Document:

Agreement dated November 21, 2005

 EXHIBIT 10.1 
  
  
 AGREEMENT DATED NOVEMBER 21, 2005 US$800,000,000 CREDIT
FACILITIES FOR INTERNATIONAL PAPER INVESTMENTS (LUXEMBOURG) S.ar.l. ARRANGED BY ABN AMRO BANK N.V., THE BANK OF TOKYO-MITSUBISHI LTD., NEW YORK BRANCH, BNP PARIBAS, CITIGROUP GLOBAL MARKETS LIMITED AND DEUTSCHE BANK AG, LONDON BRANCH WITH BNP
PARIBAS, AS FACILITY AGENT 
  
  
  

 Exhibit 10.1 
  

			
	EXECUTION COPY	 	

  

			
	 	 	Allen & Overy LLP
		
	 	 	  
 AGREEMENT
  
 DATED 21 NOVEMBER 2005
  
 US$800,000,000
 CREDIT
FACILITIES
  
 for
  
 INTERNATIONAL PAPER INVESTMENTS (LUXEMBOURG) S.à r.l.
  
 arranged by
  
 ABN AMRO BANK N.V.
  
 THE BANK OF TOKYO – MITSUBISHI LTD., NEW YORK
 BRANCH
  
 BNP PARIBAS
  
 CITIGROUP GLOBAL MARKETS LIMITED
  
 and
  
 DEUTSCHE BANK AG, LONDON BRANCH
  
 with
  
 BNP PARIBAS
  
 as Facility Agent

 CONTENTS 
  

					
	Clause

	 	 	  	Page

	1.	 	Interpretation	  	1
	2.	 	Facilities	  	13
	3.	 	Purpose	  	14
	4.	 	Conditions precedent	  	14
	5.	 	Utilisation - Loans	  	15
	6.	 	Optional Currencies	  	16
	7.	 	Repayment	  	19
	8.	 	Prepayment and cancellation	  	20
	9.	 	Interest	  	22
	10.	 	Terms	  	24
	11.	 	Market disruption	  	25
	12.	 	Taxes	  	26
	13.	 	Increased Costs	  	30
	14.	 	Mitigation	  	30
	15.	 	Payments	  	32
	16.	 	Guarantee	  	34
	17.	 	Representations	  	37
	18.	 	Information covenants	  	42
	19.	 	Financial covenants	  	44
	20.	 	General covenants	  	45
	21.	 	Default	  	49
	22.	 	The Administrative Parties	  	51
	23.	 	Evidence and calculations	  	56
	24.	 	Fees	  	56
	25.	 	Indemnities and Break Costs	  	57
	26.	 	Expenses	  	58
	27.	 	Amendments and waivers	  	59
	28.	 	Changes to the Parties	  	60
	29.	 	Disclosure of information	  	64
	30.	 	Set-off	  	64
	31.	 	Pro Rata Sharing	  	65
	32.	 	Severability	  	66
	33.	 	Counterparts	  	66
	34.	 	Notices	  	66
	35.	 	Language	  	68
	36.	 	USA Patriot Act	  	68
	37.	 	Governing law	  	68
	38.	 	Enforcement	  	68
	39.	 	Complete agreement	  	69

					
	Schedule

	  	Page

	1.	 	Original Parties	  	70
	2.	 	Conditions precedent documents	  	73
	 	 	Part 1        To be delivered before the first Request	  	73
	 	 	Part 2        For an Additional Borrower	  	75
	3.	 	Form of Request	  	77
	4.	 	Calculation of the Mandatory Cost	  	78
	5.	 	Form of Transfer Certificate	  	80
	6.	 	Existing Liens	  	82
	7.	 	Form of Compliance Certificate	  	83
	8.	 	Existing Facilities	  	85
	9.	 	Form of Accession Agreement	  	86
		
	Signatories	  	88

 THIS AGREEMENT is dated 21 November 2005 (the Agreement) 

 
 BETWEEN: 
  

	(1)	INTERNATIONAL PAPER INVESTMENTS (LUXEMBOURG) S.à r.l. a company incorporated under the laws of Luxembourg (registered number B90703) with its registered office at 65,
Boulevard Grande-Duchesse Charlotte, L-1331 Luxembourg (the Company); 

  

	(2)	INTERNATIONAL PAPER COMPANY a company incorporated under the laws of the State of New York, U.S.A. (the Guarantor); 

  

	(3)	ABN AMRO Bank N.V., BNP PARIBAS and CITIGROUP GLOBAL MARKETS LIMITED as bookrunners (the Bookrunners); 

  

	(4)	ABN AMRO BANK N.V., THE BANK OF TOKYO-MITSUBISHI LTD., NEW YORK BRANCH, BNP PARIBAS, CITIGROUP GLOBAL MARKETS LIMITED and DEUTSCHE BANK AG, LONDON BRANCH as mandated
lead arrangers (in this capacity the Mandated Lead Arrangers); 

  

	(5)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (Original Parties) as original lenders (the Original Lenders); and 

  

	(6)	BNP PARIBAS as facility agent (in this capacity the Facility Agent). 

  
 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

  
 In this Agreement: 
  
 Accession Agreement means a letter, substantially in the form of Schedule 9 (Form of Accession Agreement), with such amendments as the Facility
Agent and the Guarantor may agree. 
  
 Additional Borrower
means any Wholly Owned Subsidiary of the Guarantor which becomes a Borrower after the date of this Agreement. 
  
 Administrative Party means a Bookrunner, a Mandated Lead Arranger or the Facility Agent. 
  
 Affiliate means, with respect to a specified Person, another Person
that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
  
 Agency Fee Letter means the letter entered into between the Company and BNP Paribas, dated on or about the date of this Agreement and relating to
the agency fee to be paid under Clause 24.1 (Facility Agent’s fee) 
  
 Arrangement Fee Letter means the letter entered into between the Company, ABN AMRO Bank N.V. and BNP Paribas, dated on or about the date of this Agreement and setting out the arrangement fee to be paid under
Clause 24.2 (Arrangement fee) and relating to the participation fee to be paid under Clause 24.3 (Participation fee). 
  

 1 

 Availability Period means the period from and including the date of this Agreement to and
including: 
  

	 	(a)	for a Term Loan, the date falling 90 days from the date of this Agreement; and 

  

	 	(b)	for a Revolving Credit Loan, the date falling one month before the Final Maturity Date for Revolving Credit Loans. 

  
 Bankruptcy Code means the United States Bankruptcy Code 1978 as
amended or any other United States Federal of State bankruptcy, insolvency or similar law. 
  
 Board means the Board of Governors of the Federal Reserve System of the United States of America (or any successor). 
  
 Borrower means the Company or an Additional Borrower. 
  
 Break Costs means the amount (if any) which a Lender is entitled to receive under Clause 25.3 (Break Costs) as compensation if any part of a
Loan or overdue amount is repaid or prepaid. 
  
 Business
Day means a day (other than a Saturday or a Sunday) on which banks are open for general business in London, Paris and New York City and: 
  

	 	(a)	if on that day a payment in or a purchase of a currency (other than euro) is to be made, the principal financial centre of the country of that currency; or 

 

	 	(b)	if on that day a payment in or a purchase of euro is to be made, which is also a TARGET Day. 

  
 Capital Lease Obligations means, as to any Person, the obligations of such Person to pay rent or other amounts under
a lease of (or other agreement conveying the right to use) real and/or personal property which obligations are required to be classified and accounted for as a capital lease on a balance sheet of such Person under GAAP (including Statement of
Financial Accounting Standards No. 13 of the Financial Accounting Standards Board) and, for the purposes of this Agreement, the amount of such obligations shall be the capitalised amount thereof, determined in accordance with GAAP (including
such Statement No. 13). 
  
 Code means the Internal
Revenue Code of 1986, as amended from time to time. 
  
 Commitment means: 
  

	 	(a)	for an Original Lender, the amount set opposite its name in Schedule 1 (Original Parties) under the heading Commitments and the amount of any other Commitment it acquires;
and 

  

	 	(b)	for any other Lender, the amount of any Commitment it acquires, 

  
 under a particular Facility to the extent not cancelled, transferred or reduced under this Agreement. 
  
 Compliance Certificate means a certificate substantially in the form
of Schedule 7 (Form of Compliance Certificate) setting out, among other things, calculations of the financial covenants. 
  
 Consolidated Net Worth means, as at any time, the sum of the following for the Guarantor and its Consolidated Subsidiaries determined on a
consolidated basis (without duplication) in accordance with GAAP: 
  

	 	(a)	the amount of capital stock; plus 

  

 2 

	 	(b)	the amount of surplus and retained earnings (or, in the case of a surplus or retained earnings deficit, minus the amount of such deficit); minus

  

	 	(c)	the cost of treasury shares, 

  
 provided, however, the foregoing calculation shall not take into account any impairment of goodwill arising under FASB 142. 
  
 Consolidated Subsidiary means, as to any Person, each Subsidiary of
such Person (whether now existing or hereafter created or acquired) the financial statements of which shall be (or should have been) consolidated with the financial statements of such Person 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 Document means: 
  

	 	(a)	this Agreement; or 

  

	 	(b)	an Accession Agreement. 

  
 dollar and US$ denote the lawful currency of the United States of America. 
  
 dollar Amount of a Loan or part of a Loan means: 
  

	 	(a)	if the Loan is denominated in dollars, its amount; 

  

	 	(b)	if the Loan is a Term Loan denominated in an Optional Currency, its equivalent in dollars as if it had first been drawn down and had remained denominated in dollars, adjusted to
reflect any repayment, prepayment, consolidation or splitting of that Term Loan; or 

  

	 	(c)	in the case of any other Loan denominated in an Optional Currency, its equivalent in dollars calculated on the basis of the Agent’s Spot Rate of Exchange one Business Day
before the Rate Fixing Day for that Term. 

  
 Environmental Laws means any and all Federal, state, local and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licences, agreements or other governmental
restrictions relating to the environment or to emissions, discharges, releases or threatened releases of pollutants, contaminants, chemicals, or industrial, toxic or hazardous substances or wastes into the environment including ambient air, surface
water, ground water, or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport, or handling of pollutants, contaminants, chemicals, or industrial, toxic or hazardous substances or
wastes. 
  
 ERISA means the Employee Retirement Income
Security Act of 1974, as amended from time to time. 
  
 ERISA
Affiliate means any corporation or trade or business which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Guarantor or is under common control (within the meaning of
Section 414(c) of the Code) with the Guarantor. 
  

 3 

 EURIBOR means for a Term of any Loan or overdue amount in euro: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	if no Screen Rate is available for that Term of that Loan or overdue amount, the arithmetic mean (rounded upward to four decimal places) of the rates as supplied to the Facility
Agent at its request quoted by the Reference Banks to leading banks in the European interbank market, 

  
 as of 11.00 a.m. (Brussels time) on the Rate Fixing Day for the offering of deposits in euro for a period comparable to that Term. 
  
 euro or € means the single currency of the
Participating Member States. 
  
 Event of Default means an
event specified as such in Clause 21 (Default). 
  
 Excluded
Taxes means any Tax other than a Tax that is imposed on or calculated with reference to net income of a Finance Party in respect of any income imputed to such Finance Party on account of a Gross-Up Payment (as defined in Clause 12.2(c) (Tax
gross-up)). 
  
 Facility means the Revolving Credit
Facility or the Term Loan Facility. 
  
 Facility Office
means the office(s) notified by a Lender to the Facility Agent: 
  

	 	(a)	on or before the date it becomes a Lender; or 

  

	 	(b)	by not less than five Business Days’ notice, 

  
 as the office(s) through which it will perform its obligations under this Agreement. 
  
 Fee Letter means the Arrangement Fee Letter, the Agency Fee Letter or any letter entered into by reference to this
Agreement between one or more Administrative Parties and the Company setting out the amount of certain fees referred to in this Agreement. 
  
 Final Maturity Date means: 
  

	 	(a)	in relation to Term Loans, the fifth anniversary of the date of this Agreement; and 

  

	 	(b)	in relation to Revolving Credit Loans, the date falling 364 days after the date of this Agreement. 

  
 Finance Document means: 
  

	 	(a)	this Agreement; 

  

	 	(b)	a Fee Letter; 

  

	 	(c)	a Transfer Certificate; 

  

	 	(d)	an Accession Agreement; or 

  

	 	(e)	any other document designated as such by written agreement of both the Facility Agent and the Company. 

  
 Finance Party means a Lender or an Administrative Party. 
  

 4 

 GAAP means generally accepted accounting principles applied on a basis consistent with those
which, in accordance with Clause 18.2 (Form of financial statements), are to be used in making the calculations for purposes of determining compliance with the terms of this Agreement. 
  
 Governmental Authority means the government of the United States of America, Luxembourg, the jurisdiction of
incorporation of each Additional Borrower, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
  
 Group means the Guarantor and its Consolidated Subsidiaries. 
  
 Guarantee means a guarantee, an endorsement, a contingent agreement to purchase or to furnish funds for the payment
or maintenance of, or otherwise to be or become contingently liable under or with respect to, the Indebtedness, other obligations, net worth, working capital or earnings of any Person, or a guarantee of the payment of dividends or other
distributions upon the stock of any corporation, or an agreement to purchase, sell or lease (as lessee or lessor) property, products, materials, supplies or services primarily for the purpose of enabling a debtor to make payment of his, her or its
obligations or an agreement to assure a creditor against loss, and including causing a bank to open a letter of credit for the benefit of another Person, but excluding endorsements for collection or deposit in the ordinary course of business. The
terms Guarantee and Guaranteed used as a verb shall have a correlative meaning. 
  
 IBOR means LIBOR or EURIBOR. 
  
 Increased Cost means: 
  

	 	(a)	an additional or increased cost; 

  

	 	(b)	a reduction in the rate of return from a Facility or on its overall capital; or 

  

	 	(c)	a reduction of an amount due and payable under any Finance Document, 

  
 which is incurred or suffered by a Finance Party or any of its Affiliates but only to the extent attributable to that Finance Party having entered into
any Finance Document or funding or performing its obligations under any Finance Document. 
  
 Indebtedness means, as to any Person: 
  

	 	(a)	indebtedness created, issued or incurred by such Person for borrowed money (whether by loan or the issuance and sale of debt securities); 

  

	 	(b)	obligations of such Person to pay the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and
accrued expenses incurred, in the ordinary course of business so long as such trade accounts payable are payable within 90 days of the date the respective goods are delivered or the respective services are rendered; 

  

	 	(c)	indebtedness of others secured by a Lien on the property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person;

  

	 	(d)	obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for the account of such Person;

  

 5 

	 	(e)	Capital Lease Obligations of such Person; and 

  

	 	(f)	Indebtedness of others Guaranteed by such Person. 

  
 Information Package means the confidential information package dated October 2005 prepared by the Mandated Lead Arrangers based on information
received from the Guarantor for the purpose of providing information with regard to the Group in connection with this Agreement. 
  
 Lender means: 
  

	 	(a)	an Original Lender; or 

  

	 	(b)	any person which becomes a Lender after the date of this Agreement. 

  
 LIBOR means for a Term of any Loan or overdue amount denominated in any currency other than euro: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	if no Screen Rate is available for the relevant currency or Term of that Loan or overdue amount, the arithmetic mean (rounded upward to four decimal places) of the rates, as
supplied to the Facility Agent at its request, quoted by the Reference Banks to leading banks in the London interbank market, 

  
 as of 11.00 a.m. (London time) on the Rate Fixing Day for the offering of deposits in the currency of that Loan or overdue amount for a period comparable
to that Term. 
  
 Lien means, with respect to any asset,
any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset. For the purposes of this Agreement, the Guarantor or any of its Subsidiaries shall be deemed to own subject to a Lien any asset which it has
acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset. 
  
 Loan means, unless otherwise stated in this Agreement, the principal amount of each borrowing under this Agreement or
the principal amount outstanding of that borrowing. 
  
 Luxembourg Obligor means an Obligor incorporated in Luxembourg. 
  
 Majority Lenders means, at any time, Lenders: 
  

	 	(a)	whose share in the outstanding Loans then aggregate 66 2/3 per cent. or more of the aggregate of all the outstanding Loans; 

  

	 	(b)	if there is no Loan then outstanding, whose undrawn Commitments then aggregate 66 2/3 per cent. or more of the Total Commitments; or 

  

	 	(c)	if there is no Loan then outstanding and the Total Commitments have been reduced to zero, whose Commitments aggregated 66 2/3 per cent. or more of the Total Commitments
immediately before the reduction. 

  
 Mandatory
Cost means the percentage rate per annum calculated by the Facility Agent under Schedule 4 (Calculation of the Mandatory Cost). 
  
 Margin means the rate per annum calculated in accordance with Clause 9.3 (Margin adjustments). 
  

 6 

 Margin Stock means margin stock within the meaning of Regulations U and X. 
  
 Material Adverse Effect means a material adverse change in, or
material adverse effect on the business, results of operations or financial condition of the Guarantor and its Subsidiaries taken as a whole. 
  
 Material Subsidiaries means, at any time, (a) the Company, (b) any Borrower, and (c) any Subsidiary of the Guarantor that has total
assets equal to 5 per cent. or more of Consolidated Net Worth. 
  
 Moody’s means Moody’s Investors Service Limited or any successor to its rating business. 
  
 Multiemployer Plan means a multiemployer plan defined as such in Section 3(37) of ERISA to which contributions have been made by the Guarantor
or any ERISA Affiliate and which is covered by Title IV of ERISA. 
  
 Obligor means the Company, a Borrower or the Guarantor. 
  
 Original Financial Statements means the audited consolidated financial statements of the Group for the year ended 31 December 2004. 
  
 Original Obligor means the Company or the Guarantor. 
  
 Participating Member State means a member state of the European Communities that adopts or has adopted the euro as
its lawful currency under the legislation of the European Community for Economic Monetary Union. 
  
 Party means a party to this Agreement. 
  
 PBGC means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA. 
  
 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 or other plan established or maintained by the Guarantor or any ERISA Affiliate and which is covered by Title IV of
ERISA, other than a Multiemployer Plan. 
  
 Potential Event of
Default means any event or condition which upon notice, expiry of any applicable grace period or both would, unless cured or waived, become an Event of Default. 
  
 Project Indebtedness means Indebtedness of the Guarantor or any Subsidiary incurred to finance the acquisition,
construction or development of Project Assets; provided that (a) such Indebtedness is non-recourse to any other assets and (b) the aggregate principal amount of such Indebtedness for the Guarantor and its Subsidiaries taken as a whole may
at no time exceed US$425,000,000. 
  
 Pro Rata Share
means: 
  

	 	(a)	for the purpose of determining a Lender’s share in a utilisation of a Facility, the proportion which its Commitment under that Facility bears to all the Commitments under that
Facility; and 

  

	 	(b)	for any other purpose on a particular date: 

  

	 	(i)	the proportion which a Lender’s share of the Loans (if any) bears to all the Loans; 

  

 7 

	 	(ii)	if there is no Loan outstanding on that date, the proportion which its Commitment bears to the Total Commitments on that date; 

  

	 	(iii)	if the Total Commitments have been cancelled, the proportion which its Commitments bore to the Total Commitments immediately before being cancelled; or 

  

	 	(iv)	when the term is used in relation to a Facility, the above proportions but applied only to the Loans and Commitments for that Facility. 

  
 For the purpose of subparagraph (iv) above, the Facility Agent will
determine, in the case of a dispute whether the term in any case relates to a particular Facility. 
  
 Rate Fixing Day means: 
  

	 	(a)	the second Business Day before the first day of a Term for a Loan denominated in any currency (other than euro); or 

  

	 	(b)	the second TARGET Day before the first day of a Term for a Loan denominated in euro, 

  
 or such other day as the Facility Agent determines is generally treated as the rate fixing day by market practice in the
relevant interbank market. 
  
 Reference Banks means the
Facility Agent, ABN AMRO Bank N.V. and Citibank International plc and any other bank or financial institution appointed as such by the Facility Agent under this Agreement. 
  
 Regulations D, U and X means, respectively, Regulations D, U and X of the Board, as the same may be amended or
supplemented from time to time. 
  
 Repeating
Representations means the representations which are deemed to be repeated under Clause 17.21 (Times for making representations). 
  
 Request means a request for a Loan, substantially in the form of Schedule 3 (Form of Request). 
  
 Revolving Credit Commitment means: 
  

	 	(a)	for an Original Lender, the amount set opposite its name in Schedule 1 (Original Parties) under the heading Revolving Credit Commitments and the amount of any other Revolving
Credit Commitment it acquires; and 

  

	 	(b)	for any other Lender, the amount of any Revolving Credit Commitment it acquires, 

  
 to the extent not cancelled, transferred or reduced under this Agreement. 
  
 Revolving Credit Facility means the revolving credit facility made
available under this Agreement. 
  
 Revolving Credit Loan
means a Loan under the Revolving Credit Facility and identified as such in its Request. 
  
 S&P means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. or any successor to its rating business. 
  

 8 

 Screen Rate means: 
  

	 	(a)	for LIBOR, the British Bankers Association Interest Settlement Rate; and 

  

	 	(b)	for EURIBOR, the percentage rate per annum determined by the Banking Federation of the European Union, 

  
 for the relevant currency and Term displayed on page 3740 or 3750 in respect of LIBOR and page 248 in respect of EURIBOR in
each case of the Telerate screen. If the relevant page is replaced or the service ceases to be available, the Facility Agent (after consultation with the Company and the Lenders) may specify another page or service displaying the appropriate rate.

  
 Solvent means, as to any Person, that, as of any date
of determination, (a) the amount of the “present fair saleable value” of the assets of such Person shall, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as
such terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person shall, as of such date, be greater than the
amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured; (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business,
and (d) such Person shall be able to pay its debts as they mature. For purposes of this definition, (i) debt means liability on a claim, and (ii) claim means any (A) right to payment, whether or not such a
right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (B) right to an equitable remedy for breach of performance if such breach gives rise
to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 
  
 Subsidiary means, as to any Person: 
  

	 	(a)	any corporation of which at least a majority of the outstanding shares of stock whose class or classes have by the terms thereof ordinary voting power to elect a majority of the
board of directors of such corporation (irrespective of whether or not at the time stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time directly
or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person; and 

  

	 	(b)	any partnership or other entity in which such Person and/or one or more Subsidiaries of such Person shall have an ownership or controlling interest (whether in the form of voting or
participation in profits or capital contribution) of more than 50 per cent. 

  
 Tangible Assets means, at any time, Total Assets minus the sum of the items identified in paragraph (c) of the defined term Tangible Net
Worth. 
  
 Tangible Net Worth means, as at any time, the
sum of the following for the Guarantor and its Consolidated Subsidiaries determined on a consolidated basis (without duplication) in accordance with GAAP and based on the latest published audited consolidated balance sheet of the Guarantor:

  

	 	(a)	the amount of capital stock; plus 

  

	 	(b)	the amount of surplus and retained earnings (or, in the case of a surplus or retained earnings deficit, minus the amount of such deficit); minus 

  

	 	(c)	the sum of the following: cost of treasury shares and the book value of all assets of the Guarantor and its Consolidated Subsidiaries which should be classified as intangibles
(without duplication of deductions in respect of items already deducted in arriving at surplus 

  

 9 

 and retained earnings) but in any event including goodwill, research and development costs, trademarks,
trade names, copyrights, patents and franchises, unamortized debt discount and expense, and any write up in the book value of assets resulting from a revaluation thereof subsequent to 30 September 2005 (other than any write-up, at the time of
its acquisition, in the book value of any asset acquired subsequent to 30 September 2005). 
  
 TARGET Day means a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system is open for the settlement
of payments in euro. 
  
 Tax means any tax, levy, impost,
duty or other charge or withholding of a similar nature (including any related penalty or interest). 
  
 Tax Deduction means a deduction or withholding for or on account of Tax from a payment under a Finance Document. 
  
 Tax Payment means a payment made by an Obligor to a Finance Party in
any way relating to a Tax Deduction or under any indemnity given by that Obligor in respect of Tax under any Finance Document. 
  
 Term means each period determined under this Agreement by reference to which interest on a Loan or an overdue amount is calculated. 
  
 Term Loan means a Loan under the Term Loan Facility and identified as
such in its Request. 
  
 Term Loan Commitment means:

  

	 	(a)	for an Original Lender, the amount set opposite its name in Schedule 1 (Original Parties) under the heading Term Loan Commitments and the amount of any other Term Loan
Commitment it acquires; and 

  

	 	(b)	for any other Lender, the amount of any other Term Loan Commitment it acquires, 

  
 to the extent not cancelled, transferred or reduced under this Agreement. 
  
 Term Loan Facility means the term loan facility made available under
this Agreement. 
  
 Total Assets means, at any time, the
total assets of the Guarantor and its Consolidated Subsidiaries at such time determined on a consolidated basis (without duplication) in accordance with GAAP. 
  

Total Capital means, at any date, Consolidated Net Worth plus Total Debt , each determined as of such date. 
  
 Total Commitments means the aggregate of the Commitments of all the
Lenders. 
  
 Total Debt means, at any time, the aggregate
outstanding principal amount of all Indebtedness of the Guarantor and its Consolidated Subsidiaries at such time determined on a consolidated basis (without duplication) in accordance with GAAP. 
  
 Total Term Loan Commitments means the aggregate of the Term Loan
Commitments of all the Lenders, being the total amount specified as such in Schedule 1 (Original Parties) at the date of this Agreement. 
  
 Total Revolving Credit Commitments means the aggregate of the Revolving Credit Commitments of all the Lenders, being the total amount specified as
such in Schedule 1 (Original Parties) at the date of this Agreement. 
  

 10 

 Trading Contract means a contract entered into for purely commercial purposes by a Finance Party
with an Obligor which relates to its trading activities and which is not related to any banking business which is conducted between the contracting parties. 
  
 Transactions means collectively, the transactions contemplated under this Agreement. 
  
 Transfer Certificate means a certificate, substantially in the form of Schedule 5 (Form of Transfer Certificate),
with such amendments as the Facility Agent may approve or reasonably require or any other form agreed between the Facility Agent and the Company. 
  
 U.K. means the United Kingdom. 
  
 Utilisation Date means each date on which a Facility is utilised. 
  
 Wholly Owned Subsidiary means, as to any Person, any Subsidiary of such Person all of the shares or ownership
interests of which, other than (in the case of a corporation) directors’ qualifying shares, are owned or controlled directly or indirectly by such Person. 
  

	1.2	Construction 

  

	(a)	In this Agreement, unless the contrary intention appears, a reference to: 

  

	 	(i)	an amendment includes a supplement, novation, restatement or re-enactment and amended will be construed accordingly; 

  

	 	(ii)	assets includes present and future properties, revenues and rights of every description; 

  

	 	(iii)	an authorisation includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration or notarisation; 

  

	 	(iv)	disposal means a sale, transfer, grant, lease or other disposal, whether voluntary or involuntary, and dispose will be construed accordingly; 

 

	 	(v)	indebtedness includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money; 

  

	 	(vi)	know your customer requirements are the identification checks that a Finance Party requests in order to meet its obligations under any applicable law or regulation to
identify a person who is (or is to become) its customer; 

  

	 	(vii)	a regulation includes any regulation, rule or official directive (whether or not having the force of law but, if not having the force of law, being of a type with which any
person to which it applies are obliged to comply) of any governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

  

	 	(viii)	a currency is a reference to the lawful currency for the time being of the relevant country; 

  

					
	(ix)	  	(A)	  	an Event of Default being outstanding means that it has not been remedied or waived and any applicable grace period in relation thereto has expired;
			
	 	  	(B)	  	a Potential Event of Default being outstanding means that it has not been remedied or waived;

  
  
  

 11 

	 	(x)	a provision of law is a reference to that provision as extended, applied, amended or re-enacted and includes any subordinate legislation; 

  

	 	(xi)	a Clause, a Subclause or a Schedule is a reference to a clause or subclause of, or a schedule to, this Agreement; 

  

	 	(xii)	a Party or any other person includes its successors in title, permitted assigns and permitted transferees; 

  

	 	(xiii)	a Finance Document or another document is a reference to that Finance Document or other document as amended; and 

  

	 	(xiv)	a time of day is a reference to Paris time. 

  

	(b)	Unless the contrary intention appears, a reference to a month or months is a reference to a period starting on one day in a calendar month and ending on the
numerically corresponding day in the next calendar month or the calendar month in which it is to end, except that: 

  

	 	(i)	if the numerically corresponding day is not a Business Day, the period will end on the next Business Day in that month (if there is one) or the preceding Business Day (if there is
not); 

  

	 	(ii)	if there is no numerically corresponding day in that month, that period will end on the last Business Day in that month; and 

  

	 	(iii)	notwithstanding subparagraph (i) above, a period which commences on the last Business Day of a month will end on the last Business Day in the next month or the calendar month
in which it is to end, as appropriate. 

  

	(c)	Unless expressly provided to the contrary in a Finance Document, a person who is not a party to a Finance Document may not enforce any of its terms under the Contracts (Rights of
Third Parties) Act 1999 and, notwithstanding any term of any Finance Document, no consent of any third party is required for any variation (including any release or compromise of any liability) or termination of any Finance Document.

  

	(d)	Unless the contrary intention appears: 

  

	 	(i)	a reference to a Party will not include that Party if it has ceased to be a Party under this Agreement; 

  

	 	(ii)	a word or expression used in any other Finance Document or in any notice given in connection with any Finance Document has the same meaning in that Finance Document or notice as in
this Agreement; and 

  

	 	(iii)	any obligation of an Obligor under the Finance Documents which is not a payment obligation remains in force for so long as any payment obligation of an Obligor is or may be
outstanding under the Finance Documents. 

  

	(e)	The headings in this Agreement do not affect its interpretation. 

  

	1.3	Luxembourg Terms 

  
 In this Agreement a reference to: 
  

	 	(a)	a composition, assignment or similar arrangement with any creditor includes a juge délégué appointed under the Luxembourg Act dated 14 April
1886; 

  

 12 

	 	(b)	a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrator receiver, administrator or similar officer includes any:

  

	 	(i)	juge-commissaire and/or insolvency receiver (curateur) appointed under the Luxembourg Commercial Code; 

  

	 	(ii)	liquidateur appointed under Articles 141 to 151 of the Luxembourg Act dated 10th August, 1915; 

  

	 	(iii)	juge-commissaire and/or liquidateur appointed under Article 203 of the Luxembourg Act dated 10 August 1915 on commercial companies; and 

 

	 	(iv)	commissaire appointed under the Grand-Ducal Decree dated 24 May 1935 or under Articles 593 to 614 of the Luxembourg Commercial Code. 

  

	1.4	Belgian terms 

  
 In this Agreement a reference to: 
  

	 	(a)	a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrator receiver, administrator or similar officer includes any
curator/curateur, verefferaar, liquidateur, voorlopig bewindvoerder/adminstrateur judiciaire, commissaris inzake opschorting/commissaire au sursis and sekwester/séquestre; 

  

	 	(b)	a Lien includes any mortgage (hypotheek/hypothèque), pledge (pand/nantissement), privilege (voorrecht/privilège), retention of title
(eigendomsvoorbehoud/réserve de propriété), any real surety (zakelijke zekerheid/sûreté réelle), any transfer by way of security (overdracht ten titel van zekerheid/transfert à titre
de garantie) and any promise or mandate to create any of the Liens mentioned above; 

  

	 	(c)	a person being unable to pay its debts is that person being in a state of cessation of payments (staking van betaling/cessation de paiements);

  

	 	(d)	a composition includes any gerechtelijk akkoord/concordat judiciaire; winding up, administration or dissolution includes any vereffening/liquidation,
ontbinding/dissolution, faillissement/faillite and sluiting van een onderneming/fermeture d’enterprise]; attachment, sequestration, distress, execution or analogous events includes any uitvoerend beslag/saisie
exécutoire and bewarend beslag/saisie conservatoire. 

  

	2.	FACILITIES 

  

	2.1	Term Loan Facility 

  
 Subject to the terms of this Agreement, the Lenders make available to the Borrowers a term loan facility in an aggregate amount equal to the Total Term
Loan Commitments. 
  

	2.2	Revolving Credit Facility 

  
 Subject to the terms of this Agreement, the Lenders make available to the Borrowers a revolving credit facility in an aggregate amount equal to the Total
Revolving Credit Commitments. 
  

	2.3	Nature of a Finance Party’s rights and obligations 

  
 Unless all the Finance Parties agree otherwise: 
  

	 	(a)	the obligations of a Finance Party under the Finance Documents are several; 

  

 13 

	 	(b)	failure by a Finance Party to perform its obligations does not affect the obligations of any other Party under the Finance Documents except as set forth in this Agreement;

  

	 	(c)	no Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents; 

  

	 	(d)	the rights of a Finance Party under the Finance Documents are separate and independent rights; 

  

	 	(e)	a Finance Party may, except as otherwise stated in the Finance Documents, separately enforce those rights; and 

  

	 	(f)	a debt arising under the Finance Documents to a Finance Party is a separate and independent debt. 

  

	3.	PURPOSE 

  

	3.1	Term Loans 

  
 Each Term Loan may only be used for general corporate purposes. 
  

	3.2	Revolving Credit Loans 

  
 Each Revolving Credit Loan may only be used for general corporate and working capital purposes. 
  

	3.3	No obligation to monitor 

  
 No Finance Party is bound to monitor or verify the utilisation of a Facility. 
  

	4.	CONDITIONS PRECEDENT 

  

	4.1	Conditions precedent documents 

  
 A Request may not be given until the Facility Agent has notified the Company and the Lenders that it has received all of the documents and evidence set
out in Schedule 2 (Conditions precedent documents) in form and substance satisfactory to the Facility Agent. The Facility Agent must give this notification to the Company and the Lenders promptly upon being so satisfied. 
  

	4.2	Further conditions precedent 

  
 The obligations of each Lender to participate in any Loan are subject to the further conditions precedent that on both the date of the Request and the
Utilisation Date for that Loan: 
  

	 	(a)	the Repeating Representations are correct in all material respects; and 

  

	 	(b)	no Potential Event of Default or Event of Default is outstanding or would result from the Loan. 

  

	4.3	Maximum number 

  
 Unless the Facility Agent agrees, a Request may not be given if, as a result, there would be: 
  

	 	(a)	more than seven Term Loans outstanding; or 

  

 14 

	 	(b)	more than ten Revolving Credit Loans outstanding. 

  

	5.	UTILISATION - LOANS 

  

	5.1	Giving of Requests 

  

	(a)	A Borrower may borrow a Loan by the Company giving on its behalf to the Facility Agent a duly completed Request. 

  

	(b)	Unless the Facility Agent otherwise agrees, the latest time for receipt by the Facility Agent of a duly completed Request is 11.00 a.m. (i) three Business Days in respect of a
Loan denominated in any currency (other than euro and dollars), (ii) one Business Day in respect of a Loan denominated in dollars and (iii) one TARGET day in respect of a Loan denominated in euro, in each case before the Rate Fixing Day
for the proposed borrowing. 

  

	(c)	Each Request is irrevocable. 

  

	(d)	Each Borrower (other than the Company) authorises the Company to give a Request on its behalf and to agree on any other matters in relation to the Facilities which are specifically
contemplated under this Agreement. 

  

	5.2	Completion of Requests 

  
 A Request for a Loan will not be regarded as having been duly completed unless: 
  

	 	(a)	it identifies the Borrower; 

  

	 	(b)	it identifies the Facility the Loan applies to; 

  

	 	(c)	the Utilisation Date is a Business Day falling within the Availability Period; 

  

	 	(d)	the amount of the Loan requested is: 

  

	 	(i)	a minimum of US$25,000,000 (in the case of a Term Loan) or US$5,000,000 (in the case of a Revolving Credit Loan) or an amount which complies with Clause 6 (Optional Currencies) and
an integral multiple of 1,000,000 units of that currency; 

  

	 	(ii)	the maximum undrawn amount available under the relevant Facility on the proposed Utilisation Date; or 

  

	 	(iii)	such other amount as the Facility Agent may agree; and 

  

	 	(e)	the proposed currency and Term comply with this Agreement. 

  
 Only one Loan may be requested in a Request. 
  

	5.3	Advance of Loan 

  

	(a)	The Facility Agent must promptly notify each Lender of the details of the requested Loan and the amount of its share in that Loan. 

  

	(b)	The amount of each Lender’s share of the Loan will be its Pro Rata Share on the proposed Utilisation Date. 

  

 15 

	(c)	No Lender is obliged to participate in a Loan if, as a result: 

  

	 	(i)	its share in the Loans under a Facility would exceed its Commitments for that Facility; or 

  

	 	(ii)	the Loans would exceed the Total Commitments. 

  

	(d)	If the conditions set out in this Agreement have been met, each Lender must make its share in the Loan available to the Facility Agent for the relevant Borrower through its Facility
Office in sufficient time so that the Loan will be received by the relevant Borrower, in an account specified by it, in immediately available funds, on the Utilisation Date. 

  

	(e)	Subject to paragraph (d) above, on each Utilisation Date, the amount provided in immediately available funds to the Facility Agent by the Lenders in accordance with paragraph
(d) above will be provided to the relevant Borrower in an account specified by it, in immediately available funds. 

