$                
			
	2.	  	Interest expense for Subject Period:	  	$                
			
	3.	  	Depreciation and amortization expense (including amortization or impairment of Intangible Assets for Acquisitions or Dispositions) for Subject Period:	  	$                
			
	4.	  	Income tax expense for Subject Period:	  	$
			
	5.	  	Non-cash charges or expenses related to equity plans or equity awards for Subject Period:	  	$
			
	6.	  	Payroll taxes on exercise of stock options or vesting of restricted stock units or other equity awards for Subject Period:	  	$
			
	7.	  	Impairment of goodwill for Subject Period:	  	$
			
	8.	  	Extraordinary losses from Acquisitions or Dispositions for Subject Period:	  	$
			
	9.	  	Transaction expenses from Acquisitions and Dispositions for Subject Period:	  	$
			
	10.	  	Non-cash restructuring charges and other non-cash exit and disposal costs1:	  	$
			
	11.	  	Extraordinary gains from Acquisitions and Dispositions for Subject Period:	  	$
			
	12.	  	Reversals of non-cash restructuring charges and other non-cash exit and disposal costs:	  	$

  

	1 	 There shall be a subtraction from Consolidated EBITDA when cash payments in respect of such restructuring charges and exit and disposal costs are made.

  
 C-3

 Form of Compliance Certificate 

					
			
	 13.
	  	Consolidated EBITDA (Lines I.A.1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 - 11 - 12):	  	$            
			
	 B.
	  	Consolidated Interest Expense for Subject Period:	  	$
			
	 C.
	  	Consolidated Interest Coverage Ratio as of Statement Date (Line I.A.13 ÷ Line I.B):	  	
			
	 D.
	  	Minimum permitted:	  	3.00 to 1.00
			
	 E.
	  	Covenant Compliance?	  	YES / NO

  

  
 C-4

 Form of Compliance Certificate 

 For the Quarter/Year ended
            (“Statement Date”) 
 SCHEDULE 2

 to the Compliance Certificate 
 ($ in 000’s) 
 Consolidated EBITDA 

(in accordance with the definition of Consolidated EBITDA 
 as set forth in the Agreement) 
  

											
	 Consolidated EBITDA
	  	Quarter
Ended	  	Quarter
Ended	  	Quarter
Ended	  	Quarter
Ended	  	Twelve
Months
Ended
	 Consolidated

Net Income
	  		  		  		  		  	
						
	 + interest expense
	  		  		  		  		  	
						
	 + depreciation and

amortization expense

(including
 amortization or
 impairment of

Intangible Assets for

Acquisitions or
 Dispositions)
	  		  		  		  		  	
						
	 + income tax expense
	  		  		  		  		  	
						
	 + non-cash charges or

expenses relating to

equity plans or equity

awards
	  		  		  		  		  	
						
	 + payroll taxes on

exercise of stock

options or vesting of

restricted stock units

or other equity awards
	  		  		  		  		  	
						
	 + impairment of goodwill:
	  		  		  		  		  	
						
	 + extraordinary losses

from Acquisitions and

Dispositions:
	  		  		  		  		  	
						
	 + transaction expenses

from Acquisitions and

Dispositions:
	  		  		  		  		  	
						
	 + non-cash

restructuring charges

and other non-cash

exit and disposal

costs2:
	  		  		  		  		  	
						
	 - extraordinary gains

from Acquisitions and

Dispositions:
	  		  		  		  		  	
						
	 - reversals of non-cash

restructuring charges

and other non-cash

exit and disposal

costs:
	  		  		  		  		  	
						
	 = Consolidated

EBITDA
	  		  		  		  		  	

  

	2 	 There shall be a subtraction from Consolidated EBITDA when cash payments in respect of such restructuring charges and exit and disposal costs are made.

  
 C-5

 Form of Compliance Certificate 

 EXHIBIT D 

ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into between the Assignor named below (the
“Assignor”) and the Assignee named below (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the
“Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part
of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, the Assignor hereby
irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date
inserted by the Administrative Agent below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to
the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit, guarantees, and swingline loans included in such
facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under
or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims,
malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and
(ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without
representation or warranty by the Assignor. 
  

					
	 1.      Assignor:
	  	  
	  	
		  	  
	  	
	 2.      Assignee:
	  	  
	  	
		  	  
	  	
	 [and is an Affiliate/Approved Fund of [identify Lender]1]
	  	
			
	 3.      Borrower: eBay Inc.
	  		  	
	
	 4.      Administrative Agent: JPMorgan Chase Bank, N.A., as the administrative
agent under the Credit Agreement

  

	1 	 Select as applicable. 

  
 D - 1

 Form of Assignment and Assumption 

	5.	Credit Agreement: Credit Agreement, dated as of November 22, 2011, among eBay Inc., the Designated Borrowers from time to time parties thereto, the Lenders
from time to time party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent. 

  

	6.	Assigned Interest[s] 

  

									
	 Facility Assigned2
	  	 Aggregate Amount of

Commitment/Loans for

all Lenders
	  	Amount of
Commitment/Loans
Assigned	  	Percentage Assigned of
Commitment/Loans3	 
		  	$	  	$	  	 	%	  
		  	$	  	$	  	 	%	  
		  	$	  	$	  	 	%	  

 Effective Date:             ,
20    [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The Assignee agrees to deliver to the Administrative Agent a completed administrative questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information
(which may contain material non-public information about the Borrower, the Loan Parties and their Affiliates or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s
compliance procedures and applicable laws, including Federal and state securities laws. 
 The terms set forth in this
Assignment and Assumption are hereby agreed to: 
  

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Title:
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:

  

	2 	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g.
“Tranche 1 Commitment,” “Tranche 2 Commitment”). 

	3 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders. 

  
 D - 2

 Form of Assignment and Assumption 

			
	[Consented to and]4 Accepted:
	
	JPMORGAN CHASE BANK, N.A., as
	  Administrative Agent
		
	By:	 	  

		 	Title:
	
	[Consented to:]5
	
	EBAY INC.
		
	By:	 	  

		 	Title:
	
	[NAME OF ANY OTHER RELEVANT PARTY]
		
	By	 	  

		 	Title:

  

	4 	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	5 	 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 

  
 D - 3

 Form of Assignment and Assumption 

 ANNEX 1 TO ASSIGNMENT AND ASSUMPTION 

EBAY INC. CREDIT AGREEMENT 
 DATED AS OF NOVEMBER 22, 2011 
 STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1. Representations and Warranties. 
 1.1. Assignor. The Assignor
(a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (b) assumes no responsibility with respect to (i) any statements, warranties or
representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder,
(iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates
or any other Person of any of their respective obligations under any Loan Document. 
 1.2. Assignee. The Assignee
(a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the
Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit
Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.1 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to
enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender and (v) if it is a
Foreign Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee and (b) agrees that (i) it will,
independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under the Loan Documents and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

  
 D - 4

 Form of Assignment and Assumption 

 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have
accrued from and after the Effective Date. 
 3. General Provisions. This Assignment and Assumption shall be binding
upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Assumption by email or telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and
construed in accordance with, the law of the State of New York. 

  
 D - 5

 Form of Assignment and Assumption 

 EXHIBIT E

 [FORM OF] 
 U.S. TAX COMPLIANCE CERTIFICATE 
 (For Non-U.S. Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of November 22, 2011 (as
amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among EBAY INC., a Delaware corporation (the “Borrower”), the Designated Borrowers from time to time parties thereto, each
lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 

Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (i) it is the
sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code,
(iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code. 
 The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person
status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and
(2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or
in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:
	Date:	 	                 , 20[    ]

  
 E - 1

 U.S. Tax Compliance Form of Tax Certificate 

 [FORM OF] 
 U.S. TAX COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Not
Partnerships For U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of
November 22, 2011 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among EBAY INC., a Delaware corporation (the “Borrower”), the Designated Borrowers from time to time
parties thereto, each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 

Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (i) it is the
sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such
Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

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

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:             , 20[    ] 

  
 E - 2

 U.S. Tax Compliance Form of Tax Certificate 

 [FORM OF] 
 U.S. TAX COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of November 22, 2011 (as
amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among EBAY INC., a Delaware corporation (the “Borrower”), the Designated Borrowers from time to time parties thereto, each
lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 

Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (i) it is the
sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither
the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its
participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an
IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	
		 	Name:
		 	Title:

 Date:             , 20[    ] 

  
 E - 3

 U.S. Tax Compliance Form of Tax Certificate 

 [FORM OF] 
 U.S. TAX COMPLIANCE CERTIFICATE 
 (For Non-U.S. Lenders That Are Partnerships For
U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of November 22, 2011 (as
amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among EBAY INC., a Delaware corporation (the “Borrower”), the Designated Borrowers from time to time parties thereto, each
lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 

Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (i) it is the
sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any
Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit
pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the
following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower
and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	
		 	Name:
		 	Title:

 Date:             , 20[    ] 

  
 E - 4

 U.S. Tax Compliance Form of Tax Certificate 

 EXHIBIT F 

JOINDER AGREEMENT 
 JOINDER AGREEMENT, dated as of                     , 201    , among
            (the “Subsidiary”), EBAY INC., a Delaware corporation (the “Borrower”), JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity,
the “Administrative Agent”) for the several banks and other financial institutions (the “Lenders”) from time to time parties to the Credit Agreement dated as of November 22, 2011 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”; terms defined therein being used herein as therein defined) by and among the Borrower, the Designated Borrowers from time to time parties thereto, the Lenders and the
Administrative Agent. 
 W I T N E S S E T H: 
 WHEREAS, the parties to this Joinder Agreement wish to add the Subsidiary as the Designated Borrower to the Credit Agreement in the manner hereinafter set forth; and 

WHEREAS, this Joinder Agreement is entered into pursuant to Section 4.03(b) of the Credit Agreement; 

NOW, THEREFORE, in consideration of the premises, the parties hereto hereby agree as follows: 

1. The Subsidiary hereby acknowledges that it has received and reviewed a copy of the Credit Agreement, and acknowledges and agrees to:

 (a) join the Credit Agreement as a Designated Borrower; 

(b) be bound by all covenants, agreements and acknowledgments attributable to the Designated Borrower in the Credit Agreement; and

 (c) perform all obligations and duties required of it by the Credit Agreement. 

2. The Subsidiary hereby represents and warrants that the representations and warranties with respect to it contained in Article V of the
Credit Agreement or which are contained in any certificate furnished by or on behalf of it are true and correct on the date hereof. 
 3. The address and jurisdiction of organization of the Subsidiary is set forth below: 
  

			
	Address	 	 
		 	 
		 	 
	Attn:	 	  

	Telecopy:	 	
	Telephone:	 	
		
	Jurisdiction	 	
	of organization:	 	  

  
 F - 1

 Joinder Agreement 

 4. THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 F - 2

 Joinder Agreement 

 IN WITNESS WHEREOF, each of the undersigned has caused this Joinder Agreement to be duly
executed and delivered in New York, New York by its proper and duly authorized officer as of the day and year first above written. 
  

			
	[DESIGNATED BORROWER],
	as the Designated Borrower
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	EBAY INC., as the Borrower
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	ACKNOWLEDGED AND AGREED TO:
	
	JPMORGAN CHASE BANK, N.A.
	as Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 F - 3

 Joinder Agreement 

 EXHIBIT G 

MANDATORY COST 
  

	 	1.	The Mandatory Cost (to the extent applicable) is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the
Bank of England and/or the Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. 

 

	 	2.	On the first day of each Interest Period (or as soon as possible thereafter) the Administrative Agent shall calculate, as a percentage rate, a rate (the
“Additional Cost Rate”) for each Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Administrative Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted
in proportion to the percentage participation of each Lender in the relevant Loan) and will be expressed as a percentage rate per annum. The Administrative Agent will, at the request of the Company or any Lender, deliver to the Company or such
Lender, as the case may be, a statement setting forth the calculation of any Mandatory Cost. 

  

	 	3.	The Additional Cost Rate for any Lender lending from a Facility Office in a Participating Member State will be the percentage notified by that Lender to the
Administrative Agent. This percentage will be certified by that Lender in its notice to the Administrative Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all Loans made from
that Facility Office) of complying with the minimum reserve requirements of the European Central Bank in respect of loans made from that Facility Office. 

  

	 	4.	The Additional Cost Rate for any Lender lending from a Facility Office in the United Kingdom will be calculated by the Administrative Agent as follows:

  

	 	(a)	in relation to a sterling Loan: 

  per cent, per annum 
  

	 	(b)	in relation to a Loan in any currency other than sterling: 

 

  per cent, per annum 
 Where: 

  
 G - 1

 Mandatory Cost 

	 	A	is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an
interest free cash ratio deposit with the Bank of England to comply with cash ratio requirements. 

  

	 	B	is the percentage rate of interest (excluding the Applicable Rate and the Mandatory Cost and, if the Loan is an Unpaid Sum, the additional rate of interest specified in
the definition of Default Rate) payable for the relevant Interest Period on the Loan. 

  

	 	C	is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain as interest bearing Special Deposits with the Bank of
England. 

  

	 	D	is the percentage rate per annum payable by the Bank of England to the Administrative Agent on interest bearing Special Deposits. 

 

	 	E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Administrative Agent as being the average of the most recent rates
of charge supplied by the Reference Banks to the Administrative Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000. 

  

	5.	For the purposes of this Exhibit: 

  

	 	(a)	“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of
England Act 1998 or (as may be appropriate) by the Bank of England; 

  

	 	(b)	“Facility Office” means the office or offices notified by a Lender to the Administrative Agent in writing on or before the date it becomes a Lender
(or, following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement. 

 

	 	(c)	“Fees Rules” means the rules on periodic fees contained in the Financial Services Authority Fees Manual or such other law or regulation as may be in
force from time to time in respect of the payment of fees for the acceptance of deposits; 

  

	 	(d)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated
fee required pursuant to the Fees Rules but taking into account any applicable discount rate); 

  

	 	(e)	“Participating Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance with
legislation of the European Union relating to economic and monetary union; 

  
 G - 2

 Mandatory Cost 

	 	(f)	“Reference Banks” means, in relation to Mandatory Cost, the principal offices in the United Kingdom of each Lender with a Eurocurrency Payment Office
in the United Kingdom; 

  

	 	(g)	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules; and 

 

	 	(h)	“Unpaid Sum” means any sum due and payable but unpaid by the Company or any Borrower under the Loan Documents. 

 

	6.	In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e. 5 per cent. will be included in the formula as 5 and not
as 0.05). A negative result obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to four decimal places. 

  

	7.	If requested by the Administrative Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Services Authority, supply to the
Administrative Agent, the rate of charge payable by that Reference Bank to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by that
Reference Bank as being the average of the Fee Tariffs applicable to that Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank. 

 

	8.	Each Lender shall supply any information required by the Administrative Agent for the purpose of calculating its Additional Cost Rate. In particular, but without
limitation, each Lender shall supply the following information on or prior to the date on which it becomes a Lender: 

  

	 	(a)	the jurisdiction of its Facility Office; and 

  

	 	(b)	any other information that the Administrative Agent may reasonably require for such purpose. 

Each Lender shall promptly notify the Administrative Agent of any change to the information provided by it pursuant to this paragraph.

  

	9.	The percentages of each Lender for the purpose of A and C above and the rates of charge of each Reference Bank for the purpose of E above shall be determined by the
Administrative Agent based upon the information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that, unless a Lender notifies the Administrative Agent to the contrary, each Lender’s obligations in relation to cash
ratio deposits and Special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a lending office in the same jurisdiction as its Facility Office. 

  
 G - 3

 Mandatory Cost 

	10.	The Administrative Agent shall have no liability to any Person if such determination results in an Additional Cost Rate which over or under compensates any Lender and
shall be entitled to assume that the information provided by any Lender or Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects. 

 

	11.	The Administrative Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for
each Lender based on the information provided by each Lender and each Reference Bank pursuant to paragraphs 3, 7 and 8 above. 

  

	12.	Any determination by the Administrative Agent pursuant to this Exhibit in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a
Lender shall, in the absence of manifest error, be conclusive and binding on all parties hereto. 

  

	13.	The Administrative Agent may from time to time, after consultation with the Company and the Lenders, determine and notify to all parties hereto any amendments which are
required to be made to this Exhibit in order to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any other
authority which replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all parties hereto. 

  
 G - 4

 Mandatory CostIndenture, dated November 28, 2011

 Exhibit 4.1 

 
  

 
 NETFLIX, INC. 

Zero Coupon Senior Convertible Notes Due 2018 
 INDENTURE 
 Dated as of November 28, 2011 

WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as Trustee 
  
  

 

 TABLE OF CONTENTS 

 

					
	 	  	PAGE	 
	 ARTICLE 1
 DEFINITIONS AND INCORPORATION BY REFERENCE
  
	  			
	 Section 1.01.   Definitions.
	  	 	1	  
	 Section 1.02.   Incorporation by Reference of Trust Indenture Act
	  	 	11	  
	 Section 1.03.   Rules of Construction
	  	 	11	  
	 Section 1.04.   References to Interest
	  	 	12	  
	  
 ARTICLE 2
	  			
	 THE SECURITIES

 
	  			
	 Section 2.01.   Designation, Amount and Issuance of Securities
	  	 	12	  
	 Section 2.02.   Form of the Securities
	  	 	12	  
	 Section 2.03.   Date and Denomination of Securities; Payment at Maturity; Payment of
Interest
	  	 	13	  
	 Section 2.04.   Execution and Authentication
	  	 	15	  
	 Section 2.05.   Registrar, Paying Agent and Conversion Agent
	  	 	15	  
	 Section 2.06.   Paying Agent to Hold Money in Trust
	  	 	16	  
	 Section 2.07.   Securityholder Lists
	  	 	16	  
	 Section 2.08.   Exchange and Registration of Transfer of Securities
	  	 	17	  
	 Section 2.09.   Global Securities
	  	 	18	  
	 Section 2.10.   Transfer Restrictions.
	  	 	20	  
	 Section 2.11.   Responsibilities and Obligations of the Trustee
	  	 	26	  
	 Section 2.12.   Replacement Securities
	  	 	26	  
	 Section 2.13.   Outstanding Securities
	  	 	27	  
	 Section 2.14.   Temporary Securities
	  	 	28	  
	 Section 2.15.   Cancellation
	  	 	28	  
	 Section 2.16.   CUSIP and ISIN Numbers
	  	 	28	  
	 Section 2.17.   Repurchases

 
	  	 	29	  
	ARTICLE 3	  			
	 REPURCHASE OF SECURITIES

 
	  			
	 Section 3.01.   Repurchase at Option of Holders Upon a Change of Control
	  	 	29	  
	 Section 3.02.   Company Repurchase Notice; Tender Offer Compliance
	  	 	30	  
	 Section 3.03.   Effect of Repurchase Notice; Withdrawal
	  	 	32	  
	 Section 3.04.   Deposit of Change of Control Repurchase Price
	  	 	33	  
	 Section 3.05.   Securities Repurchased in Part
	  	 	33	  

  
 i 

					
	ARTICLE 4	  			
	COVENANTS	  			
		
	 Section 4.01.   Payment of Securities
	  	 	34	  
	 Section 4.02.   Maintenance of Office or Agency
	  	 	34	  
	 Section 4.03.   Rule 144A Information Requirement and Annual Reports.
	  	 	34	  
	 Section 4.04.   Existence
	  	 	35	  
	 Section 4.05.   Payment of Taxes and Other Claims
	  	 	35	  
	 Section 4.06.   Compliance Certificate
	  	 	36	  
	 Section 4.07.   Additional Interest Notice
	  	 	36	  
	 Section 4.08.   Restrictions on Cash Dividends and Stock Repurchases
	  	 	36	  
		
	ARTICLE 5	  			
	SUCCESSOR COMPANY	  			
		
	 Section 5.01.   When Company May Merge or Transfer Assets
	  	 	37	  
	 Section 5.02.   Successor to Be Substituted
	  	 	38	  
	 Section 5.03.   Opinion of Counsel to be Given to Trustee
	  	 	38	  
		
	ARTICLE 6	  			
	DEFAULTS AND REMEDIES	  			
		
	 Section 6.01.   Events of Default
	  	 	39	  
	 Section 6.02.   Acceleration
	  	 	40	  
	 Section 6.03.   Other Remedies
	  	 	41	  
	 Section 6.04.   Waiver of Defaults and Events of Default
	  	 	41	  
	 Section 6.05.   Control by Majority
	  	 	42	  
	 Section 6.06.   Limitation on Suits
	  	 	42	  
	 Section 6.07.   Rights of Securityholders to Receive Payment
	  	 	43	  
	 Section 6.08.   Collection Suit by Trustee
	  	 	43	  
	 Section 6.09.   Trustee May File Proofs of Claim
	  	 	43	  
	 Section 6.10.   Priorities
	  	 	43	  
	 Section 6.11.   Undertaking for Costs
	  	 	44	  
	 Section 6.12.   Waiver of Stay, Extension or Usury Laws
	  	 	44	  
	 Section 6.13.   Alternative Remedy for Failure to Comply with Reporting Obligations in the Indenture and
TIA
	  	 	44	  
		
	ARTICLE 7	  			
	TRUSTEE	  			
		
	 Section 7.01.   Duties of Trustee
	  	 	45	  
	 Section 7.02.   Rights of Trustee
	  	 	46	  
	 Section 7.03.   Individual Rights of Trustee
	  	 	48	  
	 Section 7.04.   Trustee’s Disclaimer
	  	 	48	  
	 Section 7.05.   Notice of Defaults
	  	 	48	  
	 Section 7.06.   Reports by Trustee to Securityholders
	  	 	48	  
	 Section 7.07.   Compensation and Indemnity
	  	 	49	  
	 Section 7.08.   Replacement of Trustee
	  	 	50	  

  
 ii 

					
	Section 7.09.   Successor Trustee by Merger	  	 	50	  
	 Section 7.10.   Eligibility; Disqualification
	  	 	51	  
	 Section 7.11.   Preferential Collection of Claims Against
Company
  
	  	 	51	  
	ARTICLE 8	  			
	 DISCHARGE OF INDENTURE

 
	  			
	 Section 8.01.   Discharge of Liability on Securities
	  	 	51	  
	 Section 8.02.   Application of Trust Money
	  	 	52	  
	 Section 8.03.   Repayment to Company
	  	 	52	  
	 Section 8.04.   Reinstatement

 
	  	 	52	  
	ARTICLE 9	  			
	 AMENDMENTS

 
	  			
	 Section 9.01.   Without Consent of Securityholders
	  	 	53	  
	 Section 9.02.   With Consent of Securityholders
	  	 	54	  
	 Section 9.03.   Compliance with Trust Indenture Act
	  	 	55	  
	 Section 9.04.   Revocation and Effect of Consents and Waivers
	  	 	55	  
	 Section 9.05.   Notation on or Exchange of Securities
	  	 	55	  
	 Section 9.06.   Trustee to Sign Amendments

 
	  	 	56	  
	ARTICLE 10	  			
	 CONVERSION OF SECURITIES

 
	  			
	 Section 10.01.   Right to Convert
	  	 	56	  
	 Section 10.02.   Exercise of Conversion Right; Issuance of Common Stock on Conversion; No Adjustment for
Interest or     Dividends
	  	 	57	  
	 Section 10.03.   Cash Payments in Lieu of Fractional Shares
	  	 	58	  
	 Section 10.04.   Conversion Rate
	  	 	58	  
	 Section 10.05.   Conversion at the Option of the Company.
	  	 	58	  
	 Section 10.06.   Adjustment of Conversion Rate
	  	 	60	  
	 Section 10.07.   Effect of Reclassification, Consolidation, Merger or Sale
	  	 	68	  
	 Section 10.08.   Taxes on Shares Issued
	  	 	69	  
	 Section 10.09.   Reservation of Shares, Shares to be Fully Paid; Compliance with Governmental Requirements;
Listing of     Common Stock
	  	 	70	  
	 Section 10.10.   Responsibility of Trustee
	  	 	71	  
	 Section 10.11.   Notice to Holders Prior to Certain Actions
	  	 	71	  
	 Section 10.12.   Stockholder Rights Plans
	  	 	72	  
	 Section 10.13.   Settlement Upon Conversion

 
	  	 	73	  
	ARTICLE 11	  			
	 MISCELLANEOUS
  
	  			
	 Section 11.01 .   Trust Indenture Act Controls
	  	 	73	  
	 Section 11.02 .   Notices
	  	 	73	  

  
 iii

					
	Section 11.03.   Communication by Securityholders with Other Securityholders	  	 	74	  
	 Section 11.04.   Certificate and Opinion as to Conditions Precedent
	  	 	74	  
	 Section 11.05.   Statements Required in Certificate or Opinion
	  	 	75	  
	 Section 11.06.   When Securities Disregarded
	  	 	75	  
	 Section 11.07.   Rules by Trustee, Paying Agent and Registrar
	  	 	75	  
	 Section 11.08.   Legal Holidays
	  	 	75	  
	 Section 11.09.   Governing Law; Waiver of Jury Trial
	  	 	75	  
	 Section 11.10.   No Recourse Against Others
	  	 	76	  
	 Section 11.11.   Successors
	  	 	76	  
	 Section 11.12.   Multiple Originals
	  	 	76	  
	 Section 11.13.   Table of Contents; Headings
	  	 	76	  
	 Section 11.14.   Calculations in Respect of the Securities
	  	 	76	  
	 Section 11.15.   Force Majeure
	  	 	77	  
	 Section 11.16.   U.S.A. Patriot Act
	  	 	77	  

 Exhibit A – Form of Security 

  
 iv 

 INDENTURE dated as of November 28, 2011 between NETFLIX, INC., a Delaware corporation
(the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, as trustee (the “Trustee”). 

WHEREAS, the Company has duly authorized the creation of an issue of its Zero Coupon Senior Convertible Notes Due 2018 (the
“Securities”), having the terms, tenor, amount and other provisions hereinafter set forth, and, to provide therefor, the Company has duly authorized the execution and delivery of this Indenture; and 

WHEREAS, all things necessary to make the Securities, when the Securities are duly executed by the Company and authenticated and
delivered hereunder and duly issued by the Company, the legal, valid and binding obligations of the Company, and to make this Indenture a legal, valid and binding agreement of the Company, enforceable against it in accordance with their and its
terms, have been done and performed, and the execution of this Indenture and the issue hereunder of the Securities have in all respects been duly authorized. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the
premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities, as follows: 

ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. Definitions.  
 “Additional Interest” means all amounts, if any, payable as Default Additional Interest pursuant to Section 6.13. 

“Additional Interest Notice” has the meaning specified in Section 4.06. 

“Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by or
under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

  
 1 

 “Affiliate Securities” means any Securities acquired or held by any TCV
Entity. 
 “Agent Members” has the meaning specified in Section 2.09(g). 

“Applicable Consideration” has the meaning specified in Section 10.07. 

“Bankruptcy Law” has the meaning specified in Section 6.01. 

“Board of Directors” means the Board of Directors of the Company or any committee thereof duly authorized to act on
behalf of such board. 
 “Business Day” means each day which is not a Legal Holiday. 

“Call Spread Swap Agreements” means (a) any Swap Agreement (including, but not limited to, any bond hedge
transaction or capped call transaction) pursuant to which the Company acquires an option requiring the counterparty thereto to deliver to the Company shares of Common Stock, the cash value of such shares or a combination thereof from time to time
upon exercise of such option and (b) any Swap Agreement pursuant to which the Company issues to the counterparty thereto warrants to acquire Common Stock (whether such warrant is settled in shares, cash or a combination thereof), in each case
entered into by the Company in connection with the issuance of convertible debt securities; provided, however, that the amount paid by the Company in connection with any such Call Spread Swap Agreement must be less than the proceeds to
the Company from the related issuance of convertible debt securities. 
 “Capital Stock” of any Person means
any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, but excluding any debt securities convertible
into such equity. 
 “Change of Control” means the occurrence of any of the following after the original
issuance of the Securities: 
 (a) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” or “group” becomes the “beneficial owner” (as these terms are defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly, of more than
50% of the Company’s Capital Stock that is at the time entitled to vote by the holders thereof in the election of the Board of Directors (or comparable body); or 

  
 2 

 (b) the consolidation or merger of the Company with or into any Person (other than a
subsidiary of the Company), or the sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the Company’s assets and those of its subsidiaries taken as a whole to any
“person” (as this term is used in Section 13(d)(3) of the Exchange Act) (other than to one or more of the Company’s Subsidiaries), other than: 

(i) any transaction pursuant to which the holders of 50% or more of the total voting power of all shares of the
Company’s Capital Stock entitled to vote generally in elections of the Board of Directors immediately prior to such transaction have the right to exercise, directly or indirectly, 50% or more of the total voting power of all shares of the
Capital Stock entitled to vote generally in elections of the directors of the continuing or surviving or transferee Person (or any parent thereof) immediately after giving effect to such transaction in substantially the same proportion as such
voting power was held immediately prior to such transaction; 
 (ii) any merger primarily for the purpose of
changing the Company’s jurisdiction of incorporation and resulting in a reclassification, conversion or exchange of outstanding shares of Common Stock solely into shares of common stock of the surviving entity; 

(c) the adoption of a plan relating to the liquidation or dissolution of the Company; or 

(d) the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors. 

“Change of Control Repurchase Date” has the meaning specified in Section 3.01(a). 

“Change of Control Repurchase Notice” has the meaning specified in Section 3.01(c). 

“Change of Control Repurchase Price” has the meaning specified in Section 3.01(a). 

“Closing Date” means the date of this Indenture. 

“Closing Sale Price” of any share of Common Stock or any other security on any Trading Day means the closing sale price
of such security (or, if no closing sale price is reported, the average of the closing bid and closing ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices) on such date as
reported in composite transactions for the principal U.S. securities exchange on which the shares of Common Stock are traded or, if the shares of Common Stock are not listed on a U.S. national or

  
 3 

 
regional securities exchange, as reported in the over-the-counter market by OTC Markets Group or other similar organization. In the absence of such a quotation, the Closing Sale Price shall be
determined by a nationally recognized securities dealer retained by the Company for that purpose. The Closing Sale Price shall be determined without reference to extended or after hours trading. 

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

“Common Stock” means the common stock, par value $0.001 of the Company, subject to Section 10.07. 

“Company” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the
successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the indenture securities. 
 “Company Conversion Notice” has the meaning specified in Section 10.05(b). 
 “Company Repurchase Notice” has the meaning specified in Section 3.02. 
 “Consolidated Cash Position” means the sum of cash, cash equivalents and short-term investments, excluding restricted cash of the Company and its Subsidiaries on a consolidated basis
determined in accordance with GAAP. 
 “Continuing Directors” means, as of any date of determination, any
member of the Board of Directors who: (1) was a member of such Board of Directors on the date of issuance of the Notes; or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of
the Continuing Directors who were members of the Board of Directors at the time of such nomination, election or appointment either by a specific vote or by approval of a proxy statement issued by the Company on behalf of its entire Board of
Directors in which such individual was named as a nominee for director. 
 “Conversion Agent” has the meaning
specified in Section 2.05. 
 “Conversion Date” has the meaning specified in Section 10.02.

 “Conversion Notice” has the meaning specified in Section 10.02. 

“Conversion Price” on any day will equal $1,000 divided by the Conversion Rate in effect on that day. 

  
 4 

 “Conversion Rate” means initially 11.6553 shares of Common Stock per
$1,000 principal amount of Securities, subject to adjustments as set forth herein. 
 “Corporate
Trust Office” or other similar term, means the designated office of the Trustee at which at any particular time its corporate trust business as it relates to this Indenture shall be administered, which office is, at the date as of which
this Indenture is dated, located at MAC E2818-176, 707 Wilshire Boulevard, 17th Floor, Los Angeles, California 90017, Attention: Corporate Trust Services, or at any other time at such other address as the Trustee may designate from time to time by notice to the Company. 

“Current Market Price” on any date means the average of the daily Closing Sale Prices per share of Common Stock for the
ten consecutive Trading Days immediately prior to such date (the “day in question”); provided that if the Ex-Date for any event (other than the issuance or distribution requiring such computation) that requires an adjustment
to the Conversion Rate pursuant to Section 10.06 occurs during such ten consecutive Trading Days, the Closing Sale Price for each Trading Day prior to the Ex-Date for such other event shall be adjusted by dividing such Closing Sale Price by the
same fraction by which the Conversion Rate is so required to be multiplied as a result of such other event. Notwithstanding the foregoing, whenever successive adjustments to the Conversion Rate are called for pursuant to Section 10.06, such
adjustments shall be made to the Current Market Price as may be necessary or appropriate to effectuate the intent of Section 10.06 and to avoid unjust or inequitable results as determined in good faith by the Board of Directors. 

“Custodian” has the meaning specified in Section 6.01. 

“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default.

 “Default Additional Interest” has the meaning specified in Section 6.13. 

“Depositary” means the clearing agency registered under the Exchange Act that is designated to act as the depositary for
the Global Securities. DTC shall be the initial Depositary, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such
successor. 
 “Determination Date” has the meaning specified in Section 10.06(k). 

“Distributed Assets” has the meaning specified in Section 10.06(d). 

“DTC” means The Depository Trust Company. 

  
 5 

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

 “Ex-Date,” when used with respect to any issuance or distribution, means the first date on which the shares
of Common Stock, trade regular way on the relevant exchange or in the relevant market from which the Closing Sale Price was obtained without the right to receive such issuance or distribution. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means the amount which a willing buyer would pay a willing seller in an arm’s-length
transaction. 
 “Funded Debt” means as to any Person, without duplication, the outstanding principal amount of
all Indebtedness of such Person that matures more than one year from the date of its creation or matures within one year from such date but is renewable or extendible, at the option of such Person, to a date more than one year from such date or
arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date, including all current maturities and current sinking fund payments in respect of such
Indebtedness whether or not required to be paid within one year from the date of its creation. For avoidance of doubt, Funded Debt includes the principal amount of the Securities. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect on the Closing Date,
including those set forth in (i) the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, (ii) statements and pronouncements of the Financial Accounting Standards Board,
(iii) such other statements by such other entity as approved by a significant segment of the accounting profession, and (iv) the rules and regulations of the SEC governing the inclusion of financial statements (including pro forma
financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC.

 “Global Securities” has the meaning specified in Section 2.02. 

“Indebtedness” means, with respect to any Person all indebtedness of such Person for borrowed money. 

“Indenture” means this Indenture as amended or supplemented from time to time. 

  
 6 

 “Interest” and “interest” means, when used with reference
to the Securities, any Additional Interest. 
 “Interest Payment Dates” means, with respect to the payment of
any Additional Interest, the dates specified as such in the form of Security set forth as Exhibit A hereto. 
 “Interest
Record Dates” means, with respect to the payment of any Additional Interest, the dates specified as such in the form of Security set forth as Exhibit A hereto. The Interest Record Date for any Interest Payment Date for the Securities shall
be the Interest Record Date immediately preceding the applicable Interest Payment Date. 
 “Last Original Issuance
Date” means the last date of original issuance of the Securities issued pursuant to Section 2.01. 

“Legal Holiday” has the meaning specified in Section 11.08. 

“Mandatory Conversion” has the meaning specified in Section 10.05(a). 

“Mandatory Conversion Date” has the meaning specified in Section 10.05(c). 

“Market Disruption Event” means the occurrence or existence during the one-half hour period ending on the scheduled
close of trading on any Trading Day for the Common Stock of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by The Nasdaq Global Select Market or otherwise) in the Common Stock or
in any options, contracts or future contracts relating to the Common Stock. 
 “Maturity Date” means
December 1, 2018. 
 “Notice of Default” shall have the meaning specified in Section 6.01.

 “Officer” means the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the
President, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Company. 

“Officers’ Certificate” means a certificate signed by two Officers. 

“Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company or the Trustee. 
 “Paying Agent” has the meaning specified in
Section 2.05. 

  
 7 

 “Person” means any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “Physical Securities” means permanent certificated Securities in registered form issued in denominations of $1,000 principal amount and integral multiples in excess thereof. 

“Responsible Officer” means when used with respect to the Trustee, any officer within the corporate trust department of
the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of
this Indenture. 
 “Preferred Stock,” as applied to the Capital Stock of any Person, means Capital Stock of any
class or classes (however designated) that is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class
of such Person. 
 “Principal” of a Security means the principal of the Security plus the premium, if
any, payable on the Security that is due or overdue or is to become due at the relevant time. 
 “Protected
Purchaser” has the meaning specified in Section 2.12. 
 “Purchased Shares” has the meaning
specified in Section 10.06(f). 
 “Reference Period” has the meaning specified in Section 10.06(d).

 “Register” has the meaning specified in Section 2.05. 

“Registrar” has the meaning specified in Section 2.05. 

“Resale Restriction Termination Date” has the meaning specified in Section 2.10(a). 

“Restricted Securities” has the meaning specified in Section 2.10(a). 

  
 8 

 “Restricted Stock Payment” means the payment of any cash dividend with
respect to the Common Stock or any repurchase by the Company of the Common Stock. 
 “Rule 144A” means Rule
144A as promulgated under the Securities Act as it may be amended from time to time hereafter. 
 “Scheduled Trading
Day” means a day that is scheduled to be a Trading Day on the primary U.S. national or regional securities exchange or market on which the Common Stock is listed or, if the Common Stock is not listed on a U.S. national or regional
securities exchange, on the principal other market on which the Common Stock is then traded. 
 “SEC” means the
Securities and Exchange Commission. 
 “Securities” means any security issued, authenticated and delivered
under this Indenture, including any Global Securities. 
 “Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder, as in effect from time to time. 

“Securityholder” or “Holder” means the Person in whose name a Security is registered on the
Registrar’s books. 
 “Significant Subsidiary” means any Subsidiary of a Person that would be a
“Significant Subsidiary” of the Person within the meaning of Rule 1-02(w) under Regulation S-X promulgated by the SEC. 
 “Spin-Off” has the meaning specified in Section 10.06(d). 

“Subsidiary” of any Person means any corporation, association, partnership or other business entity of which more than
50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the
time owned or controlled, directly or indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person. 

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or
similar agreement involving, or settled by reference to, one or more equity securities. 
 “TCV Board
Representative” means the representative nominated by one or more TCV Entities to the Company’s Board of Directors pursuant to Note Purchase Agreement, dated as of November 21, 2011, among the Company, TCV VII, L.P., TCV VII(A),
L.P., and TCV Member Fund, L.P., as such agreement may be amended, restated, modified or otherwise supplemented from time to time. 

  
 9 

 “TCV Conversion Conditions” means, so long as there is a TCV Board
Representative or less than three months have passed since the date such TCV Board Representative has been a member of the Company’s Board of Directors, (x) the Company has an effective shelf registration statement covering the immediate
resale of all shares of Common Stock issuable upon conversion of the Securities then held by any TCV Entity without being subject to the volume limitations or manner of sale requirements of Rule 144 promulgated under the Securities Act and
(y) the shares of Common Stock issuable upon conversion of such Securities are transferable by the TCV entities without restriction (other than the requirement that they be sold pursuant to a registration statement or applicable exemption
therefrom) under any agreement with the Company or the Company’s trading or similar policy (and such policy would reasonably be expected to allow for transfer for at least five Business Days thereafter). 

“TCV Entities” means TCV VII, L.P., TCV VII(A), L.P., TCV Member Fund, L.P. or any affiliated fund. 

“TIA” or “Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. §§
77aaa-77bbbb), as amended, as in effect on the date of this Indenture. 
 “Trading Day” means a day during
which (i) trading in the Common Stock generally occurs, (ii) there is no Market Disruption Event and (iii) a Closing Sale Price for the Common Stock is provided on the principal U.S. national or regional securities exchange on which
the Common Stock is then listed or, if the Common Stock is not listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock (or other security for which a
Closing Sale Price must be determined) is not listed or traded, “Trading Day” means a “Business Day.” 
 “Trading Price Condition” has the meaning specified in Section 10.05(a). 
 “Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor. 

“Uniform Commercial Code” means the New York Uniform Commercial Code as in effect from time to time. 