  

	6.	OPTIONAL CURRENCIES 

  

	6.1	General 

  
 In this Clause: 
  
 Agent’s Spot Rate of Exchange means the Facility Agent’s spot rate of exchange for the purchase of the relevant currency in the London
foreign exchange market with dollars as of 11.00 a.m. on a particular day. 
  
 Optional Currency means any currency (other than dollars) in which a Loan may be denominated under this Agreement. 
  

	6.2	Selection 

  

	(a)	The Company, on the relevant Borrower’s behalf, must select the currency of a Loan in its Request. 

  

	(b)	Term Loans may only be denominated in dollars or euros. 

  

	(c)	The amount of a Revolving Credit Loan requested in an Optional Currency must be a minimum amount of the equivalent of US$5,000,000 and, if required by the Facility Agent, an
integral multiple of 1,000,000 units of that currency. 

  

					
	(d)	  	     (i)	    	The amount of a Term Loan requested in an Optional Currency must be a minimum dollar Amount of US$25,000,000 and, if required by the Facility Agent, an integral multiple of a dollar Amount of
US$1,000,000.
			
	 	  	(ii)	    	The amount of a Term Loan in an Optional Currency will be its dollar Amount notionally converted into that Optional Currency at the Agent’s Spot Rate of Exchange one Business Day before the
Rate Fixing Day for the first Term of that Loan.

  

	(e)	Unless the Facility Agent otherwise agrees, the Loans may not be denominated at any one time in more than two currencies. 

  

	6.3	Conditions relating to Optional Currencies 

  

	(a)	A Loan may be denominated in an Optional Currency for a Term if: 

  

	 	(i)	that Optional Currency is readily available in the amount required and freely convertible into dollars in the relevant interbank market on the Rate Fixing Day and the first day of
that Term; and 

  

 16 

	 	(ii)	that Optional Currency is euro or has been previously approved by the Facility Agent (acting on the instructions of all the Lenders). 

  

	(b)	If the Facility Agent has received a request from the Company for a currency to be approved as an Optional Currency, the Facility Agent must, within five Business Days, confirm to
the Company: 

  

	 	(i)	whether or not the Lenders have given their approval; and 

  

	 	(ii)	if approval has been given, the minimum amount (and, if required, integral multiples) for any Loan in that currency. 

  

	6.4	Revocation of currency 

  

	(a)	Notwithstanding any other term of this Agreement, if before 9.30 a.m. on any Rate Fixing Day the Facility Agent receives notice from a Lender that: 

  

	 	(i)	the Optional Currency requested is not readily available to it in the relevant interbank market in the amount and for the period required; or 

  

	 	(ii)	participating in a Loan in the proposed Optional Currency will contravene any law or regulation applicable to it, 

  
 the Facility Agent must give notice to the Company to that effect promptly
and in any event before 11.00 a.m. on that day. 
  

	(b)	In this event: 

  

	 	(i)	that Lender must participate in the Loan in dollars; and 

  

	 	(ii)	the share of that Lender in the Loan and any other similarly affected Lender(s) will be treated as a separate Loan denominated in dollars during that Term. 

 

	6.5	Optional Currency equivalents 

  

	(a)	The equivalent in dollars of a Loan or part of a Loan in an Optional Currency for the purposes of calculating: 

  

	 	(i)	whether any limit under this Agreement has been exceeded; 

  

	 	(ii)	the amount of a Loan; 

  

	 	(iii)	the share of a Lender in a Loan; 

  

	 	(iv)	the amount of any repayment or prepayment of a Loan; or 

  

	 	(v)	the undrawn amount of a Lender’s Commitment, 

  
 is its dollar Amount. 
  

	(b)	The rate of exchange to be used for calculating the amount in dollars of any repayment or prepayment of a Term Loan in an Optional Currency is that last used for determining the
current amount of that Term Loan in that Optional Currency. 

  

 17 

	6.6	Term Loans - change of currency 

  

	(a)	A Term Loan will remain denominated in the same currency through successive Terms, unless the currency is changed under paragraph (c) below. 

  

	(b)	The Company, on a Borrower’s behalf, may change the currency of a Term Loan with effect from the start of a Term by giving notice to the Facility Agent by 9.00 a.m. three
Business Days before the first day of that Term. The Term Loan will remain denominated in that currency until it is changed again under this Subclause. 

  

	(c)	If a Term Loan is to be denominated in different currencies during successive Terms: 

  

	 	(i)	the relevant Borrower must repay that Term Loan on the last day of its current Term in the currency in which it is then denominated (the old currency); and

  

	 	(ii)	the Lenders must, subject to the terms of this Agreement, re-advance the Term Loan in the currency in which that Borrower requires the Term Loan to be denominated for the next Term
(the new currency). 

  
 The amount of the
Term Loan in the new currency will be calculated by reference to its dollar Amount. 
  

	(d)	Alternatively, if the Facility Agent and the Company, on the relevant Borrower’s behalf, agree: 

  

	 	(i)	the Facility Agent may apply the amount (or so much of that amount as is necessary) of the Term Loan in the new currency to purchase an amount of the old currency sufficient to
discharge the obligation of that Borrower to repay the Term Loan in the old currency; 

  

	 	(ii)	the Facility Agent must apply any amount of the old currency purchased under subparagraph (i) above towards repaying the Term Loan in the old currency;

  

	 	(iii)	the Facility Agent will promptly notify that Borrower if there is a shortfall or an excess; 

  

	 	(iv)	if there is a shortfall, that Borrower must pay to the Facility Agent on the date the Term Loan is due to be repaid in the old currency an amount in the old currency equal to the
shortfall; and 

  

	 	(v)	if there is an excess, the Facility Agent must pay to the relevant Borrower on the date the Term Loan is due to be repaid in the old currency an amount in the new currency equal to
the excess. 

  

	(e)	If the day on which the old currency is due to be repaid is not also a Business Day for the new currency: 

  

	 	(i)	the Facility Agent must notify the relevant Borrower and the Lenders promptly; 

  

	 	(ii)	the Term Loan will remain in the old currency until the next day which is a Business Day for both the old and the new currencies; and 

  

	 	(iii)	during this period, the Term Loan will have Terms running from one Business Day to the next Business Day. 

  

	(f)	The Company must indemnify the Facility Agent against any loss or liability incurred by the Facility Agent as a result of any foreign exchange contract entered into for the purpose
of this Clause. 

  

 18 

	6.7	Term Loans - continuing in same Optional Currency 

  

	(a)	If a Term Loan is to be denominated in the same Optional Currency during two successive Terms, the Facility Agent must calculate the amount of the Term Loan in the Optional Currency
for the second of those Terms. 

  

	(b)	The amount of the Term Loan in the Optional Currency for the second Term will be the amount determined by notionally converting into that Optional Currency the dollar Amount of the
Term Loan on the basis of the Agent’s Spot Rate of Exchange one Business Day before the Rate Fixing Day for that Term. 

  

	(c)	If the amount calculated is less than the existing amount of that Term Loan in the Optional Currency during the first Term, the relevant Borrower must repay, subject to paragraph
(e) below, on the last day of the first Term an amount equal to the difference and the amount of the Term Loan will be reduced accordingly. 

  

	(d)	If the amount calculated is more than the existing amount of that Term Loan in the Optional Currency during the first Term, each Lender must advance, subject to paragraph
(e) below, on the last day of the first Term its Pro Rata Share of the difference and the amount of the Term Loan will be increased accordingly. 

  

	(e)	If the calculation made by the Facility Agent under paragraph (a) above shows that the amount of the Term Loan in the Optional Currency has increased or decreased by less than
five per cent. since it was borrowed or (if later) the most recent adjustment under paragraph (c) above or (d) above, no payment is required under paragraph (c) above or (d) above and the amount of the Term Loan will remain the
same. 

  

	6.8	Conditions precedent 

  
 The obligation of each Lender under this Clause to re-advance its share of a Term Loan in a new currency or make any payment increasing the amount of a
Loan in an Optional Currency is subject to the condition precedent that on the date of the relevant payment: 
  

	 	(a)	the Repeating Representations are correct in all material respects; and 

  

	 	(b)	no Potential Event of Default or Event of Default is outstanding or would result from that payment. 

  

	6.9	Notification 

  
 The Facility Agent must notify the Lenders and the Company of the relevant dollar Amount (and the applicable Agent’s Spot Rate of Exchange) promptly
after they are ascertained. 
  

	7.	REPAYMENT 

  

	7.1	Repayment of Term Loans 

  
 Each Borrower must repay the Term Loans made to it in full on the Final Maturity Date. 
  

	7.2	Repayment of Revolving Credit Loans 

  

	(a)	Each Borrower must repay each Revolving Credit Loan made to it in full on the last day of the Term of a Revolving Credit Loan. 

  

 19 

	(b)	Subject to the other terms of this Agreement, any amounts repaid under paragraph (a) above may be re-borrowed. 

  

	8.	PREPAYMENT AND CANCELLATION 

  

	8.1	Mandatory prepayment - illegality 

  

	(a)	A Lender must notify the Company promptly if it becomes aware that it is unlawful in any jurisdiction for that Lender to perform any of its obligations under a Finance Document or
to fund or maintain its share in any Loan. 

  

	(b)	After notification under paragraph (a) above: 

  

	 	(i)	each Borrower must repay or prepay the share of that Lender in each Loan made to it on the date specified in paragraph (c) below; and 

  

	 	(ii)	the Commitments of that Lender will be immediately cancelled. 

  

	(c)	The date for repayment or prepayment of a Lender’s share in a Loan will be: 

  

	 	(i)	the last day of the current Term of that Loan; or 

  

	 	(ii)	if earlier, the date specified by the Lender in the notification under paragraph (a) above and which must not be earlier than the last day of any applicable grace period
allowed by law. 

  

	(d)	In the event that repayment or prepayment of a Lender’s share in a Loan is made in accordance with paragraph (b) above, any applicable Break Costs shall be apportioned as
follows: 

  

	 	(i)	one-half to be paid by the relevant Borrower; and 

  

	 	(ii)	one-half to be borne by the Lender requiring repayment or prepayment in accordance with this Subclause. 

  

	8.2	Mandatory prepayment - tax gross up illegal 

  

	(a)	The Company must promptly notify the Facility Agent if it becomes unlawful for any Obligor to perform any of its obligations under Clause 12.2(c) (Tax gross-up).

  

	(b)	After notification under paragraph (a) above: 

  

	 	(i)	the Commitments of the relevant Lender will be immediately cancelled; and 

  

	 	(ii)	each Borrower must repay or prepay the relevant Lender’s share in each Loan made to it on the date specified in paragraph (c) below. 

  

	(c)	The date for repayment of a Lender’s share in a Loan will be the last day of the Term applicable to that Loan which ends after the Company has given notice under paragraph (a).

  

	(d)	Notwithstanding any other term of this Agreement, the circumstances giving rise to notification by the Company under paragraph (a) above will not constitute an Event of
Default. 

  

	8.3	Voluntary prepayment 

  

	(a)	The Company, on behalf of any Borrower, may give notice to the Facility Agent of that Borrower’s intention to prepay a Loan made to it in whole or in part (such notice to be
given to the Facility 

  

 20 

 Agent not later than 11.00 a.m. on the third Business Day prior to the proposed prepayment). On the date
for prepayment specified in that notice, the relevant Borrower shall prepay the Loan, or part of the Loan, identified to be prepaid in that notice. 
  

	(b)	A prepayment of part of a Loan must be in a minimum amount of US$1,000,000 or an amount which complies with Clause 6 (Optional Currencies) and an integral multiple of 1,000,000
units of that currency. 

  

	8.4	Automatic cancellation 

  
 The Commitments of each Lender under a Facility will be automatically cancelled at the close of business on the last day of the Availability Period for
Loans under that Facility. 
  

	8.5	Voluntary cancellation 

  

	(a)	The Company may, by giving not less than five Business Days’ prior notice to the Facility Agent, cancel the unutilised amount of the Total Commitments in whole or in part.

  

	(b)	Partial cancellation of the Total Commitments must be in a minimum amount of US$25,000,000 (in relation to the Term Loan Facility) or US$5,000,000 (in relation to the Revolving
Credit Facility) and an integral multiple of US$1,000,000. 

  

	(c)	Any cancellation in part will be applied against the Commitment of each Lender pro rata. 

  

	8.6	Involuntary prepayment and cancellation 

  

	(a)	If an Obligor is, or will be, required to pay to a Lender: 

  

	 	(i)	a Tax Payment; 

  

	 	(ii)	an Increased Cost; or 

  

	 	(iii)	any amount under paragraph 3 of Schedule 4 (Calculation of the Mandatory Cost), 

  
 the Company may, while the requirement continues, give notice to the Facility Agent requesting prepayment and cancellation
in respect of that Lender. 
  

	(b)	After notification under paragraph (a) above: 

  

	 	(i)	each Borrower must repay or prepay that Lender’s share in each Loan made to it on the date specified in paragraph (c) below; and 

  

	 	(ii)	the Commitments of that Lender will be immediately cancelled. 

  

	(c)	The date for repayment or prepayment of a Lender’s share in a Loan will be: 

  

	 	(i)	the last day of the current Term for that Loan; or 

  

	 	(ii)	if earlier, the date specified by the Company in its notification. 

  

	(d)	A Finance Party making a claim in respect of a Tax Payment, an Increased Cost or any amount under paragraph 3 of Schedule 4 (Calculation of the Mandatory Cost) (each an Increased
Payment) must supply to the Facility Agent for the Company a certificate setting forth in reasonable detail (including the calculations of such amount) the amount of the claim. No amount shall be payable by any Obligor in respect of such claim
until such certificate has been provided to the Company, at 

  

 21 

 which time payment shall be due in respect of the entire period throughout which the Increased Payment
was incurred. However, if the Company does not receive notification of the Increased Payment within 90 days of the relevant Finance Party becoming aware of such Increased Payment being incurred, no Obligor is obliged to make any payment in respect
of that Increased Payment (or any part of it which occurred more than 90 days before the Company was notified). 
  

	8.7	No re-borrowing of Term Loans 

  
 No amount of a Term Loan prepaid under this Agreement may subsequently be re-borrowed. 
  

	8.8	Re-borrowing of Revolving Credit Loans 

  
 Any voluntary prepayment of a Revolving Credit Loan under Clause 8.3 (Voluntary prepayment) may be re-borrowed on the terms of this Agreement. Any other
prepayment of a Revolving Credit Loan may not be re-borrowed. 
  

	8.9	Miscellaneous provisions 

  

	(a)	Any notice of prepayment and/or cancellation under this Agreement is irrevocable and must specify the relevant date(s) and the affected Loans and Commitments. The Facility Agent
must notify the Lenders promptly of receipt of any such notice. 

  

	(b)	All prepayments under this Agreement must be made with accrued interest on the amount prepaid. No premium or penalty is payable in respect of any prepayment except for Break Costs.

  

	(c)	The Majority Lenders may agree a shorter notice period for a voluntary prepayment or a voluntary cancellation. 

  

	(d)	No prepayment or cancellation is allowed except in accordance with the express terms of this Agreement. 

  

	(e)	No amount of the Total Commitments cancelled under this Agreement may subsequently be reinstated. 

  

	9.	INTEREST 

  

	9.1	Calculation of interest 

  
 The rate of interest on each Loan for each Term is the percentage rate per annum equal to the aggregate of the applicable: 
  

	 	(a)	Margin; 

  

	 	(b)	IBOR; and 

  

	 	(c)	Mandatory Cost. 

  

	9.2	Payment of interest 

  
 Except where it is provided to the contrary in this Agreement, each Borrower must pay accrued interest on each Loan made to it on the last day of each
Term and also, if the Term is longer than six months, on the dates falling at six-monthly intervals after the first day of that Term. 
  

 22 

	9.3	Margin adjustments 

  

	(a)	In this Subclause: 

  
 Rating Agency means Moody’s, S&P or any other rating agency approved by the Majority Lenders and the Company. 
  

	(b)	The initial Margin is 0.40 per cent. per annum. 

  

	(c)	Subject to the other provisions of this Subclause, the Margin will be subsequently calculated by reference to the table below: 

  

					
	 Column 1
 Long-term credit rating
 of the Guarantor

	  	 Column 2
 Margin
 (per cent. per annum)

	 Moody’s

	  	 S&P

	  
	A3	  	A- or higher	  	0.30
	Baa1	  	BBB+	  	0.35
	Baa2	  	BBB	  	0.40
	Baa3	  	BBB-	  	0.45
	Ba1	  	BB+ or lower	  	0.60

  

	(d)	The Company must notify, or must procure that the Guarantor notifies, the Facility Agent of any notification to the Guarantor by a Rating Agency of a change in its long-term credit
rating. 

  
 In the event that there is a split
long-term credit rating from Moody’s and S&P, the applicable Margin shall be (i) the Margin applicable to the higher of such ratings in the event such ratings are one level apart, (ii) the Margin applicable to the midpoint (if
any) in the event such ratings are two or more levels apart or (iii) the Margin applicable to the higher of the two intermediate ratings in the event there is no midpoint rating. 
  
 If at any time the Guarantor does not have a long-term credit rating in effect with either Moody’s or S&P (other
than by reason of a change in the long-term credit rating system of Moody’s or S&P or if either such rating agency ceases to be in the business of rating corporate debt obligations), the Margin will be the highest applicable rate, being
0.60 per cent. per annum. If the long-term credit rating system of Moody’s or S&P changes, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Guarantor (on its own behalf and on
behalf of the Company) and the Lenders shall negotiate in good faith to amend this provision to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the
Margin shall be determined by reference to the rating most recently in effect prior to such change or cessation. 
  
 If at any time the Guarantor only has a long-term credit rating from one of Moody’s or S&P, the Margin shall be calculated solely by reference to
the long-term credit rating established by the rating agency that does have a long-term credit rating for the Guarantor then in effect. 
  
 If at any time the long-term credit rating of the Guarantor established or deemed to have been established by Moody’s and S&P shall be changed
(other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency; 
  

	(e)	Any change in the Margin will, subject to paragraph (f) below, apply as of the date the change of rating of the Guarantor is first announced by the applicable rating agency
(other than as a result of a change in the rating system of Moody’s or S&P). 

  

 23 

	(f)	For so long as an Event of Default is outstanding, the Margin will be the highest applicable rate, being 0.60 per cent. per annum. 

  

	9.4	Interest on overdue amounts 

  

	(a)	If an Obligor fails to pay any amount payable by it under the Finance Documents, it must immediately on demand by the Facility Agent pay interest on the overdue amount from its due
date up to the date of actual payment, both before, on and after judgment. 

  

	(b)	Interest on an overdue amount is payable at a rate determined by the Facility Agent to be one per cent. per annum above the rate which would have been payable if the overdue amount
had, during the period of non-payment, constituted a Loan in the currency of the overdue amount. For this purpose, the Facility Agent may (acting reasonably): 

  

	 	(i)	select successive Terms of any duration of up to three months; and 

  

	 	(ii)	determine the appropriate Rate Fixing Day for that Term. 

  

	(c)	Notwithstanding paragraph (b) above, if the overdue amount is a principal amount of a Loan and becomes due and payable before the last day of its current Term, then:

  

	 	(i)	the first Term for that overdue amount will be the unexpired portion of that Term; and 

  

	 	(ii)	the rate of interest on the overdue amount for that first Term will be 1 per cent. per annum above the rate then payable on that Loan. 

  
 After the expiry of the first Term for that overdue amount, the rate on the
overdue amount will be calculated in accordance with paragraph (b) above. 
  

	(d)	Interest (if unpaid) on an overdue amount will be compounded with that overdue amount at the end of each of its Terms but will remain immediately due and payable.

  

	9.5	Notification of rates of interest 

  
 The Facility Agent must promptly notify each relevant Party of the determination of a rate of interest under this Agreement. 
  

	10.	TERMS 

  

	10.1	Selection – Term Loans 

  

	(a)	Each Term Loan has successive Terms. 

  

	(b)	The Company, on the relevant Borrower’s behalf, must select the first Term for a Term Loan in the relevant Request and each subsequent Term in an irrevocable notice received by
the Facility Agent not later than 11.00 a.m. one Business Day before the Rate Fixing Day for that Term. Each Term for a Loan will start on its Utilisation Date or on the expiry of its preceding Term. 

  

	(c)	If the Company fails to select a Term for an outstanding Term Loan under paragraph (b) above, that Term will, subject to the other provisions of this Clause, be three months.

  

	(d)	Subject to the following provisions of this Clause, each Term for a Term Loan will be one, two, three or six months or any other period agreed by the Company and the Lenders.

  

 24 

	10.2	Selection - Revolving Credit Loans 

  

	(a)	Each Revolving Credit Loan has one Term only. 

  

	(b)	The Company, on the relevant Borrower’s behalf, must select the Term for a Revolving Credit Loan in the relevant Request. 

  

	(c)	Subject to the following provisions of this Clause, each Term for a Revolving Credit Loan will be one, two, three or six months or any other period agreed by the Company and the
Lenders. 

  

	10.3	Consolidation - Term Loans 

  
 If the Company, on a Borrower’s behalf, so requests a Term for a Term Loan will end on the same day as the current Term for any other Term Loan
denominated in the same currency as that Term Loan. On the last day of those Terms, those Term Loans will be consolidated and treated as one Term Loan under the Term Loan Facility. 
  

	10.4	No overrunning the Final Maturity Date 

  
 If a Term for a Loan would otherwise overrun the Final Maturity Date for that Loan, it will be shortened so that it ends on the Final Maturity Date for
that Loan. 
  

	10.5	Other adjustments 

  
 The Facility Agent and the Company may enter into such other arrangements as they may agree for the adjustment of Terms and the consolidation and/or
splitting of Loans. 
  

	10.6	Notification 

  
 The Facility Agent must notify each relevant Party of the duration of each Term promptly after ascertaining its duration. 
  

	11.	MARKET DISRUPTION 

  

	11.1	Failure of a Reference Bank to supply a rate 

  
 If IBOR is to be calculated by reference to the Reference Banks but a Reference Bank does not supply a rate by 12.00 p.m. (relevant local time) on a Rate
Fixing Day, the applicable IBOR will, subject as provided below, be calculated on the basis of the rates of the remaining Reference Banks. 
  

	11.2	Market disruption 

  

	(a)	In this Clause, each of the following events is a market disruption event: 

  

	 	(i)	IBOR is to be calculated by reference to the Reference Banks but no, or only one, Reference Bank supplies a rate by 12.00 p.m. (relevant local time) on the Rate Fixing Day; or

  

	 	(ii)	the Facility Agent receives by close of business on the Rate Fixing Day notification from Lenders whose shares in the relevant Loan exceed 30 per cent. of that Loan that the
cost to them of obtaining matching deposits in the relevant interbank market is in excess of IBOR for the relevant Term. 

  

	(b)	The Facility Agent must promptly notify the Company and the Lenders of a market disruption event. 

  

 25 

	(c)	After notification under paragraph (b) above, the rate of interest on each Lender’s share in the affected Loan for the relevant Term will be the aggregate of the
applicable: 

  

	 	(i)	Margin; 

  

	 	(ii)	rate notified to the Facility Agent by that Lender as soon as practicable, and in any event before interest is due to be paid in respect of that Term, to be that which expresses as
a percentage rate per annum the cost to that Lender of funding its share in that Loan from whatever source it may reasonably select; and 

  

	 	(iii)	Mandatory Cost. 

  

	11.3	Alternative basis of interest or funding 

  

	(a)	If a market disruption event occurs and the Facility Agent or the Company so requires, the Company and the Facility Agent must enter into negotiations for a period of not more than
30 days with a view to agreeing an alternative basis for determining the rate of interest and/or funding for the affected Loan. 

  

	(b)	Any alternative basis agreed will be, with the prior consent of all the Lenders, binding on all the Parties. 

  

	12.	TAXES 

  

	12.1	General 

  
 In this Clause: 
  
 Qualifying Lender means: 
  

	 	(a)	in respect of payments by an Obligor (other than the Guarantor), a Lender which: 

  

	 	(i)	has its Facility Office in Luxembourg; 

  

	 	(ii)	is a Treaty Lender; or 

  

	 	(iii)	is otherwise entitled to receive a payment under this Agreement without any Tax Deduction; and 

  

	 	(b)	in respect of payments by the Guarantor, a Lender which is: 

  

	 	(i)	a US person; or 

  

	 	(ii)	not a US person, and 

  

	 	(A)	is entitled to the benefits of an appropriate double taxation agreement to which the United States is a party that fully exempts payments of interest from deduction or withholding
of United States federal income tax and does not conduct a trade or business in the United States through a permanent establishment with which a payment is effectively connected; or 

  

	 	(B)	is not entitled to the benefits of a double taxation agreement to which the United States is a party but conducts a trade or business in the US to which a payment is effectively
connected. 

  

 26 

 Tax Credit means any Tax benefit, including any refund of Taxes (including interest received
thereon), any credit against any Tax, any Tax deduction, and any relief from or remission for Tax (or its repayment). 
  
 Treaty Lender means a Lender which, on the date a payment of interest falls due under this Agreement, fulfils the conditions imposed by any double
taxation agreement to which Luxembourg is a party for the payment to be made without a Tax Deduction. 
  
 US person has the meaning given to it in Section 7701(a)(30) of the United States Internal Revenue Code of 1986. 
  

	12.2	Tax gross-up 

  

	(a)	Each Obligor must make all payments to be made by it under the Finance Documents without any Tax Deduction, unless a Tax Deduction is required by (or by the interpretation,
administration, or application of) any law or regulation. 

  

	(b)	If: 

  

	 	(i)	a Lender is not, or ceases to be a Qualifying Lender; or 

  

	 	(ii)	an Obligor or a Lender is aware that an Obligor must make a Tax Deduction (or that there is a change in the rate or the basis of a Tax Deduction), 

  
 it must promptly notify the Facility Agent with a copy of such notification
to the Company. The Facility Agent must then promptly notify the affected Parties. 
  

	(c)	Except as provided below, if a Tax Deduction is required by (or by the interpretation, administration, or application of) any law or regulation to be made by an Obligor or the
Facility Agent, the amount of the payment due from the Obligor will be increased by an additional amount (the Gross-Up Payment) such that the total payment (inclusive of the Gross-Up Payment), after making the Tax Deduction, leaves a net
amount equal to the payment which would have been due if no Tax Deduction had been required. 

  

	(d)	Except as provided below, an Obligor is not required to make an increased payment under paragraph (c) above to a Lender that is not, or has ceased to be, a Qualifying Lender in
excess of the amount that the Obligor would have had to pay had the Lender been, or not ceased to be, a Qualifying Lender. 

  

	(e)	Paragraph (d) above will not apply if the Lender is not or has ceased to be a Qualifying Lender by reason of any change after the date of this Agreement in (or in the
interpretation, administration, or application of) any law or regulation. 

  

	(f)	An Obligor is not required to make payment to a Lender under paragraph (c) above if the Obligor making the payment would not have been required to make the Tax Deduction if the
Lender had complied with its obligations under paragraph (i) below. 

  

	(g)	If an Obligor is required to make a Tax Deduction, that Obligor must make the minimum Tax Deduction and must make any payment required in connection with that Tax Deduction within
the time allowed by law. This provision shall not apply during a period of time that a Lender has ceased to be a Qualifying Lender and the Company has not received notification of such cessation. For the avoidance of doubt the provisions of this
paragraph (g) shall not affect each Lender’s obligations under paragraph (b) above. 

  

 27 

	(h)	Within a reasonable time of making either a Tax Deduction or a payment required in connection with a Tax Deduction, the Obligor making that Tax Deduction must deliver to the
Facility Agent for the relevant Finance Party evidence satisfactory to that Finance Party (acting reasonably) that the Tax Deduction has been made or (as applicable) the appropriate payment has been paid to the relevant taxing authority.

  

	(i)	Each Lender must co-operate with each Obligor by using its reasonable endeavours to complete any procedural formalities (including but not limited to providing any completed and
executed applicable tax forms of a Governmental Authority) necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction or with a reduced Tax Deduction. 

  

	(j)	Except as provided below, a Lender must reimburse the Company within 30 Business Days of receipt of a certificate described below in respect of any loss or liability which the
Company (in its absolute discretion, acting reasonably) determines will be or has been suffered (directly or indirectly) by the Company due to that Lender’s failure to comply with its obligations under paragraph (b) above to promptly
notify the Facility Agent (with a copy of such notification to the Company) that it had ceased to be a Qualifying Lender which has directly resulted in the failure by the Company to make a Tax Deduction or a payment in connection with a Tax
Deduction required to be made to the relevant taxing authority. Such loss or liability shall include any penalties or interest payable to such taxing authority. No amount shall be payable under this paragraph (j) by a Lender until receipt by
that Lender of a certificate setting forth in reasonable detail (including the calculation of such amount) the amount of the claim. Any such certificate shall be provided by the Company to the Facility Agent and the relevant Lender. If the Lender
does not receive notification of the said loss or liability within 90 days of the Company becoming aware of such loss or liability being incurred, the Lender is not obliged to make any payment in respect of that loss or liability. The Company must
take all reasonable steps to mitigate any circumstances that would result in any payment being required to be made by a Lender under this paragraph (j); provided however that the Company is not obliged to take any such step if, in the opinion of the
Company (acting reasonably), to do so might reasonably be expected to be prejudicial to it, unless it is only prejudicial in an immaterial respect. 

  

	12.3	Tax indemnity 

  

	(a)	Without prejudice to Clause 12.2 (Tax gross-up) and except as provided below, the Company must indemnify a Finance Party within 30 Business Days of receipt of a certificate
described in Clause 8.6(d) (Involuntary prepayment and cancellation) against any loss or liability which that Finance Party (in its absolute discretion, acting reasonably) determines will be or has been suffered (directly or indirectly) by that
Finance Party for or on account of Tax (taking into account any Tax Credits) in relation to a payment received or receivable (or any payment deemed to be received or receivable) under a Finance Document. 

  

	(b)	Paragraph (a) above does not apply to any Excluded Taxes. 

  

	(c)	A Finance Party making, or intending to make, a claim under paragraph (a) above must promptly notify the Company of the event which will give, or has given, rise to the claim.

  

	12.4	Tax Credit 

  
 If an Obligor makes a Tax Payment and the relevant Finance Party (in its absolute discretion, acting reasonably) determines that: 
  

	 	(a)	a Tax Credit is attributable to that Tax Payment or the Tax giving rise thereto (not accounted for in the original calculation of a claim under Clause 12.3(a) (Tax indemnity)); and

  

	 	(b)	it has used or otherwise enjoyed the benefit of that Tax Credit, 

  

 28 

 the Finance Party must pay an amount to the Obligor which that Finance Party determines (in its absolute
discretion, acting reasonably) will leave it (after that payment) in the same after-tax position as it would have been if the Tax Payment had not been required to be made by the Obligor. 
  

	12.5	Stamp taxes 

  
 The Company must pay and indemnify each Finance Party against any stamp duty, stamp duty land tax, registration or other similar Tax payable in connection
with the entry into, performance or enforcement of any Finance Document, except for any such Tax payable in connection with the entry into a Transfer Certificate. 
  

	12.6	Value added taxes 

  

	(a)	Subject to paragraph (c) below, any amount payable under a Finance Document by an Obligor is exclusive of any value added tax or any other Tax of a similar nature which might
be chargeable in connection with that amount. If any such Tax is chargeable, the Obligor must pay to the Finance Party (in addition to and at the same time as paying that amount) an amount equal to the amount of that Tax. 

 

	(b)	Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that Party must also at the same time pay and indemnify the Finance Party against
all value added tax or any other Tax of a similar nature incurred by the Finance Party in respect of those costs or expenses but only to the extent that the Finance Party (acting reasonably) determines that it is not entitled to credit or repayment
from the relevant tax authority in respect of the Tax. 

  

	(c)	Any amount payable under the Fee Letters referred to in Clauses 24.2 (Arrangement fee) and 24.3 (Participation fee) is inclusive of any value added tax or other Tax of a
similar nature which might be chargeable in connection with that amount. 

  

	12.7	U.S. Tax forms 

  

	(a)	Except as provided below, each Lender that is not a U.S. person must supply to the Facility Agent and the Guarantor the U.S. Internal Revenue Service forms that are necessary to
enable the Guarantor to make payments to that Lender under the Finance Documents without any deduction or withholding in respect of any Tax in the United States of America and certifying that such Lender is entitled to a complete exemption from U.S.
withholding tax with respect to payments hereunder. 

  

	(b)	A Lender must comply with its obligations under paragraph (a) above (i) on or before the date it becomes a Party, and (ii) as soon as practicable after a change of
circumstances makes any identifying information of a Lender provided on a form supplied to the Facility Agent or Guarantor incorrect or such form expires or (without prejudice to paragraph (c) below) a Governmental Authority publishes a
successor form, but in any event prior to the date that the first payment is due to that Lender under the Finance Documents after the date that the change of circumstances occurs or the form expires 

  

	(c)	A Lender is not obliged to supply any form under paragraph (a) above if it is unable to do so by reason of any change after the date of this Agreement in (or in the
interpretation, administration or application of) any law or regulation. 

  

	(d)	The Guarantor is not obliged to pay any Tax Payment to a Lender to the extent that the Tax Payment would not have been payable if that Lender had complied with its obligations under
this Subclause. 

  

 29 

	12.8	Confirmation by Lenders 

  
 As at the date of this Agreement, each Lender confirms in respect of itself that it (or the Affiliate by which it is participating) is a Qualifying Lender
and therefore no Tax Deductions are required to be made by the Original Obligors in respect of payments to be made by the Original Obligors under the Finance Documents. 
  

	13.	INCREASED COSTS 

  

	13.1	Increased Costs 

  
 Except as provided below in this Clause, the Company must pay to a Finance Party the amount of any Increased Cost incurred by that Finance Party or any of
its Affiliates as a result of: 
  

	 	 (a)       
	 (i)       the introduction of any law or regulation after the date of this Agreement; or

  

	 	 (ii)	any change in, or any change in the interpretation, administration or application of, any law or regulation, such change occurring after the date of this Agreement; or

  

	 	(b)	compliance with any law or regulation made after the date of this Agreement. 

  

	13.2	Exceptions 

  
 The Company need not make any payment for an Increased Cost to the extent that the Increased Cost is: 
  

	 	(a)	compensated for under another Clause or would have been but for an exception to that Clause; or 

  

	 	(b)	attributable to a Finance Party or its Affiliate either (i) deliberately failing to comply with any law or regulation (or any interpretation, administration or application
thereof) or (ii) causing such Increased Cost to be incurred by reason of its failure to comply with its obligations under this Agreement. 

  

	13.3	Claims 

  

	(a)	A Finance Party intending to make a claim for an Increased Cost must notify the Facility Agent of the circumstances giving rise to and the amount of the claim, following which the
Facility Agent will promptly notify the Company. 

  

	(b)	If the Company does not receive notification of the Increased Cost within 90 days of the relevant Finance Party becoming aware of such Increased Cost being incurred, the Company is
not obliged to make any payment in respect of that Increased Cost. 

  

	(c)	A Finance Party making a claim under this Clause must comply with paragraph (d) of Clause 8.6 (Involuntary prepayment and cancellation). 

  

	14.	MITIGATION 

  

	14.1	Mitigation 

  

	(a)	Each Finance Party must, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise and which result or would result in:

  

	 	(i)	any Tax Payment or Increased Cost being payable to that Finance Party; 

  

 30 

	 	(ii)	that Finance Party being able to exercise any right of prepayment and/or cancellation under this Agreement by reason of any illegality; or 

  

	 	(iii)	that Finance Party incurring any amount under paragraph 3 of Schedule 4 (Calculation of the Mandatory Cost), 

  
 including transferring its rights and obligations under the Finance
Documents to an Affiliate or changing its Facility Office. 
  

					
	(b)	  	(i)	  	In this Clause:

  
 Increased Payment
means any additional payment which an Obligor is obliged to make which is referred to in any of subparagraphs (i) to (iii) of paragraph (a) above; 
  
 Reasonable Period means, in relation to an Increased Payment, a period of time which is reasonable in order to
enable a Finance Party to give effect to any Relevant Step which has been agreed in accordance with paragraph (c)(i) below, such period beginning on the date upon which such Relevant Step was agreed; and 
  
 Relevant Step means any step agreed to by the Company in accordance
with paragraph (c)(i) below for the purposes of mitigating any Increased Payment; 
  

	 	(ii)	Subject to subparagraph (b)(iii) below, paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 

  

	 	(iii)	An Obligor is not liable to make any Increased Payment for the benefit of any Finance Party which has failed to comply with its obligations under paragraph (a) above within a
Reasonable Period. 

  

	

					
	(c)	  	(i)	  	The Company must indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of any step taken by it under this Subclause which has been agreed
to in advance by the Company.

  

	 	(ii)	The relevant Finance Party will, within 10 Business Days of such Finance Party becoming aware of the circumstances giving rise to the obligation in paragraph (a) above, provide
the Company with an estimate of the costs and expenses that are likely to be incurred by that Finance Party taking the step suggested by such Finance Party in accordance with subparagraph (c)(i) above. 

  

	(d)	A Finance Party is not obliged to take any step under this Subclause if, in the opinion of that Finance Party (acting reasonably), to do so might reasonably be expected to be
prejudicial to it, unless it is only prejudicial in an immaterial respect. 

  

	14.2	Conduct of business by a Finance Party 

  
 No term of this Agreement will: 
  

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (Tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it in respect of Tax or the extent, order and manner of any claim; or

  

 31 

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (Tax or otherwise) or any computation in respect of Tax. 

  

	15.	PAYMENTS 

  

	15.1	Place 

  
 Unless a Finance Document specifies that payments under it are to be made in another manner, all payments by a Party (other than the Facility Agent) under
the Finance Documents must be made to the Facility Agent to its account at such office or bank: 
  

	 	(a)	in the principal financial centre of the country of the relevant currency; or 

  

	 	(b)	in the case of euro, in the principal financial centre of a Participating Member State or London, 

  
 as it may notify to that Party for this purpose by not less than five Business Days’ prior notice. 
  

	15.2	Funds 

  
 Payments under the Finance Documents to the Facility Agent must be made for value on the due date at such times and in such funds as the Facility Agent
may specify to the Party concerned as being customary at the time for the settlement of transactions in the relevant currency in the place for payment. 
  

	15.3	Distribution 

  

	(a)	Each payment received by the Facility Agent under the Finance Documents for another Party must, except as provided below, be made available by the Facility Agent to that Party by
payment (as soon as practicable after receipt) to its account with such office or bank: 

  

	 	(i)	in the principal financial centre of the country of the relevant currency; or 

  

	 	(ii)	in the case of euro, in the principal financial centre of a Participating Member State or London, 

  
 as it may notify to the Facility Agent for this purpose by not less than five Business Days’ prior notice. 

 

	(b)	The Facility Agent may apply any amount received by it for an Obligor in or towards payment (as soon as practicable after receipt) of any amount due from that Obligor under the
Finance Documents or in or towards the purchase of any amount of any currency to be so applied. 

  

	(c)	Where a sum is paid to the Facility Agent under this Agreement for another Party, the Facility Agent is not obliged to pay that sum to that Party until it has established that it
has actually received it. However, the Facility Agent may assume that the sum has been paid to it, and, in reliance on that assumption, make available to that Party a corresponding amount. If it transpires that the sum has not been received by the
Facility Agent, that Party must immediately on demand by the Facility Agent refund any corresponding amount made available to it together with interest on that amount from the date of payment to the date of receipt by the Facility Agent at a rate
calculated by the Facility Agent to reflect its cost of funds. 

  

 32 

	15.4	Currency 

  

	(a)	Unless a Finance Document specifies that payments under it are to be made in a different manner, the currency of each amount payable under the Finance Documents is determined under
this Clause. 

  

	(b)	Interest is payable in the currency in which the relevant amount in respect of which it is payable is denominated. 

  

	(c)	A repayment or prepayment of any principal amount is payable in the currency in which that principal amount is denominated on its due date. 

  

	(d)	Amounts payable in respect of Taxes, fees, costs and expenses are payable in the currency in which they are incurred. 

  

	(e)	Each other amount payable under the Finance Documents is payable in dollars. 

  

	15.5	No set-off or counterclaim 

  
 All payments made by an Obligor under the Finance Documents must be made without set-off or counterclaim. 
  

	15.6	Business Days 

  

	(a)	If a payment under the Finance Documents is due on a day which is not a Business Day, the due date for that payment will instead be the next Business Day in the same calendar month
(if there is one) or the preceding Business Day (if there is not). 

  

	(b)	During any extension of the due date for payment of any principal under this Agreement interest is payable on that principal at the rate payable on the original due date.

  

	15.7	Partial payments 

  

	(a)	If any Administrative Party receives a payment insufficient to discharge all the amounts then due and payable by the Obligors under the Finance Documents, the Administrative Party
must apply that payment towards the obligations of the Obligors under the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Administrative Parties under the Finance Documents; 

  

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest or fee due but unpaid under this Agreement; 

  

	 	(iii)	thirdly, in or towards payment pro rata of any principal amount due but unpaid under this Agreement; and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	(b)	The Facility Agent must, if so directed by the Majority Lenders, vary the order set out in subparagraphs (a)(ii) to (iv) above. 

  

	(c)	This Subclause will override any appropriation made by an Obligor. 

  

 33 

	15.8	Timing of payments 

  
 If a Finance Document does not provide for when a particular payment is due, that payment will be due within ten days of demand by the relevant Finance
Party. 
  

	16.	GUARANTEE 

  

	16.1	Guarantee 

  
 The Guarantor irrevocably and unconditionally: 
  

	 	(a)	guarantees to each Finance Party punctual performance by each Borrower of all its obligations under the Finance Documents; 

  

	 	(b)	undertakes with each Finance Party that, whenever a Borrower does not pay any amount when due under any Finance Document, the Guarantor must immediately on demand by the Facility
Agent pay that amount as if it were the principal obligor; and 

  

	 	(c)	indemnifies each Finance Party immediately on demand against any loss or liability suffered by that Finance Party if any payment obligation guaranteed by it is or becomes
unenforceable, invalid or illegal; the amount of the loss or liability under this indemnity will be equal to the amount the Finance Party would otherwise have been entitled to recover. 

  

	16.2	Continuing guarantee 

  
 This guarantee is a continuing guarantee and will extend to the ultimate balance of all sums payable by any Borrower under the Finance Documents,
regardless of any intermediate payment or discharge in whole or in part. 
  

	16.3	Reinstatement 

  

	(a)	If any discharge (whether in respect of the obligations of an Obligor or any security for those obligations or otherwise) or arrangement is made in whole or in part on the faith of
any payment, security or other disposition which is avoided or must be restored on insolvency, liquidation or otherwise without limitation, the liability of the Guarantor under this Clause will continue as if the discharge or arrangement had not
occurred. 

  

	(b)	Each Finance Party may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration. 

  

	16.4	Waiver of defences 

  
 The obligations of the Guarantor under this Clause will not be affected by any act, omission or thing which, but for this provision, would reduce, release
or prejudice any of its obligations under this Clause (whether or not known to it or any Finance Party). This includes: 
  

	 	(a)	any time or waiver granted to, or composition with, any person; 

  

	 	(b)	any release of any person under the terms of any composition or arrangement; 

  

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any person;

  

	 	(d)	any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

  

 34 

	 	(e)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any person; 

  

	 	(f)	any amendment (however fundamental) of a Finance Document or any other document or security; or 

  

	 	(g)	any unenforceability, illegality, invalidity or non-provability of any obligation of any person under any Finance Document or any other document or security.

  

	16.5	Immediate recourse 

  
 The Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any
other right or security or claim payment from any person before claiming from the Guarantor under this Clause. 
  

	16.6	Appropriations 

  
 Until all amounts which may be or become payable by the Obligors under the Finance Documents have been irrevocably paid in full, each Finance Party (or
any trustee or agent on its behalf) may, without affecting the liability of the Guarantor under this Clause, and if it believes that such action is advisable due to the likelihood of the events set out in paragraph (f) or (g) of Clause 21
(Default) occurring in respect of an Obligor: 
  

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts;
or 

  

	 	(b)	apply and enforce them in such manner and order as it sees fit (whether against those amounts or otherwise); and 

  

	 	(c)	hold in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor’s liability under this Clause. 

  

	16.7	Non-competition 

  
 Unless: 
  

	 	(a)	all amounts which may be or become payable by the Obligors under the Finance Documents have been irrevocably paid in full; or 

  

	 	(b)	the Facility Agent otherwise directs, 

  
 the Guarantor will not, after a claim has been made or by virtue of any payment or performance by it under this Clause: 
  

	 	(i)	be subrogated to any rights, security or moneys held, received or receivable by any Finance Party (or any trustee or agent on its behalf); 

  

	 	(ii)	be entitled to any right of contribution or indemnity in respect of any payment made or moneys received on account of the Guarantor’s liability under this Clause;

  

	 	(iii)	claim, rank, prove or vote as a creditor of any Borrower or its estate in competition with any Finance Party (or any trustee or agent on its behalf); or 

  

	 	(iv)	receive, claim or have the benefit of any payment, distribution or security from or on account of any Borrower, or exercise any right of set-off as against any Borrower.

  

 35 

 The Guarantor must hold in trust for (or, if a trust is not recognised in any jurisdiction, segregate
from its other assets) and immediately pay or transfer to the Facility Agent for the Finance Parties any payment or distribution or benefit of security received by it contrary to this Clause or in accordance with any directions given by the Facility
Agent under this Clause. 
  

	16.8	U.S. Guarantee Provisions 

  

	(a)	In this Subclause fraudulent transfer law means any applicable United States bankruptcy and State fraudulent transfer and conveyance statute and any related case law; and
terms used in this Subclause are to be construed in accordance with the fraudulent transfer laws. 

  

	(b)	The Guarantor acknowledges that: 

  

	 	(i)	it will receive valuable direct or indirect benefits as a result of the transactions financed by the Finance Documents; 

  

	 	(ii)	those benefits will constitute reasonably equivalent value and fair consideration for the purpose of any fraudulent transfer law; and 

  

	 	(iii)	each Finance Party has acted in good faith in connection with the guarantee given by the Guarantor and the transactions contemplated by the Finance Documents.

  

	(c)	Each Finance Party agrees that the Guarantor’s liability under this Clause is limited so that no obligation of, or transfer by, the Guarantor under this Clause is subject to
avoidance and turnover under any fraudulent transfer law. 

  

	(d)	The Guarantor represents and warrants to each Finance Party that: 

  

	 	(i)	the aggregate amount of its debts (including its obligations under the Finance Documents) is less than the aggregate value (being the lesser of fair valuation and present fair
saleable value) of its assets; 

  

	 	(ii)	its capital is not unreasonably small to carry on its business as it is being conducted; 

  

	 	(iii)	it has not incurred and does not intend to incur debts beyond its ability to pay as they mature; and 

  

	 	(iv)	it has not made a transfer or incurred any obligation under any Finance Document with the intent to hinder, delay or defraud any of its present or future creditors.

  

	(e)	Each representation and warranty in this Subclause: 

  

	 	(i)	is made by the Guarantor on the date of this Agreement; 

  

	 	(ii)	is deemed to be repeated by the Guarantor on the date of each Request and the first day of each Term; and 

  

	 	(iii)	is, when repeated, applied to the circumstances existing at the time of repetition. 

  

	16.9	Additional security 

  
 This guarantee is in addition to and is not in any way prejudiced by any other security now or subsequently held by any Finance Party. 
  

 36 

	17.	REPRESENTATIONS 

  

	17.1	Representations 

  
 The representations set out in this Clause are made by each Obligor or (if it so states) any one of them to each Finance Party. 
  

	17.2	Jurisdiction/governing law 

  
 Its: 
  

	 	(a)	irrevocable submission under this Agreement to the jurisdiction of the courts of England and New York; 

  

	 	(b)	agreement that this Agreement is governed by English law; and 

  

	 	(c)	agreement not to claim any immunity to which it or its assets may be entitled, 

  
 are legal, valid and binding under the laws of its jurisdiction of incorporation. 
  

	17.3	Corporate Existence 

  

	(a)	Each of the Guarantor and its Material Subsidiaries: 

  

	 	(i)	is a corporation duly organised and validly existing under the laws of the jurisdiction of its incorporation (or in the case of a Material Subsidiary that is not a corporation, is a
partnership or other entity duly organised and validly existing under the laws of its jurisdiction of organisation); 

  

	 	(ii)	has all requisite legal power, and has all material governmental licences, authorisations, consents and approvals, necessary to own its assets and carry on its business as now being
or as proposed to be conducted; and 

  

	 	(iii)	is qualified to do business in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary and where failure so to qualify would have a
Material Adverse Effect. 

  

	(b)	Each Borrower is a Wholly Owned Subsidiary of the Guarantor. 

  

	17.4	Financial Condition 

  

	(a)	The audited consolidated balance sheet of the Guarantor and its Consolidated Subsidiaries as at 31 December 2004 and the related consolidated statements of earnings, cash flow
and common shareholders’ equity of the Guarantor and its Consolidated Subsidiaries for the fiscal year ended on said date, with the opinion thereon of Deloitte & Touche LLP, and the unaudited consolidated balance sheet of the Guarantor
and its Consolidated Subsidiaries as at 30 September 2005 and the related consolidated statements of earnings and cash flow of the Guarantor and its Consolidated Subsidiaries for the three-month period ended on said date, in each case
heretofore furnished to each of the Lenders, are complete and correct and fairly present the consolidated financial condition of the Guarantor and its Consolidated Subsidiaries as at said dates and the consolidated results of their operations for
the fiscal year, and three-month period ended on said dates (subject, in the case of such financial statements as at 30 September 2005, to normal year-end audit adjustments), all in accordance with generally accepted accounting principles and
practices applied on a consistent basis. Neither the Guarantor nor any of its Material Subsidiaries had, on said dates, any material contingent 

  

 37 

 liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealised or anticipated
losses from any unfavourable commitments, except as referred to or reflected or provided for in said balance sheets as at said dates. Since 30 September 2005, there has been no event or condition that could result in a Material Adverse Effect.

  

	(b)	The Guarantor has prepared and delivered to the Facility Agent selected, unaudited financial data with respect to the financial condition and results of operation of the Company as
at, and for the period from 1 January 2005 to 30 September 2005. Such financial data was prepared in accordance with the Guarantor’s internal management reporting and consolidation processes but does not constitute a complete
financial statement of the Company. 

  

	17.5	Litigation 

  
 As at the date of this Agreement, the actions, suits, legal or arbitral proceedings, or proceedings by or before any Governmental Authority, now pending
or (to the knowledge of the Guarantor) threatened against the Guarantor and/or any of its Material Subsidiaries will not, in the opinion of the General Counsel of the Guarantor, result in imposition of liability or assessment against (including
seizure of) property that would result in a Material Adverse Effect. 
  

	17.6	No Breach 

  
 None of the execution and delivery of any Credit Document, the consummation of the transactions contemplated in any Credit Document and compliance with
the terms and provisions of any Credit Document will conflict with or result in a breach of, or require any consent under, the charter or by-laws of each Obligor, or any applicable law or regulation, or any order, writ, injunction or decree of any
Governmental Authority, or any agreement or instrument to which the Guarantor and/or any of its Material Subsidiaries is a party or by which any of them is bound or to which any of them is subject, or constitute a default under any such agreement or
instrument. 
  

	17.7	Corporate Action of the Obligors 

  
 Each Obligor has all necessary corporate power and authority to execute, deliver and perform its obligations under each Credit Document to which it is a
party; the execution, delivery and performance by each Obligor of each Credit Document to which it is a party have been duly authorised by all necessary corporate action on its part; and each Credit Document to which an Obligor is a party has been
duly and validly executed and delivered by that Obligor and constitutes the legal, valid and binding obligation of that Obligor, enforceable in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy,
insolvency, reorganisation, moratorium or similar laws relating to or limiting creditors’ rights generally. 
  

	17.8	Approvals 

  
 No authorisations, approvals or consents of, and no filings or registrations with, any Governmental Authority are necessary for the execution, delivery or
performance by each Obligor of each Credit Document to which it is a party or for the validity or enforceability of each Credit Document. 
  

	17.9	ERISA 

  
 The Guarantor and the ERISA Affiliates have fulfilled their respective obligations under the minimum funding standards of ERISA and the Code with respect
to each Plan and are in compliance in all material respects with the presently applicable provisions of ERISA and the Code, and have not incurred any liability to the PBGC or any Plan or Multiemployer Plan (other than to make contributions in the
ordinary course of business). 
  

 38 

	17.10	Taxes 

  
 United States Federal income tax returns of the Guarantor have been examined and closed through the fiscal year of the Guarantor and its Subsidiaries
ended 31 December 1996. The Guarantor and its Subsidiaries have filed all United States Federal income tax returns and, in the case of a Borrower, all income tax returns in its jurisdiction of incorporation and all other material tax returns
which are required to be filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment received by the Guarantor or any of its Subsidiaries except for those being contested in good faith and for which adequate
reserves have been established in accordance with GAAP. The charges, accruals and reserves on the books of the Guarantor and its Material Subsidiaries in respect of taxes and other governmental charges not yet due and payable are, in the opinion of
the Guarantor, adequate. If the Guarantor is a member of an affiliated group of corporations filing consolidated returns for United States Federal income tax purposes, it is the “common Guarantor” of such group. 
  

	17.11	Investment Company Act 

  
 Neither the Guarantor nor any of its Subsidiaries is an “investment company”, or a company “controlled” by an “investment
company”, within the meaning of the Investment Company Act of 1940, as amended. 
  

	17.12	Public Utility Holding Company Act 

  
 Neither the Guarantor nor any of its Subsidiaries is a “holding company”, or an “affiliate” of a “holding company” or a
“subsidiary company” of a “holding company”, within the meaning of the Public Utility Holding Company Act of 1935, as amended. 
  

	17.13	Credit Agreements 

  
 Schedule 8 (Existing Facilities) is a complete and correct list, as of the date of this Agreement, of each credit agreement, loan agreement, indenture,
purchase agreement, guarantee or other arrangement providing for or otherwise relating to any Indebtedness or any extension of credit (or commitment for any extension of credit) to, or guarantee by, the Guarantor or any of its Material Subsidiaries,
in each case to the extent the aggregate principal or face amount of any such credit agreement, loan agreement, indenture, purchase agreement, guarantee or other arrangement equals or exceeds (or may equal or exceed) US$150,000,000 and the aggregate
principal or face amount outstanding or which may become outstanding under each such arrangement is correctly described in Schedule 8 (Existing Facilities). 
  

	17.14	Hazardous Materials and Environmental Matters 

  

	(a)	Licences and Permits, Etc.: 

  
 The Guarantor and each of its Material Subsidiaries have obtained all permits, licenses and other authorisations required under all Environmental Laws,
except to the extent failure to have any such permit, licence or authorisation could not in the aggregate reduce by more than 25 per cent. the annual tonnage capacity of the paper processing operations of the Guarantor and its Consolidated
Subsidiaries. The Guarantor and each of its Material Subsidiaries are in compliance with the terms and conditions of all such permits, licenses and authorisations, and are also in compliance with all other limitations, restrictions, conditions,
standards, prohibitions, requirements, obligations, schedules and timetables contained in any applicable Environmental Law or in any regulation, code, plan, order, decree, judgment, injunction, notice or demand letter issued, entered, promulgated or
approved thereunder, except to the extent failure to comply could not in the aggregate reduce by more than 25 per cent. the annual tonnage capacity of the paper processing operations of the Guarantor and its Consolidated Subsidiaries.

  

 39 

	(b)	Compliance Review: 

  
 In the ordinary course of its business, the Guarantor conducts an ongoing review of the effect of Environmental Laws on the business, operations and
properties of the Guarantor and its Subsidiaries, in the course of which it identifies and evaluates associated liabilities and costs (including any capital or operating expenditures required for clean-up or closure of properties presently or
previously owned, any capital or operating expenditures required to achieve or maintain compliance with environmental protection standards imposed by law or as a condition of any licence, permit or contract, any related constraints on operating
activities, including any periodic or permanent shutdown of any facility or reduction in the level of or change in the nature of operations conducted thereat, any costs or liabilities in connection with off-site disposal of wastes or hazardous
substances, and any actual or potential liabilities to third parties, including employees, and any related costs and expenses). On the basis of this review, the Guarantor has reasonably concluded that such associated liabilities and costs, including
the costs of compliance with Environmental Laws, are unlikely to have a Material Adverse Effect. 
  

	17.15	Full Disclosure 

  

	(a)	The Guarantor has heretofore furnished to each of the Lenders a true copy of (i) the Guarantor’s annual report to shareholders for 2004 setting forth consolidated audited
financial statements for the year ended 31 December 2004, (ii) the Guarantor’s quarterly reports on Form 10-Q for the quarter-years ended 31 March, 30 June and 30 September 2005 and (iii) the Guarantor’s
report on Form 10-K for the year ended 31 December 2004, in each case as filed with the Securities and Exchange Commission. Except as disclosed in writing to the Lenders, the Information Package and the annual, quarterly and other periodic
reports most recently delivered to the Lenders pursuant to this Clause or Clause 17.4 (Financial Condition) do not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein not
misleading, it being understood and agreed that for purposes of this Clause, such factual information and data shall not include projections and pro forma financial information. 

  

	(b)	The projections and pro forma financial information contained in the information and data referred to in paragraph (a) above were based on good faith estimates and assumptions
believed by such Persons to be reasonable at the time made, it being recognised by the Lenders that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such
projections may differ from the projected results. 

  

	17.16	Federal Margin Regulations 

  

	(a)	No Borrower is principally, or has one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or
carrying Margin Stock. 

  

	(b)	No part of the proceeds of any Loan shall be used for “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the
quoted terms under Regulation U as now and from time to time hereafter in effect, or for any other purpose, in any case in a manner which violates the provisions of Regulations U and X. 

  

	17.17	Solvency 

  
 Upon each date on which this representation is either made or deemed to be repeated, after giving effect to the Transactions completed prior thereto or on
that date, each Obligor on a stand-alone basis is Solvent as at that date. 
  

 40 

	17.18	Adverse change etc 

  
 Nothing has occurred since 30 September 2005 which the Majority Lenders or the Facility Agent could reasonably expect to have a material adverse
change on the consolidated financial condition, operations, business or prospects taken as a whole of the Guarantor and its Consolidated Subsidiaries. 
  

	17.19	Indebtedness 

  
 Upon each date on which this representation is either made or deemed to be repeated after giving effect to the Transactions completed prior thereto or on
that date, the Company has no other external Indebtedness as at that date. 
  

	17.20	United States laws 

  

	(a)	In this Subclause: 

  
 Anti-Terrorism Law means each of: 
  

	 	(i)	Executive Order No. 13224 of September 23, 2001 - Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism (the
Executive Order); 

  

	 	(ii)	the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (commonly known as the USA Patriot
Act); 

  

	 	(iii)	the Money Laundering Control Act of 1986, Public Law 99-570; and 

  

	 	(iv)	any similar law enacted in the United States of America subsequent to the date of this Agreement. 

  
 public utility has the meaning given to it in the United States Federal Power Act of 1920. 
  
 Restricted Party means any person listed: 
  

	 	(i)	in the Annex to the Executive Order; 

  

	 	(ii)	on the “Specially Designated Nationals and Blocked Persons” list maintained by the Office of Foreign Assets Control of the United States Department of the Treasury; or

  

	 	(iii)	in any successor list to either of the foregoing. 

  

	(b)	The Guarantor is not: 

  

	 	(i)	a public utility or subject to regulation under the United States Federal Power Act of 1920; or 

  

	 	(ii)	subject to regulation under any United States Federal or State law or regulation that limits its ability to incur or guarantee indebtedness. 

  

	(c)	To its knowledge, neither the Guarantor nor any of its Affiliates: 

  

	 	(i)	is, or is controlled by, a Restricted Party; or 

  

 41 

	 	(ii)	is in breach of or is the subject of any action or investigation under any Anti-Terrorism Law. 

  

	(d)	It and each of its Affiliates have taken reasonable measures to ensure compliance with the Anti-Terrorism Laws. 

  

	17.21	Times for making representations 

  

	(a)	The representations set out in this Clause are made by each Obligor on the date of this Agreement. 

  

	(b)	Unless a representation is expressed to be given at a specific date, each representation is deemed to be repeated by: 

  

	 	(i)	Each Additional Borrower, the Guarantor and the Company on the date that Additional Borrower becomes an Obligor; and 

  

	 	(ii)	each Obligor on the date of each Request and the first day of each Term. 

  

	(c)	When a representation is repeated, it is applied to the circumstances existing at the time of repetition. 

  

	18.	INFORMATION COVENANTS 

  

	18.1	Financial Statements 

  
 The Guarantor shall deliver to the Facility Agent on behalf of the Lenders (and upon receipt thereof the Facility Agent shall promptly deliver to the
Lenders): 
  

	 	(a)	as soon as available and in any event within 55 days after the end of each of the first three quarters of each financial year of the Guarantor, consolidated statements of earnings
and cash flow of the Guarantor and its Consolidated Subsidiaries for such period and for the period from the beginning of the respective financial year to the end of such period, and the related consolidated balance sheet as at the end of such
period, setting forth in each case in comparative form the corresponding consolidated figures for the corresponding period in the preceding financial year, accompanied by a Compliance Certificate signed by a senior financial officer of the
Guarantor; 

  

	 	(b)	as soon as available and in any event within 100 days after the end of each financial year of the Guarantor, consolidated statements of earnings, cash flow and common
shareholders’ equity of the Guarantor and its Consolidated Subsidiaries for such year and the related consolidated balance sheet as at the end of such year, setting forth in each case in comparative form the corresponding consolidated figures
for the preceding financial year, and accompanied by an unqualified opinion thereon of Deloitte & Touche LLP or any other independent certified public accountants of recognized national standing, which opinion shall state that said
consolidated financial statements fairly present the consolidated financial condition and results of operations of the Guarantor and its Consolidated Subsidiaries as at the end of, and for, such financial year; 

  

	 	(c)	promptly upon their becoming available, copies of all regular periodic reports which the Guarantor shall have filed with the Securities and Exchange Commission (or any Governmental
Authority substituted therefor) or any national securities exchange; 

  

	18.2	Form of financial statements 

  

	(a)	Except as otherwise expressly provided in this Agreement, all accounting terms used herein shall be interpreted, and all financial statements and certificates and reports as to
financial matters required to 

  

 42 

 be delivered to the Lenders hereunder shall (unless otherwise disclosed to the Lenders at the time of
delivery thereof in the manner described in paragraph (c) below) be prepared in accordance with GAAP, applied on a basis consistent with that used in the preparation of the latest financial statements supplied under this Agreement (which, until
the first financial statements are supplied under Clause 18.1 (Financial Statements) shall mean the Original Financial Statements). 
  

	(b)	All calculations made for the purpose of determining compliance with this Agreement shall (except as otherwise expressly provided herein) be made by application of GAAP applied on a
basis consistent with that used in the preparation of the latest annual or quarterly financial statements supplied under Clause 18.1 (Financial Statements) unless: 

  

	 	(i)	the Guarantor shall have objected to determining such compliance on such basis at the time of delivery of such financial statements; or 

  

	 	(ii)	the Majority Lenders shall so object in writing within 30 days of delivery of such financial statements, 

  
 in either of which events such calculations shall be made on a basis consistent with those used in the preparation of the
latest financial statements as to which such objection shall not have been made (which, if such objection is made in respect of the first financial statements delivered under Clause 18.1 (Financial Statements), shall mean the Original Financial
Statements). 
  

	(c)	The Guarantor shall deliver to the Facility Agent at the same time as the delivery of any annual or quarterly financial statement under Clause 18.1 (Financial Statements) a
description in reasonable detail of any material variation between the application of accounting principles employed in the preparation of such financial statement and the application of accounting principles employed in the preparation of the
immediately preceding annual or quarterly financial statements as to which no objection has been made in accordance with the last sentence of paragraph (b) above and reasonable estimates of the difference between such financial statements
arising as a consequence thereof. 

  

	18.3	Information - miscellaneous 

  
 The Guarantor shall deliver to the Facility Agent on behalf of the Lenders (and upon receipt thereof the Facility Agent shall promptly deliver to the
Lenders): 
  

	 	(a)	promptly upon the mailing thereof to the shareholders of the Guarantor generally, copies of all financial statements, reports and proxy statements so mailed;

  

	 	(b)	promptly after an Obligor knows or has reason to know that any Potential Event of Default or Event of Default has occurred, a notice of such Potential Event of Default or Event of
Default describing the same in reasonable detail and, together with such notice or as soon thereafter as possible, a description of the action that the Guarantor, the Company or any other Obligor has taken and proposes to take with respect thereto;

  

	 	(c)	as soon as available and in any event within 100 days after the end of each financial year of any Borrower, statement of earnings, cash flow and common shareholders’ equity (if
any) of that Borrower for such financial year and the related balance sheet as at the end of such year, setting forth in each case in comparative form the corresponding figures for the preceding financial year, accompanied by a certificate of a
senior financial officer of the Guarantor, which certificate shall state that said financial statements fairly present the financial condition and results of operations of that Borrower in accordance with generally accepted accounting principles,
consistently applied, as at the end of, and for, such financial year; and 

  

 43 

	 	(d)	from time to time such other information regarding the business, affairs or financial condition of the Guarantor or any of its Material Subsidiaries (including any Plan or
Multiemployer Plan and any reports or other information required to be filed under ERISA) as the Facility Agent may reasonably request (on its own behalf or on behalf of any Lender). 

  
 The Guarantor will furnish to the Facility Agent, at the time it furnishes
each set of financial statements pursuant to Clause 18.1 (Financial Statements), a Compliance Certificate. 
  

	18.4	Litigation 

  
 The Guarantor will promptly give to the Facility Agent (and upon receipt thereof the Facility Agent shall promptly give to the Lenders) notice of all
legal or arbitral proceedings, and of all proceedings by or before any governmental or regulatory authority or agency, and any material development in respect of such legal or other proceedings, affecting the Guarantor or any of its Material
Subsidiaries, except any proceeding which, if adversely determined, would not have a Material Adverse Effect. 
  

	18.5	Know your customer requirements 

  

	(a)	Each Obligor must promptly on the request of any Finance Party (such request to be made through the Facility Agent) supply to the Facility Agent on behalf of that Finance Party any
documentation or other evidence which is reasonably requested by that Finance Party through the Facility Agent (whether for itself, on behalf of any Finance Party or any prospective new Lender) to enable a Finance Party or prospective new Lender to
carry out and be satisfied with the results of all know your customer requirements, provided that no Obligors will be obliged to provide any information which that Obligor determines (in its reasonable discretion) may not legally be provided.

  

	(b)	Each Lender must promptly on the request of the Facility Agent supply to the Facility Agent any documentation or other evidence which is reasonably required by the Facility Agent to
carry out and be satisfied with the results of all applicable know your customer requirements. 

  

	19.	FINANCIAL COVENANTS 

  

	19.1	Interpretation 

  

	(a)	Except as provided to the contrary in this Agreement, an accounting term used in this Clause is to be construed in accordance with the principles applied in connection with the
Original Financial Statements. 

  

	(b)	Any amount in a currency other than dollars is to be taken into account at its dollar equivalent calculated on the basis of: 

  

	 	(i)	the Facility Agent’s spot rate of exchange for the purchase of the relevant currency in the London foreign exchange market with dollars at or about 11.00 a.m. on the day the
relevant amount falls to be calculated; or 

  

	 	(ii)	if the amount is to be calculated on the last day of a financial period of an Obligor, the relevant rates of exchange used by that Obligor in, or in connection with, its financial
statements for that period. 

  

	(c)	No item must be credited or deducted more than once in any calculation under this Clause. 

  

 44 

	19.2	Total Debt to Total Capital Ratio 

  
 The Guarantor will not at any time permit the ratio of Total Debt to Total Capital to exceed 0.60 to 1. 
  

	19.3	Minimum Consolidated Net Worth 

  
 The Guarantor will not at any time permit Consolidated Net Worth to be less than US$9,000,000,000. 
  

	20.	GENERAL COVENANTS 

  

	20.1	General 

  
 Each Obligor agrees that, so long as any of the Total Commitments are in effect and until payment in full of all Loans under this Agreement, all interest
on such Loans and all other amounts payable by any Obligor under this Agreement: 
  

	20.2	Corporate Existence, Etc. 

  
 The Guarantor will, and will cause each of its Material Subsidiaries to: 
  

	 	(a)	preserve and maintain its legal existence and all of its material rights, privileges and franchises (provided that nothing in this Clause shall prohibit any transaction expressly
permitted under Clause 20.4 (Prohibition of Fundamental Changes)); 

  

	 	(b)	comply with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority if failure to comply with such requirements (i) will in the
opinion of the General Counsel of the Guarantor result in imposition of liability or assessment against (including seizure of) property in an aggregate amount (as to all such failures to comply) exceeding 10 per cent. of Consolidated Net Worth,
(ii) could in the aggregate (as to all such failures to comply) reduce by more than 25 per cent. the annual tonnage capacity of the paper processing operations of the Guarantor and its Consolidated Subsidiaries or (iii) in respect of
the Obligors only, would result in an Obligor being unable to perform its obligations under, or affect the validity or enforceability of, any Finance Document; 

  

	 	(c)	pay and discharge all taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of its property prior to the date on which penalties
attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained; 

  

	 	(d)	maintain all of its properties used or useful in its business in good working order and condition, ordinary wear and tear excepted; provided, however, that the Guarantor or any
Subsidiary of the Guarantor may discontinue the maintenance of a property if such discontinuance is, in the opinion of the Guarantor, desirable in the conduct of its business and is not likely to have a Material Adverse Effect; and

  

	 	(e)	upon reasonable advance notice, permit representatives of any Lender or the Facility Agent, during normal business hours, to examine, copy and make extracts from its books and
records, to inspect its properties, and to discuss its business and affairs with its officers, all to the extent reasonably requested by such Lender or the Facility Agent. 

  

 45 

	20.3	Insurance 

  
 The Guarantor will maintain, and will cause each of its Subsidiaries to maintain, insurance underwritten by financially sound and reputable insurers, or
self insurance (in accordance with normal industry practice) in such amounts and against such risks as ordinarily is carried or maintained by owners of like businesses and properties in similar circumstances. 
  

	20.4	Prohibition of Fundamental Changes 

  
 The Guarantor will not, nor will it permit any of its Material Subsidiaries to, enter into any transaction of merger or consolidation or amalgamation, or
liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution). The Guarantor will not, and will not permit any of its Material Subsidiaries to, convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series
of transactions, all or a substantial part of its business or assets, whether now owned or hereafter acquired (excluding any inventory or other assets sold or disposed of in the ordinary course of business). Notwithstanding the foregoing provisions
of this Clause: 
  

	 	(a)	any Subsidiary of the Guarantor may be merged or consolidated with or into: (i) the Guarantor if the Guarantor shall be the continuing or surviving corporation or (ii) any
other Wholly Owned Subsidiary of the Guarantor; provided that if any such transaction shall be between a Subsidiary of the Guarantor and a Wholly Owned Subsidiary of the Guarantor, that Wholly Owned Subsidiary shall be the continuing or surviving
corporation; 

  

	 	(b)	any Subsidiary of the Guarantor may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Guarantor or a Wholly
Owned Subsidiary of the Guarantor; 

  

	 	(c)	the Guarantor or any Subsidiary of the Guarantor may merge or consolidate with any other Person if (i) in the case of a merger or consolidation of the Guarantor, any successor
entity (if other than Guarantor) assumes, in a manner satisfactory to the Facility Agent, all of the Guarantor’s obligations under this Agreement (and, in that connection, delivers to the Facility Agent such evidence of corporate authorisation
and opinions of counsel as are consistent with those delivered by the Guarantor pursuant to Clause 4 (Conditions precedent) and are reasonably requested by the Facility Agent) and, in the case of a merger or consolidation of any Subsidiary of the
Guarantor, the surviving corporation is a Wholly Owned Subsidiary of the Guarantor and (ii) after giving effect thereto no Potential Event of Default or Event of Default would exist hereunder; and 

  

	 	(d)	in addition to the dispositions permitted pursuant to paragraphs (a) to (c) of this Clause, the Guarantor or any Subsidiary of the Guarantor may sell or otherwise dispose
of assets (including by merger or consolidation) if, after giving effect to any such sale or disposition, the book value of such assets, together with the aggregate book value of the assets so sold or disposed of since 30 September 2005, does
not exceed 20 per cent. of Total Assets at 30 September 2005. 