“VWAP Price” per share of the Common Stock on any Trading Day means the per share-volume-weighted average price as
displayed on Bloomberg (or any successor service) under the heading “Bloomberg VWAP” on page 

  
 10 

 
“NFLX <Equity> AQR” in respect of the period from 9:30 a.m. to 4:00 p.m., New York City time, on such Trading Day; or, if such price is not available, the “VWAP
Price” means the market value per share of the Common Stock on such day on a volume weighted basis, if possible, as determined by a nationally recognized investment banking firm retained for this purpose by the Company. The “VWAP
Price” shall be determined without regard to after hours trading or any other trading outside of the regular trading session trading hours. 
 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person, all the Capital Stock of which (other than directors’ qualifying shares) is owned by such Person or another
Wholly Owned Subsidiary of such Person. 
 Section 1.02. Incorporation by Reference of Trust Indenture Act. This
Indenture is subject to the mandatory provisions of the TIA, which are incorporated by reference in and made a part of this Indenture. The following TIA terms have the following meanings: 

“Commission” means the SEC. 
 “indenture securities” means the Securities. 
 “indenture
security holder” means a Securityholder. 
 “indenture to be qualified” means this Indenture.

 “indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and any other obligor on the indenture securities. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the
meanings assigned to them by such definitions. 
 Section 1.03. Rules of Construction. Unless the context
otherwise requires: 
 (1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 
 (4) “including” means including without limitation; and 

  
 11 

 (5) words in the singular include the plural and words in the plural include the singular.

 Section 1.04. References to Interest. Unless the context otherwise requires, any reference to interest on, or in
respect of, any Security in this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable. Unless the context otherwise requires, any express mention of Additional Interest in any
provision hereof shall not be construed as excluding Additional Interest, as the case may be, in those provisions hereof where such express mention is not made. 
 ARTICLE 2 
 THE SECURITIES 

Section 2.01. Designation, Amount and Issuance of Securities. The Securities shall be designated as “Zero Coupon
Senior Convertible Notes Due 2018.” The Securities will initially be issued in the aggregate principal amount of $200,000,000. Upon the execution of this Indenture, or from time to time thereafter, Securities may be executed by the Company and
delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver Securities upon a written order of the Company, such order signed by an Officer of the Company, without any further action by the Company
hereunder. 
 Section 2.02. Form of the Securities. The Securities and the Trustee’s certificate of
authentication to be borne by such Securities shall be substantially in the form set forth in Exhibit A hereto. The terms and provisions contained in the form of Securities attached as Exhibit A hereto shall constitute, and are hereby expressly
made, a part of this Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Any of the Securities may have such letters, numbers or other marks of identification and such notations, legends, endorsements or
changes as the officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required by the custodian for the Global
Securities, the Depositary or as may be required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Securities may be listed or
traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Securities are subject. 

  
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 All Affiliate Securities (including all Securities originally offered and sold on the
Closing Date) shall be issued in the form of one or more Physical Securities. 
 So long as the Securities (excluding Affiliate
Securities), or portion thereof, are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject to Section 2.09, such Securities may be represented by one or more Securities in global form registered in
the name of the Depositary or the nominee of the Depositary (“Global Securities”). The transfer and exchange of beneficial interests in any such Global Securities shall be effected through the Depositary in accordance with this
Indenture and the applicable procedures of the Depositary. Except as provided in Section 2.09, beneficial owners of a Global Security shall not be entitled to have certificates registered in their names, will not receive or be entitled to
receive physical delivery of certificates in definitive form and will not be considered Holders of such Global Security. 
 Any
Global Securities shall represent such of the outstanding Securities as shall be specified therein and shall provide that it shall represent the aggregate amount of outstanding Securities from time to time endorsed thereon and that the aggregate
amount of outstanding Securities represented thereby may from time to time be increased or reduced to reflect issuances, repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Security to reflect the amount of
any increase or decrease in the amount of outstanding Securities represented thereby shall be made by the Trustee or the custodian for the Global Security, at the direction of the Trustee, in such manner and upon instructions given by the Holder of
such Securities in accordance with this Indenture. Payment of principal of, and interest on, any Global Securities shall be made to the Depositary in immediately available funds. 

Section 2.03. Date and Denomination of Securities; Payment at Maturity; Payment of Interest. The Securities
shall be issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples in excess thereof. Each Security shall be dated the date of its authentication. The Securities shall not bear interest other than
Additional Interest. Additional Interest, if any, to be paid on the Securities shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 On the Maturity Date, each Holder shall be entitled to receive on such date the principal amount of the Securities held and any accrued and unpaid Additional Interest. With respect to Global Securities,
principal and Additional Interest will be paid to the Depositary in immediately available funds. With respect to any certificated Securities, principal and Additional Interest will be payable at the Company’s office or agency maintained for
that purpose, which initially will be the Trustee’s office at 625 Marquette Avenue, Minneapolis, Minnesota 55402, Attention: Bondholders Communications. 

 

  
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 The Person in whose name any Security is registered on the Register at 5:00 p.m., New York
City time, on any Interest Record Date with respect to any Interest Payment Date shall be entitled to receive the Additional Interest payable on such Interest Payment Date. 
 Notwithstanding the foregoing, any Securities or portion thereof surrendered for conversion during the period after the Interest Record Date for any Interest Payment Date and ending prior to the
corresponding Interest Payment Date shall be accompanied by payment, in immediately available funds or other funds acceptable to the Company, of an amount equal to the Additional Interest, if any, otherwise payable on such Interest Payment Date on
the principal amount being converted; provided that no such payment need be made (1) if a Holder converts its Securities following a Change of Control and the Company has specified a Change of Control Repurchase Date that is after an
Interest Record Date and on or prior to the corresponding Interest Payment Date, (2) for any conversion following the Interest Record Date immediately preceding the Maturity Date, or (3) to the extent of any overdue interest, if overdue
interest exists at the time of conversion with respect to such Securities. 
 Except as provided above, the Company shall pay
interest (i) on any Global Securities by wire transfer of immediately available funds to the account of the Depositary or its nominee, (ii) on any Securities in certificated form having a principal amount of less than $1,000,000, by check
mailed to the address of the Person entitled thereto as it appears in the Register, provided that at maturity, interest will be payable at the office of the Company maintained by the Company for such purposes, which shall initially be an
office or agency of the Trustee located at 625 Marquette Avenue, Minneapolis, Minnesota 55402, Attention: Bondholders Communications and (iii) on any Securities in certificated form having a principal amount of $1,000,000 or more, by wire
transfer in immediately available funds at the election of the Holder of such Securities who has duly delivered notice of such election and applicable wire instructions to the Trustee at least five Business Days prior to the relevant Interest
Payment Date, provided that at maturity, interest will be payable at the office of the Company maintained by the Company for such purposes, which shall initially be an office or agency of the Trustee located at 625 Marquette Avenue,
Minneapolis, Minnesota 55402, Attention: Bondholders Communications. If a payment date is not a Business Day, payment shall be made on the next succeeding Business Day, and no interest will be payable on such interest payment in respect of the
delay. 
 Upon the conversion of any Securities, the accrued but unpaid Additional Interest with respect to the converted
Securities shall not be cancelled, 

  
 14 

 
extinguished or forfeited, but rather shall be deemed to be paid in full to the Holder thereof through delivery of the shares of Common Stock (including a cash payment in lieu of fractional
shares, if any) in exchange for the Securities being converted pursuant to the provisions hereof. 
 Section 2.04. Execution
and Authentication. One or more Officers shall sign the Securities for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the
Security shall be valid nevertheless. 
 A Security shall not be valid until an authorized signatory of the Trustee manually
signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
 The Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate the Securities. Any such appointment shall be evidenced by an instrument signed by a Responsible
Officer, a copy of which shall be furnished to the Company. Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by
the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 

Section 2.05. Registrar, Paying Agent and Conversion Agent. The Company shall maintain an office or
agency where Securities may be presented for registration of transfer or for exchange (the “Registrar”), an office or agency where Securities may be presented for payment (the “Paying Agent”) and an office or agency
where Securities may be presented for conversion (the “Conversion Agent”). 608 2nd Avenue South, Minneapolis, Minnesota 55479, Attention: Bondholders Communications shall be considered as one such office or agency of the Company for each of the aforesaid purposes. The Registrar shall
keep a register of the Securities (the “Register”) and of their transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any
additional paying agent, and the term “Registrar” includes any co-registrars. The Company initially appoints the Trustee as (i) Registrar and Paying Agent in connection with the Securities, (ii) the custodian with respect to the
Global Securities and (iii) Conversion Agent. 

  
 15 

 The Company shall enter into an appropriate agency agreement with any Registrar, Paying
Agent or Conversion Agent not a party to this Indenture, which shall incorporate the terms of the TIA if required by the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall promptly notify
the Trustee in writing of the name and address of any such agent. If the Company fails to maintain a Registrar, Paying Agent or Conversion Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to
Section 7.07. The Company or any of its domestically organized Wholly Owned Subsidiaries may act as Paying Agent, Conversion Agent or Registrar. 
 The Company may remove any Registrar, Paying Agent or Conversion Agent upon written notice to such Registrar, Paying Agent or Conversion Agent and to the Trustee; provided that no such removal
shall become effective until (1) acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Company and such successor Registrar, Paying Agent or Conversion Agent, as the case may be, and delivered
to the Trustee or (2) notification to the Trustee that the Trustee shall serve as Registrar, Paying Agent or Conversion Agent until the appointment of a successor in accordance with clause (1) above. The Registrar, Paying Agent or
Conversion Agent may resign at any time upon written notice; provided that the Trustee may resign as Paying Agent, Conversion Agent or Registrar only if the Trustee also resigns as Trustee in accordance with Section 7.08. 

Section 2.06. Paying Agent to Hold Money in Trust. On or prior to 11:00 a.m., New York City time, on each due date of the
principal and interest on any Security, the Company shall deposit with the Paying Agent (or if the Company or a Wholly Owned Subsidiary of the Company is acting as Paying Agent, segregate and hold in trust for the benefit of the Persons entitled
thereto) a sum sufficient to pay such principal and interest when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit of Securityholders
or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities and shall notify the Trustee in writing of any default by the Company in making any such payment. If the Company or a Wholly Owned
Subsidiary of the Company acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to
account for any funds disbursed by the Paying Agent. Upon complying with this Section, the Paying Agent shall have no further liability for the money delivered to the Trustee. 
 Section 2.07. Securityholder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of

  
 16 

 
the names and addresses of Securityholders. If the Trustee is not the Registrar, the Company shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five Business
Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders. 

Section 2.08. Exchange and Registration of Transfer of Securities. The Company shall cause to be kept a Register in which, subject
to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Register shall be in written form or in any form capable of being converted into written form within
a reasonably prompt period of time. 
 Upon surrender for registration of transfer of any Securities to the Registrar or any
co-registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.08 and in Section 2.10, the Company shall execute, and the Trustee shall authenticate and deliver, upon a written order from the Company, in
the name of the designated transferee or transferees, one or more new Securities of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture. 

Securities may be exchanged for other Securities of any authorized denominations and of a like aggregate principal amount and bearing
such restrictive legends as may be required by this Indenture, upon surrender of the Securities to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Securities are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and deliver, upon a written order from the Company, the Securities that the Holder making the exchange is entitled to receive bearing registration numbers not contemporaneously
outstanding. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations
of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
 All Securities presented or surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company or the Registrar) be duly endorsed, or be accompanied by
a written instrument or instruments of transfer in form satisfactory to the Company, duly executed by the Holder thereof or his attorney duly authorized in writing. 

  
 17 

 No service charge shall be made to any Holder for any registration of, transfer or exchange
of Securities, but the Company may require payment by the Holder of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities. 

Neither the Company nor the Trustee nor any Registrar shall be required to exchange, issue or register a transfer of (a) any
Securities or portions thereof surrendered for conversion pursuant to Article 10 or (b) any Securities or portions thereof tendered for repurchase (and not withdrawn) pursuant to Section 3.01. 

Section 2.09. Global Securities. The following provisions shall apply to Global Securities: 

(a) Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary or a nominee thereof and
delivered to the Depositary or a nominee thereof or custodian for the Global Securities therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture. 

(b) Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Physical
Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary or a nominee thereof unless (A) the Depositary (x) has notified the Company that it is
unwilling or unable to continue as Depositary for such Global Security or (y) has ceased to be a clearing agency registered under the Exchange Act, and a successor depositary has not been appointed by the Company within 90 calendar days, or
(B) the Company, in its sole discretion, notifies the Trustee in writing that it no longer wishes to have all the Securities represented by Global Securities. Any Global Securities exchanged pursuant to this Section 2.09(b) shall be so
exchanged in whole and not in part. 
 (c) In addition, Physical Securities will be issued in exchange for beneficial interests
in a Global Security upon request by or on behalf of the Depositary in accordance with customary procedures following the request of a beneficial owner seeking to enforce its rights under the Securities or this Indenture upon the occurrence and
during the continuance of an Event of Default. 
 (d) Physical Securities issued in exchange for a Global Security or any
portion thereof pursuant to Section 2.09(b) or Section 2.09(c) shall be issued in definitive, fully registered form, without interest coupons, shall have an aggregate principal amount equal to that of such Global Securities or portion
thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depositary shall designate and shall bear any legends 

  
 18 

 
required hereunder. Any Global Securities to be exchanged shall be surrendered by the Depositary to the Trustee, as Registrar, provided that pending completion of the exchange of a Global
Security, the Trustee acting as custodian for the Global Securities for the Depositary or its nominee with respect to such Global Securities, shall reduce the principal amount thereof, by an amount equal to the portion thereof to be so exchanged, by
means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate and make available for delivery the Physical Securities issuable on such exchange to or upon the written
order of the Depositary or an authorized representative thereof. 
 (e) In the event of the occurrence of any of the events
specified in Section 2.09(b) above or upon any request described in Section 2.09(c), the Company will promptly make available to the Trustee a sufficient supply of Physical Securities in definitive, fully registered form, without interest
coupons. 
 (f) If a Holder of a Physical Security wishes at any time to transfer such Physical Security (or portion thereof) to
a Person who is not required to take delivery thereof in the form of a Physical Security, such Holder shall, subject to the restrictions on transfer set forth herein and in such Physical Security and the rules of the Depositary, and so long as the
Securities are eligible for book-entry settlement with the Depositary, cause the exchange of such Physical Security for a beneficial interest in a Global Security. Upon receipt by the Registrar of (1) such Physical Security, duly endorsed as
provided herein, (2) instructions from such Holder directing the Trustee to increase the aggregate principal amount of the Global Security deposited with the Depositary or with the Trustee as custodian for the Depositary by the same aggregate
principal amount as the Physical Security to be exchanged, such instructions to contain the name or names of a member of, or participant in, the Depositary that is designated as the transferee, the account of such member or participant and other
appropriate delivery instructions, (3) the assignment form on the back of the Physical Security completed in full, and (4) in the case of a Restricted Securities or an Affiliate Security, such certifications or other information and legal
opinions (which shall be required in the case of transfers of any Affiliate Security by any Affiliated Entity pursuant to Rule 144 under the Securities Act), as the Company may reasonably require to confirm that such transfer is being made pursuant
to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, then the Trustee shall cancel or cause to be canceled such Physical Security and concurrently therewith shall increase the aggregate
principal amount of the Global Security by the same aggregate principal amount as the Physical Security canceled; provided, that in the case of any transfer of an Affiliate Note to a Person taking delivery thereof as a beneficial interest in
a Global Security, any such transfer shall be made only pursuant either (i) in a transaction complying with Rule 144, (ii)

  
 19 

 
pursuant to an effective shelf registration statement, such effectiveness to be certified by the Company to the Trustee, or (iii) to Persons who agree to be bound by the restrictions
applicable to such Holders for so long as such transferred securities constitutes “restricted securities.” 
 (g)
Neither any members of, or participants in, the Depositary (“Agent Members”) nor any other Persons on whose behalf Agent Members may act shall have any rights under this Indenture with respect to any Global Securities registered in
the name of the Depositary or any nominee thereof, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global
Securities for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other Person on whose behalf an Agent Member may act, the operation of customary practices of such Persons governing the
exercise of the rights of a Holder of any Securities. 
 (h) At such time as all interests in a Global Security have been
repurchased, converted, cancelled or exchanged for Securities in certificated form, such Global Security shall, upon receipt thereof, be canceled by the Trustee in accordance with standing procedures and instructions existing between the Depositary
and the custodian for the Global Security. At any time prior to such cancellation, if any interest in a Global Security is repurchased, converted, cancelled or exchanged for Securities in certificated form, the principal amount of such Global
Security shall, in accordance with the standing procedures and instructions existing between the Depositary and the custodian for the Global Security, be appropriately reduced, and an endorsement shall be made on such Global Security, by the Trustee
or the custodian for the Global Security, at the direction of the Trustee, to reflect such reduction. 
 Section 2.10.
Transfer Restrictions. 
 (a) Every Security that bears or is required under this Section 2.10(a) to bear the legend
set forth in this Section 2.10(a) (together with any Common Stock issued upon conversion of the Securities and required to bear the legend set forth in Section 2.10(b), collectively, the “Restricted Securities”) shall be
subject to the restrictions on transfer set forth in this Section 2.10(a) (including the legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company, and the Holder of
each such Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.10(a) and Section 2.10(b), the term “transfer” encompasses any sale, pledge,
transfer or other disposition whatsoever of any Restricted Security. 

  
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 Until the date (the “Resale Restriction Termination Date”) that is the
later of (1) the date that is one year after the Last Original Issuance Date, or such shorter period of time as permitted by Rule 144 under the Securities Act or any successor provision thereto, and (2) such later date, if any, as may be
required by applicable law, any certificate evidencing such Security (and all securities issued in exchange therefor or substitution thereof, other than Common Stock, if any, issued upon conversion thereof which shall bear the legend set forth in
Section 2.10(b), if applicable) shall bear a legend in substantially the following form (unless such Securities have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and
that continues to be effective at the time of such transfer, or sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company in
writing, with notice thereof to the Trustee; provided that clause (1) shall not be required to be included in the legend for any Affiliate Security): 
 THIS SECURITY AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

(1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 
 (2) AGREES FOR THE BENEFIT OF NETFLIX, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE
THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE
REQUIRED BY APPLICABLE LAW, EXCEPT: 

  
 21 

 (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR 

(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR 

(C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 

(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE
WITH (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN
COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

Each Affiliate Security shall include the following legend: 
 THIS SECURITY AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY ARE HELD BY AN AFFILIATE OF THE COMPANY AND ARE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER UNDER RULE 144 UNDER THE
SECURITIES ACT. 
 No transfer of any Security prior to the Resale Restriction Termination Date will be registered by the
Registrar unless the applicable box on the Form of Assignment has been checked. 
 Any Security (or security issued in exchange
or substitution therefor) as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Security for exchange to the Registrar in accordance with the provisions of this Article 2, be
exchanged for a new Security or Securities, of like tenor and aggregate principal amount, which shall not bear 

  
 22 

 
the restrictive legend required by this Section 2.10(a) and shall not be assigned a restricted CUSIP number. In addition, on or after the Resale Restriction Termination Date, upon the
request of any TCV Entity and upon surrender of its Security for exchange, the Company shall exchange a Physical Security with the foregoing restricted legends for a Physical Security without such restricted legend so long as such TCV Entity
covenants to the Company that it will offer, sell, pledge or otherwise transfer such Security in compliance with the Securities Act. The Company shall be entitled to instruct the Custodian in writing to cancel any Global Security as to which such
restrictions on transfer shall have expired in accordance with their terms for exchange, and, upon such instruction, the Custodian shall provide evidence of cancellation of such Global Security for exchange; and any new Global Security so exchanged
therefor shall not bear the restrictive legend specified in this Section 2.10(a) and shall not be assigned a restricted CUSIP number. The Company shall promptly notify the Trustee upon the occurrence of the Resale Restriction Termination Date
and promptly after a registration statement, if any, with respect to the Securities or any Common Stock issued upon conversion of the Securities has been declared effective under the Securities Act. 

Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this Section 2.10(a)), a Global
Security may not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary and (ii) for transfers of portions of a Global Security in certificated form made upon request of a member of, or a participant in, the Depositary (for itself or on behalf of a
beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary in accordance with customary procedures of the Depositary and in compliance with this Section 2.10(a). 

The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially appoints The Depository Trust Company
to act as Depositary with respect to each Global Security. Initially, each Global Security shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary, and deposited with the Trustee as
custodian for Cede & Co. 
 Physical Securities issued in exchange for all or a part of the Global Securities pursuant
to this Section 2.10(a) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. Upon execution and
authentication, the Trustee shall deliver such Physical Securities to the Persons in whose names such Physical Securities are so registered. 

  
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 (b) Until the Resale Restriction Termination Date, any stock certificate representing
Common Stock issued upon conversion of such Security, if any, shall bear a legend in substantially the following form (unless the Security or such Common Stock has been transferred pursuant to a registration statement that has become or been
declared effective under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or such
Common Stock has been issued upon conversion of Securities that have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such
transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company with written notice thereof to the Trustee and any transfer
agent for the Common Stock; provided that clause (1) shall not be required to be included in the legend for any Affiliate Security): 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN
ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 
 (1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE
INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 
 (2) AGREES FOR THE BENEFIT OF NETFLIX, INC. (THE
“COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER
PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 

(A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR 

  
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 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER
THE SECURITIES ACT, OR 
 (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE
SECURITIES ACT, OR 
 (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF
ANY TRANSFER IN ACCORDANCE WITH (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED
TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

Any such Common Stock held by an Affiliate of the Company shall also include the following legend: 

THIS SECURITY IS HELD BY AN AFFILIATE OF THE COMPANY AND ARE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER UNDER RULE 144 UNDER THE
SECURITIES ACT. 
 Any such Common Stock as to which such restrictions on transfer shall have expired in accordance with their
terms may, upon surrender of the certificates representing such shares of Common Stock for exchange in accordance with the procedures of the transfer agent for the Common Stock, be exchanged for a new certificate or certificates for a like aggregate
number of shares of Common Stock, which shall not bear the restrictive legend required by this Section 2.10(b). 
 (c) Any
Security or Common Stock issued upon the conversion or exchange of a Security that is repurchased or owned by the Company or any Affiliate thereof may not be resold by the Company or such Affiliate unless registered under the Securities Act or
resold pursuant to an exemption from the 

  
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registration requirements of the Securities Act in a transaction that results in such Securities or Common Stock, as the case may be, no longer being “restricted securities” (as defined
under Rule 144 under the Securities Act). 
 Section 2.11. Responsibilities and Obligations of the Trustee. The
Trustee shall have no responsibility or obligation to any Agent Members or any other Person with respect to the accuracy of the books or records, or the acts or omissions, of the Depositary or its nominee or of any participant or member thereof,
with respect to any ownership interest in the Securities or with respect to the delivery to any Agent Member or other Person (other than the Depositary) of any notice or the payment of any amount, under or with respect to such Securities. All
notices and communications to be given to the Holders of Securities and all payments to be made to Holders of Securities under the Securities shall be given or made only to or upon the order of the registered Holders of Securities (which shall be
the Depositary or its nominee in the case of a Global Security). The rights of beneficial owners in any Global Securities shall be exercised only through the Depositary subject to the customary procedures of the Depositary. The Trustee may
conclusively rely and shall be fully protected in conclusively relying upon information furnished by the Depositary with respect to its Agent Members. 
 The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any
transfer of any interest in any Securities (including any transfers between or among Agent Members) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 Section 2.12. Replacement Securities. If a mutilated Security is surrendered to the Registrar or if the Securityholder of a Security claims that the Security has been lost, destroyed or
wrongfully taken, the Company shall issue and the Trustee upon written order from the Company shall authenticate a replacement Security if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Securityholder
(i) notifies the Company or the Trustee within a reasonable time after he has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (ii) makes such request
to the Company or the Trustee prior to the Security being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “Protected Purchaser”) and (iii) satisfies any other reasonable
requirements of the Trustee and the Company. Such Securityholder shall furnish an indemnity bond sufficient in the judgment of the Trustee to protect the Company, the Trustee, the Paying Agent, the 

  
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Conversion Agent and the Registrar from any loss that any of them may suffer if a Security is replaced. The Company and the Trustee may charge the Securityholder for their expenses in replacing a
Security. In case any Security which has matured or is about to mature or has been properly tendered for repurchase on a Change of Control Repurchase Date (and not withdrawn), or is to be converted into Common Stock, shall become mutilated or be
destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Securities), as the
case may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any
loss, liability, cost or expense caused by or in connection with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, the Trustee and, if applicable, any Paying Agent or Conversion
Agent evidence to their satisfaction of the destruction, loss or theft of such Securities and of the ownership thereof. 
 Every
replacement Security is an additional obligation of the Company. 
 The provisions of this Section 2.12 are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Securities. 
 Section 2.13. Outstanding Securities. Securities outstanding at any time are all Securities authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation and those described in this Section as not outstanding. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security. 

If a Security is replaced pursuant to Section 2.12, it ceases to be outstanding unless the Trustee and the Company receive proof
satisfactory to them that the replaced Security is held by a Protected Purchaser. 
 If the Paying Agent segregates and holds in
trust, in accordance with this Indenture, on a Change of Control Repurchase Date or the Maturity Date money sufficient to pay all principal and interest payable on that date with respect to the Securities (or portions thereof) to be redeemed,
repurchased or maturing, as the case may be, and the Paying Agent is not prohibited from paying such money to the Securityholders on that date pursuant to the terms of this Indenture, then on and after that date such Securities (or portions thereof)
cease to be outstanding and interest on them ceases to accrue. 

  
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 Section 2.14. Temporary Securities. Pending the preparation of Securities in
certificated form, the Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon the written request of the Company, authenticate and deliver temporary Securities (printed or lithographed). Temporary
Securities shall be issuable in any authorized denomination, and substantially in the form of the Securities in certificated form, but with such omissions, insertions and variations as may be appropriate for temporary Security, all as may be
determined by the Company. Every such temporary Security shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the
Securities in certificated form. Without unreasonable delay, the Company will execute and deliver to the Trustee or such authenticating agent Securities in certificated form and thereupon any or all temporary Securities may be surrendered in
exchange therefor, at each office or agency maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and make available for delivery in exchange for such temporary Securities an equal
aggregate principal amount of Securities in certificated form. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Securities shall in all respects be entitled to the same
benefits and subject to the same limitations under this Indenture as Securities in certificated form authenticated and delivered hereunder. 
 Section 2.15. Cancellation. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities
surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Securities surrendered for registration of transfer, exchange, payment or cancellation and deliver evidence of such canceled
Securities to the Company pursuant to written direction by an Officer. The Company may not issue new Securities to replace Securities it has redeemed, paid or delivered to the Trustee for cancellation. The Trustee shall not authenticate Securities
in place of canceled Securities other than pursuant to the terms of this Indenture. 
 Section 2.16. CUSIP and ISIN Numbers.
The Company in issuing the Securities may use “CUSIP” and “ISIN” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP” and “ISIN” numbers in Change of Control Repurchase Notices as a
convenience to Securityholders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any such notice and that reliance may be
placed only on the other identification numbers printed on the Securities, and any such repurchase shall not be affected by any defect in or 

omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the “CUSIP” or “ISIN” numbers.

  
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 Section 2.17. Repurchases. The Company may, to the extent permitted by law,
repurchase any Security in the open market or by tender offer at any price or by private agreement. Any Security repurchased by the Company may, at the Company’s option, be surrendered to the Trustee for cancellation, but may not be reissued or
resold by the Company. Any Security surrendered for cancellation may not be reissued or resold and will be promptly cancelled. 

ARTICLE 3 

REPURCHASE OF SECURITIES 

Section 3.01. Repurchase at Option of Holders Upon a Change of Control. (a) If there shall occur a Change of Control at any
time prior to the Maturity Date, then each Holder of Securities shall have the right, at such Holder’s option, to require the Company to repurchase, at the Change of Control Repurchase Price (as defined below), all of such Holder’s
Securities, or any portion thereof that is a multiple of $1,000 principal amount, on a date (the “Change of Control Repurchase Date”) specified by the Company, that is not less than 20 Business Days nor more than 35 Business Days
after the date of the Company Repurchase Notice related to such Change of Control at a cash repurchase price equal to 120% of the principal amount of the Securities being repurchased, plus accrued and unpaid interest to, but excluding, the
Change of Control Repurchase Date (the “Change of Control Repurchase Price”), subject to the satisfaction by the Holder of the requirements set forth in Section 3.01(c); provided that if such Change of Control Repurchase
Date falls after an Interest Record Date and on or prior to the corresponding Interest Payment Date, then the interest payable on the Change of Control Repurchase Date shall be paid on the Change of Control Repurchase Date to the Holders of record
of the Securities on the applicable Interest Record Date instead of the Holders surrendering the Securities for repurchase on such date. 
 (b) On or before the 15th calendar day after the occurrence of a Change of Control, the Company will provide to the Trustee and to all Holders of record of the Securities on the date of the Change of
Control at their addresses shown in the Register of the Registrar and to beneficial owners of the Securities to the extent required by applicable law, the Company Repurchase Notice as set forth in Section 3.02 with respect to such Change of
Control. 
 No failure of the Company to give the foregoing notices and no defect therein shall limit the repurchase rights of
Holders of Securities or affect the validity of the proceedings for the repurchase of the Securities pursuant to this Section 3.01. 

  
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 (c) For Securities to be repurchased at the option of the Holder, the Holder must deliver
to the Paying Agent, prior to 5:00 p.m., New York City time, on the Change of Control Repurchase Date, (i) a written notice to the Paying Agent of exercise of repurchase (the “Change of Control Repurchase Notice”) in the form
set forth on the reverse of the Securities duly completed (if the Securities are certificated) or comply with applicable Depositary procedures (if the Securities are represented by a Global Security), together with (ii) such Securities duly
endorsed for transfer (if the Securities are certificated) or book-entry transfer of such Securities (if the Securities are represented by a Global Security). The delivery of such Securities to the Paying Agent with, or at any time after delivery
of, the Change of Control Repurchase Notice (together with all necessary endorsements) at the office of the Paying Agent shall be a condition to payment by the Company to the Holder of the Change of Control Repurchase Price therefor; provided
that such Change of Control Repurchase Price shall be so paid pursuant to this Section 3.01 only if the Securities so delivered to the Paying Agent shall conform in all respects to the description thereof in the Change of Control Repurchase
Notice. All questions as to the validity, eligibility (including time of receipt) and acceptance of any Securities for repurchase shall be determined by the Company, whose determination shall be final and binding absent manifest error. 

(d) The Company shall repurchase from the Holder thereof, pursuant to this Section 3.01, a portion of a Security, if the principal
amount of such portion is $1,000 or an integral multiple of $1,000. Provisions of this Indenture that apply to the repurchase of all of a Security also apply to the repurchase of such portion of such Security. 

(e) The Paying Agent shall promptly notify the Company of the receipt by it of any Change of Control Repurchase Notice or written notice
of withdrawal thereof. 
 Any repurchase by the Company contemplated pursuant to the provisions of this Section 3.01 shall
be consummated by the delivery of the consideration to be received by the Holder promptly following the later of the Change of Control Repurchase Date and the time of the book-entry transfer or delivery of the Securities. 

Section 3.02. Company Repurchase Notice; Tender Offer Compliance. (a) The Company shall, on or before the 15th calendar day
after the occurrence of a Change of Control, give notice to Holders (with a copy to the Trustee) setting forth information specified in this Section 3.02 (in either case, the “Company Repurchase Notice”). 

  
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 Each Company Repurchase Notice shall: 

(1) state the Change of Control Repurchase Price and the Change of Control Repurchase Date to which the Company Repurchase Notice
relates; 
 (2) state, if applicable, the circumstances constituting the Change of Control; 

(3) state that the Change of Control Repurchase Price will be paid in cash; 

(4) state that Holders must exercise their right to elect repurchase by 5:00 p.m., New York City time, on the Change of Control
Repurchase Date; 
 (5) include a form of Change of Control Repurchase Notice; 

(6) state the name and address of the Paying Agent; 
 (7) state that Securities must be surrendered to the Paying Agent to collect the repurchase price; 
 (8) state that a Holder may withdraw its Change of Control Repurchase Notice at any time prior to 5:00 p.m., New York City time, on the Business Day immediately preceding the Change of Control Repurchase
Date by delivering a valid written notice of withdrawal in accordance with Section 3.03; 
 (9) state the then applicable
Conversion Rate, including expected changes, if any, in the Conversion Rate resulting from such Change of Control transaction and expected changes in the cash, shares or other property deliverable upon conversion of the Securities as a result of the
occurrence of the Change of Control; 
 (10) that Securities as to which a Change of Control Repurchase Notice has been given
may be converted only if the Change of Control Repurchase Notice is withdrawn in accordance with the terms of this Indenture; 

(11) state the amount of interest accrued and unpaid per $1,000 principal amount of Securities to, but excluding, the Change of Control
Repurchase Date; and 
 (12) state the CUSIP number, if any, of the Securities. 

  
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 A Company Repurchase Notice may be given by the Company or, at the Company’s written request, the
Trustee shall give such Company Repurchase Notice in the Company’s name and at the Company’s expense; provided that the text of the Company Repurchase Notice shall be prepared by the Company. 

(b) The Company will, to the extent applicable: (i) comply with the provisions of Rule 13e-4 and Rule 14e-1 (or any successor
provision) under the Exchange Act that may be applicable at the time of the repurchase of the Securities, (ii) file the related Schedule TO (or any successor schedule, form or report) under the Exchange Act or any other schedule required in
connection with any offer by the Company to repurchase the Securities and (iii) comply with all other federal and state securities laws in connection with any offer by the Company to repurchase the Securities. 

Section 3.03. Effect of Repurchase Notice; Withdrawal. Upon receipt by the Paying Agent of the Change of Control Repurchase Notice
specified in Section 3.01, the Holder of the Securities in respect of which such Change of Control Repurchase Notice was given shall (unless such Change of Control Repurchase Notice is validly withdrawn in accordance with the following
paragraph) thereafter be entitled to receive solely the repurchase price with respect to such Securities. Such repurchase price shall be paid to such Holder, subject to receipt of funds and/or the Securities by the Paying Agent, promptly following
the later of (x) the Change of Control Repurchase Date with respect to such Securities (provided the Holder has satisfied the conditions in Section 3.01) and (y) the time of book-entry transfer or delivery of such Securities to
the Paying Agent by the Holder thereof in the manner required by Section 3.01. The Securities in respect of which a Change of Control Repurchase Notice has been given by the Holder thereof may not be converted pursuant to Article 10 hereof on
or after the date of the delivery of such Change of Control Repurchase Notice unless such Change of Control Repurchase Notice has first been validly withdrawn. 
 A Change of Control Repurchase Notice may be withdrawn by means of a written notice of withdrawal delivered to the office of the Paying Agent in accordance with the Change of Control Repurchase Notice at
any time prior to 5:00 p.m., New York City time, on the Business Day immediately preceding the Change of Control Repurchase Date specifying: 
 (a) the certificate number, if any, of the Securities in respect of which such notice of withdrawal is being submitted if they are in certificated form, or the appropriate Depositary information, in
accordance with appropriate Depositary procedures, if the Securities in respect of which such notice of withdrawal is being submitted is represented by a Global Security, 

  
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 (b) the principal amount of the Securities with respect to which such notice of withdrawal
is being submitted, and 
 (c) the principal amount, if any, of such Securities which remains subject to the original Change of
Control Repurchase Notice, which shall be $1,000 or an integral multiple of $1,000. 
 If a Change of Control Repurchase Notice
is properly withdrawn, the Company shall not be obligated to repurchase the Securities listed in such Change of Control Repurchase Notice. 
 Section 3.04. Deposit of Change of Control Repurchase Price. Prior to 11:00 a.m., New York City time, on the Change of Control Repurchase Date, the Company shall deposit with the Paying
Agent or, if the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 2.06, an amount of cash (in immediately available funds if deposited on the Change of Control Repurchase Date), sufficient to pay
the aggregate repurchase price of all the Securities or portions thereof that are to be repurchased as of the Change of Control Repurchase Date. 
 If on the Change of Control Repurchase Date the Paying Agent holds cash sufficient to pay the repurchase price and related accrued interest of the Securities that Holders have elected to require the
Company to repurchase in accordance with Section 3.01, then, on the Change of Control Repurchase Date, such Securities will cease to be outstanding, and interest will cease to accrue (whether or not book entry transfer or delivery of the
Securities has been made to the Paying Agent) and all other rights of the Holders of such Securities will terminate, other than the right to receive the repurchase price and any accrued interest upon delivery or book-entry transfer of the
Securities. This will be the case whether or not book-entry transfer of the Securities has been made or the Securities has been delivered to the Paying Agent. 
 Section 3.05. Securities Repurchased in Part. Upon presentation of any Securities repurchased only in part, the Company shall execute and the Trustee shall authenticate and make available
for delivery to the Holder thereof, at the expense of the Company, a new Security or Securities, of any authorized denomination, in aggregate principal amount equal to the unrepurchased portion of the Securities presented. 

  
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 ARTICLE 4 
 COVENANTS 
 Section 4.01. Payment of Securities. The
Company shall promptly pay the principal of and interest on the Securities on the dates and in the manner provided in the Securities and in this Indenture in each such case, prior to 11:00 a.m., New York City time. Principal and interest shall be
considered paid on the date due if on such date the Trustee or the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not
prohibited from paying such money to the Securityholders on that date pursuant to the terms of this Indenture. 
 Section 4.02. Maintenance of Office or Agency. The Company will maintain an office or agency in the United States where the Securities may be surrendered for registration of transfer or
exchange or for presentation for payment or for conversion or repurchase and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. As of the date of this Indenture, such office is the
Corporate Trust Office with respect to presentation of Securities for registration of transfer or exchange located at 608
2nd Avenue South, Minneapolis, Minnesota 55479, Attention:
Bondholders Communications, and, at any other time, at such other address as the Trustee may designate from time to time by notice to the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency not designated or appointed by the Trustee. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office. 
 The Company may also from time to time
designate co-registrars and one or more offices or agencies where the Securities may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 Section
4.03. Rule 144A Information Requirement and Annual Reports. 
 (a) The Company covenants and agrees that it shall, during
any period in which it is not subject to Section 13 or 15(d) under the Exchange Act, make available to any holder or beneficial holder of Securities or any Common Stock issued upon conversion thereof which continue to be Restricted Securities
and any prospective purchaser of Securities or such Common Stock designated by such 

  
 34 

 
holder or beneficial holder, the information required pursuant to Rule 144A(d)(4) under the Securities Act upon the request of any holder or beneficial holder of the Securities or such Common
Stock, all to the extent required to enable such holder or beneficial holder to sell its Securities or Common Stock without registration under the Securities Act within the limitation of the exemption provided by Rule 144A. The Company shall take
such further action as any holder or beneficial holder of Securities or such Common Stock may reasonably request to the extent required from time to time to enable such holder or beneficial owner to sell such Securities or shares of Common Stock in
accordance with Rule 144A under the Securities Act, as such rule may be amended from time to time. 
 (b) The Company shall file
with the Trustee within 15 days after the same are required to be filed with the Commission, copies of any documents or reports that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act (giving effect
to any grace period provided by Rule 12b-25 under the Exchange Act). Any such document or report that the Company files with the SEC via the SEC’s EDGAR system shall be deemed to be filed with the Trustee for purposes of this
Section 4.03(a) at the time such documents are filed via the EDGAR system. 
 (c) Delivery of the reports and documents
listed in subsection (a) above to the Trustee is for informational purposes only, and the Trustee’s receipt of such reports and documents shall not constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officers’ Certificate). 