  

	20.5	Limitation on Liens 

  
 The Guarantor will not, nor will it permit any of its Material 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, except: 
  

	 	(a)	Liens imposed by any Governmental Authority for taxes, assessments or charges not yet due or which are being contested in good faith and by appropriate proceedings if, unless the
amount thereof is not material with respect to it or its financial condition, adequate reserves with respect thereto are maintained on the books of the Guarantor or any of its Material Subsidiaries, as the case may be, in accordance with GAAP;

  

 46 

	 	(b)	carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a
period of more than 30 days or which are being contested in good faith and by appropriate proceedings; 

  

	 	(c)	pledges or deposits under worker’s compensation, unemployment insurance and other social security legislation; 

  

	 	(d)	deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature incurred in the ordinary course of business; 

  

	 	(e)	easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business and encumbrances consisting of zoning restrictions, easements,
licences, restrictions on the use of property or minor imperfections in title thereto which, in the aggregate, are not material in amount, and which do not in any case materially detract from the value of the property subject thereto or interfere
with the ordinary conduct of the business of the Guarantor or any of its Material Subsidiaries; 

  

	 	(f)	Liens on assets of Persons that become Subsidiaries of the Guarantor after the date of this Agreement, provided that such Liens are in existence at the time the respective Persons
become Subsidiaries of the Guarantor and were not created in anticipation thereof; 

  

	 	(g)	Liens upon real and/or tangible personal property acquired after the date hereof (by purchase, construction or otherwise) by the Guarantor or any of its Material Subsidiaries, each
of which Liens either (i) existed on such property before the time of its acquisition and was not created in anticipation thereof, or (ii) was created solely for the purpose of securing Indebtedness representing, or incurred to finance,
refinance or refund, the cost (including the cost of construction) of the respective property; provided in the case of paragraph (ii) that such Lien attaches to such asset within 270 days after the acquisition or completion of construction and
commencement of full operations thereof; provided further that no such Lien shall extend to or cover any property of the Guarantor or such Material Subsidiary other than the respective property so acquired and improvements thereon; and provided
further, that the principal amount of Indebtedness secured by any such Lien shall at no time exceed 95 per cent. of the fair market value (as determined in good faith by a senior financial officer of the Guarantor) of the respective property at
the time it was acquired (by purchase, construction or otherwise); 

  

	 	(h)	Liens on assets consisting of a capital project and rights related thereto (Project Assets) securing Indebtedness incurred to finance the acquisition, construction or
development of such Project Assets; provided that (i) such Indebtedness is non-recourse to any other assets; (ii) the aggregate principal amount of Indebtedness secured by Liens permitted by this paragraph (h) may at no time exceed
US$425,000,000 and (iii) such Liens attach to such Project Assets within two years after the initial acquisition or completion of construction or development of such Project Assets; 

  

	 	(i)	Liens upon real and/or personal property of the Guarantor or any Material Subsidiary of the Guarantor in favour of the United States of America or any State thereof, any department,
agency or instrumentality or political subdivision of the United States or any State thereof, or any bonding authority (including any authority established for the issuance of industrial revenue bonds or similar instruments) to secure partial,
progress, or advance or other payments pursuant to any contract or statute or to secure Indebtedness (including, but not 

  

 47 

 limited to, industrial revenue bonds and similar instruments) incurred for the purpose of refinancing
all or any part of the purchase price or cost of constructing or improving such property; 
  

	 	(j)	Liens on accounts receivable and related contract rights, letters of credit, accounts and similar assets arising in connection with any securitisation transaction, and Liens on
promissory notes, regulatory and any other related assets in connection with any financing transaction, in each case whether denominated as sales or borrowings; 

  

	 	(k)	Liens granted to provide security in substitution for collateral presently securing existing Indebtedness, so long as such substitute collateral does not cover any property other
than the property securing such existing Indebtedness; 

  

	 	(l)	Liens securing judgments up to US$200,000,000 for the payment of money in an amount not resulting (whether immediately or with the passage of time) in an Event of Default under
Clause 21 (Default); 

  

	 	(m)	Liens in existence on the date hereof: 

  

	 	(i)	which in aggregate do not exceed 7.5 per cent. of Tangible Assets; or 

  

	 	(ii)	are listed in Schedule 6 (Existing Liens); 

  

	 	(n)	additional Liens upon property, assets or revenues created after the date hereof, provided that the aggregate outstanding Indebtedness secured thereby and incurred on and after the
date hereof shall not at any time exceed 10 per cent. of Tangible Assets; and 

  

	 	(o)	any extension, renewal or replacement of the foregoing, provided, however, that the Liens permitted hereunder shall not be spread to cover any additional Indebtedness or property
(other than a substitution of like property), 

  
 and provided further that the sale, mortgage or other transfer of timber in connection with an arrangement under which the Guarantor or any of its Subsidiaries is obligated to cut such timber (or any portion thereof) in order to provide the
transferee with a specified amount of money (however determined) shall not be deemed to create Indebtedness secured by a Lien hereunder. 
  

	20.6	Pari passu ranking 

  
 Each Obligor must ensure that its payment obligations under the Finance Documents rank at least pari passu with all its other present and future
unsecured payment obligations, except for obligations mandatorily preferred by law applying to companies generally. 
  

	20.7	Year end 

  
 To enable the ready and consistent determination of compliance with the financial covenants set out in Clause 19 (Financial covenants), the Guarantor will
not change its financial year end from 31 December of each year, or the last days of the first three quarter years in each of its financial years from 31 March, 30 June and 30 September of each year, respectively, without giving
prior notice of such change to each Lender and the Facility Agent. 
  

 48 

	21.	DEFAULT 

  
 If one or more of the following Events of Default shall occur and be continuing: 
  

	 	(a)	non-payment: a Borrower shall default in the payment when due of any principal of any Loan; or the Company or a Borrower shall default in the payment when due of any
interest on any Loan or any other amount payable by it hereunder and such default shall continue unremedied for five or more Business Days; or 

  

	 	(b)	indebtedness: any event specified in any note, agreement, indenture or other document evidencing or relating to any Indebtedness (other than (i) Indebtedness
hereunder, (ii) Project Indebtedness, or (iii) Indebtedness owed by any Material Subsidiary to the Guarantor) of the Guarantor or any of its Material Subsidiaries aggregating US$200,000,000 or more shall occur if the effect of such event
is to cause, or (with the giving of any notice or the lapse of time or both) to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, such Indebtedness to become due, or to be prepaid
in full (whether by redemption, purchase or otherwise), prior to its stated maturity; or 

  

	 	(c)	misrepresentation: any representation, warranty or certification made or deemed made herein (or in any modification or supplement to any Finance Document) by any
Obligor, or any certificate furnished to any Lender or the Facility Agent pursuant to the provisions of this Agreement, shall prove to have been false or misleading: 

  

	 	(i)	in any material respect; or 

  

	 	(ii)	in any respect, to the extent that any such representation, warranty or certification contains a materiality qualifier, 

  
 as of the time made or furnished; or 
  

	 	(d)	breach of other obligations: the Guarantor shall default in the performance of any of its obligations under Clause 16 (Guarantee), Clause 19.2 (Total Debt to Total
Capital Ratio), Clause 19.3 (Minimum Consolidated Net Worth), paragraph (a) of Clause 20.2 (Corporate Existence, Etc.) or any of Clauses 20.4 (Prohibition of Fundamental Changes) to 20.7 (Year end) or any Obligor shall default in the
performance of any of its other obligations in this Agreement and such default shall continue unremedied for a period of 30 days after notice thereof to such Obligor (through notification to the Guarantor) by the Facility Agent or any Lender
(through the Facility Agent); or 

  

	 	(e)	inability to pay debts: the Guarantor or any of its Material Subsidiaries shall admit in writing its inability to, or be generally unable to, pay its debts as such
debts become due; or 

  

	 	(f)	insolvency: the Guarantor or any of its Material Subsidiaries shall (i) apply for or consent to the appointment of, or the taking of possession by,
a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property, (ii) make a general assignment for the benefit of its creditors, (iii) commence a voluntary case under the Bankruptcy Code (as now or
hereafter in effect), (iv) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganisation, winding-up, or composition or readjustment of debts, (v) fail to controvert in a timely and
appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the Bankruptcy Code, or (vi) take any corporate action for the purpose of effecting any of the foregoing; or, in respect of the Company
or a Borrower (i) it is, or is deemed for the purposes of any law to be, unable to pay its debts as they fall due or insolvent, (ii) it admits its inability to pay its debts as they 

  

 49 

 fall due, (iii) it suspends making payments on any of its debts or announces an intention to do so,
(iv) by reason of actual or anticipated financial difficulties, it applies for, or is subject to, a composition, assignment or similar arrangement with any creditor or begins negotiations with any creditor for the rescheduling of any of its
indebtedness, or (v) a moratorium is declared in respect of any class of its indebtedness; or 
  

	 	(g)	insolvency proceedings – third parties: a proceeding or case shall be commenced, without the application or consent of the Guarantor or any of its
Material Subsidiaries, in any court of competent jurisdiction, seeking (i) its liquidation, reorganisation, dissolution or winding-up, or the composition or readjustment of its debts, (ii) the appointment of a trustee, receiver, custodian,
liquidator or similar officer or the like of the Guarantor or such Material Subsidiary or of all or any substantial part of its assets, or (iii) similar relief in respect of the Guarantor or such Material Subsidiary under any law relating to
bankruptcy, insolvency, reorganisation, winding-up, or composition or adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and
continue unstayed and in effect, for a period of 90 or more days; or an order for relief against the Guarantor or such Material Subsidiary shall be entered in an involuntary case under the Bankruptcy Code; or 

  

	 	(h)	judgment: a final judgment or judgments for the payment of money in excess of US$200,000,000 in the aggregate shall be rendered by a court or courts
against the Guarantor and/or any of its Material Subsidiaries or US$20,000,000 against a Borrower and the same shall not be discharged (or provision shall not be made for such discharge), or a stay of execution thereof shall not be procured, within
30 days from the date of entry thereof and the Guarantor, the relevant Material Subsidiary or the relevant Borrower shall not, within said period of 30 days, or such longer period during which execution of the same shall have been stayed, appeal
therefrom and cause the execution thereof to be stayed during such appeal; or 

  

	 	(i)	ERISA event: an event or condition shall occur or exist with respect to any Plan or Multiemployer Plan and, as a result of such event or condition,
together with all other such events or conditions, the Guarantor or any ERISA Affiliate shall be reasonably likely in the opinion of the General Counsel of the Guarantor to incur a liability to a Plan, a Multiemployer Plan or PBGC (or any
combination of the foregoing) which is in excess of 10 per cent. of Consolidated Net Worth; or 

  

	 	(j)	control of Guarantor: any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended, it being agreed
that an employee of the Guarantor or any Consolidated Subsidiary for whom shares are held under an employee stock ownership, employee retirement, employee savings or similar plan and whose shares are voted in accordance with the instructions of such
employee shall not be a member of a group of persons within the meaning of said Section 13 or 14 solely because such employee’s shares are held by a trustee under said plan) shall acquire, directly or indirectly, beneficial ownership
(within the meaning of Rule 13d-3 promulgated by the SEC under said Act, as amended) of 20 per cent. or more of the outstanding shares of stock of the Guarantor having by the terms thereof ordinary voting power to elect (whether immediately or
ultimately) a majority of the board of directors of the Guarantor (irrespective of whether or not at the time stock of any other class or classes of stock of the Guarantor shall have or might have voting power by reason of the happening of any
contingency); or 

  

	 	(k)	board of directors of Guarantor: during any period of 24 consecutive calendar months, a majority of the board of directors of the Guarantor shall no longer be composed
of individuals (i) who were members of said board of directors on the first day of such period or (ii) whose election or nomination to said board of directors was approved by individuals referred to in paragraph (i) above constituting
at the time of such election or nomination at least a majority of said board of directors; or 

  

 50 

	 	(l)	Guarantee: the guarantee given by the Guarantor under this Agreement or any provision thereof shall cease to be in full force or effect, or any Person acting by or on
behalf of the Guarantor shall deny or disaffirm in writing the Guarantor’s obligations under the guarantee given by the Guarantor under this Agreement; or 

  

	 	(m)	ownership of the Borrowers: any Borrower is not or ceases to be a Wholly Owned Subsidiary of the Guarantor; 

  
 THEREUPON: 
  

	 	(i)	in the case of an Event of Default other than one referred to in paragraph (f) or (g) of this Clause with respect to any Obligor: 

  

	 	(A)	the Facility Agent may and, upon request of the Majority Lenders, shall, by notice to the Company, cancel the Total Commitments and they shall thereupon terminate; and

  

	 	(B)	the Facility Agent may and, upon request of the Majority Lenders shall, by notice to the Company, declare the principal amount then outstanding of, and the accrued interest on, the
Loans and all other amounts payable by the Obligors hereunder (including any amounts payable under Clause 25.3 (Break Costs) to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand,
protest or other formalities of any kind, all of which are hereby expressly waived by each Obligor; and 

  

	 	(ii)	in the case of the occurrence of an Event of Default referred to in paragraph (f) or (g) of this Clause with respect to any Obligor, the Commitments of each Lender shall
automatically be cancelled and the principal amount then outstanding of, and the accrued interest on, the Loans and all other amounts payable by the Obligors hereunder (including any amounts payable under Clause 25.3 (Break Costs)) shall
automatically become immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby expressly waived by each Obligor. 

  

	22.	THE ADMINISTRATIVE PARTIES 

  

	22.1	Appointment and duties of the Facility Agent 

  

	(a)	Each Finance Party (other than the Facility Agent) irrevocably appoints the Facility Agent to act as its agent under the Finance Documents. 

  

	(b)	Each Finance Party irrevocably authorises the Facility Agent to: 

  

	 	(i)	perform the duties and to exercise the rights, powers and discretions that are specifically given to it under the Finance Documents, together with any other incidental rights,
powers and discretions; and 

  

	 	(ii)	execute each Finance Document expressed to be executed by the Facility Agent. 

  

	(c)	The Facility Agent has only those duties which are expressly specified in the Finance Documents. Those duties are solely of a mechanical and administrative nature.

  

 51 

	22.2	Role of the Mandated Lead Arrangers 

  
 Except as specifically provided in the Finance Documents, the Mandated Lead Arrangers have no obligations of any kind to any other Party in connection
with any Finance Document. 
  

	22.3	No fiduciary duties 

  
 Except as specifically provided in a Finance Document, nothing in the Finance Documents makes an Administrative Party a trustee or fiduciary for any other
Party or any other person. No Administrative Party need hold in trust any moneys paid to it for a Party or be liable to account for interest on those moneys. 
  

	22.4	Individual position of an Administrative Party 

  

	(a)	If it is also a Lender, each Administrative Party has the same rights and powers under the Finance Documents as any other Lender and may exercise those rights and powers as though
it were not an Administrative Party. 

  

	(b)	Each Administrative Party may: 

  

	 	(i)	carry on any business with any Obligor or its related entities (including acting as an agent or a trustee for any other financing); and 

  

	 	(ii)	retain any profits or remuneration it receives under the Finance Documents or in relation to any other business it carries on with any Obligor or its related entities.

  

	22.5	Reliance 

  
 The Facility Agent may: 
  

	 	(a)	rely on any notice or document believed by it to be genuine and correct and to have been signed by, or with the authority of, the proper person; 

  

	 	(b)	rely on any statement made by any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify; 

  

	 	(c)	engage, pay for and rely on professional advisers selected by it (including those representing a Party other than the Facility Agent); and 

  

	 	(d)	act under the Finance Documents through its personnel and agents. 

  

	22.6	Majority Lenders’ instructions 

  

	(a)	The Facility Agent is fully protected if it acts on the instructions of the Majority Lenders in the exercise of any right, power or discretion or any matter not expressly provided
for in the Finance Documents. Any such instructions given by the Majority Lenders will be binding on all the Lenders. In the absence of instructions, the Facility Agent may act as it considers to be in the best interests of all the Lenders.

  

	(b)	The Facility Agent may assume that unless it has received notice to the contrary, any right, power, authority or discretion vested in any Party or the Majority Lenders has not been
exercised. 

  

	(c)	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings in connection with any
Finance Document. 

  

 52 

	(d)	The Facility Agent may require the receipt of security satisfactory to it, whether by way of payment in advance or otherwise, against any liability or loss which it may incur in
complying with the instructions of the Majority Lenders. 

  

	22.7	Responsibility 

  

	(a)	No Administrative Party is responsible for the adequacy, accuracy or completeness of any statement or information (whether written or oral) made in or supplied in connection with
any Finance Document. 

  

	(b)	No Administrative Party is responsible for the legality, validity, effectiveness, adequacy, completeness or enforceability of any Finance Document or any other document.

  

	(c)	Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms that it:

  

	 	(i)	has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Finance Documents (including the financial condition and
affairs of each Obligor and its related entities and the nature and extent of any recourse against any Party or its assets); and 

  

	 	(ii)	has not relied exclusively on any information provided to it by any Administrative Party in connection with any Finance Document. 

  

	22.8	Exclusion of liability 

  

	(a)	The Facility Agent is not liable or responsible to any other Finance Party for any action taken or not taken by it in connection with any Finance Document, unless directly caused by
its gross negligence or wilful misconduct. 

  

	(b)	No Party (other than the Facility Agent) may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have against the
Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in connection with any Finance Document. Any officer, employee or agent of the Facility Agent may rely on this Subclause and enforce its terms under
the Contracts (Rights of Third Parties) Act 1999. 

  

	(c)	The Facility Agent is not liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Facility
Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that purpose.

  

	 (d)      
	 (i)       Nothing in this Agreement will oblige any Administrative Party to satisfy any know
your customer requirement in relation to the identity of any person on behalf of any Finance Party. 

  

	 	(ii)	Each Finance Party confirms to each Administrative Party that it is solely responsible for any know your customer requirements it is required to carry out and that it may not rely
on any statement in relation to those requirements made by any Administrative Party. 

  

 53 

	22.9	Default 

  

	(a)	The Facility Agent is not obliged to monitor or enquire whether a Potential Event of Default or Event of Default has occurred. The Facility Agent is not deemed to have knowledge of
the occurrence of a Potential Event of Default or Event of Default. 

  

	(b)	If the Facility Agent: 

  

	 	(i)	receives notice from a Party referring to this Agreement, describing a Potential Event of Default or Event of Default and stating that the event is a Potential Event of Default or
Event of Default, as the case may be; or 

  

	 	(ii)	is aware of the non-payment of any principal, interest or fee payable to a Finance Party (other than the Facility Agent or a Mandated Lead Arranger) under this Agreement,

  
 it must promptly notify the other Finance
Parties. 
  

	22.10	Information 

  

	(a)	The Facility Agent must promptly forward to the person concerned the original or a copy of any document which is delivered to the Facility Agent by a Party for that person.

  

	(b)	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it
forwards to another Party. 

  

	(c)	Except as provided above, the Facility Agent has no duty: 

  

	 	(i)	either initially or on a continuing basis to provide any Lender with any credit or other information concerning the risks arising under or in connection with the Finance Documents
(including any information relating to the financial condition or affairs of any Obligor or its related entities or the nature or extent of recourse against any Party or its assets) whether coming into its possession before, on or after the date of
this Agreement; or 

  

	 	(ii)	unless specifically requested to do so by a Lender in accordance with a Finance Document, to request any certificate or other document from any Obligor. 

  

	(d)	In acting as the Facility Agent, the agency division of the Facility Agent is treated as a separate entity from its other divisions and departments. Any information acquired by the
Facility Agent which, in its opinion, is acquired by it otherwise than in its capacity as the Facility Agent may be treated as confidential by the Facility Agent and will not be treated as information possessed by the Facility Agent in its capacity
as such. 

  

	(e)	The Facility Agent is not obliged to disclose to any person any confidential information supplied to it by or on behalf of a member of the Group solely for the purpose of evaluating
whether any waiver or amendment is required in respect of any term of the Finance Documents. 

  

	(f)	Each Obligor irrevocably authorises the Facility Agent to disclose to the other Finance Parties any information which, in its opinion, is received by it in its capacity as the
Facility Agent. 

  

	22.11	Indemnities 

  

	(a)	Without limiting the liability of any Obligor under the Finance Documents, each Lender must indemnify the Facility Agent for that Lender’s Pro Rata Share of any loss or
liability incurred by the Facility Agent in acting as the Facility Agent, except to the extent that the loss or liability is caused by the Facility Agent’s gross negligence or wilful misconduct. 

  

 54 

	(b)	The Facility Agent may deduct from any amount received by it for a Lender any amount due to the Facility Agent from that Lender under a Finance Document but unpaid.

  

	22.12	Compliance 

  
 Each Administrative Party may refrain from doing anything (including disclosing any information) which might, in its opinion, constitute a breach of any
law or regulation or be otherwise actionable at the suit of any person, and may do anything which, in its opinion, is necessary or desirable to comply with any law or regulation. 
  

	22.13	Resignation of the Facility Agent 

  

	(a)	The Facility Agent may resign and appoint any of its Affiliates as successor Facility Agent by giving notice to the other Finance Parties and the Company. 

 

	(b)	Alternatively, the Facility Agent may resign by giving notice to the Finance Parties and the Company, in which case the Majority Lenders may appoint a successor Facility Agent.

  

	(c)	If no successor Facility Agent has been appointed under paragraph (b) above within 30 days after notice of resignation was given, the Facility Agent may appoint a successor
Facility Agent. 

  

	(d)	The person(s) appointing a successor Facility Agent must, if practicable, consult with the Company prior to the appointment. 

  

	(e)	The resignation of the Facility Agent and the appointment of any successor Facility Agent will both become effective only when the successor Facility Agent notifies all the Parties
that it accepts its appointment. On giving the notification, the successor Facility Agent will succeed to the position of the Facility Agent and the term Facility Agent will mean the successor Facility Agent. 

  

	(f)	The retiring Facility Agent must, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility
Agent may reasonably request for the purposes of performing its functions as the Facility Agent under the Finance Documents. 

  

	(g)	Upon its resignation becoming effective, this Clause will continue to benefit the retiring Facility Agent in respect of any action taken or not taken by it in connection with the
Finance Documents while it was the Facility Agent, and, subject to paragraph (f) above, it will have no further obligations under any Finance Document. 

  

	(h)	The Majority Lenders may, by notice to the Facility Agent, require it to resign under paragraph (b) above. 

  

	22.14	Relationship with Lenders 

  

	(a)	The Facility Agent may treat each Lender as a Lender, entitled to payments under this Agreement and as acting through its Facility Office(s) until it has received not less than five
Business Days’ prior notice from that Lender to the contrary. 

  

	(b)	The Facility Agent may at any time, and must if requested to do so by the Majority Lenders, convene a meeting of the Lenders. 

  

 55 

	(c)	The Facility Agent must keep a register of all the Parties and supply any other Party with a copy of the register on request. The register will include each Lender’s Facility
Office(s) and contact details for the purposes of this Agreement. 

  

	22.15	Facility Agent’s management time 

  
 If the Facility Agent requires, any amount payable to the Facility Agent by any Party under any indemnity or in respect of any costs or expenses incurred
by the Facility Agent under the Finance Documents after the date of this Agreement may include the cost of using its management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Facility
Agent may notify to the relevant Party. This is in addition to any amount in respect of fees or expenses paid or payable to the Facility Agent under any other term of the Finance Documents. 
  

	22.16	Notice period 

  
 Where this Agreement specifies a minimum period of notice to be given to the Facility Agent, the Facility Agent may, at its discretion, accept a shorter
notice period. 
  

	23.	EVIDENCE AND CALCULATIONS 

  

	23.1	Accounts 

  
 Accounts maintained by a Finance Party in connection with this Agreement are prima facie evidence of the matters to which they relate for the
purpose of any litigation or arbitration proceedings. 
  

	23.2	Certificates and determinations 

  
 Any certification or determination by a Finance Party of a rate or amount under the Finance Documents will be, in the absence of manifest error,
conclusive evidence of the matters to which it relates. 
  

	23.3	Calculations 

  
 Any interest or fee accruing under this Agreement accrues from day to day and is calculated on the basis of the actual number of days elapsed and a year
of 360 days or otherwise, depending on what the Facility Agent determines is market practice. 
  

	24.	FEES 

  

	24.1	Facility Agent’s fee 

  
 The Company must pay to the Facility Agent for its own account an agency fee in the manner agreed in the Agency Fee Letter. 
  

	24.2	Arrangement fee 

  
 The Company must pay an arrangement fee in the manner agreed in the Arrangement Fee Letter. 
  

	24.3	Participation fee 

  
 The Company must pay a participation fee in the manner agreed in the Arrangement Fee Letter. 
  

 56 

	24.4	Commitment fee 

  

	(a)	The Company must pay a commitment fee computed at the rate of 30 per cent. of the Margin applicable to Revolving Credit Loans on the undrawn, uncancelled amount of each
Lender’s Revolving Credit Commitment. 

  

	(b)	Accrued commitment fee is payable quarterly in arrears. Accrued commitment fee is also payable to the Facility Agent for a Lender on the date its Revolving Credit Commitment is
cancelled in full. 

  

	25.	INDEMNITIES AND BREAK COSTS 

  

	25.1	Currency indemnity 

  

	(a)	The Company must, as an independent obligation, indemnify each Finance Party against any loss or liability which that Finance Party incurs as a consequence of:

  

	 	(i)	that Finance Party receiving an amount in respect of an Obligor’s liability under the Finance Documents; or 

  

	 	(ii)	that liability being converted into a claim, proof, judgment or order, 

  
 in a currency other than the currency in which the amount is expressed to be payable under the relevant Finance Document. 
  

	(b)	Unless otherwise required by law, each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency other than that in which
it is expressed to be payable. 

  

	25.2	Other indemnities 

  

	(a)	The Company must indemnify each Finance Party against any loss or liability which that Finance Party incurs as a consequence of: 

  

	 	(i)	the occurrence of any Event of Default; 

  

	 	(ii)	any failure by an Obligor to pay any amount due under a Finance Document on its due date, including any resulting from any distribution or redistribution of any amount among the
Lenders under this Agreement; 

  

	 	(iii)	(other than by reason of negligence or default by that Finance Party) a Loan not being made after a Request has been delivered for that Loan; or 

  

	 	(iv)	a Loan (or part of a Loan) not being prepaid in accordance with this Agreement. 

  
 The Company’s liability in each case includes any loss or expense on account of funds borrowed, contracted for or
utilised to fund any amount payable under any Finance Document or any Loan, other than in respect of subparagraph (a)(iii) above, where the Company’s liability is limited to the payment of Break Costs. 
  

	(b)	The Company must indemnify the Facility Agent against any loss or liability incurred by the Facility Agent as a result of: 

  

	 	(i)	investigating any event which the Facility Agent reasonably believes to be a Potential Event of Default or Event of Default, unless such investigation shows that no Potential Event
of Default or Event of Default had occurred, in which case the Lenders must indemnify on a pro rata basis the Facility Agent against any such loss or liability incurred; or 

  

 57 

	 	(ii)	acting or relying on any notice which the Facility Agent reasonably believes to be genuine, correct and appropriately authorised. 

  

	25.3	Break Costs 

  

	(a)	Each Borrower must pay to each Lender its Break Costs. 

  

	(b)	Break Costs are the amount (if any) determined by the relevant Lender by which: 

  

	 	(i)	the interest which that Lender would have received for the period from the date of receipt of any part of its share in a Loan or an overdue amount to the last day of the applicable
Term for that Loan or overdue amount if the principal or overdue amount received had been paid on the last day of that Term; 

  
 exceeds 
  

	 	(ii)	the amount which that Lender would be able to obtain by redeploying such amount for a period starting on the date of receipt and ending on the last day of the applicable Term.

  

	(c)	Each Lender must supply to the Facility Agent for the relevant Borrower a certificate setting forth in reasonable detail (including the calculations of such amount) the amount of
any Break Costs claimed by it under this Clause. No amount shall be payable by a Borrower under this Clause until such certificate has been provided to that Borrower. 

  

	26.	EXPENSES 

  

	26.1	Initial costs 

  
 The Company must pay to each Administrative Party the amount of all costs and expenses (including legal fees, subject to the cap on legal fees as set out
in the mandate letter between the Company and the Mandated Lead Arrangers dated 26 October 2005) reasonably incurred by it in connection with the negotiation, preparation, printing, execution and syndication of the Finance Documents.

  

	26.2	Subsequent costs 

  
 The Company must pay to the Facility Agent the amount of all costs and expenses (including legal fees) reasonably incurred by it in connection with:

  

	 	(a)	the negotiation, preparation, printing and execution of any Finance Document (other than a Transfer Certificate) executed after the date of this Agreement; and

  

	 	(b)	any amendment, waiver or consent requested by or on behalf of an Obligor or specifically allowed by this Agreement (other than any amendment, waiver or consent requested by a
Finance Party). 

  
 For the avoidance of doubt
paragraph (a) of this Subclause does not apply to any Finance Document required under Clause 4.1 (Conditions precedent documents) or in respect of the first Request. 
  

 58 

	26.3	Enforcement costs 

  
 The Company must pay to each Finance Party the amount of all reasonable costs and expenses (including reasonable legal fees) incurred by it in connection
with the successful enforcement of, or the preservation of any rights under, any Finance Document. 
  

	27.	AMENDMENTS AND WAIVERS 

  

	27.1	Procedure 

  

	(a)	Except as provided in this Clause, any term of the Finance Documents may be amended or waived with the agreement of the Guarantor and the Majority Lenders. The Facility Agent may
effect, on behalf of any Finance Party, an amendment or waiver allowed under this Clause. 

  

	(b)	The Facility Agent must promptly notify the other Parties of any amendment or waiver effected by it under paragraph (a) above. Any such amendment or waiver is binding on all
the Parties. 

  

	(c)	Each Obligor agrees to any amendment or waiver allowed by this Clause which is agreed to by the Guarantor. This includes any amendment or waiver which would, but for this paragraph,
require the consent of the Guarantor if the guarantee under the Finance Documents is to remain in full force and effect. 

  

	27.2	Exceptions 

  

	(a)	An amendment or waiver which relates to: 

  

	 	(i)	the definition of Majority Lenders in Clause 1.1 (Definitions); 

  

	 	(ii)	an extension of the date of payment of any amount to a Lender under the Finance Documents; 

  

	 	(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fee or other amount payable to a Lender under the Finance Documents;

  

	 	(iv)	an increase in, or an extension of, a Commitment or the Total Commitments; 

  

	 	(v)	a release of an Obligor other than in accordance with the terms of this Agreement; 

  

	 	(vi)	a term of a Finance Document which expressly requires the consent of each Lender; 

  

	 	(vii)	the right of a Lender to assign or transfer its rights or obligations under the Finance Documents; 

  

	 	(viii)	Clause 2.3 (Nature of a Finance Party’s rights and obligations); or 

  

	 	(ix)	this Clause, 

  
 may only be made with the consent of all the Lenders. 
  

	(b)	An amendment or waiver which relates to the rights or obligations of an Administrative Party may only be made with the consent of that Administrative Party.

  

	(c)	A Fee Letter may be amended or waived with the agreement of the Administrative Party that is a party to that Fee Letter and the Company. 

  

 59 

	27.3	Change of currency 

  
 If a change in any currency of a country occurs (including where there is more than one currency or currency unit recognised at the same time as the
lawful currency of a country), the Finance Documents will be amended to the extent the Facility Agent (acting reasonably and after consultation with the Company) determines is necessary to reflect the change. 
  

	27.4	Waivers and remedies cumulative 

  
 The rights of each Party under the Finance Documents: 
  

	 	(a)	may be exercised as often as necessary subject to the terms of this Agreement; 

  

	 	(b)	are cumulative and not exclusive of its rights under the general law; and 

  

	 	(c)	may be waived only in writing and specifically. 

  
 Delay in exercising or non-exercise of any right is not a waiver of that right. 
  

	28.	CHANGES TO THE PARTIES 

  

	28.1	Assignments and transfers by Obligors 

  
 No Obligor may assign or transfer any of its rights and obligations under the Finance Documents without the prior consent of all the Lenders. 

 

	28.2	Assignments and transfers by Lenders 

  

	(a)	A Lender (the Existing Lender) may, subject to the following provisions of this Subclause, at any time assign or transfer (including by way of novation) any of its rights and
obligations under this Agreement to any other bank or financial institution or to a trust, fund or other financial entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other
financial assets (the New Lender). 

  

	(b)	The consent of the Company is required for any assignment or transfer unless the New Lender is another Lender or an Affiliate of a Lender or an Event of Default is outstanding. The
consent of the Company must not be unreasonably withheld or delayed. 

  

	(c)	The Facility Agent is not obliged to execute a Transfer Certificate until it has completed all know your customer requirements to its satisfaction. The Facility Agent must promptly
notify the Existing Lender and the New Lender if there are any such requirements. 

  

	(d)	A transfer of obligations will be effective only if either: 

  

	 	(i)	the obligations are novated in accordance with the following provisions of this Clause; or 

  

	 	(ii)	the New Lender confirms to the Facility Agent and the Company in form and substance satisfactory to the Facility Agent that it is bound by the terms of this Agreement as a Lender.
On the transfer becoming effective in this manner the Existing Lender will be released from its obligations under this Agreement to the extent that they are transferred to the New Lender. 

  

	(e)	Unless the Facility Agent otherwise agrees, the New Lender must pay to the Facility Agent for its own account, on or before the date any assignment or transfer occurs, a fee of
€1,500. 

  

 60 

	(f)	Any reference in this Agreement to a Lender includes a New Lender but excludes a Lender if no amount is or may be owed to or by it under this Agreement. 

  

	(g)	Within ten Business Days of it becoming effective, the Facility Agent will give notice to the Company and the Guarantor of any assignment or transfer for which the consent of the
Company is not required under paragraph (b) above. 

  

	(h)	A new Lender shall not be entitled to receive any greater payments than the Existing Lender would have received had the assignment or transfer not taken place if such increase in
payment arises as a result of circumstances existing at the date of assignment or transfer. 

  

	(i)	The liabilities and obligations of the Obligors shall not be increased by reason of any assignment or transfer if such increase arises as a result of circumstances existing at the
date of assignment or transfer. 

  

	(j)	An assignment transfer or novation under this Clause does not extinguish or otherwise affect the obligations of any Obligor under the Finance Documents. 

  

	28.3	Procedure for transfer by way of novations 

  

	(a)	In this Subclause: 

  
 Transfer Date means, for a Transfer Certificate, the later of: 
  

	 	(i)	the proposed Transfer Date specified in that Transfer Certificate; and 

  

	 	(ii)	the date on which the Facility Agent executes that Transfer Certificate. 

  

	(b)	A novation is effected if: 

  

	 	(i)	the Existing Lender and the New Lender deliver to the Facility Agent a duly completed Transfer Certificate; and 

  

	 	(ii)	the Facility Agent executes it. 

  
 The Facility Agent must execute as soon as reasonably practicable a Transfer Certificate delivered to it and which appears on its face to be in order.

  

	(c)	Each Party (other than the Existing Lender and the New Lender) irrevocably authorises the Facility Agent to execute any duly completed Transfer Certificate on its behalf provided
that, in circumstances where there is a requirement for the Company to give its prior consent to the assignment or transfer, such authorisation is only given by the Company under this paragraph (c) if it has already given its consent to the
assignment or transfer. 

  

	(d)	On the Transfer Date: 

  

	 	(i)	the New Lender will assume the rights and obligations of the Existing Lender expressed to be the subject of the novation in the Transfer Certificate in substitution for the Existing
Lender; and 

  

	 	(ii)	the Existing Lender will be released from those obligations and cease to have those rights. 

  

	(e)	The Facility Agent must, as soon as reasonably practicable after it has executed a Transfer Certificate, send to the Company a copy of that Transfer Certificate.

  

 61 

	28.4	Limitation of responsibility of Existing Lender 

  

	(a)	Unless expressly agreed to the contrary, an Existing Lender is not responsible to a New Lender for the legality, validity, adequacy, accuracy, completeness or performance of:

  

	 	(i)	any Finance Document or any other document; or 

  

	 	(ii)	any statement or information (whether written or oral) made in or supplied in connection with any Finance Document, 

  
 and any representations or warranties implied by law are excluded.

  

	(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	(i)	has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Finance Documents (including the financial condition and
affairs of each Obligor and its related entities and the nature and extent of any recourse against any Party or its assets) in connection with its participation in this Agreement; and 

  

	 	(ii)	has not relied exclusively on any information supplied to it by the Existing Lender in connection with any Finance Document. 

  

	(c)	Nothing in any Finance Document requires an Existing Lender to: 

  

	 	(i)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause; or 

  

	 	(ii)	support any losses incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under any Finance Document or otherwise. 

 

	28.5	Costs resulting from change of Lender or Facility Office 

  
 If: 
  

	 	(a)	a Lender assigns or transfers any of its rights and obligations under the Finance Documents or changes its Facility Office; and 

  

	 	(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to pay a Tax Payment or an Increased Cost,

  
 then, unless the assignment, transfer or
change is made by a Lender to mitigate any circumstances giving rise to the Tax Payment, Increased Cost or a right to be prepaid and/or cancelled by reason of illegality, the relevant Obligor need only pay that Tax Payment or Increased Cost to the
same extent that it would have been obliged to if no assignment, transfer or change had occurred. 
  

	28.6	Additional Borrowers 

  

	(a)	If the Guarantor requests that one of its Wholly Owned Subsidiaries becomes an Additional Borrower it must give not less than 10 Business Days’ prior notice to the Facility
Agent (who must promptly notify the Lenders). 

  

	(b)	If the accession of an Additional Borrower requires any Finance Party to carry out know your customer requirements in circumstances where the necessary information is not already
available to it: 

  

 62 

	 	(i)	that Finance Party must provide the Facility Agent and the Company with a list of documentation and other evidence it requires to satisfy its know your customer requirements within
five Business Days of the Facility Agent notifying that Finance Party under paragraph (a) above (the KYC List Period); and 

  

	 	(ii)	if that Finance Party cannot produce a list under sub-paragraph (i) above before the end of the KYC List Period it must inform the Facility Agent and the Company before the end
of the KYC Period that it cannot do so and provide such a list within eight Business Days of the Facility Agent notifying that Finance Party under paragraph (a) above. 

  

	(c)	If one of the Wholly Owned Subsidiaries of the Guarantor is to become an Additional Borrower, then the Guarantor must (following consultation with the Facility Agent) deliver to the
Facility Agent the relevant documents and evidence listed in Part 2 of Schedule 2 (Conditions precedent documents). 

  

	(d)	The prior consent of all the Lenders is required (such consent not to be unreasonably withheld or delayed) to the accession of any Additional Borrower, it being understood that no
consent will be required in the case of International Paper (Europe) S.A. which is incorporated in Belgium. 

  

	(e)	The relevant Subsidiary will become an Additional Borrower when the Facility Agent notifies the other Finance Parties, the Guarantor and the Company that it has received all of the
documents and evidence referred to in paragraph (c) above in form and substance satisfactory to it and (if required) the consent of the Lenders under paragraph (d) above (the Accession Conditions Precedent). The Facility Agent must
give this notification within two Business Days of receiving all the Accession Conditions Precedent. 