Section 4.04. Existence. Subject to Article 5, the Company will do or cause to be done all things necessary to preserve and
keep in full force and effect its existence and rights (charter and statutory); provided that the Company shall not be required to preserve any such right if the Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material respect to the Holders of Securities. 
 Section 4.05 Payment of Taxes and Other Claims. The Company will pay or discharge, or cause to be paid or discharged, before the same may become delinquent, (i) all taxes, assessments
and governmental charges levied or imposed upon the Company or any Significant Subsidiary or upon the income, profits or property of the Company or any Significant Subsidiary, (ii) all claims for labor, materials and supplies which, if unpaid,
might by law become a lien or charge upon the property of the Company or any Significant Subsidiary and (iii) all stamp taxes and other duties, if any, which may be imposed by the United States or any political subdivision thereof or therein in
connection with the issuance, 

  
 35 

 
transfer, exchange, conversion, redemption or repurchase of any Securities or with respect to this Indenture; provided that, in the case of clauses (i) and (ii), the Company shall not be
required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim (A) if the failure to do so will not, in the aggregate, have a material adverse impact on the Company, or (B) if the amount,
applicability or validity is being contested in good faith by appropriate proceedings. 
 Section 4.06. Compliance
Certificate. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company an Officers’ Certificate from the principal executive officer, principal financial officer or principal accounting
officer stating, as to each such Officer signing such certificate, whether to such Officer’s knowledge the Company during such preceding fiscal year has kept, observed, performed and fulfilled the covenants contained in this Indenture and, if
the Company shall be in Default, the certificate shall describe the Default, its status and what action the Company is taking or proposes to take with respect thereto. 
 Section 4.07. Additional Interest Notice. If the Company is required to pay Additional Interest to Holders of Securities, the Company will provide written notice (“Additional
Interest Notice”) to the Trustee of its obligation to pay Additional Interest no later than two Business Days prior to the proposed Interest Payment Date for Additional Interest, and the Additional Interest Notice shall set forth the amount
of Additional Interest to be paid by the Company on such Interest Payment Date. The Trustee shall not at any time be under any duty or responsibility to any Holder of Securities to determine the Additional Interest, or with respect to the nature,
extent or calculation of the amount of Additional Interest when made, or with respect to the method employed in such calculation of the Additional Interest. 
 Section 4.08. Restrictions on Cash Dividends and Stock Repurchases. The Company will not, directly or indirectly, make any Restricted Stock Payment, except (a) the Company may make
Restricted Stock Payments pursuant to and in accordance with stock option plans or other benefit plans for management, employees or other eligible service providers of the Company and its Subsidiaries, (b) the Company may distribute rights
pursuant to a stockholder rights plan or redeem such rights, provided that such redemption is in accordance with the terms of such stockholder rights plan, (c) the Company may purchase, redeem or otherwise acquire Common Stock with the
proceeds received from the substantially concurrent issuance of its Common Stock, (d) the Company may repurchase fractional shares of its Common Stock arising out of stock dividends, splits or combinations, business combinations or conversions
of convertible securities, (e) the Company may make Restricted Stock Payments in connection with the retention of Common Stock in payment of withholding taxes in 

  
 36 

 
connection with equity-based compensation plans, (f) the Company or any Subsidiary may receive or accept the return to the Company or any Subsidiary of Common Stock constituting a portion of
the purchase price consideration in settlement of indemnification claims, (g) the Borrower or any Subsidiary may make cash payments in lieu of fractional shares in connection with the conversion of any securities or make cash settlement
payments upon the exercise of warrants to purchase its Common Stock or “net share settle” warrants, (h) the Company may make payments or distributions to dissenting stockholders pursuant to applicable law, (i) the Company may
enter into, exercise its rights and perform its obligations under any Call Spread Swap Agreements and (j) the Company and its Subsidiaries may make any other Restricted Stock Payment so long as, prior to making such Restricted Payment and after
giving effect thereto the Consolidated Cash Position is greater than or equal to the sum of $100 million plus the principal amount of Funded Debt. 
 ARTICLE 5 
 SUCCESSOR COMPANY 

Section 5.01. When Company May Merge or Transfer Assets. The Company shall not in a single transaction or a series of
related transactions consolidate with or merge with or into any other Person (other than a Subsidiary of the Company), or sell, convey, transfer or lease its property and assets substantially as an entirety to any single Person (other than to one or
more of the Subsidiaries of the Company as an entirety or substantially as an entirety), unless: 
 (a) either (i) the
Company is the continuing corporation, or (ii) the resulting, surviving or transferee person (if other than the Company) is a corporation or limited liability company organized and existing under the laws of the United States, any state thereof
or the District of Columbia and such person assumes, by a supplemental indenture in a form reasonably satisfactory to the Trustee, all of the Company’s obligations under the Securities and this Indenture; 

(b) immediately after giving effect to the transaction described above, no Default or Event of Default, has occurred and is continuing;

 (c) if as a result of such transaction the Securities become convertible into common stock or other securities issued by a
third party, such third party fully and unconditionally guarantees all obligations of the Company or such successor under the Securities and this Indenture; and 
 (d) the Company has delivered to the Trustee the Officers’ Certificate and Opinion of Counsel, if any, requested by the Trustee pursuant to this Indenture. 

  
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 Section 5.02. Successor to Be Substituted. In case of any such consolidation,
merger, sale, conveyance, transfer or lease in which the Company is not the continuing corporation and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and reasonably satisfactory in form
and substance to the Trustee, of the due and punctual payment of the principal of, and interest on all of the Securities, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed or
satisfied by the Company, such successor Person shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as a party hereto, and the Company shall be discharged from its obligations under the Securities
and this Indenture. Such successor Person thereupon may cause to be signed, and may issue the Securities either in its own name or in the name of the Company. 
 Upon the order of such successor Person instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or
cause to be authenticated and delivered, any Securities that previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities that such successor Person thereafter shall cause to be
signed and delivered to the Trustee for that purpose. All the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of
this Indenture as though all of such Securities had been issued at the date of the execution hereof. In the event of any such consolidation, merger, sale, conveyance, transfer or lease, upon compliance with this Article 5 the Person named as the
“Company” in the first paragraph of this Indenture or any successor that shall thereafter have become such in the manner prescribed in this Article 5 may be dissolved, wound up and liquidated at any time thereafter and such Person shall be
discharged from its liabilities as obligor and maker of the Securities and from its obligations under this Indenture. 
 Section
5.03. Opinion of Counsel to be Given to Trustee. Prior to execution of any supplemental indenture pursuant to this Article 5, the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any
such consolidation, merger, sale, conveyance, transfer or lease and any such assumption complies with the provisions of this Article 5. 

  
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 ARTICLE 6 
 DEFAULTS AND REMEDIES 
 Section 6.01.
Events of Default. An “Event of Default” occurs if: 
 (a) the Company defaults in any payment of
interest on any Security when the same becomes due and payable and such default continues for a period of 30 calendar days; 

(b) the Company defaults in the payment of the principal of any Security when the same becomes due and payable at maturity, or the
Company defaults in the payment of or the Change of Control Repurchase Price when due; 
 (c) the Company fails to deliver
shares of Common Stock as required pursuant to Article 10 upon the conversion of any Securities and such failure continues for three Business Days following the scheduled settlement date for such conversion; 

(d) the Company fails to provide notice of the anticipated effective date or actual effective date of a Change of Control on a timely
basis as required in this Indenture; 
 (e) the Company fails to perform or observe any other term, covenant or agreement
contained in the Securities or this Indenture (other than those referred to in (a), (b), (c) or (d) above) and such failure continues for 60 days after receipt by the Company of a Notice of Default; 

(f) a failure to pay when due (whether at stated maturity or otherwise) by the Company or any Significant Subsidiary of the Company,
after the expiration of any applicable grace period, of principal of or interest on Indebtedness, where the amount of such unpaid principal and/or interest is in an aggregate amount in excess of $25 million or more (or a foreign currency
equivalent), or a default that results in the acceleration of maturity, of any Indebtedness of the Company or any Significant Subsidiary of the Company in an aggregate amount in excess of $25 million (or its foreign currency equivalent at the time),
in each case, if both (i) such Indebtedness is not discharged and (ii) such acceleration is not rescinded, stayed or annulled, within a period of 30 calendar days after receipt by the Company of a Notice of Default; 

(g) the Company or any Significant Subsidiary of the Company pursuant to or within the meaning of any Bankruptcy Law: 

(i) commences a voluntary case; 
 (ii) consents to the entry of an order for relief against it in an involuntary case; 
 (iii) consents to the appointment of a Custodian of it or for any substantial part of its property; or 

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

 or takes any comparable action under any foreign laws relating to insolvency; or 

(h) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Company or any Significant Subsidiary of the Company in an involuntary case; 

(ii) appoints a Custodian of the Company or any Significant Subsidiary of the Company or for any substantial part of its
property; or 
 (iii) orders the winding up or liquidation of the Company or any Significant Subsidiary of the
Company; 
 or any similar relief is granted under any foreign laws, and, in each such case, the order or decree remains unstayed and in effect
for 60 consecutive days. 
 The foregoing shall constitute Events of Default whatever the reason for any such Event of Default
and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief
of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 A Default under clause (e) or (f) above is not an Event of Default until the Trustee or the Securityholders of at least 25% in aggregate principal amount of the outstanding Securities notify the
Company or the Company and the Trustee, respectively, of the Default and the Company does not cure such Default within the time specified after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that
such notice is a “Notice of Default.” When any Default under this Section 6.01 is cured in accordance herewith, it shall cease to be a Default. 
 The Company shall deliver to the Trustee, promptly upon becoming aware of any Default, written notice in the form of an Officers’ Certificate of any Default known to the party, its status and what
action the Company is taking or proposes to take with respect thereto. 
 Section 6.02. Acceleration. If an Event
of Default (other than an Event of Default specified in Section 6.01(g) or Section 6.01(h) with respect to the 

  
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Company) occurs and is continuing, the Trustee by written notice to the Company, or the Securityholders of at least 25% in principal amount of the outstanding Securities by written notice to the
Company and the Trustee, may declare the principal of and accrued but unpaid interest on all the Securities to be due and payable. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default
specified in Section 6.01(g) or Section 6.01(h) with respect to the Company occurs, the principal of and interest on all the Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the
part of the Trustee or any Securityholders. The Securityholders of a majority in principal amount of the Securities by written notice to the Trustee may rescind an acceleration and its consequences if the rescission would not conflict with any
judgment or decree and if (i) the Company has paid (or deposited with the Trustee) all overdue interest on all the Securities and the principal amount of the Securities that has become due otherwise than by such acceleration or declaration, as
well as paid interest upon overdue interest to the extent that payment of such interest is lawful and paid to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its
counsel, and (ii) all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely because of acceleration. No such rescission shall affect any subsequent Default or impair any right
consequent thereto. 
 Section 6.03. Other Remedies. If an Event of Default occurs and is continuing, and the principal
of and accrued but unpaid interest on the Securities has been declared due and payable as provided in Section 6.02 the Trustee may pursue any available remedy to collect the payment of principal of or interest on the Securities or to enforce
the performance of any provision of the Securities or this Indenture. 
 The Trustee may maintain a proceeding even if it does
not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 
 Section 6.04. Waiver of Defaults and Events of Default. The Holders of a majority in principal amount of the Securities outstanding by written notice to the Trustee may on behalf of the Holders of
all the Securities, waive any Default or Event of Default and its consequences except (i) a default in the payment of the principal of or interest on a Security when due, (ii) an Event of Default arising from the failure to redeem or
repurchase any Security when required pursuant to the terms of this Indenture, (iii) an Event of Default arising from the failure of the 

  
 41 

 
Company to deliver shares of Common Stock upon the conversion of any Securities pursuant to the terms of this Indenture or (iv) a default in respect of a provision that under
Section 9.02 cannot be amended without the consent of each Securityholder affected. When an Event of Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Event of Default or impair any consequent
right. 
 Section 6.05. Control by Majority. The Securityholders of a majority in aggregate principal amount of the
outstanding Securities may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of other Securityholders or would involve the Trustee in personal liability; provided that the Trustee
may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses,
liabilities and expenses (including attorneys’ fees and expenses) caused by taking or not taking such action. 
 Section
6.06. Limitation on Suits. Except to enforce the right to receive payment of principal or interest when due, no Securityholder may pursue any remedy with respect to this Indenture or the Securities unless: 

(a) the Securityholder gives to the Trustee written notice stating that an Event of Default is continuing; 

(b) the Securityholders of at least 25% in principal amount of the Securities make a written request to the Trustee to pursue the remedy;

 (c) such Securityholder or Securityholders offer to the Trustee security or indemnity reasonably satisfactory to the Trustee
against any loss, liability or expense of the Trustee; 
 (d) the Trustee does not comply with the request within 60 days after
receipt of the request and the offer of indemnity; and 
 (e) the Securityholders of a majority in principal amount of the
Securities do not give the Trustee a direction inconsistent with the request. 
 A Securityholder may not use this Indenture to
prejudice the rights of another Securityholder or to obtain a preference or priority over another Securityholder. 

  
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 Anything contained in this Indenture or the Securities to the contrary notwithstanding, the
Holder of any Securities, without the consent of either the Trustee or the Holder of any other Securities, on its own behalf and for its own benefit, may enforce, and may institute and maintain any proceeding suitable to enforce, its rights of
conversion as provided herein. 
 Section 6.07. Rights of Securityholders to Receive Payment. Notwithstanding any
other provision of this Indenture, the right of any Securityholder to receive payment of the principal of (including the Change of Control Repurchase Price) and accrued interest on the Securities held by such Securityholder, or delivery of the cash
and, if applicable, shares of Common Stock issuable upon conversion of the Securities, on or after the respective due dates expressed in the Securities, or to bring suit for the enforcement of any such payment or delivery on or after such respective
dates, shall not be impaired or affected without the consent of such Securityholder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such
Securityholders). 
 Section 6.08. Collection Suit by Trustee. If an Event of Default specified in
Section 6.01(a) or 6.01(b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together with interest on any unpaid interest
to the extent lawful) and the amounts provided for in Section 7.07. 
 Section 6.09. Trustee May File Proofs of
Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Securityholders allowed in any judicial proceedings relative to the
Company, their creditors or their property and, unless prohibited by law or applicable regulations, may vote on behalf of the Securityholders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian
in any such judicial proceeding is hereby authorized by each Securityholder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Securityholders, to pay to the Trustee any
amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 

Section 6.10. Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the
money or property in the following order: 
 FIRST: to the Trustee for amounts due under Section 7.07; 

  
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 SECOND: to Securityholders for amounts due and unpaid on the Securities for principal and
interest, ratably without preference or priority of any kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and 
 THIRD: to the Company. 
 The Trustee may fix a record date and payment date for any payment to
Securityholders pursuant to this Section. At least 15 days before such record date, the Trustee shall mail to each Securityholder and the Company a notice that states the record date, the payment date and amount to be paid. 

Section 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any
suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a
suit by the Trustee, a suit by a Securityholder pursuant to Section 6.07 or a suit by Securityholders of more than 10% in principal amount of the Securities or to any suit instituted by any Holder of Securities for the enforcement of the
payment of the principal of or interest on any Securities on or after the due date expressed in such Securities or to any suit for the enforcement of the right to convert any Securities in accordance with the provisions of Article 10. 

Section 6.12. Waiver of Stay, Extension or Usury Laws. The Company (to the extent it may lawfully do so) shall not at any
time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer
and permit the execution of every such power as though no such law had been enacted. 
 Section 6.13. Alternative Remedy for
Failure to Comply with Reporting Obligations in the Indenture and TIA. Notwithstanding any other provision of this Article 6, if the Company so elects, the sole remedy for an Event of Default relating to the failure to comply with
Section 4.03(b) of this Indenture will consist exclusively of the right to receive additional interest (the “Default Additional Interest”) on the Securities at a rate equal to (x) 0.25% per annum of the principal
amount of the Securities outstanding for each day during the 90-day period on 

  
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which such Event of Default is continuing beginning on, and including, the date on which such Event of Default first occurs and (y) 0.50% per annum of the principal amount of the
Securities outstanding for each day during the 275-day period beginning on, and including, the 91st day on which such Event of Default is continuing (in addition to any other Additional Interest). In the event the Company does not elect to pay the
Default Additional Interest upon an Event of Default in accordance with this Section 6.13, the Securities will be subject to acceleration as provided above. The Default Additional Interest will accrue on all outstanding Securities from and
including the date on which an Event of Default relating to a failure to comply with Section 4.03(b) of this Indenture first occurs to, but not including, the 365th day thereafter (or such earlier date on which the Event of Default relating to
such failure shall have been cured or waived prior to such 365th day) and will be payable in the same manner as regular interest on the Securities. On such 365th day (or earlier, if the Event of Default relating to such failure is cured or waived
prior to such 365th day) such Default Additional Interest will cease to accrue and the Securities will be subject to acceleration as provided above if the Event of Default is continuing. In no event will Default Additional Interest accrue at a rate
in excess of 0.50% per annum pursuant to this Indenture, regardless of the number of events or circumstances giving rise to the requirement to pay the Default Additional Interest. This provision will not affect the rights of holders of
Securities in the event of the occurrence of any other Event of Default. 
 ARTICLE 7 

TRUSTEE 
 Section 7.01. Duties of Trustee. (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the
same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (i) the
Trustee need only perform such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to

  
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determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this
Section; 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section. 

(e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.

 (f) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 (g) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial
liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it. 
 (h) Every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 

Section 7.02. Rights of Trustee. (a) The Trustee may conclusively rely on any document believed by it to be genuine
and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate and an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in
good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 

  
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 (c) The Trustee may act through agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take
in good faith which it believes to be authorized or within its rights or powers. 
 (e) The Trustee may consult with counsel of
its selection, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Securities shall be full and complete authorization and protection from liability in respect to any action taken, omitted or
suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The Trustee shall
not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, note, debenture, other paper or document, but the
Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 
 (g)
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such
Securityholders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which may be incurred therein or thereby. 

(h) In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(j) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

  
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 (k) The Trustee may request that the Company deliver a certificate setting forth the names
of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

Section 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or
pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Conversion Agent, Paying Agent, Registrar or co-paying agent may do the same with like rights. However,
the Trustee must comply with Sections 7.10 and 7.11. 
 Section 7.04. Trustee’s Disclaimer. The Trustee shall
not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for
any statement of the Company in this Indenture or in any document issued in connection with the sale of the Securities or in the Securities other than the Trustee’s certificate of authentication. 

Section 7.05. Notice of Defaults. (a) The Trustee shall not be deemed to have notice of any Default, other than a
payment default, unless a Responsible Officer shall have received a written notice that a Default has occurred. No duty imposed upon the Trustee in this Indenture shall be applicable with respect to any Default of which the Trustee is not deemed to
have such notice. 
 (b) If a default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to each
Securityholder notice of the default within the earlier of 90 days after it occurs or 30 days after it is known to a Responsible Officer or written notice of it is received by the Trustee. Except in the case of a default in payment of principal or
interest on any Security (including payments pursuant to the repurchase provisions of such Security), the Trustee may withhold notice if and so long as it in good faith determines that withholding notice is in the interests of the Securityholders.

 Section 7.06. Reports by Trustee to Securityholders. Within 60 days after each September 1, beginning with
September 1, 2012, the Trustee shall, to the extent that any of the events described in TIA § 313(a) occurred within the previous twelve months, but not otherwise, mail to each Securityholder a brief report dated as of September 1
that complies with Section 313(a) of the TIA. The Trustee shall also comply with Section 313(b) of the TIA. 
 A copy
of each report at the time of its mailing to Securityholders shall be filed with the SEC and each stock exchange (if any) on which the Securities are listed. The Company agrees to promptly notify the Trustee in writing whenever the Securities become
listed on any stock exchange and of any delisting thereof. 