  

	(f)	Delivery of an Accession Agreement, executed by the relevant Subsidiary and the Guarantor, to the Facility Agent constitutes confirmation by that Subsidiary and the Guarantor that
the Repeating Representations are then correct. 

  

	(g)	There may only be four Borrowers under this Agreement. 

  

	28.7	Changes to the Reference Banks 

  
 If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Facility Agent must (in
consultation with the Company) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank. 
  

	28.8	Affiliates of Lenders 

  

	(a)	Each Lender may fulfil its obligations in respect of any Loan through an Affiliate if: 

  

	 	(i)	the relevant Affiliate is specified in this Agreement as a Lender or becomes a Lender by means of a Transfer Certificate in accordance with this Agreement; and

  

	 	(ii)	the Loans in which that Affiliate will participate are specified in this Agreement or in a notice given by that Lender to the Facility Agent and the Company.

  
 In this event, the Lender and the Affiliate
will participate in Loans in the manner provided for in sub-paragraph (ii) above. 
  

	(b)	If paragraph (a) above applies, the Lender and its Affiliate will be treated as having a single Commitment and a single vote, but, for all other purposes, will be treated as
separate Lenders. 

  

 63 

	29.	DISCLOSURE OF INFORMATION 

  

	(a)	Each Finance Party must keep confidential any information supplied to it by or on behalf of any Obligor in connection with the Finance Documents. However, a Finance Party is
entitled to disclose information: 

  

	 	(i)	which is publicly available, other than as a result of a breach by that Finance Party of this Clause; 

  

	 	(ii)	if required to do so in connection with any legal or arbitration proceedings; 

  

	 	(iii)	if required to do so under any law or regulation; 

  

	 	(iv)	if required to do so to a governmental, banking, taxation or other regulatory authority; 

  

	 	(v)	to its professional advisers in connection with this transmission; 

  

	 	(vi)	to the extent allowed under paragraph (b) below; 

  

	 	(vii)	to another Obligor; or 

  

	 	(viii)	with the prior written agreement of the relevant Obligor. 

  

	(b)	A Finance Party may disclose to an Affiliate or any person with whom it may enter, or has entered into, any kind of transfer, participation or other agreement in relation to this
Agreement (a participant): 

  

	 	(i)	a copy of any Finance Document; and 

  

	 	(ii)	any information which that Finance Party has acquired under or in connection with any Finance Document. 

  
 However, before a participant may receive any confidential information, it must agree with the relevant Finance Party to
keep that information confidential on the terms of paragraph (a) above. 
  

	(c)	This Clause supersedes any previous confidentiality undertaking given by a Finance Party in connection with this Agreement prior to it becoming a Party. 

  

	30.	SET-OFF 

  
 Following the occurrence of an Event of Default which is outstanding, a Finance Party may set off any matured obligation owed to it by an Obligor under
the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor (other than amounts due by that Finance Party under a Trading Contract), regardless of the place
of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

  

 64 

	31.	PRO RATA SHARING 

  

	31.1	Redistribution 

  
 If any amount owing by an Obligor under this Agreement to a Lender (the recovering Lender) is discharged by payment, set-off or any other manner
other than through the Facility Agent under this Agreement (a recovery), then: 
  

	 	(a)	the recovering Lender must, within three Business Days, supply details of the recovery to the Facility Agent; 

  

	 	(b)	the Facility Agent must calculate whether the recovery is in excess of the amount which the recovering Lender would have received if the recovery had been received and distributed
by the Facility Agent under this Agreement; and 

  

	 	(c)	the recovering Lender must pay to the Facility Agent an amount equal to the excess (the redistribution). 

  

	31.2	Effect of redistribution 

  

	(a)	The Facility Agent must treat a redistribution as if it were a payment by the relevant Obligor under this Agreement and distribute it among the Lenders, other than the recovering
Lender, accordingly. 

  

	(b)	When the Facility Agent makes a distribution under paragraph (a) above, the recovering Lender will be subrogated to the rights of the Finance Parties which have shared in that
redistribution. 

  

	(c)	If and to the extent that the recovering Lender is not able to rely on any rights of subrogation under paragraph (b) above, the relevant Obligor will owe the recovering Lender
a debt which is equal to the redistribution, immediately payable and of the type originally discharged. 

  

	(d)	If: 

  

	 	(i)	a recovering Lender must subsequently return a recovery, or an amount measured by reference to a recovery, to an Obligor; and 

  

	 	(ii)	the recovering Lender has paid a redistribution in relation to that recovery, 

  

each Finance Party must reimburse the recovering Lender all or the appropriate portion of the redistribution paid to that Finance Party, together with
interest for the period while it held the redistribution. In this event, the subrogation in paragraph (b) above will operate in reverse to the extent of the reimbursement. 
  

	31.3	Exceptions 

  
 Notwithstanding any other term of this Clause, a recovering Lender need not pay a redistribution to the extent that: 
  

	 	(a)	it would not, after the payment, have a valid claim against the relevant Obligor in the amount of the redistribution; or 

  

	 	(b)	it would be sharing with another Finance Party any amount which the recovering Lender has received or recovered as a result of legal or arbitration proceedings, where:

  

	 	(i)	the recovering Lender notified the Facility Agent of those proceedings; and 

  

 65 

	 	(ii)	the other Finance Party had an opportunity to participate in those proceedings but did not do so or did not take separate legal or arbitration proceedings as soon as reasonably
practicable after receiving notice of them. 

  

	32.	SEVERABILITY 

  
 If a term of a Finance Document is or becomes illegal, invalid or unenforceable in any jurisdiction, that will not affect: 
  

	 	(a)	the legality, validity or enforceability in that jurisdiction of any other term of the Finance Documents; or 

  

	 	(b)	the legality, validity or enforceability in other jurisdictions of that or any other term of the Finance Documents. 

  

	33.	COUNTERPARTS 

  
 Each Finance Document may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a single
copy of the Finance Document. 
  

	34.	NOTICES 

  

	34.1	In writing 

  

	(a)	Any communication in connection with a Finance Document must be in writing and, unless otherwise stated, may be given: 

  

	 	(i)	in person, by post, fax or any other electronic communication approved by the Facility Agent and the Company; or 

  

	 	(ii)	if between the Facility Agent and a Lender and the Facility Agent and the Lender agree, by e-mail or other electronic communication. 

  

	(b)	For the purpose of the Finance Documents, an electronic communication will be treated as being in writing. 

  
 Unless it is agreed to the contrary, any consent or agreement required under
a Finance Document must be given in writing. 
  

	34.2	Contact details 

  

	(a)	Except as provided below, the contact details of each Party for all communications in connection with the Finance Documents are those notified by that Party for this purpose to the
Facility Agent on or before the date it becomes a Party. 

  

	(b)	The contact details of the Company and the Guarantor for this purpose are: 

  

			
	Address:	 	 International Paper Company,
 400 Atlantic
Street,
 Stamford, Connecticut 06921

	Fax number:	 	(203) 541-8263
		
	Attention:	 	Vice President-Treasury

  

 66 

 With a copy to: 
  

David S. Stein, Esq, 
 International Paper
Company, 
 400 Atlantic Street, 
 Stamford, 
 Connecticut 06921 
 Fax number: (203) 541-8208 
  

	(c)	The contact details of the Facility Agent for this purpose are: 

  

			
	Address:	  	37 Place du Marché Saint Honoré 75031 Paris Cedex 01
	Fax number:	  	+ 33 (0) 1 42 98 43 17
	E-mail:	  	thierry.bonnel@bnpparibas.com
	Attention:	  	Thierry Bonnel.

  

	(d)	Any Party may change its contact details by giving five Business Days’ notice to the Facility Agent or (in the case of the Facility Agent) to the other Parties.

  

	(e)	Where a Party nominates a particular department or officer to receive a communication, a communication will not be effective if it fails to specify that department or officer.

  

	34.3	Effectiveness 

  

	(a)	Except as provided below, any communication in connection with a Finance Document will be deemed to be given as follows: 

  

	 	(i)	if delivered in person, at the time of delivery; 

  

	 	(ii)	if posted, five days after being deposited in the post, postage prepaid, in a correctly addressed envelope; 

  

	 	(iii)	if by fax, 24 hours after despatch; and 

  

	 	(iv)	if by e-mail or any other electronic communication, when received in legible form. 

  

	(b)	A communication given under paragraph (a) above but received on a non-working day or after business hours in the place of receipt will only be deemed to be given on the next
working day in that place. 

  

	(c)	A communication to the Facility Agent, the Company or the Guarantor will only be effective on actual receipt by it. 

  

	34.4	Obligors 

  

	(a)	All communications under the Finance Documents to or from an Obligor must be sent through the Facility Agent. 

  

	(b)	Save as otherwise provided under this Agreement, all communication under the Finance Documents to or from an Obligor (other than the Guarantor) must be sent through the Guarantor.

  

	(c)	Each Obligor (other than the Guarantor) irrevocably appoints the Guarantor to act as its agent: 

  

	 	(i)	to give and receive all communications under the Finance Documents; 

  

 67 

	 	(ii)	to supply all information concerning itself to any Finance Party; and 

  

	 	(iii)	to sign all documents under or in connection with the Finance Documents. 

  

	(d)	Any communication given to the Guarantor in connection with a Finance Document will be deemed to have been given also to the other Obligors. 

  

	(e)	Each Finance Party may assume that any communication made by the Guarantor is made with the consent of each other Obligor. 

  

	35.	LANGUAGE 

  

	(a)	Any notice given in connection with a Finance Document must be in English. 

  

	(b)	Any other document provided in connection with a Finance Document must be: 

  

	 	(i)	in English; or 

  

	 	(ii)	(unless the Facility Agent otherwise agrees) accompanied by a certified English translation. In this case, the English translation prevails unless the document is a statutory or
other official document. 

  

	36.	USA PATRIOT ACT 

  
 Each Lender hereby notifies each Obligor, that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law
26 October 2001)) (the Patriot Act), it is required to obtain, verify and record information that identifies each Obligor, which information includes the name and address of each Obligor and other information that will allow such Lender
to identify such Obligor in accordance with the Patriot Act. 
  

	37.	GOVERNING LAW 

  
 This Agreement is governed by English law. 
  

	38.	ENFORCEMENT 

  

	38.1	Jurisdiction 

  

	(a)	The English courts have exclusive jurisdiction to settle any dispute in connection with any Finance Document. 

  

	(b)	Notwithstanding paragraph (a) above, any New York State court or Federal court sitting in the City and County of New York also has jurisdiction to settle any dispute in
connection with any Finance Document. 

  

	(c)	The English and New York courts are the most appropriate and convenient courts to settle any such dispute and each Obligor waives objection to those courts on the grounds of
inconvenient forum or otherwise in relation to proceedings in connection with any Finance Document. 

  

	(d)	To the extent allowed by law, a Party may take: 

  

	 	(i)	proceedings in any other court; and 

  

	 	(ii)	concurrent proceedings in any number of jurisdictions. 

  

 68 

	38.2	Service of process 

  

	(a)	Each Obligor not incorporated in England and Wales irrevocably appoints Dewey Ballantine, One London Wall, London, EC2Y 5EZ as its agent under the Finance Documents for service of
process in any proceedings before the English courts. 

  

	(b)	Each Obligor not incorporated in the State of New York irrevocably appoints the Guarantor as its agent for service of process in any proceedings before any New York State courts.

  

	(c)	If any person appointed as process agent is unable for any reason to act as agent for service of process, the Company (on behalf of the Obligors) must immediately appoint another
agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint another agent for this purpose. 

  

	(d)	Each Obligor agrees that failure by a process agent to notify it of any process will not invalidate the relevant proceedings. 

  

	(e)	This Clause does not affect any other method of service allowed by law. 

  

	38.3	Waiver of immunity 

  
 Each Party irrevocably and unconditionally: 
  

	 	(a)	agrees not to claim any immunity from proceedings brought by another Party against it in relation to a Finance Document and to ensure that no such claim is made on its behalf;

  

	 	(b)	consents generally to the giving of any relief or the issue of any process in connection with those proceedings; and 

  

	 	(c)	waives all rights of immunity in respect of it or its assets. 

  

	38.4	Waiver of trial by jury 

  
 EACH PARTY 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 ANY FINANCE DOCUMENT OR THE TRANSACTIONS CONTEMPLATED BY ANY FINANCE DOCUMENT (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS CLAUSE. 
  

	39.	COMPLETE AGREEMENT 

  
 The Finance Documents contain the complete agreement between the Parties on the matters to which they are related and supersede all prior commitments,
agreements and understandings, whether written or oral, on those matters. 
  
 THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement. 
  

 69 

 SCHEDULE 1 
  
 ORIGINAL PARTIES 
  

			
	 Name of Original Lender

	  	 Term Loan
 Commitments

	 	  	(in dollars)
	 ABN AMRO Bank N.V.
	  	43,750,000
	 BNP Paribas Ireland
	  	62,125,000
	 Citibank International plc, London Branch
	  	43,750,000
	 The Bank of Tokyo-Mitsubishi Ltd., New York Branch
	  	41,562,500
	 Deutsche Bank AG, London Branch
	  	41,562,500
	 Banco Santander Central Hispano S.A., New York Branch
	  	35,000,000
	 Bank of America, N.A.
	  	35,000,000
	 Commerzbank AG, New York and Grand Cayman Branches
	  	35,000,000
	 Credit Suisse, Cayman Islands Branch
	  	35,000,000
	 Goldman Sachs Credit Partners L.P.
	  	35,000,000
	 JP Morgan Chase Bank
	  	35,000,000
	 Mizuho Corporate Bank, Ltd
	  	35,000,000
	 The Royal Bank of Scotland plc
	  	35,000,000
	 UBS Limited
	  	35,000,000
	 Fortis Capital Corp.
 (Fortis Bank S.A./N.V. as its Affiliate in relation to Loans to any Borrower incorporated in Belgium (if any))
	  	23,625,000
	 Nordea Bank Finland Plc
	  	18,375,000
	 The Norinchukin Bank, New York Branch
	  	18,375,000
	 SANPAOLO IMI S.p.A.
	  	18,375,000
	 Société Générale
	  	18,375,000

  

 70 

				
	 Sumitomo Mitsui Banking Corporation
	  	 	18,375,000
	 U.S. Bank, N.A.
	  	 	18,375,000
	 Wachovia Bank, National Association
	  	 	18,375,000
	 	  	
	

	 Total Term Loan Commitments
	  	$	700,000,000
	 	  	
	

  

			
	 Name of Original Lender

	  	 Revolving Credit
 Commitments

	 	  	(in dollars)
	 ABN AMRO Bank N.V.
	  	6,250,000
	 BNP Paribas Ireland
	  	8,875,000
	 Citibank International plc, London Branch
	  	6,250,000
	 The Bank of Tokyo-Mitsubishi Ltd., New York Branch
	  	5,937,500
	 Deutsche Bank AG, London Branch
	  	5,937,500
	 Banco Santander Central Hispano S.A., New York Branch
	  	5,000,000
	 Bank of America, N.A.
	  	5,000,000
	 Commerzbank AG, New York and Grand Cayman Branches
	  	5,000,000
	 Credit Suisse, Cayman Islands Branch
	  	5,000,000
	 Goldman Sachs Credit Partners L.P.
	  	5,000,000
	 JP Morgan Chase Bank
	  	5,000,000
	 Mizuho Corporate Bank, Ltd
	  	5,000,000
	 The Royal Bank of Scotland plc
	  	5,000,000
	 UBS Limited
	  	5,000,000

  

 71 

				
	 Fortis Capital Corp.
 (Fortis Bank S.A./N.V. as its Affiliate in relation to Loans to any Borrower incorporated in Belgium (if any))
	  	 	3,375,000
	 Nordea Bank Finland Plc
	  	 	2,625,000
	 The Norinchukin Bank, New York Branch
	  	 	2,625,000
	 SANPAOLO IMI S.p.A.
	  	 	2,625,000
	 Société Générale
	  	 	2,625,000
	 Sumitomo Mitsui Banking Corporation
	  	 	2,625,000
	 U.S. Bank, N.A.
	  	 	2,625,000
	 Wachovia Bank, National Association
	  	 	2,625,000
	 	  	
	

	 Total Revolving Credit Commitments
	  	$	100,000,000
	 	  	
	

  

 72 

 SCHEDULE 2 
  
 CONDITIONS PRECEDENT DOCUMENTS 
  
 PART 1 
  
 TO BE DELIVERED BEFORE THE FIRST REQUEST 
  
 Original Obligors 
  

	1.	A copy of the constitutional documents of each Original Obligor. In respect of the Company, this shall be its articles of association, an updated excerpt from the Luxembourg trade
and companies register and a non-bankruptcy certificate. 

  

	2.	A copy of a resolution of the board of each Original Obligor approving the terms of, and the transactions contemplated by, this Agreement. 

  

	3.	A specimen of the signature of each person authorised on behalf of an Original Obligor to execute or witness the execution of any Finance Document or to sign or send any document or
notice in connection with any Finance Document and evidence that each person signing the Finance Documents on behalf of the Company is authorised to do so. 

  

	4.	A certificate of an authorised signatory of the Company: 

  

	 	(a)	confirming that utilising the Total Commitments in full would not breach any limit binding on any Original Obligor; and 

  

	 	(b)	certifying that each copy document specified in this Schedule is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.

  

	5.	Evidence that any process agent referred to in Clause 38.2 (Service of process), if not an Obligor, has accepted its appointment. 

  
 Legal opinions 
  
 Legal opinions of Allen & Overy LLP, under the laws of England, New York and Luxembourg, addressed to the Finance Parties.

  
 Other documents and evidence 
  

	1.	Evidence that all fees, costs and expenses then due and payable from the Company under this Agreement have been or will be paid by the first Utilisation Date.

  

	2.	A copy of the Original Financial Statements and the latest annual unaudited financial statements relating to the Company. 

  

	3.	For the Company, the following documentation and evidence (in addition to that required under paragraphs 1 to 3 under the title “Original Obligors” in this Part 1 of
Schedule 2) in relation to know your customer requirements: 

  

	 	(a)	a letter signed by an authorised officer of the Guarantor confirming that the Company is a wholly owned direct subsidiary of the Guarantor; 

  

 73 

	 	(b)	a letter signed by an authorised officer of the Company confirming: (i) name of auditors of the Company, (ii) tax identification number of the Company, (iii) names of
the principal officers of the Company and (iv) confirmation of the main business activity and the primary source of funds of the Company; 

  

	 	(c)	a copy of any government issued business licence, if such licence is required; 

  

	 	(d)	a completed tax form W-8BEN; and 

  

	 	(e)	USA Patriot Act certificate, completed by an authorised officer of the Guarantor, if such certificate is required by particular Lenders, 

  
 if such item is required by a particular Lender. 
  

 74 

 PART 2 
  
 FOR AN ADDITIONAL BORROWER 
  
 Additional Borrowers 
  

	1.	An Accession Agreement, duly entered into by the Guarantor and the Additional Borrower. 

  

	2.	A copy of the constitutional documents of the Additional Borrower including a copy of an extract of the registration with the Crossroads Bank for Enterprises for each Additional
Obligor incorporated in Belgium. 

  

	3.	A copy of a resolution of the board of directors of the Additional Borrower approving the terms of, and the transactions contemplated by, the Accession Agreement.

  

	4.	A copy of a resolution of an extraordinary meeting of the shareholders of each Additional Obligor incorporated in Belgium approving the change of control provisions in this
Agreement and evidence that an extract of the resolution has been filed in accordance with Article 556 of the Belgian Company Code. 

  

	5.	A specimen of the signature of each person authorised on behalf of the Additional Borrower to enter into or witness the entry into of any Finance Document or to sign or send any
document or notice in connection with any Finance Document. 

  

	6.	A certificate of an authorised signatory of the Additional Borrower certifying that each copy document specified in Part 2 of this Schedule is correct, complete and in full force
and effect as at a date no earlier than the date of the Accession Agreement. 

  

	7.	If available, a copy of the latest audited or (as the case may be) unaudited accounts of the Additional Borrower. 

  

	8.	Evidence that any process agent referred to in Clause 38.2 (Service of process) has accepted its appointment in relation to the Additional Borrower. 

  
 Legal opinions 
  

	1.	If the Additional Borrower is incorporated in a jurisdiction other than England, a legal opinion from legal advisers in that jurisdiction to the Facility Agent, addressed to the
Finance Parties. 

  

	2.	A legal opinion of Allen & Overy LLP, legal advisers in England to the Facility Agent, addressed to the Finance Parties. 

  
 Other documents and evidence 
  

	1.	Evidence that all expenses due and payable from the Company under this Agreement in respect of the Accession Agreement have been paid. 

  

	2.	The following documentation and evidence in relation to know your customer requirements: 

  

	 	(a)	for an Additional Borrower incorporated in Belgium, the following documentation and evidence (in addition to that required under paragraphs 1 to 3 under the title “Additional
Borrowers in this Part 2 of Schedule 2): 

  

	 	(i)	a letter signed by an authorised officer of the Guarantor confirming that the Additional Borrower is a wholly owned direct or indirect subsidiary of the Guarantor;

  

 75 

	 	(ii)	a letter signed by an authorised officer of the Additional Borrower confirming: (i) name of auditors of the Additional Borrower ,(ii) tax identification number of the
Additional Borrower , (iii) names of the principal officers of the Additional Borrower and (iv) confirmation of the main business activity and the primary source of funds of the Additional Borrower ; 

  

	 	(iii)	a copy of any government issued business licence, if such licence is required; 

  

	 	(iv)	a completed tax form W-8BEN; and 

  

	 	(v)	USA Patriot Act certificate, completed by an authorised officer of the Guarantor, if such certificate is required by particular Lenders, 

  
 if such item is required by a particular Lender; and 
  

	 	(b)	for any other Additional Borrower the documentation and evidence which is requested by a Finance Party under paragraph (b) of Clause 28.6 (Additional Borrowers),

  
 in each case, together with any additional
documentation and evidence required by law or regulation at the time the Guarantor requests under paragraph (a) of Clause 28.6 (Additional Borrowers) that one of its Wholly Owned Subsidiaries accedes to this Agreement, such documentation and
evidence being that set out in any list provided under paragraph (b) of Clause 28.6 (Additional Borrowers). 
  

	3.	A copy of any other authorisation or other document, opinion or assurance which the Facility Agent has notified the Company is necessary or desirable for tax, legal or regulatory
reasons in connection with the entry into and performance of, and the transactions contemplated by, the Accession Agreement or for the validity and enforceability of any Finance Document. 

  

 76 

 SCHEDULE 3 
  
 FORM OF REQUEST 
  

	To:	[BNP PARIBAS] as Facility Agent 

  

	From:	INTERNATIONAL PAPER INVESTMENTS (LUXEMBOURG) S.à r.l. 

  

	Date:	[    ] 

  
 INTERNATIONAL PAPER INVESTMENTS (LUXEMBOURG) S.à r.l. US$800,000,000 Credit 
 Agreement dated [    ] November 2005 (the Agreement) 
  

	1.	We refer to the Agreement. This is a Request. 

  

	2.	The Borrower will be [            ]. 

  

	3.	We wish to borrow a [Term/Revolving Credit] Loan on the following terms: 

  

	 	(a)	Utilisation Date: [            ] 

  

	 	(b)	Amount/currency: [            ] 

  

	 	(c)	Term: [            ]. 

  

	4.	Our payment instructions are: [            ]. 

  

	5.	We confirm that each condition precedent under the Agreement which must be satisfied on the date of this Request is so satisfied. 

  

	6.	This Request is irrevocable. 

  

			
	By:	 	  

	 	 	INTERNATIONAL PAPER INVESTMENTS (LUXEMBOURG) S.à r.l.

  
  

 77 

 SCHEDULE 4 
  
 CALCULATION OF THE MANDATORY COST 
  

	1.	General 

  

	(a)	The Mandatory Cost is to compensate a Lender for the cost of compliance with: 

  

	 	(i)	the requirements of the Bank of England and/or the Financial Services Authority (or, in either case, any other authority which replaces any of its functions); or

  

	 	(ii)	the requirements of the European Central Bank. 

  

	(b)	The Mandatory Cost is expressed as a percentage rate per annum. 

  

	(c)	The Mandatory Cost is the weighted average (weighted in proportion to the percentage share of each Lender in the relevant Loan) of the rates for the Lenders calculated by the
Facility Agent in accordance with this Schedule on the first day of a Term (or as soon as possible after then). 

  

	(d)	The Facility Agent must distribute each amount of Mandatory Cost among the Lenders on the basis of the rate for each Lender. 

  

	(e)	Any determination by the Facility Agent pursuant to this Schedule will be, in the absence of manifest error, conclusive and binding on all the Parties. 

  

	2.	For a Lender lending from a Facility Office in the U.K. 

  

	(a)	The relevant rate for a Lender lending from a Facility Office in the U.K. is calculated in accordance with the following formulae: 

  

			
	E x 0.01	  	per cent. per annum
	300	  

  
 where on the day of
application of the formula E is calculated by the Facility Agent as being the average of the rates of charge under the fees rules supplied by the Reference Banks to the Facility Agent under paragraph (d) below and expressed in pounds per
£1 million. 
  

	(b)	For the purposes of this paragraph 2: 

  

	 	(i)	fees rules means the then current rules on periodic fees in the Supervision Manual of the FSA Handbook or any other law or regulation as may then be in force for the payment
of fees for the acceptance of deposits; 

  

	 	(ii)	fee tariffs means the fee tariffs specified in the fees rules under fee-block Category A1 (Deposit acceptors) (ignoring any minimum fee or zero rated fee required pursuant to
the fees rules but applying any applicable discount rate); and 

  

	 	(iii)	tariff base has the meaning given to it in, and will be calculated in accordance with, the fees rules. 

  

	(c)	Each rate calculated in accordance with a formula is, if necessary, rounded upward to four decimal places. 

  

 78 

	(d)	If requested by the Facility Agent, each Reference Bank must, as soon as practicable after publication by the Financial Services Authority, supply to the Facility Agent the rate of
charge payable by that Reference Bank to the Financial Services Authority under the fees rules for that financial year of the Financial Services Authority (calculated 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 million of the tariff base of that Reference Bank. 

  

	(e)	Each Lender must supply to the Facility Agent the information required by it to make a calculation of the rate for that Lender. In particular, each Lender must supply the following
information on or prior to the date on which it becomes a Lender: 

  

	 	(i)	the jurisdiction of its Facility Office; and 

  

	 	(ii)	any other information that the Facility Agent reasonably requires for that purpose. 

  
 Each Lender must promptly notify the Facility Agent of any change to the information supplied to it under this paragraph.

  

	(f)	The rates of charge of each Reference Bank for the purpose of E above are determined by the Facility Agent based upon the information supplied to it under paragraphs (d) and
(e) above. 

  

	(g)	The Facility Agent has no liability to any Party if its calculation over or under compensates any Lender. The Facility Agent is entitled to assume that the information provided by
any Lender or Reference Bank under this Schedule is true and correct in all respects. 

  

	3.	For a Lender lending from a Facility Office in a Participating Member State 

  

	(a)	The relevant rate for a Lender lending from a Facility Office in a Participating Member State is the percentage rate per annum notified by that Lender to the Facility Agent. This
percentage rate per annum must be certified by that Lender in its notice to the Facility Agent as its reasonable determination of the cost (expressed as a percentage of that Lender’s share 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. 

  

	(b)	If a Lender fails to specify a rate under paragraph (a) above, the Facility Agent will assume that the Lender has not incurred any such cost. 

  

	4.	Changes 

  

	(a)	The Facility Agent may, after consultation with the Company and the Lenders, determine and notify all the Parties of any amendment to this Schedule which is required to reflect:

  

	 	(i)	any change in law or regulation; or 

  

	 	(ii)	any requirement imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any successor authority). 

 

	(b)	If the Facility Agent, after consultation with the Company, determines that the Mandatory Cost for a Lender lending from a Facility Office in the U.K. can be calculated by reference
to a screen, the Facility Agent may notify all the Parties of any amendment to this Agreement which is required to reflect this. 

  

 79 

 SCHEDULE 5 
  
 FORM OF TRANSFER CERTIFICATE 
  

	To:	[BNP PARIBAS] as Facility Agent 

  

	From:	[THE EXISTING LENDER] (the Existing Lender) and [THE NEW LENDER] (the New Lender) 

  

	Date:	[                    ] 

  
 INTERNATIONAL PAPER INVESTMENTS (LUXEMBOURG) S.à r.l. -
US$800,000,000 Credit 
 Agreement dated [    ] November 2005 (the Agreement) 
  
 We refer to the Agreement. This is a Transfer Certificate. 
  

	1.	The Existing Lender transfers by novation to the New Lender the Existing Lender’s rights and obligations referred to in the Schedule below in accordance with the terms of the
Agreement. 

  

	2.	The proposed Transfer Date is [    ]. 

  

	3.	The administrative details of the New Lender for the purposes of the Agreement are set out in the Schedule. 

  

	4.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations in respect of this Transfer Certificate contained in the Agreement.

  

	5.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterpart were on a single copy of the Transfer
Certificate. 

  

	6.	This Transfer Certificate is governed by English law. 

  

 80 

 THE SCHEDULE 
  
 Rights and obligations to be transferred by novation 
 [insert relevant details, including applicable Commitment (or part)] 
  
 Administrative details of the New Lender 
 [insert details of Facility Office, address for notices and payment details etc.] 
  

							
	[EXISTING LENDER]	 	[NEW LENDER]
				
	By:	 	  

	 	By:	 	  

			
	The Transfer Date is confirmed by the Facility Agent as [                   
 ].	 	 	 	 
			
	[BNP PARIBAS]	 	 	 	 
				
	BY:	 	  

	 	 	 	 

  

 81 

 SCHEDULE 6 
  
 EXISTING LIENS 
  
 None. 
  

 82 

 SCHEDULE 7 
  
 FORM OF COMPLIANCE CERTIFICATE 
  

	To:	[BNP PARIBAS] as Facility Agent 

  

	From:	INTERNATIONAL PAPER COMPANY 

  

	Date:	[            ] 

  
 INTERNATIONAL PAPER INVESTMENTS (LUXEMBOURG) S.à r.l. - US$800,000,000 Credit 
 Agreement dated [    ] November 2005 (the Agreement) 
  
 This Compliance Certificate is delivered pursuant to Clause 18.1 (Financial Statements) of the Agreement. 
  
 I, [name and title of the senior officer of the Guarantor], hereby certify that: 
  

	 	a)	the financial statements delivered with this Compliance Certificate fairly present the consolidated financial condition and results of operations of the Company and the consolidated
subsidiaries in accordance with generally accepted accounting principles, consistently applied, for [period covered by the relevant financial statements]. 

  

	 	b)	No Default has occurred nor were there any continuing during the financial quarter ended [•] for which the Company has not sought a waiver, and for which the Company has reason
to believe a waiver will not be granted.1 

  

	
	  

	[name of the senior officer of the Guarantor]
	[title of the senior officer of the Guarantor]

	1	If this statement cannot be made, the certificate should identify any Potential Event of Default or Event of Default that is outstanding and the steps, if any, being
taken to remedy it. 

  

 83 

 International Paper Company 
 Covenant Calculations 
 ($ in millions) 
 Period Ending [•] 
  

					
	 	  	[date]

	 	Covenant
Requirement

	 Minimum Consolidated Net Worth
	  	 	 	 
			
	 Consolidated Net Worth
	  	 	 	 
	 Capital Stock
	  	[•]	 	 
	 Paid-in-Capital
	  	[•]	 	 
	 Retained Earnings
	  	[•]	 	 
	 FASB 142 Exclusion
	  	[•]	 	 
	 Treasury Stock
	  	[•]	 	 
	 	  	
	 	

	 Total Consolidated Net Worth
	  	[•]	 	[•]
	 	  	
	 	

	 Total Debt to Total Capital
	  	 	 	 
			
	 Debt:
	  	 	 	 
	 Notes Payable & Current Maturities
	  	[•]	 	 
	 Long-Term Debt (Including Trust Preferred Securities)
	  	[•]	 	 
	 	  	
	 	 
	 Total Debt
	  	[•]	 	 
	 	  	
	 	 
	 Convertible Tax Deductible Preferred - Minority Interest
	  	[•]	 	 
	 	  	
	 	 
			
	 Total Capital:
	  	 	 	 
	 Total Consolidated Net Worth
	  	[•]	 	 
	 Total Minority Interest
	  	[•]	 	 
	 Convertible Tax Deductible Preferred - Minority Interest
	  	[•]	 	 
	 Total Debt
	  	[•]	 	 
	 	  	
	 	 
	 Total Capital
	  	[•]	 	 
	 	  	
	 	

	 Total Debt-to-Total Capital
	  	[•]	 	[•]
	 	  	
	 	

  

 84 

 SCHEDULE 8 
  
 EXISTING FACILITIES 
  
 List of all debt instruments or facilities of International Paper Company and its Material Subsidiaries with principal or face amount of at least $150,000,000.

  

				
	 ISSUE

	  	PRINCIPAL AMOUNT

	 5.85% Note Due 2012
	  	$	1,140,000,000
	 3.75% Zero Coupon Convertible Note Due 2021
	  	$	1,001,264,000
	 6.75% Note Due 2011
	  	$	975,000,000
	 5.30% Note Due 2015
	  	$	625,000,000
	 4.00% Note Due 2010
	  	$	567,800,000
	 5.50% Note Due 2014
	  	$	484,250,000
	 4.25% Note Due 2009
	  	$	476,175,000
	 5.25% Note Due 2016
	  	$	400,000,000
	 3.80% Note Due 2008
	  	$	300,000,000
	 5.375% Euro Notes Due 2006
	  	€	250,000,000
	 7.35% Note Due 2025
	  	$	200,000,000
	 6.4% Note Due 2026
	  	$	200,000,000
	 7.2% Note Due 2026
	  	$	200,000,000
	 7.625% Note Due 2007
	  	$	198,000,000
	 6.875% Note Due 2023
	  	$	200,000,000
	 6.875% Note Due 2029
	  	$	200,000,000
	 7.75% Note Due 2025
	  	$	150,000,000
	 6.5% Note Due 2007
	  	$	150,000,000
		
	 PREFERRED SECURITIES

	  	PRINCIPAL AMOUNT

	 5.25% Convertible Preferred Securities Due 2025
	  	$	449,831,150
	 7.005% Preferred Stock – TCCII Due 2039
	  	$	170,000,000

  

				
	 Bank Facility

	  	 Amount outstanding as at
 30 September, 2005

	 $750,000,000 R/C Facility Due 2006
	  	$	0
	 $1,250,000,000 R/C Facility Due 2009
	  	$	0
	 $1,200,000,000 Receivable Securitization 2004
	  	$	0
	 €500,000,000 IPISAS Credit Facility Due 2009
 PLN 400,000,000 IP Kwidzyn SA Credit Facility Due 2006
	  	€
PLN	500,000,000
 400,000,000

  

 85 

 SCHEDULE 9 
  
 FORM OF ACCESSION AGREEMENT 
  

	To:	[BNP PARIBAS] as Facility Agent 

  

	From:	INTERNATIONAL PAPER COMPANY and [Proposed Borrower] 

  

	Date:	[                    ] 

  
 US$800,000,000 Credit Agreement dated [    ] November
2005 and made between, among others, 
 International Paper Investments (Luxembourg) S.à r.l. and BNP Paribas as Facility Agent
(the Agreement) 
  
 We refer to the Agreement. This is an Accession Agreement.

  
 Unless otherwise defined in this Accession Agreement, capitalised terms in
this Accession Agreement shall have the same meaning as that given to them in the Agreement. 
  
 [Proposed Borrower] of [address/registered office] agrees to become an Additional Borrower and to be bound by the terms of the Agreement as an Additional Borrower. 
  
 Clause 38 (Enforcement) of the Agreement will have effect as if set out in this Accession
Agreement. 
  
 We confirm that [Proposed Borrower] is a Wholly Owned Subsidiary of
the Guarantor and will get the benefit of the guarantee under Clause 16 (Guarantee) of the Agreement. 
  
 This Accession Agreement is governed by English law. 
  

			
	 INTERNATIONAL PAPER COMPANY

		
	 By:
	 	  

	
	 [PROPOSED BORROWER]

		
	 By:
	 	  

  

 86 

 SIGNATORIES 
  
 Company 
  
 INTERNATIONAL PAPER INVESTMENTS (LUXEMBOURG) S.à r.l. 
  

			
	 By:
	 	  

	
	 Guarantor

	
	 INTERNATIONAL PAPER COMPANY

		
	 By:
	 	  

  
 International Paper Investments
(Luxembourg) S.ar.l - Facility Agreement – Signature page 

			
	
	 Bookrunners

	
	 ABN AMRO BANK N.V.

		
	 By:
	 	  

		
	 By:
	 	  

	
	 BNP PARIBAS

		
	 By:
	 	  

		
	 By:
	 	  

	
	 CITIGROUP GLOBAL MARKETS LIMITED

		
	 By:
	 	  

	
	 Mandated Lead Arrangers

	
	 ABN AMRO BANK N.V.

		
	 By:
	 	  

		
	 By:
	 	  

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

		
	 By:
	 	  

  
 International Paper Investments
(Luxembourg) S.ar.l - Facility Agreement – Signature page 

			
	
	 BNP PARIBAS

		
	 By:
	 	  

		
	 By:
	 	  

	
	 CITIGROUP GLOBAL MARKETS LIMITED

		
	 By:
	 	  

	
	 DEUTSCHE BANK AG, LONDON BRANCH

		
	 By:
	 	  

		
	 By:
	 	  

	
	 Original Lenders

	
	 ABN AMRO BANK N.V.

		
	 By:
	 	  

		
	 By:
	 	  

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

		
	 By:
	 	  

		
	 By:
	 	  

	
	 BANK OF AMERICA, N.A.

		
	 By:
	 	  

  
 International Paper Investments
(Luxembourg) S.ar.l - Facility Agreement – Signature page 
  
  

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

		
	 By:
	 	  

	
	 BNP PARIBAS IRELAND

		
	 By:
	 	  

	
	 CITIBANK INTERNATIONAL PLC,
     LONDON BRANCH

		
	 By:
	 	  

	
	 COMMERZBANK AG, NEW YORK AND GRAND CAYMAN BRANCHES

		
	 By:
	 	  

		
	 By:
	 	  

	
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH

		
	 By:
	 	  

	
	 DEUTSCHE BANK AG, LONDON BRANCH

		
	 By:
	 	  

		
	 By:
	 	  

	
	 FORTIS CAPITAL CORP.

		
	 By:
	 	  

	
	 FORTIS BANK S.A./N.V.

		
	 By:
	 	  

  
 International Paper Investments
(Luxembourg) S.ar.l - Facility Agreement – Signature page 

			
	
	 GOLDMAN SACHS CREDIT PARTNERS L.P.

		
	 By:
	 	  

	
	 JP MORGAN CHASE BANK

		
	 By:
	 	  

	
	 MIZUHO CORPORATE BANK, LTD

		
	 By:
	 	  

	
	 NORDEA BANK FINLAND PLC

		
	 By:
	 	  

	
	 THE NORINCHUKIN BANK,
     NEW YORK BRANCH

		
	 By:
	 	  

	
	 SANPAOLO IMI S.p.A.

		
	 By:
	 	  

	
	 SOCIÉTÉ GÉNÉRALE

		
	 By:
	 	  

	
	 SUMITOMO MITSUI BANKING CORPORATION

		
	 By:
	 	  

	
	 THE BANK OF NEW YORK

		
	 By:
	 	  

  
 International Paper Investments
(Luxembourg) S.ar.l - Facility Agreement – Signature page 

			
	
	 THE ROYAL BANK OF SCOTLAND PLC

		
	 By:
	 	  

	
	 UBS LIMITED

		
	 By:
	 	  

	
	 U.S. BANK, N.A.

		
	 By:
	 	  

	
	 WACHOVIA BANK, NATIONAL ASSOCIATION

		
	 By:
	 	  

	
	 Facility Agent

	
	 BNP PARIBAS

		
	 By:
	 	  

		
	 By:
	 	  

  
 International Paper Investments
(Luxembourg) S.ar.l - Facility Agreement – Signature pageCredit Agreement

 Exhibit 10.1 
  
 EXECUTION COPY 
  

  
 CREDIT AGREEMENT 
  
 dated as of 
  
 November 22, 2005, 
  
 among 
  
 SEAGATE TECHNOLOGY, 
  
 SEAGATE TECHNOLOGY HDD HOLDINGS, 
 as Borrower, 
  
 The Lenders Party Hereto, 
  
 JPMORGAN CHASE BANK, N.A., 
 as Administrative
Agent, 
  
 THE BANK OF NOVA SCOTIA, 
 as Syndication Agent, 
  
 and 
  
 BANK
OF AMERICA, N.A., 
 BNP PARIBAS and 
 KEYBANK NATIONAL ASSOCIATION, 
 as Co-Documentation Agents 
  

  
 J.P. MORGAN SECURITIES INC., 
 as Sole Bookrunner and Joint Lead Arranger, 
  
 and 
  
 THE BANK OF NOVA SCOTIA, 
 as Joint Lead Arranger 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 	  	ARTICLE I	  	 
			
	 	  	Definitions	  	 
			
	 SECTION 1.01.
	  	Defined Terms	  	1
	 SECTION 1.02.
	  	Classification of Loans and Borrowings	  	26
	 SECTION 1.03.
	  	Terms Generally	  	26
	 SECTION 1.04.
	  	Accounting Terms; GAAP	  	26
	 SECTION 1.05.
	  	Exchange Rates	  	27
			
	 	  	ARTICLE II	  	 
			
	 	  	The Credits	  	 
			
	 SECTION 2.01.
	  	Commitments	  	27
	 SECTION 2.02.
	  	Loans and Borrowings	  	27
	 SECTION 2.03.
	  	Requests for Revolving Borrowings	  	28
	 SECTION 2.04.
	  	Swingline Loans	  	29
	 SECTION 2.05.
	  	Letters of Credit	  	30
	 SECTION 2.06.
	  	Funding of Borrowings	  	36
	 SECTION 2.07.
	  	Interest Elections	  	37
	 SECTION 2.08.
	  	Termination and Reduction of Commitments	  	38
	 SECTION 2.09.
	  	Repayment of Loans; Evidence of Debt	  	39
	 SECTION 2.10.
	  	Prepayment of Loans	  	40
	 SECTION 2.11.
	  	Fees	  	40
	 SECTION 2.12.
	  	Interest	  	42
	 SECTION 2.13.
	  	Alternate Rate of Interest	  	43
	 SECTION 2.14.
	  	Increased Costs	  	43
	 SECTION 2.15.
	  	Break Funding Payments	  	44
	 SECTION 2.16.
	  	Taxes	  	45
	 SECTION 2.17.
	  	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	46
	 SECTION 2.18.
	  	Mitigation Obligations; Replacement of Lenders	  	48
	 SECTION 2.19.
	  	Change in Law	  	49
	 SECTION 2.20.
	  	Revolving Commitment Increases	  	49
			
	 	  	ARTICLE III	  	 
			
	 	  	Representations and Warranties	  	 
			
	 SECTION 3.01.
	  	Organization; Powers	  	51

					
	 SECTION 3.02.
	  	Authorization; Enforceability	  	51
	 SECTION 3.03.
	  	Governmental Approvals; No Conflicts	  	51
	 SECTION 3.04.
	  	Financial Condition; No Material Adverse Change	  	52
	 SECTION 3.05.
	  	Properties	  	52
	 SECTION 3.06.
	  	Litigation and Environmental Matters	  	53
	 SECTION 3.07.
	  	Compliance with Laws and Agreements	  	53
	 SECTION 3.08.
	  	Investment and Holding Company Status	  	53
	 SECTION 3.09.
	  	Taxes	  	53
	 SECTION 3.10.
	  	ERISA	  	54
	 SECTION 3.11.
	  	Disclosure	  	54
	 SECTION 3.12.
	  	Subsidiaries	  	54
	 SECTION 3.13.
	  	Insurance	  	54
	 SECTION 3.14.
	  	Labor Matters	  	54
	 SECTION 3.15.
	  	Senior Indebtedness	  	55
			
	 	  	ARTICLE IV	  	 
			
	 	  	Conditions	  	 
			
	 SECTION 4.01.
	  	Effective Date	  	55
	 SECTION 4.02.
	  	Each Credit Event	  	56
			
	 	  	ARTICLE V	  	 
			
	 	  	Affirmative Covenants	  	 
			
	 SECTION 5.01.
	  	Financial Statements and Other Information	  	57
	 SECTION 5.02.
	  	Notices of Material Events	  	59
	 SECTION 5.03.
	  	Existence; Conduct of Business	  	59
	 SECTION 5.04.
	  	Payment of Obligations	  	59
	 SECTION 5.05.
	  	Maintenance of Properties	  	60
	 SECTION 5.06.
	  	Insurance	  	60
	 SECTION 5.07.
	  	Books and Records; Inspection Rights	  	60
	 SECTION 5.08.
	  	Compliance with Laws	  	60
	 SECTION 5.09.
	  	Use of Proceeds and Letters of Credit	  	60
			
	 	  	ARTICLE VI	  	 
			
	 	  	Negative Covenants	  	 
			
	 SECTION 6.01.
	  	Indebtedness	  	61
	 SECTION 6.02.
	  	Liens	  	62
	 SECTION 6.03.
	  	Fundamental Changes	  	63
	 SECTION 6.04.
	  	Investments, Loans, Advances, Guarantees and Acquisitions	  	64
	 SECTION 6.05.
	  	Asset Sales	  	65

  

 2 

					
	 SECTION 6.06.
	  	Swap Agreements	  	66
	 SECTION 6.07.
	  	Restricted Payments	  	67
	 SECTION 6.08.
	  	Transactions with Affiliates	  	67
	 SECTION 6.09.
	  	Restrictive Agreements	  	68
	 SECTION 6.10.
	  	Amendment of Material Documents	  	68
	 SECTION 6.11.
	  	Fixed Charge Coverage Ratio	  	69
	 SECTION 6.12.
	  	Net Leverage Ratio	  	69
	 SECTION 6.13.
	  	Minimum Liquidity	  	69
			
	 	  	ARTICLE VII	  	 
			
	 	  	Events of Default	  	 
			
	 SECTION 7.01.
	  	Events of Default	  	69
	 SECTION 7.02.
	  	Exclusion of Immaterial Subsidiaries	  	72
			
	 	  	ARTICLE VIII	  	 
			
	 	  	The Administrative Agent	  	 
			
	 	  	ARTICLE IX	  	 
			
	 	  	Miscellaneous	  	 
			
	 SECTION 9.01.
	  	Notices	  	75
	 SECTION 9.02.
	  	Waivers; Amendments	  	76
	 SECTION 9.03.
	  	Expenses; Indemnity; Damage Waiver	  	77
	 SECTION 9.04.
	  	Successors and Assigns	  	79
	 SECTION 9.05.
	  	Survival	  	83
	 SECTION 9.06.
	  	Counterparts; Integration; Effectiveness	  	84
	 SECTION 9.07.
	  	Severability	  	84
	 SECTION 9.08.
	  	Right of Setoff	  	84
	 SECTION 9.09.
	  	Governing Law; Jurisdiction; Consent to Service of Process	  	85
	 SECTION 9.10.
	  	WAIVER OF JURY TRIAL	  	85
	 SECTION 9.11.
	  	Headings	  	86
	 SECTION 9.12.
	  	Confidentiality	  	86
	 SECTION 9.13.
	  	Interest Rate Limitation	  	87
	 SECTION 9.14.
	  	Judgment Currency	  	87
	 SECTION 9.15.
	  	USA Patriot Act	  	88

  

 3 

 SCHEDULES: 
  
 Schedule 2.01 — Commitments 
 Schedule 3.06
— Disclosed Matters 
 Schedule 3.12 — Subsidiaries 
 Schedule 6.01 — Existing Indebtedness 
 Schedule 6.02 — Existing Liens 
 Schedule 6.08 — Existing Restrictions 
  
 EXHIBITS: 
  
 Exhibit A — Form of Assignment and Acceptance

 Exhibit B — Form of Opinion of Borrower’s Counsel 
 Exhibit C — Form of Guarantee Agreement 

 CREDIT AGREEMENT dated as of November 22, 2005 (this “Agreement”), among SEAGATE
TECHNOLOGY, an exempted limited liability company incorporated under the laws of the Cayman Islands (“Intermediate Holdings”), SEAGATE TECHNOLOGY HDD HOLDINGS, an exempted limited liability company incorporated under the laws of the
Cayman Islands (the “Borrower”), the LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 
  
 The parties hereto agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
  
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate. 
  
 “Additional Lender” has the meaning assigned to such term in Section 2.20. 
  
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded
upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 
  
 “Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder, and its
successors in such capacity as provided in Article VIII. 
  
 “Administrative Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent. 
  
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the Person specified. Notwithstanding the foregoing, no individual shall be deemed to be an Affiliate of a Person solely by reason of his or her being an officer or director of such
Person. 
  
 “Agreement” has the meaning assigned
to such term in the preamble to this Agreement. 

 “Alternate Base Rate” means, for any day, a rate per annum equal to the greater of
(a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds
Effective Rate, respectively. 
  
 “Alternative
Currency” means any currency that is freely available, freely transferable and freely convertible into dollars and in which dealings in deposits are carried on in the New York, London or Tokyo interbank markets, provided that such
currency is reasonably acceptable to the Administrative Agent and the applicable Issuing Bank. 
  
 “Alternative Currency LC Exposure” means, at any time, the sum of (a) the Dollar Equivalent of the aggregate undrawn and unexpired amount of all outstanding Alternative Currency Letters of Credit
at such time plus (b) the Dollar Equivalent of the aggregate principal amount of all LC Disbursements in respect of Alternative Currency Letters of Credit that have not yet been reimbursed at such time. 
  
 “Alternative Currency Letter of Credit” means a Letter of
Credit denominated in an Alternative Currency. 
  
 “Applicable Margin” means, for any day, with respect to any Eurodollar Loan or ABR Loan 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 “Eurodollar Spread”, “ABR Spread” or “Commitment Fee Rate”, as the case may be, based upon the ratings by Moody’s and S&P, respectively, applicable on such date to the Index Debt: 
  

										
	 Index Debt Rating:    

	  	Eurodollar
Spread

	 	 	ABR
Spread

	 	 	Commitment
Fee Rate

	 
	 Category 1
 Baa1 by Moody’s/BBB+ by S&P or higher
	  	0.500	%	 	0	%	 	0.080	%
	 Category 2
 Baa2 by Moody’s/BBB by S&P
	  	0.625	%	 	0	%	 	0.100	%
	 Category 3
 Baa3 by Moody’s/BBB- by S&P
	  	0.750	%	 	0	%	 	0.125	%
	 Category 4
 Ba1 by Moody’s/BB+ by S&P
	  	0.875	%	 	0	%	 	0.150	%
	 Category 5
 Ba2 by Moody’s/BB by S&P,
	  	1.000	%	 	0	%	 	0.175	%
	 Category 6
 Otherwise
	  	1.250	%	 	0.250	%	 	0.200	%

  
 For purposes of the
foregoing, (a) if either Moody’s or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to 

  

 2 

 
in the last sentence of this paragraph or the next succeeding paragraph of this definition), then such rating agency shall be deemed to have established a
rating in Category 6, (b) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall fall within different Categories, the Applicable Margin shall be based on the higher of the two ratings
unless one of the two ratings is two or more Categories lower than the other, in which case the Applicable Margin shall be determined by reference to the Category next below that of the higher of the two ratings, and (c) if the ratings
established or deemed to have been established by Moody’s and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), 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 5.01 or otherwise. Each change in
the Applicable Margin 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 Moody’s or S&P shall
change, or if either 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 Margin shall be determined by reference to the rating most recently in effect prior to such change or cessation. 
  
 Notwithstanding the foregoing, the Borrower shall have the option, solely for
purposes of determining the Applicable Margin, to substitute, effective on the date specified for such substitution in the notice delivered by the Borrower pursuant to the immediately succeeding sentence (which shall be a Business Day), Fitch for
either S&P or Moody’s (but not both S&P and Moody’s). To exercise such option, the Borrower must give written notice of such election to the Administrative Agent not later than 1:00 p.m., New York City time, at least three Business
Days prior to the proposed effective date of such election. Such notice must specify (i) whether Fitch is to be substituted for Moody’s or for S&P and (ii) the effective date of such election. On and after the effective date of
such election by the Borrower, (A) each reference under the heading “Index Debt Rating” in the table set forth in the first paragraph of this definition to ratings by S&P or Moody’s, as applicable, shall, solely for purposes
of determining the Applicable Margin, be deemed to refer to the corresponding rating of the Index Date by Fitch as set forth below: 
  

 3 

 Index Debt Rating: 
  
 Category 1 
  
 BBB+ by Fitch 
  
 Category 2 
  
 BBB by Fitch 
  
 Category 3 
  
 BBB- by Fitch 
  
 Category 4 
  
 BB+ by Fitch 
  
 Category 5 
  
 BB by Fitch 
  
 Category 6 
  
 Otherwise 
  
 and (B) each reference in the preceding paragraphs of this definition to S&P or Moody’s, as applicable, shall be deemed to be
a reference to Fitch. 
  
 “Applicable Percentage”
means, at any time with respect to any Lender, the percentage of the aggregate Revolving Commitments represented by such Lender’s Revolving Commitment at such time. If the Revolving Commitments have terminated or expired, the Applicable
Percentages shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any assignments after such termination or expiration. 
  
 “Assignment and Acceptance” means an assignment and acceptance entered into by a Lender and an assignee
(with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 
  
 “Availability Period” means the period from and including
the Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitments. 
  
 “Board” means the Board of Governors of the Federal Reserve System of the United States of America. 
  
 “Borrower” has the meaning assigned to such term in the
preamble to this Agreement. 
  

 4 

 “Borrowing” means (a) Revolving Loans of the same Type, made, converted or
continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect, or (b) a Swingline Loan. 
  
 “Borrowing Request” means a request by the Borrower for a Revolving Borrowing in accordance with Section 2.03. 
  
 “Business Day” means any day that is not a Saturday, Sunday
or other day on which commercial banks in New York City are authorized or required by law to remain closed, provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which
banks are not open for dealings in dollar deposits in the London interbank market. 
  
 “Calculation Date” means (a) the last Business Day of each calendar month and (b) if on the last Business Day of any calendar week the total Revolving Exposures exceed 75% of the total
Revolving Commitments (giving effect to any reductions in the Revolving Commitments scheduled to occur on such day), such Business Day. 
  
 “Capital Expenditures” means, for any period, without duplication, (a) the additions to property, plant and equipment and other
capital expenditures of Intermediate Holdings, the Borrower and the Subsidiaries that are (or would be) set forth in a consolidated statement of cash flows of Intermediate Holdings for such period prepared in accordance with GAAP and
(b) Capital Lease Obligations incurred by Intermediate Holdings, the Borrower and the Subsidiaries during such period, provided that the term “Capital Expenditures” (i) shall be net of landlord construction allowances,
(ii) shall not include expenditures to the extent they are made with the proceeds of the issuance of Equity Interests of Intermediate Holdings, the Borrower or any Subsidiary after the Effective Date, (iii) shall not include expenditures
of proceeds of insurance settlements, condemnation awards and other settlements in respect of lost, destroyed, damaged or condemned assets, equipment or other property to the extent such expenditures are made to replace or repair such lost,
destroyed, damaged or condemned assets, equipment or other property or otherwise to acquire properties useful in the business of Intermediate Holdings, the Borrower or any Subsidiary within 365 days of receipt of such proceeds, (iv) shall not
include the purchase price of equipment to the extent the consideration therefor consists of used or surplus equipment being traded in at such time or the proceeds of a concurrent sale of such used or surplus equipment, in each case in the ordinary
course of business, and (v) shall not include expenditures to the extent they are made with the proceeds of sales of assets outside the ordinary course of business that are permitted by Section 6.05. 
  
 “Capital Lease Obligations” of any Person means the
obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as
capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
  

 5 

 “CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability
Act, 42 U.S.C. § 9601 et seq. 
  
 “Change in
Control” means: 
  
 (a) the acquisition of direct
ownership, beneficially or of record, by any Person other than Intermediate Holdings of any Equity Interests in the Borrower; 
  
 (b) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange
Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests in Intermediate Holdings representing greater than 30% of the aggregate ordinary voting power and aggregate equity value represented by the issued
and outstanding Equity Interests in Intermediate Holdings; 
  
 (c)
occupation of a majority of the seats (other than vacant seats) on the board of directors of Intermediate Holdings or the Borrower by Persons who were neither (i) nominated by at least a majority of the board of directors of Intermediate
Holdings or the Borrower, as applicable, nor (ii) appointed by a vote of a majority of directors so nominated; or 
  
 (d) the occurrence of a “Change in Control” as defined in the Senior Note Documents or any document governing or evidencing any extension,
renewal, refinancing or replacement of the Senior Notes permitted pursuant to Section 6.01(a)(ii). 
  
 “Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any
law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.14(b), by any lending
office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this
Agreement. 
  
 “Class”, when used in reference to
any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans or Swingline Loans and, when used in reference to any Commitment, refers to whether such Commitment is a Revolving Commitment or
Swingline Commitment. 
  
 “Code” means the
Internal Revenue Code of 1986, as amended from time to time. 
  
 “Commitment” means (a) with respect to any Lender, such Lender’s Revolving Commitment or commitment in respect of any Revolving Commitment Increases and (b) with respect to the Swingline Lender, its Swingline
Commitment. 
  
 “Consolidated Cash Interest
Expense” means, for any period, the excess of (a) the sum of (i) the interest expense (including imputed interest expense in respect of 

  

 6 

 
Capital Lease Obligations and the implied interest in respect of Permitted Receivables Financings) of Intermediate Holdings, the Borrower and the
Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, plus (ii) any interest accrued during such period in respect of Indebtedness of Intermediate Holdings, the Borrower or any Subsidiary that is
required to be capitalized rather than included in consolidated interest expense for such period in accordance with GAAP, plus (iii) any cash payments made during such period in respect of obligations referred to in clause (b)(ii) below
that were amortized or accrued in a previous period, plus (iv) to the extent not otherwise included, commissions, discounts, yields and other fees, charges and amounts incurred in connection with any Permitted Receivables Financing
during such period that are payable to any Person other than Intermediate Holdings, the Borrower or any Subsidiary and any other amounts for such period that are comparable to or in the nature of interest under any Permitted Receivables Financing
(including losses on the sale of assets relating to any Permitted Receivables Financing accounted for as a “true sale”), minus (b) the sum of (i) to the extent included in such consolidated interest expense for such
period, non-cash amounts attributable to amortization of financing costs paid in a previous period, plus (ii) to the extent included in such consolidated interest expense for such period, non-cash amounts attributable to amortization of
debt discounts or accrued interest or dividends payable in kind for such period. 
  
 “Consolidated EBITDA” means, for any period, Consolidated Net Income for such period plus (a) without duplication and to the extent deducted in determining such Consolidated Net Income,
the sum of (i) consolidated interest expense for such period (including, to the extent not otherwise included in consolidated interest expense for such period, commissions, discounts, yields and other fees, charges and amounts incurred during
such period in connection with any Permitted Receivables Financing that are payable to any Person other than Intermediate Holdings, the Borrower or any Subsidiary and any other amounts for such period comparable to or in the nature of interest under
any Permitted Receivables Financing (including losses on the sale of assets relating to any Permitted Receivables Financing accounted for as a “true sale”), (ii) consolidated income tax expense for such period, (iii) all amounts
attributable to depreciation and amortization for such period, (iv) all extraordinary charges during such period, (v) non-cash expenses during such period resulting from (A) the grant of stock or stock options to management and
employees of Intermediate Holdings, the Borrower or any Subsidiary or (B) the treatment of such options under variable plan accounting, (vi) the aggregate amount of deferred financing expenses for such period, (vii) all other non-cash
charges, non-cash expenses or non-cash losses of Intermediate Holdings, the Borrower or any Subsidiary for such period (excluding any such charge, expense or loss incurred in the ordinary course of business that constitutes an accrual of or a
reserve for cash charges for any future period); provided, however, that cash payments made in such period or in any future period (other than payments made under the terms of the Deferred Compensation Plans to, or for the benefit of,
participants in such Deferred Compensation Plans) in respect of such non-cash charges, expenses or losses (excluding any such charge, expense or loss incurred in the ordinary course of business that constitutes an accrual of or a reserve for cash
charges for any future period) shall be subtracted from Consolidated Net Income in calculating Consolidated EBITDA in the period when such payments are made, and (viii) any non-recurring fees, expenses or charges realized by 

  

 7 

 
Intermediate Holdings, the Borrower or any Subsidiary for such period related to any offering of Equity Interests or incurrence of Indebtedness permitted to
be issued or incurred under Section 6.01 (whether or not successful) or any acquisitions or dispositions by Intermediate Holdings, the Borrower or any Subsidiary permitted hereunder and fees, expenses and charges related to the Transactions,
and minus (b) without duplication and to the extent included in determining such Consolidated Net Income, (i) any extraordinary gains for such period, (ii) interest income for such period and (iii) all non-cash items
increasing Consolidated Net Income for such period (excluding any items that represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period that are described in the parenthetical to clause (a)(vii)
above), all determined on a consolidated basis in accordance with GAAP. For purposes of calculating the Net Leverage Ratio or the Fixed Charge Coverage Ratio as of any date, if Intermediate Holdings, the Borrower or any Subsidiary has made any
Material Acquisition permitted by Section 6.04 or any Material Sale outside of the ordinary course of business permitted by Section 6.05 during the period of four consecutive fiscal quarters ending on the date on which the most recent
fiscal quarter ended, Consolidated EBITDA for the relevant period for testing compliance shall be calculated after giving pro forma effect thereto, as if such Material Acquisition or Material Sale outside of the ordinary course of business (and any
related incurrence, repayment or assumption of Indebtedness with any new Indebtedness being deemed to be amortized over the applicable testing period in accordance with its terms) had occurred on the first day of the relevant period for testing
compliance. Any pro forma calculations pursuant to the immediately preceding sentence shall be determined in good faith by a Financial Officer of the Borrower and may include adjustments (A) for all purposes under this Agreement, for operating
expense reductions that would be permitted pursuant to Article XI of Regulation S-X under the Securities Act of 1933, as amended, or (B) for all purposes under this Agreement other than for purposes of determining whether any acquisition
complies with clause (p)(i)(B) of Section 6.04, to eliminate the actual, historical operating expenses attributable to any lease or other contract, any personnel or any facility as a direct result of the termination of such lease or other
contract, the termination of such personnel or the closing of such facility, in each case only if such termination or closing has been effected within three months after an acquisition in connection with such acquisition, provided that the
Borrower’s calculation of such adjustments is set forth in a certificate signed by a Financial Officer of the Borrower. 
  
 “Consolidated Fixed Charges” means, for any period, the sum of (a) Consolidated Cash Interest Expense for such period and
(b) Capital Expenditures for such period. For purposes of calculating compliance with Section 6.11, as of any date, if Intermediate Holdings, the Borrower or any Subsidiary has made any Material Acquisition permitted by Section 6.04
or any Material Sale outside of the ordinary course of business permitted by Section 6.05 during the period of four consecutive fiscal quarters ending on the date on which the most recent fiscal quarter ended, Consolidated Fixed Charges for the
relevant period for testing compliance shall be calculated after giving pro forma effect thereto, as if such acquisition or sale, transfer, lease or other disposition of assets outside of the ordinary course of business (and any related incurrence,
repayment or assumption of Indebtedness with any new Indebtedness being 

  

 8 

 
deemed to be amortized over the applicable testing period in accordance with its terms) had occurred on the first day of the relevant period for testing
compliance. 
  
 “Consolidated Net Income” means,
for any period, the net income or loss of Intermediate Holdings, the Borrower and the Subsidiaries for such period determined on a consolidated basis in accordance with GAAP, provided that there shall be excluded from such net income or loss
(a) the income of any Person (that is not a Subsidiary) in which any other Person (other than Intermediate Holdings, the Borrower or any Subsidiary or any director holding qualifying shares in compliance with applicable law) owns an Equity
Interest, except to the extent of the amount of dividends or other distributions actually paid to Intermediate Holdings, the Borrower or any Subsidiary by such Person during such period, and (b) the income or loss of any Person accrued prior to
the date on which it becomes a Subsidiary or is merged into or consolidated with Intermediate Holdings, the Borrower or any Subsidiary or the date on which such Person’s assets are acquired by Intermediate Holdings, the Borrower or any
Subsidiary. 
  
 “Consolidated Total Assets”
means, as of any date, the total assets of Intermediate Holdings, the Borrower and the Subsidiaries on such date determined on a consolidated basis 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. 
  
 “Default” means any event or condition that constitutes an
Event of Default or that upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
  
 “Deferred Compensation Plans” means (a) the deferred compensation plan dated as of January 1, 2002, of the Borrower (as
amended, waived, supplemented or otherwise modified from time to time), (b) any other plan established in lieu of, or to renew or replace, in whole or in part, any plan referred to in clause (a) above or this clause (b) and
(c) any Guarantee by Intermediate Holdings or any Subsidiary of any obligation under any Deferred Compensation Plan referred to in clause (a) or (b) above. 
  
 “Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in
Schedule 3.06. 
  
 “Dollar Equivalent” means, on
any date of determination, (a) for the purposes of determining compliance with Article VI or the existence of an Event of Default under Article VII, with respect to any amount denominated in a currency other than dollars, the equivalent in
dollars of such amount, determined in good faith by the Borrower in a manner consistent with the way such amount is or would be reflected on the audited consolidated financial statements delivered pursuant to Section 5.01(a) for the fiscal year
in which such determination is made, and (b) for the purposes of Article II, with respect to any amount denominated in an Alternative Currency, the equivalent in 

  

 9 

 
dollars of such amount, determined by the Administrative Agent pursuant to Section 1.05(a) using the applicable Exchange Rate with respect to such
Alternative Currency. 
  
 “dollars” or
“$” refers to lawful money of the United States of America. 
  
 “Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02). 
  
 “Environmental Laws” means all laws, rules, regulations,
codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by or with any Governmental Authority, relating to the environment, preservation or reclamation of natural resources or the
presence, management, Release or threatened Release of any Hazardous Material. 
  
 “Environmental Liability” means any liabilities, obligations, damages, claims, actions, suits, judgments or orders, contingent or otherwise (including any costs of environmental remediation,
administrative oversight costs, fines, penalties or indemnities), of Intermediate Holdings, the Borrower or any Subsidiary resulting from or relating to (a) the non-compliance with any Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
  
 “Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial
interests in a trust or other equity ownership interests in a Person. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
  
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single
employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
  
 “ERISA Event” means (a) any “reportable
event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived), (b) the existence with respect to any Plan of an
“accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived, (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an
application for a waiver of the minimum funding standard with respect to any Plan, (d) the incurrence by the Borrower or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan, (e) the
receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan under Section 4042 of ERISA, 

  

 10 

 
(f) the incurrence by the Borrower or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal from any Plan or
Multiemployer Plan or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a
determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
  
 “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are
bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
  
 “Event of Default” has the meaning assigned to such term in Section 7.01. 
  
 “Exchange Rate” means, on any day, with respect to any Alternative Currency, the rate at which such Alternative Currency may be exchanged
into dollars, as set forth at approximately 11:00 a.m., New York City time, on such day on the applicable Reuters World Spot Page. In the event that any such rate does not appear on any Reuters World Spot Page, the Exchange Rate shall be determined
by reference to such other publicly available service for displaying exchange rates reasonably selected by the Administrative Agent in consultation with the Borrower for such purpose or, at the discretion of the Administrative Agent in consultation
with the Borrower, such Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent in the market where its foreign currency exchange operations in respect of such Alternative Currency are then
being conducted, at or about 10:00 a.m., local time, on such day for the purchase of the applicable Alternative 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 other reasonable method it deems appropriate to determine such rate, and such determination shall be presumed correct absent manifest error. 
  
 “Excluded Taxes” means, with respect to the Administrative
Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes (i) imposed on (or measured by) its net income by the United
States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, or (ii) as a result of a
present or former connection between such recipient and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from such
Lender’s, Issuing Bank’s or any other recipient’s having executed, delivered or performed its obligations or received a payment under, or enforced, any Loan Document), (b) any branch profits taxes imposed by the United States of
America or any similar tax imposed by any other jurisdiction described in clause (a) above and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.18(b)), any withholding
tax that (i) is in effect and would apply to amounts payable to such Foreign Lender at the time such Foreign Lender becomes a 

  

 11 

 
party to this Agreement (or designates a new lending office), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the
time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to any withholding tax pursuant to Section 2.16(a), or (ii) is attributable to such Foreign Lender’s failure to
comply with Section 2.16(e). 
  
 “Existing Credit
Agreement” means the credit agreement dated as of May 13, 2002 (as amended, restated, modified or otherwise supplemented from time to time), among Intermediate Holdings, the Borrower, Seagate Technology (US) Holdings, Inc., the lenders
party thereto, JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank), as administrative agent, and the other parties thereto. 
  
 “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 succeeding 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 it. 
  
 “Financial
Officer” means the chief financial officer, principal accounting officer, treasurer, assistant treasurer or controller of Intermediate Holdings or the Borrower, as the case may be. 
  
 “Fitch” means Fitch Ratings, a subsidiary of Fimilac, S.A.,
and its successors. 
  
 “Fixed Charge Coverage
Ratio” has the meaning assigned to such term in Section 6.11. 
  
 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than the jurisdiction in which the Borrower is located. 
  
 “Funded Indebtedness” means, as of any date, the sum of
(a) the aggregate principal amount of Indebtedness of Intermediate Holdings, the Borrower and the Subsidiaries outstanding as of such date, in the amount that would be reflected on a balance sheet prepared as of such date on a consolidated
basis in accordance with GAAP, (b) without duplication, the aggregate amount of any Guarantee by Intermediate Holdings, the Borrower or any Subsidiary of any such Indebtedness of any other Person and (c) without duplication, the principal
amount of any Permitted Receivables Financing as of such date. 
  
 “GAAP” means generally accepted accounting principles in the United States of America. 
  
 “Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and 

  

 12 

 
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. 
  
 “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the
purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of
assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary
obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation, provided that the term “Guarantee”
shall not include endorsements for collection or deposit in the ordinary course of business. 
  
 “Guarantee Agreement” means the Guarantee Agreement dated as of the Effective Date, substantially in the form of Exhibit C, between Intermediate Holdings and the Administrative Agent for the benefit
of the Lenders. 
  
 “Hazardous Materials” means
all explosive, radioactive, hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes, and
all substances or wastes regulated pursuant to any applicable Environmental Law, including any material listed as a hazardous substance under Section 101(14) of CERCLA. 
  
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for
borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person
under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable
incurred in the ordinary course of business and any earn-out obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP), (f) all Indebtedness of others secured by (or for which the holder
of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of
Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations,
contingent or otherwise, of such Person in respect of bankers’ acceptances 

  

 13 

 
and (k) the amount of all Permitted Receivables Financings of such Person. The Indebtedness of any Person shall include the Indebtedness of any other
entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms
of such Indebtedness provide that such Person is not liable therefor. Notwithstanding anything to the contrary in this paragraph, the term “Indebtedness” shall not include (i) obligations under Swap Agreements, (ii) agreements
providing for indemnification, purchase price adjustments or similar obligations incurred or assumed in connection with the acquisition or disposition of assets or stock or (iii) liabilities incurred under the Deferred Compensation Plans.

  
 “Indemnified Taxes” means Taxes other than
Excluded Taxes. 
  
 “Index Debt” means the
Borrower’s senior unsecured long-term debt. 
  
 “Information Memorandum” means the Confidential Information Memorandum dated November 2005, relating to Intermediate Holdings, the Borrower and the Transactions. 
  
 “Interest Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in
accordance with Section 2.07. 
  
 “Interest Payment
Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June, September and December, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the
Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’
duration after the first day of such Interest Period, and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid. 
  
 “Interest Period” means, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the
numerically corresponding day in the calendar month that is one, two, three or six months (or, with the consent of each Lender, nine or twelve months) thereafter, as the Borrower may elect, provided that (a) if any Interest Period would
end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day and (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end
on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the
effective date of the most recent conversion or continuation of such Borrowing. 
  

 14 

 “Intermediate Holdings” has the meaning assigned to such term in the preamble to this
Agreement. 
  
 “Investment” has the meaning
assigned to such term in Section 6.04. 
  
 “Investment Grade Period” means any period (a) commencing on the first day on which (x) the Index Debt has Investment Grade Ratings and (y) no Default or Event of Default has occurred and is continuing and
(b) ending on the date on which the Index Debt no longer has Investment Grade Ratings. 
  
 “Investment Grade Ratings” means that the Index Debt is rated both (a) BBB- (or, for purposes of Section 6.05, BBB) or better by S&P and (b) Baa3 (or, for purposes of
Section 6.05, Baa2) or better by Moody’s. 
  
 “Issuing Bank” means, as the context may require, (a) JPMorgan Chase Bank, N.A., with respect to Letters of Credit issued by it, (b) The Bank of Nova Scotia, with respect to Letters of Credit issued by it,
(c) Bank of America, with respect to Letters of Credit issued by it, and (d) any other Lender that becomes an Issuing Bank pursuant to Section 2.05(l), with respect to Letters of Credit issued by it, and, in each case, its successors
in such capacity as provided in Section 2.05(i). The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the term “Issuing Bank” shall include
any such Affiliate with respect to Letters of Credit issued by such Affiliate. 
  
 “LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit. 
  
 “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn and unexpired amount of all outstanding Letters of Credit
denominated in dollars at such time plus (b) the aggregate amount of all LC Disbursements that were made in dollars and that have not yet been reimbursed by or on behalf of the Borrower at such time plus (c) the Alternative
Currency LC Exposure at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time. 
  