  
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 Section 7.07. Compensation and Indemnity. The Company shall pay to the
Trustee from time to time such compensation as the Company and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall
reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and
expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Company shall indemnify the Trustee, and hold it harmless, against any and all loss, liability, claim (whether asserted by the Company or any
Securityholder or any other Person) or expense (including reasonable attorneys’ fees and expenses) incurred by or in connection with the offer and sale of the Securities or the administration of this trust and the performance of its duties
hereunder. The Trustee shall notify the Company of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided that any failure so to notify the Company shall not relieve the Company of its indemnity
obligations hereunder. The Company shall defend the claim and the indemnified party shall provide reasonable cooperation at the Company’s expense in the defense. Such indemnified parties may have separate counsel and the Company shall pay the
fees and expenses of such counsel; provided that the Company shall not be required to pay such fees and expenses if it assumes such indemnified parties’ defense and, in such indemnified parties’ reasonable judgment, there is no
conflict of interest between the Company and such parties in connection with such defense. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified party through such party’s own
willful misconduct and negligence. 
 To secure the Company’s payment obligations in this Section, the Trustee shall have a
lien prior to the Securities on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest and any liquidated damages on particular Securities. 

The Company’s payment obligations pursuant to this Section shall survive the satisfaction or discharge of this Indenture, any
rejection or termination of this Indenture under any bankruptcy law or the resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of an Event of Default specified in Section 6.01(g) or 6.01(h) with respect
to the Company, the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 

  
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 Section 7.08. Replacement of Trustee. The Trustee may resign at any time by
so notifying the Company. The Holders of a majority in principal amount of the Securities may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Company shall remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10; 
 (b) the Trustee is adjudged bankrupt or insolvent; 
 (c) a receiver or other
public officer takes charge of the Trustee or its property; or 
 (d) the Trustee otherwise becomes incapable of acting.

 If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the Securities and
such Securityholders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly
appoint a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall
mail a notice of its succession to Securityholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
Holders of 10% in principal amount of the Securities may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee fails to comply with Section 7.10, any Securityholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 Notwithstanding the replacement of the Trustee pursuant to this Section, the Company’s obligations under
Section 7.07 shall continue for the benefit of the retiring Trustee. 
 Section 7.09. Successor Trustee by
Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Trustee. 

  
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 In case at the time such successor or successors by merger, conversion or consolidation to
the Trustee shall succeed to the trusts created by this Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and
deliver such Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name
of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 

Section 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of TIA § 310(a). The
Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b); provided that there shall be excluded from the
operation of TIA § 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA §
310(b)(1) are met. 
 Section 7.11. Preferential Collection of Claims Against Company. The Trustee shall comply
with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 

ARTICLE 8 

DISCHARGE OF INDENTURE 

Section 8.01. Discharge of Liability on Securities. (a) At any time after all outstanding Securities have become due and
payable, whether at Maturity Date or upon a repurchase pursuant to Article 3 hereof, and any pending conversions have been completed (including delivery of all shares of Common Stock deliverable pursuant to such conversions in accordance with
Section 10.13) then this Indenture shall, subject to Section 8.01(b), cease to be of further effect when (i) the Company delivers to the Trustee all outstanding Securities (other than Securities replaced pursuant to Section 2.12)
for cancellation or (ii) the Company irrevocably deposits with the Trustee money sufficient to pay at maturity or upon repurchase all outstanding Securities, including interest thereon to but excluding, maturity or such repurchase date (other
than Securities replaced pursuant to Section 2.12), and if in each such case the Company pays all other sums payable hereunder by the Company. The Trustee shall acknowledge satisfaction and discharge of this Indenture on demand of the Company
accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Company. 

  
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 (b) Notwithstanding clause (a) above, the Company’s obligations in Sections 2.05,
2.06, 2.07, 2.08, 2.09, 2.10, 2.12, 2.13, 7.07, 7.08 and in this Article 8 shall survive until the Securities have been paid in full. Thereafter, the Company’s obligations in Sections 7.07, 8.03 and 8.04 shall survive. 

Section 8.02. Application of Trust Money. The Trustee shall hold in trust money deposited with it pursuant to this Article
8. It shall apply the deposited money through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities in accordance with this Indenture in relation to the conversion of Securities pursuant
to the terms hereof. 
 Section 8.03. Repayment to Company. The Trustee and the Paying Agent shall promptly turn
over to the Company upon request any excess money or securities held by them at any time. 
 Subject to any applicable abandoned
property law, the Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Securityholders entitled to the money
and/or securities must look to the Company for payment as general creditors. 
 Section 8.04. Reinstatement. If
the Trustee or Paying Agent is unable to apply any money in accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Company’s obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted to
apply all such money in accordance with this Article 8; provided that, if the Company has made any payment of interest on or principal of any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the
rights of the Securityholders of such Securities to receive such payment from the money held by the Trustee or Paying Agent. 

  
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 ARTICLE 9 
 AMENDMENTS 
 Section 9.01. Without Consent of Securityholders.
The Company and the Trustee may amend this Indenture or the Securities without notice to or consent of any Securityholder: 

(a) to provide for conversion rights of Holders of the Securities and the Company’s repurchase obligations in connection with a
Change of Control in the event of any reclassification of Common Stock, merger or consolidation, or sale, conveyance, transfer or lease of the Company’s property and assets substantially as an entirety; 

(b) to secure the Securities including provisions regarding the circumstances under which collateral may be released or substituted;

 (c) evidence the succession of another Person to the Company under the terms of this Indenture or successive successions, and
provide for the assumption of the Company’s obligations to the Holders in the event of a merger or consolidation, or sale, conveyance, transfer or lease of the Company’s property and assets substantially as an entirety; 

(d) to surrender any right or power conferred upon the Company; 
 (e) to add to the covenants of the Company for the benefit of the Securityholders; 

(f) to cure any ambiguity or correct or supplement any inconsistency or defective provision contained in this Indenture; provided
that such modification or amendment does not adversely affect the interests of the Holders of the Securities in any material respect; 
 (g) to make any provision with respect to matters or questions arising under this Indenture that the Company may deem necessary or desirable and that shall not be inconsistent with provisions of this
Indenture; provided that such change or modification does not, in the good faith opinion of the Board of Directors, adversely affect the interests of the Holders of the Securities in any material respect; 

(h) to increase the Conversion Rate in accordance with this Indenture; 

(i) to comply with any requirements of the SEC in connection with qualifying, or maintaining the qualification of, this Indenture under
the TIA; 
 (j) to add or provide for the guarantee of obligations under the Securities or additional obligors on the
Securities; or 
 (k) to provide for a successor Trustee. 

After an amendment under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing such
amendment. The failure to give such notice to all Securityholders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. 

  
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 Section 9.02. With Consent of Securityholders. The Company and the Trustee may amend
this Indenture or the Securities with the written consent or affirmative vote of the Holders of at least a majority in principal amount of the Securities then outstanding (including consents obtained in connection with a tender offer or exchange
offer for the Securities), without notice to any other Securityholder. However, without the consent of each Holder of an outstanding Security affected, an amendment may not: 
 (a) extend the Maturity Date; 
 (b) reduce the rate of or extend the time for
payment of interest on any Security; 
 (c) reduce the principal amount of any Security; 

(d) reduce any amount payable upon repurchase of any Security; 
 (e) impair the right of a Holder to institute suit for payment of any Securities; 

(f) make any Security payable in a currency other than that stated in the Security; 

(g) change the obligation of the Company to repurchase any Security upon a Change of Control in a manner adverse to the Holders;
provided that prior to the occurrence of any Change in Control and so long as the TCV Entities are Holders of a majority in principal amount of the Securities then outstanding and have not notified the Company and the Trustee that they elect
to terminate their right under this proviso, such obligation may be amended by the Holders of a majority in principal amount of the Securities then outstanding; 
 (h) except as required by this Indenture, adversely affect the right of a Holder to convert any Securities into cash and, if applicable, shares of Common Stock (or to the extent otherwise applicable,
other property, including cash, receivable upon conversion pursuant to the terms of this Indenture) or reduce the Conversion Rate, except as otherwise permitted pursuant to this Indenture; or 

(i) make any changes in Section 6.04 or 6.07, the first sentence of this Section 9.02 regarding the percentage of the
Securities required for consent or any modification of this Indenture that does not require the consent of each affected Holder or the second sentence of this Section 9.02. 

  
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 It shall not be necessary for the consent of the Securityholders under this Section to
approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing such amendment. The failure to give such notice to all Securityholders, or
any defect therein, shall not impair or affect the validity of an amendment under this Section. 
 Section 9.03. Compliance
with Trust Indenture Act. Every amendment to this Indenture or the Securities shall comply with the TIA as then in effect if required to so comply. 
 Section 9.04. Revocation and Effect of Consents and Waivers. A consent to an amendment or a waiver by a Securityholder of a Security shall bind the Securityholder and every subsequent
Securityholder of that Security or portion of the Security that evidences the same debt as the consenting Securityholder’s Security, even if notation of the consent or waiver is not made on the Security. However, any such Securityholder or
subsequent Securityholder may revoke the consent or waiver as to such Securityholder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective. After an
amendment or waiver becomes effective, it shall bind every Securityholder. An amendment or waiver becomes effective once (i) the requisite number of consents have been received by the Company or the Trustee and (ii) in the case of an
amendment, such amendment has been executed by the Company and the Trustee. 
 The Company may, but shall not be obligated to,
fix a record date for the purpose of determining the Securityholders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the immediately preceding paragraph, those Persons who were Securityholders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously
given or to take any such action, whether or not such Persons continue to be Securityholders after such record date. No consent shall be valid or effective for more than 120 days after such record date unless consents from holders of the principal
amount of Securities required hereunder to give such consent or take such action shall have also been given and not revoked within such 120-day period. 
 Section 9.05. Notation on or Exchange of Securities. If an amendment changes the terms of a Security, the Trustee may require the Securityholder of the Security to deliver it to the Trustee. The
Trustee may place an appropriate notation on the Security regarding the changed terms and return it to the 

  
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Securityholder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects
the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment. 
 Section 9.06. Trustee to Sign Amendments. The Trustee shall sign any amendment authorized pursuant to this Article 9 if the amendment does not adversely affect the rights, duties, liabilities or
immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to receive, and (subject to Section 7.01) shall be fully
protected in conclusively relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this Indenture and that such amendment is the legal, valid and binding obligation of the
Company enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03). 
 ARTICLE 10 
 CONVERSION OF SECURITIES

 Section 10.01. Right to Convert. (a) Subject to and upon compliance with the provisions of this Indenture,
at any time prior to the close of business on the Business Day immediately preceding Maturity Date, the Holder of any Securities not previously redeemed or repurchased shall have the right, at such Holder’s option, to convert the principal
amount of the Securities held by such Holder, or any portion of such principal amount which is an integral multiple of $1,000, into fully paid and non-assessable shares of Common Stock (as such shares shall then be constituted) as described in
Section 10.13, at the Conversion Rate in effect at such time, by surrender of the Securities to be converted in whole or in part, together with any required funds, and in the manner provided in Section 10.02. 

(b) Securities in respect of which a Holder has delivered a Change of Control Repurchase Notice exercising such Holder’s right to
require the Company to repurchase such Securities pursuant to Section 3.01, may be converted only if such Change of Control Repurchase Notice is withdrawn in accordance with Section 3.03 prior to 5:00 p.m., New York City time, on the
Business Day immediately preceding the Change of Control Repurchase Date. 
 (c) A Holder of Securities is not entitled to any
rights of a Holder of Common Stock until such holder has converted his Securities to Common Stock, and only to the extent such Securities are deemed to have been converted to Common Stock under this Article 10. 

  
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 Section 10.02. Exercise of Conversion Right; Issuance of Common Stock on Conversion; No
Adjustment for Interest or Dividends. In order to exercise the conversion right with respect to any Securities in certificated form, the Company must receive at the office or agency of the Company, which will initially be the office or agency of
the Trustee maintained for that purpose in The City of Minneapolis, Minnesota, such Securities with the original or facsimile of the form entitled “Conversion Notice” on the reverse thereof, duly completed and manually signed,
together with such Securities duly endorsed for transfer, together with any other required transfer documents, accompanied by the funds, if any, required by this Section 10.02. Such notice shall also state the name or names (with address or
addresses) in which the certificate or certificates for shares of Common Stock which shall be issuable on such conversion shall be issued, and shall be accompanied by transfer or similar taxes, if required pursuant to Section 10.08. 

In order to exercise the conversion right with respect to any interest in a Global Security, the Holder must complete, or cause to be
completed, the appropriate instruction form for conversion pursuant to the Depositary’s book-entry conversion program; deliver, or cause to be delivered, by book-entry delivery an interest in such Global Security; furnish appropriate
endorsements and transfer documents if required by the Company or the Trustee or Conversion Agent; and pay the funds, if any, required by this Section 10.02 and any transfer or similar taxes if required pursuant to Section 10.08.

 After satisfaction of the requirements for conversion set forth above, the Company will deliver Common Stock in accordance
with Section 10.13 and cash in lieu of fractional shares in accordance with Section 10.03. In case any Securities of a denomination greater than $1,000 shall be surrendered for partial conversion, and subject to Section 2.03, the
Company shall execute and the Trustee shall authenticate and deliver to the Holder of the Securities so surrendered, without charge to the Holder, a new Security or Securities in authorized denominations in an aggregate principal amount equal to the
unconverted portion of the surrendered Securities. 
 Subject to Section 10.05, each conversion shall be deemed to have
been effected as to any such Securities (or portion thereof) on the date on which the requirements set forth above in this Section 10.02 have been satisfied as to such Securities (or portion thereof) (the “Conversion Date”).
Securities surrendered for conversion will be deemed converted at 5:00 p.m., New York City time, on the applicable Conversion Date, and the Person in whose name the shares of Common Stock shall be issued upon such conversion shall be deemed the
holder of record of such shares as of 5:00 p.m., New York City time, on such Conversion Date. 

  
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 Upon the conversion of an interest in a Global Security, the Trustee (or other Conversion
Agent appointed by the Company), or the custodian for the Global Security at the direction of the Trustee (or other Conversion Agent appointed by the Company), shall make a notation on such Global Security as to the reduction in the principal amount
represented thereby. The Company shall promptly notify the Trustee in writing of any conversions of Securities effected through any Conversion Agent other than the Trustee. 
 Section 10.03. Cash Payments in Lieu of Fractional Shares. No fractional shares of Common Stock or scrip certificates representing fractional shares shall be issued upon conversion of Securities.
If more than one Security shall be surrendered for conversion at one time by the same Holder, the number of full shares that shall be issuable upon conversion shall be computed on the basis of the aggregate principal amount of the Securities (or
specified portions thereof to the extent permitted hereby) so surrendered. If any fractional share of stock would be issuable upon the conversion of any Security or Securities, the Company shall make an adjustment and payment therefor in cash to the
Holder of Securities at a price equal to the Closing Sale Price on the Trading Day immediately preceding the Conversion Date for such conversion. 
 Section 10.04. Conversion Rate. Each $1,000 principal amount of the Securities shall be convertible into the number of shares of Common Stock based upon the Conversion Rate, subject to adjustment
as provided in Section 10.06. The Company shall settle its obligation to convert the Securities as provided in Section 10.13. 
 Section 10.05. Conversion at the Option of the Company. 
 (a) The Company
may elect to mandatorily convert the Securities (a “Mandatory Conversion”) at any time after May 28, 2012 if (x) the VWAP Price of the Common Stock is greater than or equal to 130% of the applicable Conversion Price for at
least 50 Trading Days (including the Trading Day immediately prior to the date of the Company Conversion Notice (the “Mandatory Conversion Date”)) during any 65 Trading Day period prior to the date of the Company Conversion Notice
(as defined below) (the “Trading Price Condition”) and (y) in the case of any Securities held by TCV Entities, the TCV Conversion Conditions have been satisfied. 

The Company will make appropriate adjustments determined by the Company or its agents to account for any adjustment to the Conversion
Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate occurs, at any time during the period from which the VWAP Price is to be calculated. 

  
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 If the Company elects to convert the Securities, it may make such election (x) with
respect to the Securities held by the TCV Entities in whole, but not in part and (y) with respect to any Securities held by Holders other than TCV Entities, in whole but not it part. 

The Securities converted pursuant to such election will be converted automatically, with no further action by the Holders thereof, on the
Mandatory Conversion Date. The Company will cause the settlement of the Mandatory Conversion to occur within three Business Days after the Mandatory Conversion Date. 
 (b) If the Company elects to mandatorily convert the Securities pursuant to Section 10.05(a), then the Company shall promptly deliver or cause to be delivered to all Holders of record of the
Securities at their addresses shown in the Register a written notice containing the information set forth in Section 10.05(b) (the “Company Conversion Notice”) with respect to the Mandatory Conversion. The Company shall also
deliver a copy of the Company Conversion Notice to the Trustee, the Conversion Agent and the Paying Agent at such time as it is mailed to Holders of Securities. The Mandatory Conversion Date will be the Conversion Date with respect to the Notes
subject to Mandatory Conversion. 
 (c) In connection with any Mandatory Conversion of Securities, the Company Conversion Notice
shall: 
 (i) state that Mandatory Conversion is effective automatically as of the date of the Mandatory
Conversion Date; 
 (ii) state the Conversion Rate in effect on the date of the Company Conversion Notice;

 (iii) state that the Trading Price Condition and, if applicable, the TCV Conversion Conditions, have been
satisfied; and 
 (iv) if applicable, state the aggregate principal amount of Securities to be mandatorily
converted. 
 A Company Conversion Notice may be given by the Company or, at the Company’s written request, the Trustee
shall give such Company Conversion Notice in the Company’s name and at the Company’s expense; provided that the text of the Company Conversion Notice shall be prepared by the Company. 

(d) Upon conversion, interest on the Securities so called for Mandatory Conversion shall cease to accrue and the Holders thereof shall
have no right in respect of such Securities except the right to receive the shares of Common Stock to which they are entitled pursuant to this Section 10.05 and cash payments in lieu of fractional shares and any Additional Interest. 

  
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 Section 10.06. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted
from time to time by the Company, without duplication, as follows: 
 (a) In case the Company shall, at any time or from time to
time while any of the Securities are outstanding, pay a dividend in shares of Common Stock or make a distribution in shares of Common Stock to all or substantially all holders of its outstanding shares of Common Stock, then the Conversion Rate in
effect immediately prior to the opening of business on the Ex-Date for such dividend or other distribution shall be increased by multiplying such Conversion Rate by a fraction, 

(1) the numerator of which shall be the sum of (A) the number of shares of Common Stock outstanding immediately prior
to the opening of business on the Ex-Date for such dividend or other distribution plus (B) the total number of shares of Common Stock constituting such dividend or other distribution; and 

(2) the denominator of which shall be the number of shares of Common Stock outstanding immediately prior to the opening of
business on the Ex-Date for such dividend or other distribution, 
 such increase to become effective immediately after the opening of business
on the Ex-Date for such dividend or other distribution. If any dividend or distribution of the type described in this Section 10.06(a) is declared but not so paid or made, the Conversion Rate shall again be adjusted to the Conversion Rate that
would then be in effect if such dividend or distribution had not been declared. 
 (b) In case outstanding shares of Common
Stock shall be subdivided or split into a greater number of shares of Common Stock, the Conversion Rate in effect immediately prior to the opening of business on the effective date for such subdivision shall be proportionately increased, and
conversely, in case outstanding shares of Common Stock shall be combined into a smaller number of shares of Common Stock, the Conversion Rate in effect immediately prior to the opening of business on the effective date for such combination shall be
proportionately reduced, such increase or reduction, as the case may be, to become effective immediately after the opening of business on the effective date for such subdivision or combination. 

(c) In case the Company shall issue rights or warrants (other than any rights or warrants as to which an adjustment was effected pursuant
to Section 

  
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10.06(d)) to all or substantially all holders of its outstanding shares of Common Stock entitling them to subscribe for or purchase, for a period of up to 45 calendar days, shares of Common Stock
at a price per share less than the Current Market Price on the declaration date for such issuance, the Conversion Rate shall be adjusted so that the same shall equal the rate determined by multiplying the Conversion Rate in effect immediately prior
to the opening of business on the Ex-Date for such issuance by a fraction, 
 (1) the numerator of which shall be
the sum of (A) the number of shares of Common Stock outstanding immediately prior to the opening of business on the Ex-Date for such issuance plus (B) the total number of additional shares of Common Stock offered for subscription or
purchase, and 
 (2) the denominator of which is the sum of (A) the number of shares of Common Stock
outstanding immediately prior to the opening of business on the Ex-Date for such issuance plus (B) the total number of shares that the aggregate offering price of the shares so offered would purchase at such Current Market Price.