 “Lender Affiliate” means, (a) with respect to any Lender, (i) an Affiliate of such Lender or (ii) an entity (whether a
corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary course of its business and is administered or managed by such Lender
or an Affiliate of such Lender and (b) with respect to any Lender that is a fund that invests in bank loans and similar extensions of credit, any other fund that invests in bank loans and similar extensions of credit and is managed by the same
investment advisor as such Lender or by an Affiliate of such investment advisor. 
  
 “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to Section 9.04 or Section 2.20, other than any such Person that
ceases to be a party hereto pursuant to Section 9.04. Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender. 
  

 15 

 “Letter of Credit” means any letter of credit issued pursuant to this Agreement.

  
 “LIBO Rate” means, with respect to any
Eurodollar Borrowing for any Interest Period, the rate appearing on Page 3750 of the Dow Jones Market Service (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations
comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at
approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time
for any reason, then the “LIBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by
the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 
  
 “Lien” means, with respect to any asset, (a) any
mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement
(or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities. 
  
 “Liquidity Amount” means, as of
any date, the amount equal to (a) the aggregate amount of cash, cash equivalents and short-term investments that would be reflected as cash, cash equivalents or short-term investments on a consolidated balance sheet of Intermediate Holdings,
prepared in accordance with GAAP, held by Intermediate Holdings, the Borrower and the Subsidiaries (other than the SPE Subsidiaries) on such date, minus (b) the aggregate principal amount of Loans outstanding on such date. 
  
 “Loan Documents” means this Agreement, the Guarantee
Agreement, any Revolving Increase Amendment and the Promissory Notes. 
  
 “Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement, including Swingline Loans. 
  
 “Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations, properties or financial condition
of Intermediate Holdings, the Borrower and the Subsidiaries, taken as a whole, (b) the ability of Intermediate Holdings and the Borrower to perform their obligations under the Loan Documents or (c) any material rights of or benefits
available to the Lenders under the Loan Documents. 
  

 16 

 “Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit),
or obligations in respect of one or more Swap Agreements, of any one or more of Intermediate Holdings, the Borrower or any Subsidiary in an aggregate principal amount exceeding $25,000,000. For purposes of determining Material Indebtedness, the
“principal amount” of the obligations of any Person in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Person would be required to pay if such Swap
Agreement were terminated at such time. 
  
 “Material
Acquisition” means, at any time, any acquisition (whether by purchase, merger, consolidation or otherwise) by Intermediate Holdings, the Borrower or any Subsidiary that is permitted hereunder and for which the sum (without duplication) of
all consideration paid or otherwise delivered by Intermediate Holdings, the Borrower and the Subsidiaries in connection with such acquisition (including the principal amount of any Indebtedness issued as deferred purchase price and the fair market
value, determined reasonably and in good faith by the Borrower, of any other non-cash consideration, including Equity Interests in Intermediate Holdings or any Subsidiary) plus the aggregate principal amount of all Indebtedness otherwise incurred or
assumed by Intermediate Holdings, the Borrower or any Subsidiary in connection with such acquisition (including Indebtedness of any acquired Person outstanding at the time of such acquisition) exceeds the amount that is equal to 5% of Consolidated
Total Assets as of the end of the fiscal year of Intermediate Holdings most recently ended at or prior to such time. 
  
 “Material Sale” means, at any time, any sale, transfer or other disposition of any property or asset of Intermediate Holdings, the
Borrower or any Subsidiary that is permitted hereunder and for which all consideration paid or otherwise delivered to Intermediate Holdings, the Borrower and the Subsidiaries in connection with such sale, transfer or other disposition (including the
principal amount of any Indebtedness issued as deferred purchase price and the fair market value, determined reasonably and in good faith by the Borrower, of any other non-cash consideration, including Equity Interests) plus the aggregate principal
amount of all Indebtedness of Intermediate Holdings, the Borrower and the Subsidiaries assumed by the purchaser of such property or asset in connection with such sale (including Indebtedness of any Person sold, transferred or disposed of by
Intermediate Holdings, the Borrower or any Subsidiary that is assumed by the purchaser of such Person in connection with such sale) exceeds the amount that is equal to 5% of Consolidated Total Assets as of the end of the fiscal year of Intermediate
Holdings most recently ended at or prior to such time. 
  
 “Maturity Date” means November 22, 2008, or, if such day is not a Business Day, the Business Day immediately preceding such day. 
  

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 
  
 “Multiemployer Plan” means a multiemployer plan as defined
in Section 4001(a)(3) of ERISA. 
  

 17 

 “Net Leverage Ratio” means, on any date, the ratio of (a) the excess of
(i) Funded Indebtedness as of such date over (ii) the sum of (A) the amount of cash held by Intermediate Holdings, the Borrower or any Subsidiary and (B) the carrying value of Permitted Investments that would be reflected as cash
or short-term investments on a consolidated balance sheet of Intermediate Holdings on such date to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of Intermediate Holdings ended on such date (or, if such date is not
the last day of a fiscal quarter, ended on the last day of the fiscal quarter of Intermediate Holdings most recently ended prior to such date). 
  
 “Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(b). 
  
 “Non-Investment Grade Period” means any period of time other
than an Investment Grade Period. 
  
 “Other
Taxes” means any and all current or future recording, stamp, documentary, excise, transfer, sales, property or similar taxes, charges or levies arising from any payment made under any Loan Document or from the execution, delivery or
enforcement of, or otherwise with respect to, any Loan Document. 
  
 “Overdraft Facility” means any same-day overdraft facility extended by a bank or other lending institution to Intermediate Holdings, the Borrower or any Subsidiary. 
  
 “Participant” has the meaning assigned to such term in
Section 9.04(e). 
  
 “PBGC” means the
Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 
  
 “Permitted Encumbrances” means: 
  
 (a) Liens imposed by law for taxes or other governmental charges that are not yet due or are being contested in compliance with
Section 5.05; 
  
 (b) landlords’,
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are
being contested in compliance with Section 5.05; 
  
 (c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; 
  
 (d) Liens to secure the performance of bids, trade
contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 
  

 18 

 (e) judgment liens in respect of judgments that do not constitute an Event of Default
under clause (k) of Section 7.01; 
  
 (f) easements, zoning restrictions, licenses, reservations, covenants, utility easements, building restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business and minor
defects or irregularities in title that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of Intermediate Holdings, the Borrower or any
Subsidiary; 
  
 (g) any interest or title of a
lessor under any lease permitted by this Agreement; 
  
 (h) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 
  
 (i) leases or subleases granted to other Persons and not interfering in any material respect with the
business of Intermediate Holdings, the Borrower and the Subsidiaries, taken as a whole; and 
  
 (j) licenses of intellectual property granted in the ordinary course of business, 
  
 provided that the term “Permitted Encumbrances” shall not include any Lien
securing Indebtedness. 
  
 “Permitted
Investments” means: 
  
 (a) direct
obligations of the United States of America or any agency thereof or obligations guaranteed by the United States of America or any agency thereof; 
  
 (b) investments in commercial paper maturing not more than one year after the date of acquisition issued by a corporation (other than an
Affiliate of the Borrower) organized and in existence under the laws of the United States of America or any foreign country recognized by the United States of America and having, at such date of acquisition, a rating of “P-1” (or better)
from Moody’s or “A-1” (or better) from S&P; 
  
 (c) investments in (i) certificates of deposit, bankers’ acceptances, time deposits and money market deposit accounts maturing not more than one year after the date of acquisition thereof issued or
guaranteed by or placed with any commercial bank or trust company organized under the laws of the United States of America or any State thereof or any foreign country recognized by the United States of America or (ii) obligations of United
States Federal agencies sponsored by the Federal government (including, without limitation, the Federal Home Loan 

  

 19 

 
Bank, Federal Farm Credit Bank, Federal Home Loan Mortgage Corporation and Federal National Mortgage Association) that are not direct obligations of the
United States of America or any State thereof and are not obligations guaranteed by the United States of America or any State thereof, in each case which bank, trust company or Federally sponsored agency has a combined capital and surplus and
undivided profits in excess of $250,000,000 (or the foreign currency equivalent thereof) and has outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating
organization (as defined in Rule 436 under the Securities Act of 1933, as amended); 
  
 (d) fully collateralized repurchase obligations with a term of not more than 45 days for securities described in clause (a) above or
clause (e), (f) or (g) below and entered into with a financial institution satisfying the criteria described in clause (c) above; 
  
 (e) investments in securities issued or fully guaranteed by any state, commonwealth or territory of the United States of America or any
political subdivision or taxing authority thereof having maturities of not more than three years from the date of acquisition thereof and, having a rating of at least “AA” from S&P or “Aa” from Moody’s; 
  
 (f) investments in securities with maturities of one year or
less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and having a rating of at least “A” from
S&P or from Moody’s; 
  
 (g) investments
in securities issued by any foreign government or any political subdivision of any foreign government or any public instrumentality thereof having maturities of not more than six months from the date of acquisition thereof and, at the time of
acquisition, having one of the two highest credit ratings obtainable from S&P or from Moody’s; 
  
 (h) investments in corporate bonds or notes having maturities of not more than five years from the date of acquisition thereof and having
a rating of at least “A” from S&P or Moody’s; 
  
 (i) auction rate preferred stock having maturities of not more than 90 days from the date of acquisition thereof, provided that the long-term senior unsecured debt of the issuer of such preferred stock shall
have a rating of at least “A” from S&P or from Moody’s; 
  
 (j) investments in funds that invest substantially all their assets in one or more types of securities described in clauses (a) through (i) above; and 
  
 (k) money market funds that (i) comply with the
criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940 and (ii) have portfolio assets of at least $1,000,000,000. 
  

 20 

 “Permitted Obligation” means an obligation of Intermediate Holdings, the Borrower or any
Subsidiary (for purposes of this definition, a “Primary Obligor”) not constituting Indebtedness, provided (a) such obligation is entered into in the ordinary course of such Primary Obligor’s business, (b) any
Guarantee of such obligation by Intermediate Holdings or, in the case of any Subsidiary or Intermediate Holdings, the Borrower, is given in the ordinary course of business of Intermediate Holdings or the Borrower, as the case may be, and
(c) any Guarantee of such obligation is reasonably consistent with the practices of Intermediate Holdings and the Borrower and reasonably necessary to permit the Primary Obligor to incur such obligation. 
  
 “Permitted Receivables Financing” means any transaction or
series of transactions that may be entered into by the Borrower or any Subsidiary pursuant to which it may sell, convey, contribute to capital or otherwise transfer (which sale, conveyance, contribution to capital or transfer may include or be
supported by the grant of a security interest in) Receivables or interests therein and all collateral securing such Receivables, all contracts and contract rights, purchase orders, security interests, financing statements or other documentation in
respect of such Receivables, any guarantees, indemnities, warranties or other obligations in respect of such Receivables, any other assets that are customarily transferred or in respect of which security interests are customarily granted in
connection with asset securitization transactions involving receivables similar to such Receivables and any collections or proceeds of any of the foregoing (collectively, the “Related Assets”) (a) to a trust, partnership,
corporation or other Person (other than the Borrower or any Subsidiary other than any SPE Subsidiary), which transfer is funded in whole or in part, directly or indirectly, by the incurrence or issuance by the transferee or any successor transferee
of Indebtedness, fractional undivided interests or other securities that are to receive payments from, or that represent interests in, the cash flow derived from such Receivables and Related Assets or interests in such Receivables and Related
Assets, or (b) directly to one or more investors or other purchasers (other than the Borrower or any Subsidiary), it being understood that a Permitted Receivables Financing may involve (i) one or more sequential transfers or pledges of the
same Receivables and Related Assets, or interests therein (such as a sale, conveyance or other transfer to any SPE Subsidiary followed by a pledge of the transferred Receivables and Related Assets to secure Indebtedness incurred by the SPE
Subsidiary), and all such transfers, pledges and Indebtedness incurrences shall be part of and constitute a single Permitted Receivables Financing, and (ii) periodic transfers or pledges of Receivables and/or revolving transactions in which new
Receivables and Related Assets, or interests therein, are transferred or pledged upon collection of previously transferred or pledged Receivables and Related Assets, or interests therein, provided that any such transactions shall provide for
recourse to such Subsidiary (other than any SPE Subsidiary) or the Borrower (as applicable) only in respect of the cash flows in respect of such Receivables and Related Assets and to the extent of breaches of representations and warranties relating
to the Receivables, dilution of the Receivables, customary indemnities and other customary securitization undertakings in the jurisdiction relevant to such transactions; and provided further that the aggregate principal amount of
Permitted Receivables Financings shall not exceed $500,000,000 at any time outstanding. 
  

 21 

 The “amount” or “principal amount” of any Permitted Receivables Financing shall be
deemed at any time to be (1) the aggregate principal or stated amount of the Indebtedness, fractional undivided interests (which stated amount may be described as a “net investment” or similar term reflecting the amount invested in
such undivided interest) or other securities incurred or issued pursuant to such Permitted Receivables Financing, in each case outstanding at such time, or (2) in the case of any Permitted Receivables Financing in respect of which no such
Indebtedness, fractional undivided interests or securities are incurred or issued, the cash purchase price paid by the buyer (other than any SPE Subsidiary) in connection with its purchase of Receivables less the amount of collections received by
the Borrower or any Subsidiary in respect of such Receivables and paid to such buyer, excluding any amounts applied to purchase fees or discount or in the nature of interest. 
  
 “Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. 
  
 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in
respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
  
 “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 principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being
effective. 
  
 “Promissory Notes” means any
promissory notes delivered pursuant to Section 2.09(e). 
  
 “Proposed Change” has the meaning assigned to such term in Section 9.02(b). 
  
 “Receivables” means accounts receivable (including all rights to payment created by or arising from the sale of goods, leases of goods or
the rendition of services, no matter how evidenced (including in the form of a chattel paper) and whether or not earned by performance. 
  
 “Register” has the meaning assigned to such term in Section 9.04(c). 
  
 “Related Assets” has the meaning assigned to such term in the definition of the term “Permitted
Receivables Financing”. 
  
 “Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents, trustees and advisors of such Person and such Person’s Affiliates. 
  

 22 

 “Release” means any release, spill, emission, leaking, dumping, injection, pouring,
deposit, disposal, discharge, dispersal, leaching or migration into the environment (including ambient air, surface water, groundwater, land surface or subsurface strata) or within any building, structure, facility or fixture. 
  
 “Required Lenders” means, at any time, Lenders having
Revolving Exposures and unused Revolving Commitments representing in the aggregate more than 50% of the aggregate Revolving Exposures and unused Revolving Commitments at such time. 
  
 “Reset Date” has the meaning assigned to such term in Section 1.05(a). 
  
 “Restricted Payment” means (a) any dividend or other
distribution (whether in cash, securities or other property) with respect to any Equity Interests in Intermediate Holdings, the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or
similar deposit, on account of the purchase, redemption, retirement, acquisition, cancelation or termination of any Equity Interests in Intermediate Holdings, the Borrower or any Subsidiary or any option, warrant or other right to acquire any such
Equity Interests in the Borrower or any Subsidiary and (b) any distribution or other payment (whether in cash, securities or other property or any combination thereof) under or in respect of any Deferred Compensation Plan. 
  
 “Revolving Commitment” means, with respect to each Lender,
the commitment of such Lender to make Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Exposure
hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Lender pursuant to Section 9.04 or
(ii) Section 2.20. The initial amount of each Lender’s Revolving Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance or Revolving Increase Amendment pursuant to which such Lender shall have assumed its
Revolving Commitment, as applicable. The initial aggregate amount of the Lenders’ Revolving Commitments is $100,000,000. 
  
 “Revolving Exposure” means, with respect to any Lender at any time, the sum of (a) the outstanding principal amount of such
Lender’s Revolving Loans at such time and (b) such Lender’s LC Exposure and Swingline Exposure at such time. 
  
 “Revolving Increase Amendment” has the meaning assigned to such term in Section 2.20(b). 
  
 “Revolving Loan” means a Loan made pursuant to
Section 2.01. 
  
 “S&P” means
Standard & Poor’s Ratings Group, Inc. and its successors. 
  
 “SEC” means the Securities and Exchange Commission or any Governmental Authority succeeding to any of its principal functions. 
  

 23 

 “Senior Notes” means the 8% Senior Notes due 2009 that are outstanding on the Effective
Date and the Indebtedness represented thereby (including the Parent Guaranty, the Exchange Notes (each as defined in the Senior Note Documents), the guarantees of the Exchange Notes and any replacement notes). 
  
 “Senior Note Documents” means the indenture under which the
Senior Notes are issued and all other instruments, agreements and other documents evidencing or governing the Senior Notes or providing for any Guarantee in respect thereof by Intermediate Holdings. 
  
 “SPE Subsidiary” means any wholly-owned Subsidiary of the
Borrower formed solely for the purpose of, and that engages only in, one or more Permitted Receivables Financings. 
  
 “SPV” has the meaning assigned to such term in Section 9.04(h). 
  
 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number
one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the
Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar
Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D
or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
  
 “subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared
in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more
than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or
one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
  
 “Subsidiary” means any subsidiary of Intermediate Holdings other than the Borrower. 
  
 “Swap Agreement” means any agreement with respect to any
swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt 

  

 24 

 
instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction
or any combination of these transactions, provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or any
Subsidiary shall be a Swap Agreement. 
  
 “Swingline
Commitment” means the commitment of the Swingline Lender to make Swingline Loans. 
  
 “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 Applicable
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 2.04. 
  
 “Taxes” means any and all current or future taxes, levies, imposts, duties, deductions, charges or
withholdings imposed by any Governmental Authority. 
  
 “Transaction Costs” means the fees and expenses incurred or borne by Intermediate Holdings, the Borrower and the Subsidiaries in connection with the Transactions. 
  
 “Transactions” means (a) the execution, delivery and
performance by each of Intermediate Holdings and the Borrower of the Loan Documents to which it is to be a party, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder, (b) the repayment of all
obligations under the Existing Credit Agreement (and the termination of all commitments thereunder and the release of all Guarantees and Liens in respect thereof) and (c) the payment of the Transaction Costs. 
  
 “Type”, when used in reference to any Loan or Borrowing,
refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
  
 “USA Patriot Act” shall have the meaning assigned to such term in Section 9.15. 
  
 “wholly-owned Subsidiary” means, with respect to any Person
at any date, a subsidiary of such Person of which securities or other ownership interests representing 100% of the Equity Interests (other than directors’ qualifying shares) are, as of such date, owned, controlled or held by such Person or one
or more wholly-owned Subsidiaries of such Person or by such Person and one or more wholly-owned Subsidiaries of such Person. 
  

 25 

 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete
or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
  
 SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class
(e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g.,
a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”). 
  
 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any
agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, supplemented or otherwise modified (subject to any restrictions on
such amendments, amendments and restatements, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
  
 SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be
construed in accordance with GAAP, as in effect from time to time, provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision (including any definition) hereof to eliminate the
effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision
hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before
such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. For the purposes of determining compliance under Section 6.01, Section 6.02, Section 6.04,
Section 6.05, Section 6.07, Section 6.08, Section 6.11, Section 6.12 and Section 6.13 with respect to any amount in a currency other than dollars, such amount shall be 

  

 26 

 
deemed to equal the Dollar Equivalent thereof (determined in good faith by the Borrower) at the time such amount was incurred or expended, as the case may
be. 
  
 SECTION 1.05. Exchange Rates. (a) Not later
than 1:00 p.m., New York City time, on each Calculation Date, the Administrative Agent shall (i) determine the Exchange Rate as of such Calculation Date to be used for calculating the Dollar Equivalent amounts of each Alternative Currency in
which an outstanding Alternative Currency Letter of Credit or unreimbursed LC Disbursement is denominated and (ii) give notice thereof to the Borrower. The Exchange Rates so determined shall become effective on the first Business Day
immediately following the relevant Calculation Date (a “Reset Date”), shall remain effective until the next succeeding Reset Date and shall for all purposes of this Agreement (other than converting into dollars under Sections
2.05(d), (e), (h), (j) and (k) and 2.12(b) the obligations of the Borrower and the Lenders in respect of LC Disbursements that have not been reimbursed when due) be the Exchange Rates employed in converting any amounts between the
applicable currencies. 
  
 (b) Not later than 5:00 p.m., New York
City time, on each Reset Date, the Administrative Agent shall (i) determine the Alternative Currency LC Exposure on such date (after giving effect to any Alternative Currency Letters of Credit issued, renewed or terminated or requested to be
issued, renewed or terminated on such date) and (ii) notify the Borrower and each Issuing Bank of the results of such determination. 
  
 ARTICLE II 
  
 The Credits 
  
 SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans to the Borrower from time to time during the Availability Period in an aggregate principal amount that will
not result in such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving
Loans. 
  
 SECTION 2.02. Loans and Borrowings.
(a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans of the same Type made by the Lenders ratably in accordance with their respective Revolving Commitments. The failure of any Lender to make any Loan
required to be made by it shall not relieve any other Lender of its obligations hereunder, provided that the Revolving Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans
as required. 
  
 (b) Subject to Section 2.13, each Revolving
Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith, provided that all Revolving Borrowings made on the Effective Date shall be made as ABR Borrowings. Each Swingline Loan
shall be an ABR Loan. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign 

  

 27 

 
branch or Affiliate of such Lender to make such Loan, provided that (i) any exercise of such option shall not affect the obligation of the
Borrower to repay such Loan in accordance with the terms of this Agreement and (ii) the Borrower shall not be required to make any greater payment under Section 2.14 or Section 2.16 to the applicable Lender than such Lender would have
been entitled to receive if such Lender had not exercised such option. 
  
 (c) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000. At the time that each ABR Revolving
Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $500,000 and not less than $1,000,000, provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused
balance of the aggregate Revolving Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e). Each Swingline Loan shall be in an amount that is an integral multiple of $100,000 and not
less than $500,000. Borrowings of more than one Type and Class may be outstanding at the same time, provided that there shall not at any time be more than a total of 10 Eurodollar Borrowings outstanding. 
  
 (d) Notwithstanding any other provision of this Agreement, the Borrower shall
not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
  
 SECTION 2.03. Requests for Revolving Borrowings. To request a Revolving Borrowing, the Borrower shall notify the
Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 1:00 p.m., New York City time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Revolving
Borrowing, not later than 2:00 p.m., New York City time, one Business Day before the date of the proposed Borrowing, provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as
contemplated by Section 2.05(e) may be given not later than 1:00 p.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or
telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance
with Section 2.02: 
  
 (i) the aggregate
amount of the requested Borrowing; 
  
 (ii) the
date of such Borrowing, which shall be a Business Day; 
  
 (iii) subject to the proviso to the first sentence of Section 2.02(b), whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 
  

 28 

 (iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable
thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and 
  
 (v) the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of
Section 2.06. 
  
 If no election as to the Type of Revolving Borrowing is
specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. Promptly following receipt of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the
requested Borrowing. 
  
 SECTION 2.04. Swingline Loans.
(a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans to the 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 $20,000,000 or (ii) the aggregate Revolving Exposures exceeding the aggregate Revolving Commitments, provided that the Swingline Lender shall
not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. 
  
 (b) To request a Swingline Loan, the 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 such 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. The Swingline Lender shall make each Swingline Loan available to the Borrower
by means of a credit to the general deposit account of the Borrower maintained 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 2.05(e), by remittance
to the Issuing Bank or, to the extent that the Lenders have made payments pursuant to Section 2.05(e) to reimburse the Issuing Bank, to such Lenders and the Issuing Bank as their interests may appear) by 4:00 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 12:30 p.m., New York City time, on any Business Day require the 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 Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such
Lender’s Applicable Percentage of such Swingline Loan or Swingline 

  

 29 

 
Loans. Each 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 Applicable Percentage of such Swingline Loan or Swingline Loans. Each 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 Commitments, and that each such payment shall be made without any offset,
abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.06 with respect to Loans made by such
Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders. The
Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the
Swingline Lender. Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the 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; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to
the Swingline Lender, as their interests may appear, 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 for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. 
  
 SECTION 2.05. Letters of Credit. (a) General. Subject to
the terms and conditions set forth herein, the Borrower may request the issuance of Letters of Credit for its own account, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the
Availability Period and prior to the date that is five Business Days prior to the Maturity Date. 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 to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 
  
 (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 shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for
doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) 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 

  

 30 

 
such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section 2.05), the amount of such Letter of Credit, the currency
in which such Letter of Credit is to be denominated (which shall be dollars or, subject to Section 2.19, an Alternative Currency), 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 Issuing Bank, the Borrower also shall submit a letter of credit application on the 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 shall be deemed to represent and warrant that), after giving effect to such issuance, amendment,
renewal or extension (i) the LC Exposure shall not exceed $100,000,000 and (ii) the aggregate Revolving Exposures shall not exceed the aggregate Revolving Commitments. 
  
 (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i)(A)
the date that is 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 the date of such renewal or extension) or (B) such other date mutually agreed upon by an
Issuing Bank and the Borrower (but in no event shall such date be later than as provided in clause (ii) of this paragraph (c)) and (ii) the date that is five Business Days prior to the Maturity Date. 
  
 (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 Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a
participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely
and unconditionally agrees to pay to the Administrative Agent in dollars, for the account of the Issuing Bank, such Lender’s Applicable Percentage of (i) each LC Disbursement made by the Issuing Bank in dollars and (ii) the Dollar
Equivalent, using the Exchange Rates on the date such payment is required, of each LC Disbursement made by the Issuing Bank in an Alternative Currency and, in each case, not reimbursed by the Borrower on the date due as provided in paragraph
(e) of this Section 2.05, or of any reimbursement payment required to be refunded to the Borrower for any reason (or, if such reimbursement payment was refunded in an Alternative Currency, the Dollar Equivalent thereof using the Exchange
Rates on the date of such refund). Each 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 Commitments, and that each such payment shall be made without any
offset, abatement, withholding or reduction whatsoever. 
  
 (e)
Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement, in dollars

  

 31 

 
or (subject to the two immediately succeeding sentences) the applicable Alternative Currency, not later than 2:00 p.m., New York City time, on the Business
Day immediately following the date on which the Borrower receives notice of such LC Disbursement, provided that, in the case of any LC Disbursement made in dollars, the Borrower may, subject to the conditions to borrowing set forth herein,
request in accordance with Section 2.03 or Section 2.04 that such payment be financed with an ABR Revolving Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such
payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Loan. If the Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Alternative Currency would subject the Administrative Agent,
the Issuing Bank or any Lender 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 dollars, the Borrower shall reimburse each LC Disbursement made in such
Alternative Currency in dollars, in an amount equal to the Dollar Equivalent, calculated using the applicable Exchange Rate on the date such LC Disbursement is made, of such LC Disbursement. If the Borrower fails to make such payment when due, then
(i) if such payment relates to an Alternative Currency Letter of Credit, automatically and with no further action required, the Borrower’s obligation to reimburse the applicable LC Disbursement shall be permanently converted into an
obligation to reimburse the Dollar Equivalent, calculated using the Exchange Rates on the date when such payment was due, of such LC Disbursement and (ii) the Administrative Agent shall promptly notify the Issuing Bank and each Lender of the
applicable LC Disbursement, the Dollar Equivalent thereof (if such LC Disbursement relates to an Alternative Currency Letter of Credit), the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof.
Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent in dollars its Applicable Percentage of the payment then due from the Borrower (determined as provided in clause (i) above, if such payment relates to
an Alternative Currency Letter of Credit), in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders),
and the Administrative Agent shall promptly pay to the applicable Issuing Bank in dollars the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this
paragraph, the Administrative Agent shall distribute such payment to such Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Lenders and the Issuing Bank as their
interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan
and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 
  
 (f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section 2.05 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, any application for the issuance of a Letter of
Credit or this Agreement, or any term or provision therein, (ii) any 

  

 32 

 
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 the 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 2.05, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder.
None of the Administrative Agent, the Lenders, the Issuing Bank or any of their respective 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 the Issuing Bank, provided
that the foregoing provisions of this paragraph (f) shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby
waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by (A) the 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 or (B) the Issuing Bank’s failure to issue a Letter of Credit in accordance with the terms of this Agreement when requested by the Borrower pursuant to Section 2.05(b). The parties hereto expressly
agree that, in the absence of gross negligence or wilful misconduct on the part of the Issuing Bank, the Issuing Bank shall be deemed to have exercised care in each such determination and each issuance of (or failure to issue) a Letter of Credit. In
furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank
may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation 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.
The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by
telephone (confirmed by telecopy) of such demand for payment and whether the 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 of
its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement in accordance with paragraph (e) of this Section 2.05. 
  
 (h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse
such LC Disbursement in full 

  

 33 

 
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 reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans, provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to
paragraph (e) of this Section 2.05, then Section 2.12(c) shall apply; provided further that, in the case of any LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect
thereto shall (i) in the case of any LC Disbursement that is reimbursed on or before the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) bear interest at a rate
equal to the rate reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Margin applicable to Eurodollar Loans at such time and (ii) in the case of any LC
Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement, (A) be payable in dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such LC Disbursement was
made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to ABR Revolving Loans, subject to Section 2.12(c). Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except
that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section 2.05 to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 
  
 (i) Replacement of the Issuing Bank. Any 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. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time any
such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.11(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 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 receives notice from the Administrative Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with the
Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in dollars and in cash equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon, provided that
(i) the portions of such amount attributable to undrawn Alternative Currency Letters of Credit or LC Disbursements in an Alternative Currency that the Borrower is not late in reimbursing shall be deposited in the 

  

 34 

 
applicable Alternative Currencies in the actual amounts of such undrawn Letters of Credit and LC Disbursements and (ii) upon the occurrence of any Event
of Default with respect to the Borrower described in clause (h) or (i) of Section 7.01 the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable in
dollars, without demand or other notice of any kind. For the purposes of this paragraph, the Alternative Currency LC Exposure shall be calculated using the Exchange Rates on the date that notice demanding cash collateralization is delivered to the
Borrower. The Borrower also shall deposit cash collateral pursuant to this paragraph as and to the extent required by Section 2.10(b). Each such deposit pursuant to this paragraph or pursuant to Section 2.10(b) shall be held by the
Administrative Agent as collateral for the payment and performance of the obligations of the Borrower 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 risk and expense, such deposits shall not bear
interest. 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 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 for the LC Exposure at such time or, if the maturity of the Loans has been accelerated, be applied to satisfy other obligations of
the Borrower under this Agreement. If the 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 within three Business Days after all Events of Default have been cured or waived. If the Borrower is required to provide an amount of cash collateral hereunder pursuant to Section 2.10(b), such amount (to the extent not applied as
aforesaid) shall be returned to the Borrower as and to the extent that, after giving effect to such return, the Borrower would remain in compliance with Section 2.10(b) and no Event of Default shall have occurred and be continuing. 

 
 (k) Conversion. In the event that the Loans become immediately due
and payable on any date pursuant to Section 7.01, all amounts (i) that the Borrower is at the time or thereafter becomes required to reimburse or otherwise pay to the Administrative Agent in respect of LC Disbursements made under any
Alternative Currency Letter of Credit (other than amounts in respect of which the Borrower has deposited cash collateral pursuant to Section 2.05(j), if such cash collateral was deposited in the applicable Alternative Currency to the extent so
deposited or applied), (ii) that the Lenders are at the time or thereafter become required to pay to the Administrative Agent and the Administrative Agent is at the time or thereafter becomes required to distribute to the Issuing Bank pursuant
to paragraph (e) of this Section 2.05 in respect of unreimbursed LC Disbursements made under any Alternative Currency Letter of Credit and (iii) of each Lender’s participation in any Alternative Currency Letter of Credit under
which an LC Disbursement has been made shall, automatically and with no further action required, be converted into the Dollar Equivalent, calculated using the Exchange Rates on such date (or in the case of any LC Disbursement made after such date,
on the date such LC Disbursement is made), of such amounts. On and after such conversion, all amounts 

  

 35 

 
accruing and owed to the Administrative Agent, the Issuing Bank or any Lender in respect of the obligations described in this paragraph shall accrue and be
payable in dollars at the rates otherwise applicable hereunder. 
  
 (l) Additional Issuing Banks. The Borrower may, at any time and from time to time with the consent of the Administrative Agent (which consent shall not be unreasonably withheld) and such Lender, designate one or more additional
Lenders to act as an issuing bank under the terms of this Agreement, provided that the total number of Lenders so designated at any time shall not exceed five. Any Lender designated as an Issuing Bank pursuant to this paragraph (l) shall
be deemed to be an “Issuing Bank” for the purposes of this Agreement (in addition to being a Lender) with respect to Letters of Credit issued by such Lender. 
  
 (m) Reporting. Each Issuing Bank will report in writing to the Administrative Agent (i) on the first Business
Day of each week, the aggregate face amount of Letters of Credit issued by it and outstanding as of the last Business Day of the preceding week, (ii) on or prior to each Business Day on which an Issuing Bank expects to issue, amend, renew or
extend any Letter of Credit, the date of such issuance or amendment and the aggregate face amount of Letters of Credit to be issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or
extension (and such Issuing Bank shall advise the Administrative Agent on such Business Day whether such issuance, amendment, renewal or extension occurred and whether the amount thereof changed), (iii) on each Business Day on which an Issuing
Bank makes any LC Disbursement, the date of such LC Disbursement and the amount of such LC Disbursement and (iv) on any Business Day on which the Borrower fails to reimburse an LC Disbursement required to be reimbursed to such Issuing Bank on
such day, the date of such failure and amount of such LC Disbursement. 
  
 SECTION 2.06. Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account
of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders, provided that Swingline Loans shall be made as provided in Section 2.04. The Administrative Agent will make such Loans available to the
Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing Request, provided that
ABR Revolving Loans and Swingline Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(e) shall be remitted by the Administrative Agent to the Issuing Bank or, to the extent that Lenders have made payments
pursuant to Section 2.05(e) to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. 
  
 (b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make
available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on 

  

 36 

 
such date in accordance with paragraph (a) of this Section 2.06 and may, in reliance upon such assumption, make available to the Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent
forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of
such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable
to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 
  

(c) Nothing in this Section 2.06 shall be deemed to relieve any Lender from its obligation to fulfill its Commitments hereunder or to prejudice
any rights that the Borrower may have against any Lender as a result of any default by any such Lender hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its Commitments
hereunder). 
  
 SECTION 2.07. Interest Elections.
(a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request or designated by Section 2.03 and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such
Borrowing Request or designated by Section 2.03. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all
as provided in this Section 2.07. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising
such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section 2.07 shall not apply to Swingline Borrowings, which may not be converted or continued. 
  
 (b) To make an election pursuant to this Section 2.07, the Borrower
shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be
made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a
form approved by the Administrative Agent and signed by the Borrower. 
  
 (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 
  
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the 

  

 37 

 
information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
  
 (ii) the effective date of the election made pursuant to
such Interest Election Request, which shall be a Business Day; 
  
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 
  
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period”. 
  
 If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

  
 (d) Promptly following receipt of an Interest Election
Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
  
 (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period
applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Revolving Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default
has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or
continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Revolving Borrowing at the end of the Interest Period applicable thereto. 
  
 SECTION 2.08. Termination and Reduction of Commitments.
(a) Unless previously terminated, the Commitments shall terminate on the Maturity Date. 
  
 (b) The Borrower may, without premium or penalty, at any time terminate, or from time to time reduce, the Commitments of any Class, provided that (i) each reduction of the Commitments of any Class shall be
in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance
with Section 2.10, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. 
  
 (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this
Section 2.08 at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the
Lenders of the contents thereof. Each 

  

 38 

 
notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable, provided that a notice of termination of the Commitments
delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified
effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Lenders in accordance with their
respective Revolving Commitments. 
  
 SECTION 2.09. Repayment
of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan of such Lender on the Maturity
Date and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at
least five Business Days after such Swingline Loan is made, provided that on each date that a Revolving Borrowing is made, the Borrower shall repay all Swingline Loans that were outstanding on the date such Borrowing was requested.

  
 (b) Each Lender shall maintain in accordance with its usual
practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

  
 (c) The Administrative Agent shall maintain accounts in which
it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower
to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof, which accounts the Administrative Agent will make available to the
Borrower upon its reasonable request. 
  
 (d) The entries made in
the accounts maintained pursuant to paragraph (b) or (c) of this Section 2.09 shall be prima facie evidence of the existence and amounts of the obligations recorded therein, provided that the failure of any Lender
or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans and pay interest thereon in accordance with the terms of this Agreement. 
  
 (e) Any Lender may request that Loans of any Class made by it be evidenced by
a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form
approved by the Borrower and the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more
promissory notes in 

  

 39 

 
such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns).

  
 SECTION 2.10. Prepayment of Loans. (a) The
Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, without premium or penalty (but subject to Section 2.15), subject to the requirements of this Section 2.10. 
  
 (b) In the event and on each occasion that the aggregate Revolving Exposures
exceed the aggregate Revolving Commitments, the Borrower shall prepay Revolving Borrowings or Swingline Borrowings (or, if no such Borrowings are outstanding, deposit cash collateral in an account with the Administrative Agent pursuant to
Section 2.05(j)) in an aggregate amount equal to such excess. 
  
 (c) Prior to any optional or mandatory prepayment of Borrowings hereunder, the Borrower shall select the Borrowing or Borrowings to be prepaid and shall specify such selection in the notice of such prepayment pursuant to paragraph
(d) of this Section 2.10. 
  