 Such adjustment shall be successively made whenever any such rights or warrants are distributed, and shall become effective
immediately after the opening of business on the Ex-Date for such distribution. To the extent that shares of Common Stock are not delivered after the expiration of such rights or warrants, the Conversion Rate shall be readjusted to the Conversion
Rate that would then be in effect had the adjustments made upon the issuance of such rights or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights or warrants are not so issued,
the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such rights or warrants had not been issued. In determining whether any rights or warrants entitle the holders to subscribe for or purchase shares
of Common Stock at less than such Current Market Price of the Common Stock on the declaration date for such issuance, and in determining the aggregate offering price of such shares of Common Stock of the Common Stock on the declaration date for such
issuance, there shall be taken into account any consideration received by the Company for such rights or warrants and any amount payable on exercise or conversion thereof, with the value of such consideration, if other than cash, to be determined by
the Board of Directors. 
 (d) Except as set forth in Section 10.06(b), in case the Company shall, by dividend or
otherwise, distribute to all or substantially all holders of its outstanding shares of Common Stock shares of any class of Capital Stock of the Company (other than the Common Stock) or evidences of its indebtedness or assets, including securities,
but excluding (i) any rights or warrants as to which an 

  
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adjustment was effected pursuant to Section 10.06(c), (ii) any dividends or distributions paid exclusively in cash as to which the adjustment was effected pursuant to
Section 10.06(e) or (iii) any dividends or distributions as to which an adjustment was effected pursuant to Section 10.06(a) (any of the foregoing hereinafter in this Section 10.06(d)) called the “Distributed
Assets”), then, in each such case, the Conversion Rate shall be increased so that the same shall be equal to the rate determined by multiplying the Conversion Rate in effect immediately prior to the opening of business on the Ex-Date for
such distribution by a fraction, 
 (1) the numerator of which shall be the Current Market Price on the Ex-Date
for such distribution; and 
 (2) the denominator of which shall be the Current Market Price on the Ex-Date for
such distribution minus the Fair Market Value (as determined by the Board of Directors, whose determination shall be conclusive, and described in a resolution of the Board of Directors) of the portion of the Distributed Assets so distributed
applicable to one share of Common Stock, 
 such adjustment to become effective immediately after the opening of business on the Ex-Date for
such distribution; provided that if the then Fair Market Value (as so determined) of the portion of the Distributed Assets so distributed applicable to one share of Common Stock is equal to or greater than the Current Market Price on such
Ex-Date in lieu of the foregoing adjustment, adequate provision shall be made so that each Holder of Securities shall have the right to receive, at the same time and upon the same terms as holders of Common Stock, in addition to the shares of Common
Stock (and cash in lieu of fractional shares) issuable upon conversion of Securities, for each $1,000 principal amount of Securities the amount of Distributed Assets such Holder would have received had such Holder owned a number of shares of Common
Stock equal to the Conversion Rate in effect immediately prior to the record date for the dividend or distribution. If such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that
would then be in effect if such dividend or distribution had not been declared. 
 If the Board of Directors determines the Fair
Market Value of any distribution for purposes of this Section 10.06(d) by reference to the actual or when issued trading market for any Distributed Assets comprising all or part of such distribution, it must in doing so consider the prices in
such market over the same period (the “Reference Period”) used in computing the Current Market Price of the Common Stock to the extent possible, unless the Board of Directors determines in good faith that determining the Fair Market
Value during the Reference Period would not be in the best interest of the Holders. 

  
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 Notwithstanding the foregoing, in the event any such distribution consists of shares of
Capital Stock of, or similar equity interests in, one or more of the Company’s Subsidiaries (a “Spin-Off”), the Conversion Rate in effect immediately before the Ex-Date for the distribution will be increased by multiplying the
Conversion Rate by an adjustment factor equal to the sum of the Daily Adjustments (as defined below) for each of the 10 consecutive Trading Days beginning on the Ex-Date for the distribution; provided that if any Conversion Date occurs prior
to the end of such 10 consecutive Trading Day period, the Daily Adjustments shall be calculated using the number of Trading Days from the applicable Ex-Date to such Conversion Date and the denominator of the Daily Adjustment will be adjusted
accordingly. The “Daily Adjustment” for any given Trading Day is equal to the fraction: 

(1) the numerator of which is the Closing Sale Price of the Common Stock on that Trading Day plus the Closing Sale
Price of the portion of those shares of Capital Stock or similar equity interests so distributed applicable to one share of the Common Stock on that Trading Day, and 

(2) the denominator of which is the product of 10 and the Closing Sale Price of the Common Stock on that Trading Day.

 The adjustment to the Conversion Rate in the event of a Spin-Off will occur retroactively on the Ex-Date for the
distribution. In the event that such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared.

 For purposes of this Section 10.06(d) and Sections 10.06(a) and 10.06(c), any dividend or distribution to which this
Section 10.06(d) is applicable that also includes shares of Common Stock, or rights or warrants to subscribe for or purchase shares of Common Stock (or both), shall be deemed instead to be (1) a dividend or distribution of the evidences of
indebtedness, assets or shares of Capital Stock other than such shares of Common Stock or rights or warrants (and any Conversion Rate adjustment required by this Section 10.06(d) with respect to such dividend or distribution shall then be made)
immediately followed by (2) a dividend or distribution of such shares of Common Stock or such rights or warrants (and any further Conversion Rate adjustment required by Section 10.06(a) or 10.06(c) with respect to such dividend or
distribution shall then be made), except the “Ex-Date for such dividend or distribution” shall be substituted for the “Ex-Date for such dividend or other distribution” within the meaning of Section 10.06(a) and the
“Ex-Date for such issuance” within the meaning of Section 10.06(c) and any shares of Common Stock included in such dividend or distribution shall not be deemed “outstanding immediately prior to the opening of business on the
Ex-Date for such dividend or distribution” within the meaning of Section 10.06(a). 

  
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 (e) In case the Company shall, by dividend or otherwise, distribute to all or substantially
all holders of its Common Stock cash (including any quarterly cash dividend), then the Conversion Rate shall be increased so that the same shall equal the rate determined by multiplying the Conversion Rate in effect immediately prior to the opening
of business on the Ex-Date for such distribution by a fraction, 
 (1) the numerator of which shall be the
Current Market Price on the Ex-Date for such distribution; and 
 (2) the denominator of which shall be the
Current Market Price of the Common Stock on the Ex-Date for such distribution minus the amount of the cash dividend or distribution applicable to one share of Common Stock, 
 such adjustment to be effective immediately after the opening of business on the Ex-Date for such distribution; provided that in the event the portion of the cash so distributed applicable to one
share of Common Stock is equal to or greater than the Current Market Price, in lieu of the foregoing adjustment, adequate provision shall be made so that each Holder of Securities shall have the right to receive at the same time as holders of the
Common Stock for each $1,000 principal amount of Securities the amount of cash such Holder would have received had such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect immediately prior to the record date for
the dividend or distribution. If such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared.

 (f) In case a tender or exchange offer made by the Company or any Subsidiary for all or any portion of the Common Stock shall
expire and such tender or exchange offer (as amended upon the expiration thereof) shall require the payment to stockholders of consideration per share of Common Stock having a Fair Market Value (which, if other than cash, shall be as determined by
the Board of Directors, whose determination shall be conclusive and described in a resolution of the Board of Directors) that as of the last time (the “Expiration Time”) tenders or exchanges may be made pursuant to such tender or
exchange offer (as it may be amended) exceeds the Closing Sale Price of a share of Common Stock on the Trading Day next succeeding the Expiration Time, the Conversion Rate shall be increased so that the same shall equal the rate determined by
multiplying the Conversion Rate in effect at the close of business on the Trading Day next succeeding the Expiration Time by a fraction, 

  
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 (1) the numerator of which shall be the sum of (x) the Fair Market
Value (determined as aforesaid) of the aggregate consideration paid to stockholders for all shares accepted for purchase the tender or exchange offer (the “Purchased Shares”) and (y) the product of the number of shares of
Common Stock outstanding (less any Purchased Shares) at the Expiration Time and the Closing Sale Price of a share of Common Stock on the Trading Day next succeeding the Expiration Time, and 

(2) the denominator of which shall be the product of the number of shares of Common Stock outstanding (including any
Purchased Shares) at the Expiration Time multiplied by the Closing Sale Price of a share of Common Stock on the Trading Day next succeeding the Expiration Time, 
 such adjustment to become effective immediately after the close of business on the Trading Day next succeeding the Expiration Time. If the Company is obligated to purchase shares pursuant to any such
tender or exchange offer, but the Company is permanently prevented by applicable law from effecting any such purchases or any such purchases are rescinded, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in
effect if such tender or exchange offer had not been made for the shares not purchased. In no event shall the Conversion Rate be reduced pursuant to this Section 10.06(f). 

(g) Subject to Section 6.09, the Company may in its sole discretion make such increases in the Conversion Rate, in addition to those
required by Sections 10.06(a)-(f), as the Board of Directors considers to be advisable to avoid or diminish any U.S. federal income tax to holders of Common Stock resulting from any dividend or distribution of stock (or rights to acquire stock) or
from any event treated as such for income tax purposes; provided that such increase in the Conversion Rate shall not adversely affect the interests of the Holders of Securities (after taking into account U.S. federal income tax and other
consequences of such increase). 
 (h) Subject to Section 6.09, to the extent permitted by applicable law, the Company from
time to time may increase the Conversion Rate by any amount for any period of time if the period is at least 20 Business Days, the increase is irrevocable during the period and the Board of Directors shall have made a determination that such
increase would be in the best interests of the Company, which determination shall be conclusive. Whenever the Conversion Rate is increased pursuant to the preceding sentence, the Company shall mail to Holders of record of the Securities a notice of
the increase, which notice will be given at least 15 days prior to the effectiveness of any such increase, and such notice shall state the increased Conversion Rate and the period during which it will be in effect. 

  
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 (i) No adjustment in the Conversion Rate shall be required unless such adjustment would
require an increase or decrease of at least one percent (1%) in such rate; provided that any adjustments that by reason of this Section 10.06(i) are not required to be made shall be carried forward and the Company shall make such
carry forward adjustments, regardless of whether the aggregate adjustment is less than 1%, (x) annually on the anniversary of the first date of the issue of the Securities and otherwise (y)(1) on each day from and after the 25th Scheduled
Trading Day prior to the maturity of the Securities (whether its Maturity Date or otherwise), (2) in connection with a Change of Control on each day from and including the 10th calendar day prior to the anticipated Effective Date of the Change
of Control to the Effective Date of the Change of Control. All calculations under this Article 10 shall be made by the Company and shall be made to the nearest cent or to the nearest one-ten thousandth (1/10,000) of a share, as the case may be.
No adjustment need be made for rights to purchase Common Stock pursuant to a Company plan for reinvestment of dividends or interest or for any issuance of Common Stock or convertible or exchangeable securities or rights to purchase Common Stock or
convertible or exchangeable securities. Interest will not accrue on any cash into which the Securities are convertible. 
 (j)
The Company shall promptly file with the Trustee and any Conversion Agent other than the Trustee (and to any TCV Entities listed on the Register for the Notes) an Officers’ Certificate setting forth the Conversion Rate after such adjustment and
setting forth a brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of
the Conversion Rate and may assume that the last Conversion Rate of which it has actual knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting
forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall mail such notice of such adjustment of the Conversion Rate to the Holder of each Securities at his last address appearing on the Register, within 20
calendar days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of any such adjustment. 
 (k) In any case in which this Section 10.06 provides that an adjustment shall become effective (1) upon the opening of business on an Ex-Date, (2) immediately after the record date for an event,
or (3) after the Expiration Time for any tender or exchange offer pursuant to Section 10.06(f), (each a “Determination Date”), the Company may elect to defer until the occurrence of the applicable distribution, issuance of
Common Stock or payment (an 

  
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“Adjustment Event”) triggering a Conversion Rate adjustment (x) issuing to the Holder of any Securities converted after such Determination Date and before the occurrence of
such Adjustment Event, the additional cash, shares of Common Stock, if any, or other securities or property issuable upon such conversion by reason of the adjustment required by such Adjustment Event over and above the Common Stock issuable upon
such conversion before giving effect to such adjustment and (y) paying to such Holder any amount in cash in lieu of any fractional share. 
 (l) For purposes of this Section 10.06, the number of shares of Common Stock at any time outstanding shall not include shares held in the treasury of the Company but shall include shares issuable in
respect of scrip certificates issued in lieu of fractions of shares of Common Stock. 
 (m) No adjustment to the Conversion Rate
shall be made pursuant to Section 10.06 on account of a distribution on Common Stock, if the Holders of the Securities will otherwise participate for each $1,000 principal amount of Securities in such distribution without conversion as a result
of holding the Securities at the same time and on the same terms as a holder of a number of shares of Common Stock equal to the Conversion Rate. 
 (n) Notwithstanding the foregoing, no adjustment to the Conversion Rate need be made for: 
 (i) the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of
additional optional amounts in shares of Common Stock under any plan, or 
 (ii) the issuance of any shares of
Common Stock or options or rights to purchase those shares pursuant to any present or future employee, director or consultant benefit plan or program of or assumed by the Company or any of its Subsidiaries. 

(o) Notwithstanding anything to the contrary in this Indenture, if an event occurs that would result in an increase in the Conversion
Rate by an amount in excess of limitations imposed by any shareholder approval rules or listing standards of any national securities exchange that are applicable to the Company, the Company will, at its option, either obtain stockholder approval of
any issuance of Common Stock upon conversion of the Securities in excess of such limitations or deliver cash in lieu of any shares of Common Stock otherwise deliverable upon conversions in excess of such limitations based on the Closing Sale Price,
in lieu of delivering shares of Common Stock, the Company delivers cash pursuant to this Section 10.06(o). 

  
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 (p) Notwithstanding this Section 10.06 and the other provisions of Article 10, if any
Conversion Rate adjustment becomes effective, or any Ex-Date (relating to a required Conversion Rate adjustment) occurs, the Board of Directors may make adjustments to the Conversion Rate or the number of shares of Common Stock issuable upon
conversion of the Securities, as may be necessary or appropriate to effect the intent of this Section 10.06 and the other provisions of Article 10 and to avoid unjust or inequitable results, as determined in good faith by the Board of
Directors. Any adjustment made pursuant to this Section 10.06(p) shall apply in lieu of the adjustment or other term that would otherwise be applicable. 
 Section 10.07. Effect of Reclassification, Consolidation, Merger or Sale. If any of the following events occur, namely: 

(a) any reclassification or change of the outstanding Common Stock (other than as a result of a subdivision or combination), 

(b) any consolidation or merger of the Company with or into another Person or 

(c) any sale, lease, transfer, conveyance or other disposition of all or substantially all of the Company’s assets and those of its
Subsidiaries taken as a whole to any other Person, 
 as a result of which holders of Common Stock shall be entitled to receive stock, other
securities or other property or assets (including cash or any combination thereof) with respect to or in exchange for such Common Stock, in each case, at the effective time of such transaction, the Company or the successor, purchasing corporation or
transferee, as the case may be, shall execute with, and deliver to, the Trustee a supplemental indenture (which shall comply with the Trust Indenture Act as in force at the date of execution of such supplemental indenture, if such supplemental
indenture is then required to so comply) providing that such Securities shall, without the consent of any Holders of Securities, become convertible into the kind and amount of shares of stock, other securities or other property or assets (including
cash or any combination thereof) (the “Applicable Consideration”) that such Holder would have been entitled to receive upon such reclassification, change, consolidation, merger, sale, lease, transfer, conveyance or other
disposition, had each $1,000 principal amount of Securities held by such Holder been converted into a number of shares of Common Stock equal to the Conversion Rate immediately prior to such reclassification, change, consolidation, merger, sale,
lease, transfer, conveyance or other disposition, except that at and 

  
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after the effective time of the transaction the number of shares of the Company’s Common Stock otherwise deliverable upon conversion of the Securities will instead be deliverable in the
amount and type of Applicable Consideration that a holder of that number of shares of the Company’s common stock would have received in such transaction and the VWAP Price will be calculated based on the value of a unit of Applicable
Consideration that a holder of one share of the Company’s Common Stock would have received in such transaction. If the transaction causes the Common Stock to be converted into, or exchanged for, or constitute solely the right to receive more
than a single type of consideration (determined based in part upon any form of stockholder election), the Applicable Consideration into which the Notes will be convertible or used to calculate the VWAP Price, as the case may be, will be deemed to be
the weighted average of the types and amounts of consideration received by the holders of Common Stock that affirmatively make such an election. The Company shall notify holders, the Trustee and the Conversion Agent in writing of that weighted
average as soon as practicable after such determination is made. The Company shall not become a party to any such transaction unless its terms are consistent with the foregoing. If, in the case of any such reclassification, change, consolidation,
merger, sale, lease, transfer, conveyance or other disposition, the stock or other securities and assets receivable thereupon by a holder of Common Stock includes shares of stock or other securities and assets of a corporation other than the
successor or purchasing corporation, as the case may be, in such reclassification, change, consolidation, merger, sale, lease, transfer, conveyance or other disposition, then such supplemental indenture shall also be executed by such other
corporation and shall contain such additional provisions to protect the interests of the Holders of the Securities as the Board of Directors shall reasonably consider necessary by reason of the foregoing, including to the extent practicable the
provisions providing for the conversion rights set forth in this Article 10. 
 The Company shall cause notice of the execution
of such supplemental indenture to be mailed to each Holder, at the address of such Holder as it appears on the register of the Securities maintained by the Registrar, within 20 days after execution thereof. Failure to deliver such notice shall not
affect the legality or validity of such supplemental indenture. 
 The above provisions of this Section 10.07 shall
similarly apply to successive reclassifications, changes, consolidations, mergers, sales, leases, transfers, conveyances or other dispositions. 
 Section 10.08. Taxes on Shares Issued. The issue of stock certificates on conversions of Securities shall be made without charge to the converting Holder of Securities for any documentary, stamp or
similar issue or transfer tax in respect of the issue thereof. The Company shall not, however, be required to pay any such tax which may be payable in respect of any transfer involved in the issue and 

  
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delivery of stock in any name other than that of the Holder of any Securities converted, and the Company shall not be required to issue or deliver any such stock certificate unless and until the
Person or Persons requesting the issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 

Section 10.09. Reservation of Shares, Shares to be Fully Paid; Compliance with Governmental Requirements; Listing of Common
Stock. The Company shall provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock to provide for the conversion of the Securities from time to time as such
Securities are presented for conversion. 
 Before taking any action which would cause an adjustment increasing the Conversion
Rate to an amount that would cause the Conversion Price to be reduced below the then par value, if any, of the shares of Common Stock issuable upon conversion of the Securities, the Company will take all corporate action which may, in the opinion of
its counsel, be necessary in order that the Company may validly and legally issue shares of such Common Stock at such adjusted Conversion Rate. 
 The Company covenants that all shares of Common Stock which may be issued upon conversion of Securities will upon issue be fully paid and non-assessable by the Company and free from all taxes, liens and
charges with respect to the issue thereof. 
 The Company covenants that, if any shares of Common Stock to be provided for the
purpose of conversion of Securities hereunder require registration with or approval of any governmental authority under any federal or state law before such shares may be validly issued upon conversion, the Company will in good faith and as
expeditiously as possible, to the extent then permitted by the rules and interpretations of the SEC (or any successor thereto), endeavor to secure such registration or approval, as the case may be. 

The Company further covenants that, if at any time the Common Stock shall be listed on The Nasdaq Global Select Market or any other
national securities exchange or automated quotation system, the Company will, if permitted by the rules of such exchange or automated quotation system, list and keep listed, so long as the Common Stock shall be so listed on such exchange or
automated quotation system, all Common Stock issuable upon conversion of the Securities; provided that if the rules of such exchange or automated quotation system permit the Company to defer the listing of such Common Stock until the first
conversion of the Securities into Common Stock in accordance with the provisions of this Indenture, the Company covenants to list such Common Stock issuable upon conversion of the Securities in accordance with the requirements of such exchange or
automated quotation system at such time. 

  
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 Section 10.10. Responsibility of Trustee. The Trustee and any other Conversion
Agent shall not at any time be under any duty or responsibility to any Holder of Securities to determine the Conversion Rate or whether any facts exist which may require any adjustment of the Conversion Rate, or with respect to the nature or extent
or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion Agent shall not be accountable with
respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any capital stock, other securities or other assets or property, which may at any time be issued or delivered upon the conversion of any Securities; and
the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock or
stock certificates or other securities or property or cash upon the surrender of any Securities for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article 10. Without
limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to
Section 10.07 relating either to the kind or amount of shares of capital stock or other securities or other assets or property (including cash) receivable by Holders of Securities upon the conversion of their Securities after any event referred
to in such Section 10.07 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 9.01, may accept as conclusive evidence of the correctness of any such provisions, and shall be protected in
conclusively relying upon, the Officers’ Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. 

Section 10.11. Notice to Holders Prior to Certain Actions. In case: 

(a) the Company shall declare a dividend (or any other distribution) on its Common Stock that would require an adjustment in the
Conversion Rate pursuant to Section 10.06; or 
 (b) the Company shall authorize the granting to the Holders of all or
substantially all of its Common Stock or rights or warrants to subscribe for or purchase any share of any class of its Capital Stock or any other rights or warrants that would require an adjustment in the Conversion Rate pursuant to
Section 10.06; 

  
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 (c) of any reclassification or reorganization of the Common Stock of the Company (other than
a subdivision or combination of its outstanding Common Stock, or a change in par value, or from par value to no par value, or from no par value to par value), or of any consolidation or merger to which the Company is a party and for which approval
of any stockholders of the Company is required, or of the sale or transfer of all or substantially all of the assets of the Company; or 
 (d) of the voluntary or involuntary dissolution, liquidation or winding up of the Company; 
 then
the Company shall cause to be filed with the Trustee and to be mailed to each Holder of Securities at its address appearing on the Register provided for in Section 2.05 of this Indenture, as promptly as possible but in any event at least ten
calendar days prior to the applicable date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution or rights or warrants, or, if a record is not to be taken, the date
as of which the holders of Common Stock of record to be entitled to such dividend, distribution or rights are to be determined, or (y) the date on which such reclassification, reorganization, consolidation, merger, sale, transfer, dissolution,
liquidation or winding up is expected to become effective or occur, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable upon
such reclassification, reorganization, consolidation, merger, sale, transfer, dissolution, liquidation or winding up; provided that a separate notice shall not be required under this Section if such notice has been effectively provided under
another provision of this Indenture. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or
winding up. 
 Section 10.12. Stockholder Rights Plans. To the extent that any stockholder rights plan (i.e., a
“poison pill”) adopted by the Company is in effect upon conversion of the Security, the converting Holder shall receive, in addition to any shares of Common Stock issued in connection with such conversion, the rights under the rights plan,
unless prior to such conversion, the rights plan has terminated or expired, all the rights have been redeemed or the rights have separated from the Common Stock. There shall be no adjustment to the Conversion Rate with respect to the adoption of any
such rights plan and the distribution of the rights with respect to shares of Common Stock, unless rights have separated from the Common Stock. If the rights provided for in any future rights plan adopted by the Company have separated from the
shares of Common Stock in accordance with the provisions of the applicable stockholder rights agreement so that the Holders of the Securities would not be entitled to receive any rights in respect of Common Stock issuable upon conversion of the
Securities, 

  
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the Conversion Rate will be adjusted as provided in Section 10.06(d), and will be further adjusted in the event of any events affecting such rights following any separation from the Common
Stock and subject to readjustment in the event of the expiration, termination or redemption of such rights. 
 Section 10.13.
Settlement Upon Conversion. As promptly as practicable after satisfaction of the requirements for conversion set forth in Section 10.02, but no later than the third Business Day thereafter, the Company shall issue and shall
deliver to such Holder at the office or agency maintained by the Company for such purpose pursuant to Section 4.02, a certificate or certificates for, or effect a book-entry transfer through the Depositary with respect to, the number of full
shares of Common Stock issuable upon the conversion of such Security or portion thereof in accordance with the provisions of this Article 10 and a check or cash in respect of any fractional interest in respect of a share of Common Stock arising upon
such conversion, as provided in Section 10.03 (which payment, if any, shall be paid no later than three Business Days after satisfaction of the requirements for conversion set forth above). Certificates representing shares of Common Stock will
not be issued or delivered unless all taxes and duties, if any, payable by the Holder have been paid or the Holder shall have established to the reasonable satisfaction of the Company that such taxes and duties have been paid. 

ARTICLE 11 

MISCELLANEOUS 
 Section 11.01. Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA,
the required provision shall control. 
 Section 11.02. Notices. Any notice or communication shall be in writing and
delivered in person or mailed by first-class mail addressed as follows: 
 if to the Company: 

Netflix, Inc. 100 Winchester Circle 
 Los Gatos, California 95032 
 Attention: Chief Financial Officer 

if to the Trustee: 
 Wells Fargo Bank, National Association 
 MAC E2818-176 

707 Wilshire Boulevard, 17th Floor 

  
 73 

 
Los Angeles, California 90017 
 Attention: Corporate Trust Services

 (Netflix Zero Coupon Sr. Conv. Notes Due 2018) 
 The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

Any notice or communication mailed to a Securityholder shall be mailed to the Securityholder at the Securityholder’s address as it
appears on the Register of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
 Failure to
mail a notice or communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other Securityholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the
addressee receives it. 
 With respect to any Global Security, references in this Indenture to any required “mailing”
of a notice shall be deemed to refer to any other means of notice consistent with the Depositary’s applicable procedures. 

Section 11.03. Communication by Securityholders with Other Securityholders. Securityholders may communicate pursuant to TIA
§ 312(b) with other Securityholders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 11.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the
Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 
 (a) an
Officers’ Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with; and 
 (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion
of such counsel, all such conditions precedent have been complied with. 

  
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 Section 11.05. Statements Required in Certificate or Opinion. Each
certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 

(a) a statement that the individual making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
 (c) a statement that, in the opinion of such individual, he has made such examination
or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with. 
 Section 11.06. When Securities Disregarded. In determining whether the Securityholders of the required principal amount of Securities have concurred in any direction, waiver or consent,
Securities owned by the Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be disregarded and deemed not to be outstanding, except that, for the purpose of
determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which a Responsible Officer of the Trustee knows are so owned shall be so disregarded. Subject to the foregoing, only Securities
outstanding at the time shall be considered in any such determination. 
 Section 11.07. Rules by Trustee, Paying Agent and
Registrar. The Trustee may make reasonable rules for action by or a meeting of Securityholders. The Registrar and the Paying Agent may make reasonable rules for their functions. 

Section 11.08. Legal Holidays. A “Legal Holiday” is a Saturday, a Sunday or a day on which banking
institutions or office of the Trustee are not required to be open in the State of New York. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the
intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 
 Section 11.09.
Governing Law; Waiver of Jury Trial. THIS INDENTURE AND THE SECURITIES, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO CHOICE OF LAWS OR CONFLICTS OF LAWS PROVISIONS THEREOF THAT WOULD REQUIRE THE APPLICATION OF 

  
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THE LAWS OF ANY OTHER JURISDICTION) . EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section
11.10. No Recourse Against Others. A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or this Indenture or for any claim based on, in
respect of or by reason of such obligations or their creation. By accepting a Security, each Securityholder shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Securities.

 Section 11.11. Successors. All agreements of the Company in this Indenture and the Securities shall bind its
successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 Section 11.12. Multiple Originals.
The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this
Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section
11.13. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof
and shall not modify or restrict any of the terms or provisions hereof. 
 Section 11.14. Calculations in Respect of the
Securities. The Company will be responsible for making all calculations called for under the Indenture or the Securities. These calculations include, but are not limited to, determinations of the Closing Sale Price of the Common Stock, accrued
interest payable on the Securities, the Conversion Rate and Conversion Price. The Company or its agents will make all these calculations in good faith and, absent manifest error, such calculations will be final and binding on Holders of the
Securities. The Company will provide a schedule of these calculations to each of the Trustee and the Paying Agent upon request, and each of the Trustee and Conversion Agent is entitled to conclusively rely upon the accuracy of such calculations
without independent 
 verification. The Trustee will forward these calculations to any Holder of the Securities upon written the request of that
Holder. 

  
 76 

 Section 11.15. Force Majeure. In no event shall the Trustee be responsible or liable
for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism,
civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use
reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 Section 11.16. U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to
help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this
Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

  
 77 

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

			
	NETFLIX, INC., as Issuer
		
	By:	 	 /s/ David Hyman

		 	Name: David Hyman
		 	Title: General Counsel and Secretary
	
	WELLS FARGO BANK, NATIONAL     ASSOCIATION, as Trustee
		
	By:	 	 /s/ Maddy Hall

		 	Name: Maddy Hall
		 	Title: Vice President

  

  
 78 

 EXHIBIT A 
 [FORM OF FACE OF SECURITY] 
 [INCLUDE THE FOLLOWING LEGEND IF A GLOBAL SECURITY]

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.] 
 [INCLUDE THE FOLLOWING LEGEND IF A RESTRICTED
SECURITY] 
 [THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE ACQUIRER: 
 (1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A
“QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

 (2) AGREES FOR THE BENEFIT OF NETFLIX, INC. (THE “COMPANY”)
THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED
BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 
 (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR 
 (B) PURSUANT TO
A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR 
 (C) TO A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 
 (D) PURSUANT TO AN EXEMPTION
FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER
EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 

 [INCLUDE THE FOLLOWING LEGEND IF AN AFFILIATE SECURITY 

THIS SECURITY AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY ARE HELD BY AN AFFILIATE OF THE COMPANY AND ARE SUBJECT TO ADDITIONAL
RESTRICTIONS ON TRANSFER UNDER RULE 144 UNDER THE SECURITIES ACT.] 

 Netflix, Inc. 
 Zero Coupon Senior Convertible Note Due 2018 
  

			
	No.             	 	Initially $            

 [CUSIP No.: [—]] 

[ISIN Number: [—]] 

Netflix, Inc., a Delaware corporation, promises to pay to [CEDE & CO., or its registered assigns]1, the principal sum of
             Dollars, [as revised by the Schedule of Increases or Decreases in Global Security attached hereto,]2 on December 1, 2018. 
 Interest Payment Dates: June 1 and December 1. 
 Interest Record Dates:
May 15 and November 15. 
 Reference is made to the further provisions of this Security set forth on the reverse
hereof, including, without limitation, provisions giving the Holder of this Security the right to convert this Security into shares of Common Stock on the terms and subject to the limitations referred to on the reverse hereof and as more fully
specified in the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Security shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been manually signed by the Trustee or a duly authorized authenticating
agent under the Indenture. 
  
  

	1 	 Use bracketed language for a Global Security. 

	2 	 Use bracketed language for a Global Security. 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed.

  

			
	NETFLIX, INC., as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: 
  

			
	 TRUSTEE’S CERTIFICATE OF      AUTHENTICATION

 
 Wells Fargo Bank, National Association, as
Trustee, certifies that this is one of the Securities referred to in the Indenture.

		
	By:	 	  

		 	Authorized Signatory

 [FORM OF REVERSE SIDE OF SECURITY] 

Netflix, Inc. 

Zero Coupon Senior Convertible Note Due 2018 
  

	1.	Interest 

 (a) NETFLIX,
INC., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), is the obligor of the Securities under the Indenture. The Securities
shall bear no interest other than Additional Interest, if any. Additional Interest, if any, shall be paid in the manner provided for in the Indenture. 
 (b) The Company may elect to pay Default Additional Interest on this Security as sole remedy for an Event of Default relating to a failure to file with the Trustee reports required under the Exchange Act.

  

	2.	Paying Agent, Registrar and Conversion Agent 

 Initially, Wells Fargo Bank, National Association, a national banking association (the “Trustee”), will act as Paying Agent, Registrar and Conversion Agent. The Company may appoint and
change any Paying Agent, Registrar or co-registrar or Conversion Agent without notice to Securityholders. The Company or any of its domestically incorporated wholly owned Subsidiaries may act as Paying Agent, Registrar or co-registrar, or Conversion
Agent. 
  

	3.	Indenture 

 The Company
issued the Securities under an Indenture dated as of November 28, 2011 (the “Indenture”), between the Company and the Trustee. The terms of the Securities include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined herein have the meanings ascribed
thereto in the Indenture (except as specifically provided in Section 1(b)). The Securities are subject to all such terms, and Securityholders are referred to the Indenture and the TIA for a statement of those terms. 

This Security is one of the Securities referred to in the Indenture issued in an initial aggregate principal amount of $200,000,000.
Additional Securities may be issued in accordance with the Indenture. The Indenture also imposes limitations on the ability of the Company to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of
the property of the Company. 

	5.	Conversion 

 In compliance
with the provisions of the Indenture, on or prior to the close of business on the Business Day immediately preceding the Maturity Date of this Security, the Holder hereof has the right, at its option, to convert each $1,000 principal amount of this
Security into a Common Stock, determined as set forth in the Indenture, based on a Conversion Rate of 11.6553 shares of Common Stock per $1,000 principal amount of Securities, as the same may be adjusted pursuant to the terms of the Indenture. In
addition, the Company may require the conversion of the Securities upon satisfaction of the conditions specified in the Indenture. 
  

	6.	Denominations, Transfer, Exchange 

 The Securities are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000. A Securityholder may transfer or exchange Securities in accordance with the Indenture.
Upon any transfer or exchange, the Registrar and the Trustee may require a Securityholder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the Indenture. 

 

	7.	Persons Deemed Owners 

The registered Holder of this Security may be treated as the owner of it for all purposes. 

 

	8.	Defaults and Remedies 

 If
an Event of Default (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding
Securities may declare the principal of and accrued but unpaid interest on all the Securities to be due and payable. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company occurs, the principal
of and interest on all the Securities will become immediately due and payable without any declaration or other act on the part of the Trustee or any Securityholder. 
  

	9.	No Recourse Against Others 

A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company
under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Securityholder waives and releases all such liability. The waiver and release are part
of the consideration for the issue of the Securities. 

	10.	Authentication 

 This
Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 

 

	11.	Abbreviations 

 Customary
abbreviations may be used in the name of a Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST
(=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
  

	[12.	CUSIP and ISIN Numbers 

 Pursuant to a recommendation promulgated by the Committee on Uniform Securities Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Securities and has directed
the Trustee to use CUSIP and ISIN numbers in notices of redemption as a convenience to Securityholders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and
reliance may be placed only on the other identification numbers placed thereon.]3 
  

	13.	Governing Law 

 THIS
SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CHOICE OF LAWS OR CONFLICTS OF LAWS PROVISIONS THEREOF THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

 The Company will furnish to any Holder of Securities upon written request and without charge to the Holder a copy of the
Indenture which has in it the text of this Security. 
  

	3 	 Use bracketed language for a Global Security. 

 CONVERSION NOTICE 

 

	TO:	NETFLIX, INC. 

 WELLS FARGO BANK,
NATIONAL ASSOCIATION, as Trustee 
 The undersigned registered owner of this Security hereby irrevocably exercises the option to
convert this Security, or the portion thereof (which is $1,000 or a multiple thereof) below designated, into, shares of Common Stock in accordance with the terms of the Indenture referred to in this Security, and directs that the check in payment
for cash in lieu of fractional shares and the shares issuable and deliverable upon such conversion and any Securities representing any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof unless a different
name has been indicated below. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture. If shares or any portion of this Security not converted are to be issued in the name of a person other than
the undersigned, the undersigned will provide the appropriate information below and pay all transfer taxes payable with respect thereto. Any amount required to be paid by the undersigned on account of interest accompanies this Security. 

 

							
	 Dated:
                                         
                                       

	 		 		 	  

				
		 		 		 	  

		 		 		 	Signature(s)
	  
 Signature
Guarantee
	 		 		 	
			
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an
approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 if shares of Common Stock are to be issued, or Notes are to be delivered, other than to and in the name of the registered holder.	 		 	

	
	Fill in for registration of shares if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder:
	
	  

	(Name)
	
	  

	(Street Address)
	
	  

	 (City, State and Zip Code)

Please print name and address

  

	
	 Principal amount to be converted (if less than all): $        ,000

 
 NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the
name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
  

 
 Social
Security or Other Taxpayer Identification Number

 [FORM OF CHANGE OF CONTROL REPURCHASE NOTICE] 

 

	TO:	NETFLIX, INC. 

 WELLS FARGO BANK,
NATIONAL ASSOCIAITON, as Trustee 
 The undersigned registered owner of this Security hereby irrevocably acknowledges receipt of
a notice from Netflix, Inc. (the “Company”) regarding the right of Holders to elect to require the Company to repurchase the Securities and requests and instructs the Company to repay the entire principal amount of this Security, or
the portion thereof (which is $1,000 or an integral multiple thereof) below designated, in accordance with the terms of the Indenture at the price of 120% of such entire principal amount or portion thereof, together with any accrued and unpaid
Additional Interest to, but excluding, the Fundamental Change Repurchase Date, to the registered Holder hereof. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture. The Securities shall be
repurchased by the Company as of the Change of Control Repurchase Date pursuant to the terms and conditions specified in the Indenture. 
  

			
	Dated:	 	  

  

			
	Signature(s):	 	  

		
		 	  

 NOTICE: The above signatures of the Holder(s) hereof must correspond with the name as written upon the face of the
Securities in every particular without alteration or enlargement or any change whatever. 
 Securities Certificate Number (if
applicable):
                                         
                        
 Principal amount to be repurchased (if less than all, must be $1,000 or integral multiples thereof):
                                         
        
 Social Security or Other Taxpayer Identification Number:
                     

 [FORM OF ASSIGNMENT] 

For value received
                                        
hereby sell(s) assign(s) and transfer(s) unto
                                        
(Please insert social security or other Taxpayer Identification Number of assignee) the within Securities, and hereby irrevocably constitutes and appoints
                                        
attorney to transfer said Securities on the books of the Company, with full power of substitution in the premises. 
 In
connection with any transfer of the Securities prior to the expiration of the holding period applicable to sales thereof under Rule 144(d) under the Securities Act (or any successor provision) (other than any transfer pursuant to a registration
statement that has been declared effective under the Securities Act), the undersigned confirms that such Securities are being transferred: 
  

	 ̈	To Netflix, Inc. or a subsidiary thereof; or 

  

	 ̈	To a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act of 1933, as amended; 

 

	 ̈	Pursuant to a Registration Statement which has been declared effective under the Securities Act of 1933, as amended, and which continues to be effective at the time of
transfer; or 

  

	 ̈	Pursuant to an exemption from registration provided by Rule 144 under the Securities Act of 1933, as amended, or any other available exemption from the registration
requirements of the Securities Act of 1933, as amended; 

 [and unless the Securities has been transferred to
Netflix, Inc. or a subsidiary thereof, the undersigned confirms that such Securities are not being transferred to an “affiliate” of the Company as defined in Rule 144 under the Securities Act of 1933, as amended.] 4 
 Unless one of the boxes is checked, the Trustee will refuse to register any of the Securities evidenced by this certificate in the name of any person other than the registered Holder thereof.

  

	4	 Use bracketed
language for a Global Security. 

			
	Dated:	 	  

  

	
	  
  

 

Signature(s)
  
 Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion
program pursuant to Securities and Exchange Commission Rule 17Ad-15 if Notes are to be delivered, other than to and in the name of the registered holder.

 
 Signature Guarantee

 NOTICE: The signature on this Assignment must correspond with the name as written upon the face of the Securities
in every particular without alteration or enlargement or any change whatever. 

 SCHEDULE OF INCREASES AND DECREASES IN GLOBAL SECURITY5 

The following increases or decreases in this Global Security have been made: 

 

									
	 Date
	  	Amount of decrease in
Principal Amount of this
Global Security	  	Amount of increase in
Principal Amount of this
Global Security	  	Principal Amount of this
Global Security following
such decrease or
increase	  	Signature of authorized
signatory of Trustee or
Securities Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	5 	 For Global Securities only.

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