 (d) The Borrower shall
notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than
1:00 p.m., New York City time, three Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 2:00 p.m., New York City time, one Business Day before the date of prepayment or
(iii) in the case of prepayment of a Swingline Loan, not later than 2:00 p.m., New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing
or portion thereof to be prepaid, provided that, if a notice of optional prepayment of any Loans is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.08, then such notice of
prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.08. Promptly following receipt of any such notice (other than a notice relating solely to Swingline Loans), the Administrative Agent shall advise
the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02, except as necessary to apply
fully the required amount of a mandatory prepayment. Each prepayment of a portion of any Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required
by Section 2.12. 
  
 SECTION 2.11. Fees. (a) The
Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at the Applicable Margin on the average daily unused amount of the Revolving Commitment of such Lender during the period from and
including the Effective Date to but excluding the date on which such Revolving Commitment terminates. Accrued commitment fees shall be payable in arrears on the third Business Day following the last 

  

 40 

 
day of March, June, September and December of each year and on the date on which the Revolving Commitments terminate, commencing on the first such date to
occur after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). For purposes of computing
commitment fees, a Revolving Commitment of a Lender shall be deemed to be used to the extent of the outstanding Revolving Loans and LC Exposure of such Lender (and the Swingline Exposure of such Lender shall be disregarded for such purpose).

  
 (b) The Borrower agrees to pay (i) to the Administrative
Agent for the account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to Eurodollar Loans on the average
daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s
Revolving Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate or rates per annum separately agreed upon between the Borrower and the
Issuing Bank on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination
of the Revolving Commitments and the date on which there ceases to be any LC Exposure, as well as the 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 the third Business Day following such last day, commencing on the first such date to
occur after the Effective Date, provided that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on
demand. Any other fees payable to the 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). For purposes of computing the average daily amount of the LC Exposure for any period under this Section 2.11(b), the average daily amount of the Alternative
Currency LC Exposure for such period shall be calculated by multiplying (x) the average daily balance of each Alternative Currency Letter of Credit (expressed in the currency in which such Alternative Currency Letter of Credit is denominated)
by (y) the Exchange Rate for each such Alternative Currency in effect on the last Business Day of such period or by such other reasonable method that the Administrative Agent deems appropriate. 
  
 (c) The Borrower agrees to pay to the Administrative Agent, for its own
account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 
  

 41 

 (d) All fees payable hereunder shall be paid on the dates due, in immediately available funds in dollars,
to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any
circumstances. 
  
 SECTION 2.12. Interest. (a) The
Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Margin. 
  
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus
the Applicable Margin. 
  
 (c) Notwithstanding the foregoing, if
any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before
judgment, to the fullest extent permitted by applicable law, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this
Section 2.12 or (ii) in the case of any other amount, 2.00% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section 2.12. 
  
 (d) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan and
(ii) in the case of Revolving Loans, upon termination of the Revolving Commitments, provided that (A) interest accrued pursuant to paragraph (d) of this Section 2.12 shall be payable on demand, (B) in the event of any
repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or
prepayment and (C) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 
  
 (e) All interest hereunder shall be computed on the basis of a year of 360
days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be
payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent in accordance with the terms hereof, and
such determination shall be prima facie evidence thereof. 
  

 42 

 SECTION 2.13. Alternate Rate of Interest. If prior to the commencement of any Interest Period for
a Eurodollar Borrowing: 
  
 (a) the
Administrative Agent determines (which determination shall be prima facie evidence thereof) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or 
  
 (b) the Administrative Agent is advised by the Required
Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 
  
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by
telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist (it being understood that the Administrative
Agent will use commercially reasonable efforts to give such notice as soon as practicable after such circumstances no longer exist), (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation
of any Revolving Borrowing as, a Eurodollar Borrowing shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Revolving Borrowing. 
  
 SECTION 2.14. Increased Costs. (a) If any Change in Law (except
with respect to Taxes, which shall be governed by Section 2.16) shall: 
  
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement
reflected in the Adjusted LIBO Rate) or the Issuing Bank; or 
  
 (ii) impose on any Lender or the Issuing Bank or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein;

  
 and the result of any of the foregoing shall be to increase the cost to such
Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the
amount of any sum received or receivable by such Lender or the Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts
as will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered. 
  
 (b) If any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on any Lender’s or the Issuing
Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of
Credit issued by the Issuing Bank, to a level 

  

 43 

 
below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in
Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy), then from time to time the Borrower will pay
to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered.

  
 (c) A certificate of a Lender or the Issuing Bank setting
forth the amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section 2.14, and setting forth in reasonable detail the
basis on which such amount or amounts were calculated and stating that such calculation has been made in a manner consistent with the treatment given by such Lender or Issuing Bank to similar businesses in similar circumstances, shall be delivered
to the Borrower and shall be prima facie evidence thereof. The Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within 15 days after receipt thereof. 
  
 (d) Failure or delay on the part of any Lender or the Issuing Bank to demand
compensation pursuant to this Section 2.14 shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the
Issuing Bank pursuant to this Section 2.14 for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to
such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor; and provided further that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 
  
 SECTION 2.15. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an
Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue
or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.10(d) and is revoked in accordance therewith) or (d) the assignment of any
Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.18, then, in any such event, the Borrower shall compensate each Lender for the loss (other than
lost profits), cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount reasonably determined by such Lender to be the excess, if any, of
(i) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last
day of the then current Interest Period 

  

 44 

 
therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over
(ii) the amount of interest that would accrue on such principal amount for such period at the interest rate that such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period
from other banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section 2.15, and setting forth in reasonable detail the basis on which such
amount or amounts were calculated, shall be delivered to the Borrower and shall be prima facie evidence thereof. The Borrower shall pay such Lender the amount shown as due on any such certificate within 15 days after receipt thereof.

  
 SECTION 2.16. Taxes. (a) Any and all payments by
or on account of any obligation of the Borrower under any Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes, provided that if the Borrower shall be required to deduct any Indemnified
Taxes or 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 2.16) the
Administrative Agent, Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay
the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
  
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
  
 (c) The Borrower shall indemnify the Administrative Agent, each Lender and
the Issuing Bank, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender or the Issuing Bank, as the case may be, on or with respect to any payment by
or on account of any obligation of the Borrower under any Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.16) 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. A certificate as to the amount of such payment or
liability delivered to the Borrower by a Lender or the Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Bank, shall be conclusive absent manifest error. 
  
 (d) As soon as practicable after any payment of Indemnified Taxes or Other
Taxes by the Borrower to a Governmental Authority, the 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. 
  

 45 

 (e) Any Foreign Lender (or Participant) that is entitled to an exemption from or reduction of withholding
tax under the law of the jurisdiction in which the Borrower is located, or under any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent)
(or, in the case of a Participant, to the Foreign Lender from which the related participation was purchased), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law or
reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate, provided that, with respect to such documentation provided to the Borrower, such Foreign Lender (or Participant) has
received written notice from the Borrower advising it of the availability of such exemption or reduction and supplying all applicable documentation. In addition, each Foreign Lender (or Participant) shall deliver substitute forms promptly upon the
obsolescence or invalidity of any form previously delivered by such Foreign Lender (or Participant), provided that, with respect to such documentation provided to the Borrower, such Foreign Lender (or Participant) has received written notice
from the Borrower advising it of such obsolescence and supplying such substitute forms. 
  
 (f) If the Administrative Agent or a Lender or the Issuing Bank determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been indemnified by the Borrower or with respect to
which the Borrower has paid additional amounts pursuant to this Section 2.16, which the Administrative Agent or such Lender or the Issuing Bank is able to identify as such, it shall pay over such refund to the Borrower (but only to the extent
of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.16 with respect to the Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the Administrative Agent or such Lender or
the Issuing Bank and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, however, that the Borrower, upon the request of the Administrative Agent or such Lender
or the Issuing Bank, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender or the Issuing Bank in the event the
Administrative Agent or such Lender or the Issuing Bank is required to repay such refund to such Governmental Authority. Nothing contained in this Section 2.16(f) shall require the Administrative Agent or any Lender or the Issuing Bank to make
available its tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person. 
  
 SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) The Borrower shall make each payment required to be made by it
hereunder or under any other Loan Document (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.14, Section 2.15 or Section 2.16, or otherwise) prior to the time expressly
required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required, prior to 2:00 p.m., New York City time), on the date when due, in immediately available funds, without set-off or counterclaim. Any
amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been 

  

 46 

 
received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its
offices at 270 Park Avenue, New York, New York, except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Section 2.14, Section 2.15, Section 2.16 and
Section 9.03 shall be made directly to the Persons entitled thereto and payments pursuant to any other Loan Documents shall be made to the Persons specified therein. The Administrative Agent shall distribute any such payments received by it for
the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment under any Loan Document shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding
Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. Except as provided in Section 2.05(e), all payments under each Loan Document shall be made in dollars.

  
 (b) If at any time insufficient funds are received by and
available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder,
ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the
parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 
  
 (c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any
of its Revolving Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and Swingline
Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans and participations in LC
Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their
respective Revolving Loans and participations in LC Disbursements and Swingline Loans, provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance
with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to
the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph 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 

  

 47 

 
pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if
such Lender were a direct creditor of the Borrower in the amount of such participation. 
  
 (d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder
that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank,
as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the
amount so distributed to such Lender or Issuing Bank 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 on interbank compensation. 
  
 (e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(c), Section 2.05(d), Section 2.05(e),
Section 2.06(b), Section 2.17(d) or Section 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the
account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
  
 SECTION 2.18. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.14, or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, then such Lender shall use reasonable efforts to designate a different lending office for
funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or
reduce amounts payable pursuant to Section 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower
hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
  
 (b) If any Lender requests compensation under Section 2.14, or if the Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 2.16, or if any Lender defaults in its obligation to fund Loans hereunder, 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 Section 9.04), all its interests, rights and obligations under this Agreement to an assignee
that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that (i) the Borrower 

  

 48 

 
shall have received the prior written consent of the Administrative Agent, the Swingline Lender and each Issuing Bank (which consent (x) shall not be
unreasonably withheld or delayed and (y) in the case of any consent required by any Issuing Bank, shall be deemed to have been given in the event that such Issuing Bank fails to respond in writing to a request for written consent within two
Business Days of receipt thereof), (ii) 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, 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) and (iii) in the case of any such assignment resulting
from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a material reduction in such compensation or payments. A Lender shall not be required to make any
such assignment and 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. Nothing in this Section 2.18 shall be
deemed to prejudice any rights that the Borrower may have against any Lender as a result of any default by any such Lender in its obligations to fund Loans hereunder. 
  
 SECTION 2.19. Change in Law. Notwithstanding any other provision of this Agreement, if, after the date hereof,
(i) any Change in Law shall make it unlawful for any Issuing Bank to issue Letters of Credit denominated in an Alternative Currency, or (ii) there shall have occurred any change in national or international financial, political or economic
conditions (including the imposition of or any change in exchange controls) or currency exchange rates that would make it impracticable for any Issuing Bank to issue Letters of Credit denominated in such Alternative Currency for the account of the
Borrower, then by prompt written notice thereof to the Borrower and to the Administrative Agent (which notice shall be withdrawn whenever such circumstances no longer exist), such Issuing Bank may declare that Letters of Credit will not thereafter
be issued by it in the affected Alternative Currency or Alternative Currencies, whereupon the affected Alternative Currency or Alternative Currencies shall be deemed (for the duration of such declaration) not to constitute an Alternative Currency
for purposes of the issuance of Letters of Credit by such Issuing Bank. 
  
 SECTION 2.20. Revolving Commitment Increases. (a) At any time and from time to time during the Availability Period, subject to the terms and conditions set forth herein, the Borrower may, by notice to the Administrative Agent
(whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), request to increase the aggregate amount of the Revolving Commitments (each such increase, a “Revolving Commitment Increase”),
provided that at the time of each such request and upon the effectiveness of each Revolving Increase Amendment, (A) no Default has occurred and is continuing or shall result therefrom and (B) the Borrower shall have delivered a
certificate of a Financial Officer to the effect set forth in clause (A) above. Notwithstanding anything to contrary herein, the aggregate principal amount of the Revolving Commitment Increases shall not exceed $50,000,000. Each Revolving
Commitment Increase shall be in an integral multiple of $1,000,000 and be in an aggregate principal amount that is not less than $10,000,000, provided that such amount 

  

 49 

 
may be less than $10,000,000 if such amount represents all the remaining availability under the maximum aggregate principal amount of Revolving Commitment
Increases set forth above. 
  
 (b) Each notice from the Borrower
pursuant to this Section 2.20 shall set forth the requested amount of the relevant Revolving Commitment Increase. Any additional bank, financial institution, existing Lender or other Person that elects to provide a portion of any Revolving
Commitment Increase shall be reasonably satisfactory to the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Bank (any such bank, financial institution, existing Lender or other Person being called an “Additional
Lender”) and, if not already a Lender, shall become a Lender under this Agreement pursuant to a Revolving Increase Amendment. Each Revolving Commitment Increase shall be effected by an amendment (a “Revolving Increase
Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by Intermediate Holdings, the Borrower, such Additional Lender and the Administrative Agent. No Lender shall be obligated to provide any Revolving
Commitment Increase, unless it so agrees. Commitments in respect of any Revolving Commitment Increase shall become Revolving Commitments (or in the case of any Revolving Commitment Increase to be provided by an existing Lender, an increase in such
Lender’s Revolving Commitment) under this Agreement. A Revolving Increase Amendment may, without the consent of any other Lenders, effect such amendments to any Loan Documents as may be necessary or appropriate, in the opinion of the
Administrative Agent, to effect the provisions of this Section 2.20. The effectiveness of any Revolving Increase Amendment shall, unless otherwise agreed to by the Administrative Agent and the Additional Lenders, be subject to the satisfaction
on the date thereof (each, a “Revolving Increase Closing Date”) of each of the conditions set forth in Section 4.02 (it being understood that all references to “the date of such Borrowing” in Section 4.02 shall
be deemed to refer to the Revolving Increase Closing Date). The proceeds of any Loans made pursuant to Revolving Commitment Increases will be used only for working capital and other general corporate purposes. 
  
 (c) Upon each Revolving Commitment Increase pursuant to this
Section 2.20, (i) each Lender immediately prior to such increase will automatically and without further act be deemed to have assigned to each Additional Lender, and each Additional Lender will automatically and without further act be
deemed to have assumed, a portion of such Lender’s participations hereunder in outstanding Letters of Credit and Swingline Loans such that, after giving effect to such Revolving Commitment Increase and each such deemed assignment and assumption
of participations, the percentage of the aggregate outstanding (A) participations hereunder in Letters of Credit and (B) participations hereunder in Swingline Loans held by each Lender (including each Additional Lender) will equal such
Lender’s Applicable Percentage and (ii) if, on the date of such Revolving Commitment Increase, there are any Revolving Loans outstanding, such Revolving Loans shall be prepaid from the proceeds of additional Revolving Loans made hereunder
(reflecting such Revolving Commitment Increase), which prepayment shall be accompanied by accrued interest on the Revolving Loans being prepaid and any costs incurred by any Lender in accordance with Section 2.15. The Administrative Agent and
the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro 

  

 50 

 
rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding
sentence. 
  
 ARTICLE III 
  
 Representations and Warranties 
  
 Each of Intermediate Holdings and the Borrower represents and warrants to the
Lenders with respect to itself and its subsidiaries that: 
  
 SECTION 3.01. Organization; Powers. Each of Intermediate Holdings, the Borrower and the Subsidiaries is duly incorporated or organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or
organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is
qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 
  
 SECTION 3.02. Authorization; Enforceability. The Transactions to be entered into by Intermediate Holdings and the Borrower are within their
respective powers and have been duly authorized by all necessary action. This Agreement has been duly executed and delivered by each of Intermediate Holdings and the Borrower and constitutes, and each other Loan Document to which Intermediate
Holdings or the Borrower is to be a party, when executed and delivered by Intermediate Holdings or the Borrower, as applicable, will constitute, a legal, valid and binding obligation of Intermediate Holdings or the Borrower (as the case may be),
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws affecting creditors’ rights generally and to general principles of equity and an implied
covenant of good faith and fair dealing, regardless of whether considered in a proceeding in equity or at law. 
  
 SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing
with, or any other action by or before, any Governmental Authority, except such as have been obtained or made and are in full force and effect and, except where the failure to obtain such consent or approval or to make such registration or filing,
individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, (b) will not violate any applicable law, regulation or any order of any Governmental Authority in any material respect or the memorandum and
articles of association, charter, by-laws or other organizational documents of Intermediate Holdings, the Borrower or any Subsidiary, (c) will not violate or result in a default under any indenture, material agreement or other material
instrument binding upon Intermediate Holdings, the Borrower or any Subsidiary or any of their respective assets, or give rise to a right thereunder to require any payment to be made by Intermediate Holdings, the Borrower or any Subsidiary, except
for violations or payments that, individually and in the aggregate, 

  

 51 

 
could not reasonably be expected to have a Material Adverse Effect, and (d) will not result in the creation or imposition of any Lien on any asset of
Intermediate Holdings, the Borrower or any Subsidiary. 
  
 SECTION
3.04. Financial Condition; No Material Adverse Change. (a) Intermediate Holdings has heretofore furnished to the Lenders the audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash
flows of Intermediate Holdings as of and for the fiscal years ended July 2, 2004, and July 1, 2005, in each case, setting forth in comparative form the figures for the previous fiscal year and reported on by Ernst & Young LLP,
independent auditors, to the effect that such financial statements present fairly, in all material respects, the consolidated financial condition and results of operations and cash flows of Intermediate Holdings, the Borrower and the Subsidiaries on
a consolidated basis as of such dates and for such periods in accordance with GAAP consistently applied. 
  
 (b) Intermediate Holdings has heretofore furnished to the Lenders the unaudited consolidated balance sheet and related statements of operations,
stockholders’ equity and cash flows of Intermediate Holdings as of the end of and for the fiscal quarter ended September 30, 2005 (and the comparable period for the prior fiscal year), in each case certified by a Financial Officer of
Intermediate Holdings. Such financial statements present fairly in all material respects the consolidated financial condition and results of operations and cash flows of Intermediate Holdings, the Borrower and the Subsidiaries on a consolidated
basis as of such dates and for such periods in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes. 
  
 (c) Except as disclosed in the financial statements referred to in paragraphs (a) and (b) above or the notes
thereto or in the Information Memorandum and except for the Disclosed Matters, after giving effect to the Transactions, none of Intermediate Holdings, the Borrower or the Subsidiaries has, as of the Effective Date, any material contingent
liabilities, unusual long-term commitments or unrealized losses. 
  
 (d) Since July 1, 2005, there has been no material adverse change in the business, financial condition or results of operations of Intermediate Holdings, the Borrower and the Subsidiaries, taken as a whole. 
  
 SECTION 3.05. Properties. (a) Each of Intermediate Holdings, the
Borrower and the Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as
currently conducted or to utilize such properties for their intended purposes and subject to Permitted Encumbrances. 
  
 (b) Each of Intermediate Holdings, the Borrower and the Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and
other intellectual property material to its business, and the use thereof by Intermediate Holdings, the Borrower and the Subsidiaries does not infringe upon the rights of any 

  

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other Person, except for any such infringements that, individually and in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect. 
  
 SECTION 3.06. Litigation and Environmental
Matters. (a) Except for the Disclosed Matters, there are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of Intermediate Holdings or the Borrower, threatened
against or affecting Intermediate Holdings, the Borrower or any Subsidiary (i) that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii)(A) that involve any of the Loan Documents or the
Transactions, (B) that are not frivolous and (C) if adversely determined, would reasonably be expected to be adverse to the interests of the Lenders. 
  

(b) Except for the Disclosed Matters and except with respect to any other matters that, individually and in the aggregate, would not reasonably be
expected to result in a Material Adverse Effect, none of Intermediate Holdings, the Borrower or any Subsidiary (i) has failed to comply with any applicable Environmental Law or to obtain, maintain or comply with any permit, license or other
approval required under any applicable Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any
Environmental Liability. 
  
 (c) Since the date of this Agreement,
there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 
  
 SECTION 3.07. Compliance with Laws and Agreements. Each of
Intermediate Holdings, the Borrower and the Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or
its property, except where the failure to do so, individually and in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 
  
 SECTION 3.08. Investment and Holding Company Status. None of
Intermediate Holdings, the Borrower or any Subsidiary is (a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding company” as defined in, or subject
to regulation under, the Public Utility Holding Company Act of 1935. 
  
 SECTION 3.09. Taxes. Each of Intermediate Holdings, the Borrower and the Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required
to have been paid by it, except (a) any Taxes that are being contested in good faith by appropriate proceedings and for which Intermediate Holdings, the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves or
(b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 
  

 53 

 SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when
taken together with all other such ERISA Events for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under all underfunded
Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of all
such underfunded Plans by an amount that would reasonably be expected to result in a Material Adverse Effect. 
  
 SECTION 3.11. Disclosure. The Information Memorandum and the other reports, financial statements, certificates or other written information
furnished by or on behalf of Intermediate Holdings or the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or any other Loan Document or delivered hereunder or thereunder (as modified or
supplemented by other information so furnished), taken as a whole, do not contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not materially misleading, provided that, (a) with respect to projected financial information, Intermediate Holdings and the Borrower represent only that such information was prepared in good faith based upon assumptions believed
to be reasonable at the time and (b) with respect to information regarding the hard disc drive market and other industry data, Intermediate Holdings and the Borrower represent only that such information was prepared by third-party industry
research firms, and although Intermediate Holdings and the Borrower believe such information is reliable, Intermediate Holdings and the Borrower cannot guarantee the accuracy and completeness of such information and have not independently verified
such information. 
  
 SECTION 3.12. Subsidiaries. Schedule
3.12 sets forth the name of, and the ownership interest of Intermediate Holdings, the Borrower and each Subsidiary in, each Subsidiary as of the Effective Date. 
  

SECTION 3.13. Insurance. As of the Effective Date, all premiums in respect of all material insurance maintained by or on behalf of Intermediate
Holdings, the Borrower and the Subsidiaries that are required to have been paid have been paid. Intermediate Holdings and the Borrower believe that the insurance maintained by or on behalf of Intermediate Holdings, the Borrower and the Subsidiaries
is adequate in all material respects. 
  
 SECTION 3.14. Labor
Matters. As of the Effective Date, there are no strikes, lockouts or slowdowns against Intermediate Holdings, the Borrower or any Subsidiary pending or, to the knowledge of Intermediate Holdings or the Borrower, threatened that would reasonably
be expected to have a Material Adverse Effect. Except as could not be reasonably expected to result in a Material Adverse Effect, (a) the hours worked by and payments made to employees of Intermediate Holdings, the Borrower and the Subsidiaries
have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with such matters, (b) all payments 

  

 54 

 
due from Intermediate Holdings, the Borrower or any Subsidiary, or for which any claim may be made against Intermediate Holdings, the Borrower or any
Subsidiary, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of Intermediate Holdings, the Borrower or such Subsidiary and (c) the consummation of the
Transactions will not give rise to any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which Intermediate Holdings, the Borrower or any Subsidiary is bound. 
  
 SECTION 3.15. Senior Indebtedness. The obligations of Intermediate
Holdings and the Borrower under the Loan Documents constitute “Senior Indebtedness” under and as defined in the Senior Note Documents. 
  
 ARTICLE IV 
  
 Conditions 
  
 SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied
(or waived in accordance with Section 9.02): 
  
 (a) The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent
(which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 
  
 (b) The Guarantee Agreement shall have been duly executed by Intermediate Holdings and delivered to the Administrative Agent. 

 
 (c) The Administrative Agent shall have received a
favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of each of (i)(A) Simpson Thacher & Bartlett, United States counsel for the Borrower, substantially in the form of Exhibit B-1(A)
and (B) William L. Hudson, General Counsel of Intermediate Holdings, substantially in the form of Exhibit B-1(B), and (ii) Maples and Calder, Cayman Islands counsel for the Borrower, substantially in the form of Exhibit B-2. Each of
Intermediate Holdings and the Borrower hereby requests such counsel to deliver such opinions. 
  
 (d) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably
request relating to the organization or incorporation, existence and good standing of Intermediate Holdings and the Borrower, the authorization of the Transactions and any other legal matters relating to Intermediate Holdings or the Borrower, the

  

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Loan Documents or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 
  
 (e) The Administrative Agent shall have received a
certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02. 
  
 (f) The Administrative Agent shall have received all fees
and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel) required to
be reimbursed or paid by Intermediate Holdings or the Borrower under any Loan Document. 
  
 (g) All amounts outstanding under the Existing Credit Agreement shall have been repaid in full and the Administrative Agent shall have
received reasonably satisfactory documentation evidencing the termination of the Existing Credit Agreement and each agreement related thereto, the release of all Liens granted thereunder and the discharge of all obligations thereunder. 

 
 The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date,
and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing
conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 5:00 p.m., New York City time, on December 30, 2005 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such
time). 
  
 SECTION 4.02. Each Credit Event. The obligation
of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit, is subject to receipt of the request therefor in accordance herewith and to the satisfaction of the
following conditions: 
  
 (a) The representations
and warranties of Intermediate Holdings and the Borrower set forth in the Loan Documents 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, as applicable, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier
date). 
  
 (b) At the time of and immediately
after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 
  
 Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and
warranty by Intermediate 

  

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Holdings and the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section 4.02. For purposes of the
foregoing, the term “Borrowing” shall not include the continuation or conversion of Loans in which the aggregate amount of such Loans is not being increased. 
  
 ARTICLE V 
  
 Affirmative Covenants 
  
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid
in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, each of Intermediate Holdings and the Borrower covenants and agrees with the Lenders that: 
  
 SECTION 5.01. Financial Statements and Other Information. Intermediate
Holdings will furnish to the Administrative Agent: 
  
 (a) within 90 days after the end of each fiscal year of Intermediate Holdings, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting
forth in each case in comparative form the figures for the previous fiscal year, all reported on by Ernst & Young LLP or other independent public accountants of recognized national standing (without a “going concern” or like
qualification or exception and without any qualification or exception as to the scope of such audit or any other material qualification or exception) to the effect that such consolidated financial statements present fairly in all material respects
the consolidated financial condition and results of operations of Intermediate Holdings, the Borrower and the Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 
  
 (b) within 45 days after the end of each of the first three
fiscal quarters of each fiscal year of Intermediate Holdings, its unaudited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then-elapsed
portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its
Financial Officers as presenting fairly in all material respects the consolidated financial condition and results of operations of Intermediate Holdings, the Borrower and the Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, subject to normal year-end audit adjustments and the absence of footnotes; 
  
 (c) concurrently with any delivery of financial statements under paragraph (a) or (b) above, a certificate of a Financial
Officer of the Person delivering such financial statements (i) certifying as to whether a Default has 

  

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occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting
forth reasonably detailed calculations demonstrating compliance with Section 6.11 and Section 6.12, (iii) stating whether any material change in GAAP or in the application thereof has occurred since the date of Intermediate
Holdings’s audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate and (iv) identifying any Material
Acquisitions that have been consummated by the Borrower or any Subsidiary since the end of the previous fiscal quarter, including the date on which each such Material Acquisition was consummated and the consideration therefor; 
  
 (d) concurrently with any delivery of financial statements
under paragraph (a) above, a certificate of the accounting firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default (which
certificate may be limited to the extent required by accounting rules or guidelines); 
  
 (e) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials
filed by Intermediate Holdings, the Borrower or any Subsidiary with the SEC or with any national securities exchange not otherwise required to be delivered to the Administrative Agent pursuant hereto; and 
  
 (f) promptly following any request therefor, such other
information regarding the operations, business affairs and financial condition of Intermediate Holdings, the Borrower or any Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent or any Lender, through the
Administrative Agent, may reasonably request (including information required by the USA Patriot Act). 
  
 Documents required to be delivered pursuant to Section 5.01(a) or (b) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and, if so
delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents or provides a link thereto on the Borrower’s website on the internet at http://www.seagate.com or (ii) on which such
documents are posted on the Borrower’s behalf on IntraLinks/IntraAgency or another relevant website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the
Administrative Agent), provided that (A) upon written request by the Administrative Agent, the Borrower shall deliver paper copies of such documents to the Administrative Agent for further distribution to each Lender until a written
request to cease delivering paper copies is given by the Administrative Agent and (B) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents and provide to the
Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Each Lender shall be solely responsible 

  

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for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of
such documents. 
  
 SECTION 5.02. Notices of Material
Events. Intermediate Holdings and the Borrower will furnish, promptly upon Intermediate Holdings’s or the Borrower’s obtaining knowledge thereof, to the Administrative Agent written notice of the following: 
  
 (a) the occurrence of any Default; 
  
 (b) the filing or commencement of any action, suit or
proceeding by or before any arbitrator or Governmental Authority against or affecting Intermediate Holdings, the Borrower or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect;

  
 (c) the occurrence of any ERISA Event that,
alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in material liability of Intermediate Holdings, the Borrower and the Subsidiaries, taken as a whole; 
  
 (d) the occurrence of any change to the rating of any
Indebtedness of the Borrower by S&P, Moody’s or, after an election by the Borrower pursuant to the last paragraph of the definition of the term Applicable Margin, Fitch; and 
  
 (e) any other development that results in, or could reasonably be expected to result in, a Material Adverse
Effect. 
  
 Each notice delivered under this Section 5.02 shall be
accompanied by a statement of a Financial Officer or other executive officer of Intermediate Holdings or the Borrower, as applicable, setting forth the details of the event or development requiring such notice and any action taken or proposed to be
taken with respect thereto. 
  
 SECTION 5.03. Existence;
Conduct of Business. Each of Intermediate Holdings and the Borrower will, and will cause each of its subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect (a) its legal existence
and (b) the rights, contracts, licenses, permits, privileges, franchises, patents, copyrights, trademarks and trade names used in the conduct of the business of Intermediate Holdings, the Borrower and the Subsidiaries, except, in the case of
clause (b) of this Section 5.04, to the extent that the failure to take any such action could not reasonably be expected to have a Material Adverse Effect, provided that the foregoing shall not prohibit any merger, consolidation,
liquidation or dissolution permitted under Section 6.03 or any sale of assets permitted under Section 6.05. 
  
 SECTION 5.04. Payment of Obligations. Each of Intermediate Holdings and the Borrower will, and will cause each of its subsidiaries to, pay its
Material Indebtedness and material Tax liabilities, before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) Intermediate
Holdings, the Borrower or the applicable Subsidiary has set aside on its books adequate reserves with respect thereto in accordance 

  

 59 

 
with GAAP, (c) such contest effectively suspends collection of the contested obligation and the enforcement of any Lien securing such obligation and
(d) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 
  
 SECTION 5.05. Maintenance of Properties. Each of Intermediate Holdings and the Borrower will, and will cause each of its subsidiaries to, keep and
maintain all material property necessary to the conduct of the business of Intermediate Holdings, the Borrower and the Subsidiaries, taken as a whole, in good working order and condition, ordinary wear and tear excepted. 
  
 SECTION 5.06. Insurance. Each of Intermediate Holdings and the
Borrower will, and will cause each of its subsidiaries to, maintain, with financially sound and reputable insurance companies insurance in such amounts (with no greater risk retention) and against such risks as are customarily maintained by
companies of established repute engaged in the same or similar businesses operating in the same or similar locations. The Borrower will furnish to the Administrative Agent, upon request, information in reasonable detail as to the insurance so
maintained. 
  
 SECTION 5.07. Books and Records; Inspection
Rights. Each of Intermediate Holdings and the Borrower will, and will cause each of its subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all material dealings and transactions in
relation to its business and activities. Each of Intermediate Holdings and the Borrower will, and will cause each of its subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice,
to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and at such reasonable
intervals as may be reasonably requested, provided that any such visit or inspection by a Lender other than the Administrative Agent shall be coordinated by (and any request for such a visit or inspection shall be presented through) the
Administrative Agent. 
  
 SECTION 5.08. Compliance with
Laws. Each of Intermediate Holdings and the Borrower will, and will cause each of its subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  
 SECTION 5.09. Use of Proceeds and Letters of Credit. The proceeds of the Loans will be used only for working capital and other general corporate
purposes. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. Letters of Credit will be issued only to
support obligations of the Borrower or any Subsidiary incurred in the ordinary course of business. 
  

 60 

 ARTICLE VI 
  
 Negative Covenants 
  
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full
and all Letters of Credit have expired or been terminated and all LC Disbursements shall have been reimbursed, each of Intermediate Holdings and the Borrower covenants and agrees with the Lenders that: 
  
 SECTION 6.01. Indebtedness. (a) Each of Intermediate Holdings and
the Borrower will not, and will not permit any of its subsidiaries to, create, incur, assume or permit to exist any Indebtedness, except: 
  
 (i) Indebtedness created under the Loan Documents; 
  
 (ii) the Senior Notes and extensions, renewals, refinancings and replacements of the Senior Notes that do
not increase the outstanding principal amount thereof or result in an earlier maturity date or decreased weighted average life thereof and that do not contain covenants that are more restrictive from the Borrower’s perspective than the
covenants contained in the Senior Notes; 
  
 (iii) Indebtedness existing on the date hereof and set forth in Schedule 6.01 and extensions, renewals, refinancings and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof or result in an
earlier maturity date or decreased weighted average life thereof; 
  
 (iv) Indebtedness (x) of Intermediate Holdings to the Borrower or any Subsidiary, (y) of the Borrower to Intermediate Holdings or any Subsidiary and (z) of any Subsidiary (other than any SPE Subsidiary)
to Intermediate Holdings, the Borrower or any other Subsidiary; 
  
 (v) Guarantees (x) by Intermediate Holdings or the Borrower of Indebtedness or Permitted Obligations of any Subsidiary, (y) by the Borrower of Indebtedness or Permitted Obligations of Intermediate Holdings
and (z) by any Subsidiary of Indebtedness or Permitted Obligations of Intermediate Holdings or the Borrower (other than any Indebtedness of Intermediate Holdings and the Borrower permitted by clause (a)(ii) or (a)(ix) of this Section) or any
other Subsidiary, provided that such Indebtedness or Permitted Obligations is otherwise permitted hereunder; 
  
 (vi) Indebtedness of Intermediate Holdings, the Borrower or any Subsidiary in respect of workers’ compensation claims, self-insurance
obligations, performance bonds, surety, appeal or similar bonds and completion guarantees provided by the Borrower and the Subsidiaries in the ordinary course of their business, provided that upon the incurrence of Indebtedness with respect
to reimbursement type obligations regarding workers’ compensation claims, such obligations are reimbursed within 30 days following such incurrence; 
  

 61 

 (vii) Indebtedness of Intermediate Holdings, the Borrower or any Subsidiary representing
deferred compensation to employees of Intermediate Holdings, the Borrower or any Subsidiary incurred in the ordinary course of business of Intermediate Holdings, the Borrower or the applicable Subsidiary, consistent with the historical practices of
Intermediate Holdings, the Borrower or such Subsidiary; 
  
 (viii) drawings under Overdraft Facilities, provided that any drawing that is not repaid in full on the Business Day following the day that such drawing was made shall not be permitted by this clause (viii);

  
 (ix) other Indebtedness, provided that
(A) at the time of any incurrence of Indebtedness pursuant to this clause (ix), after giving effect to such incurrence, the aggregate principal amount of all Indebtedness outstanding pursuant to this clause (ix) shall not exceed an amount
that is equal to 20% of Consolidated Total Assets as of the end of the most recently completed fiscal year of Intermediate Holdings and (B) the aggregate principal amount of Indebtedness incurred by the Subsidiaries pursuant to this clause
(ix) shall not exceed $250,000,0000 at any time outstanding; and 
  
 (x) any Permitted Receivables Financing. 
  
 (b) Each of Intermediate Holdings and the Borrower will not, and will not permit any of its subsidiaries to, issue any preferred Equity Interests, except that Intermediate Holdings may issue preferred shares or other
preferred Equity Interests that do not require mandatory cash dividends or redemptions and do not provide for any right on the part of the holder to require redemption, repurchase or repayment thereof, in each case prior to the date that is 91 days
after November 22, 2008. 
  
 SECTION 6.02. Liens. Each
of Intermediate Holdings and the Borrower will not, and will not permit any of its subsidiaries to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or
revenues (including accounts receivable) or rights in respect thereof, except: 
  
 (a) Permitted Encumbrances; 
  
 (b) any Lien on any property or asset of the Borrower or any Subsidiary existing on the date hereof and set forth in Schedule 6.02,
provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and (ii) such Lien shall secure only those obligations that it secures on the date hereof and extensions, renewals and
replacements thereof that do not increase the outstanding principal amount thereof; 
  
 (c) Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of setoff or similar
rights; 
  

 62 

 (d) Liens in favor of a landlord on leasehold improvements in leased premises;

  
 (e) Liens arising from Permitted Investments
described in clause (d) of the definition of the term Permitted Investments; 
  
 (f) Liens arising under any Permitted Receivables Financing; 
  
 (g) other Liens securing Indebtedness, provided that the aggregate principal amount of Indebtedness
secured pursuant to this clause (g) shall not exceed (i) during any Non-Investment Grade Period, $150,000,000, and (ii) during any Investment Grade Period, $250,000,000, in each case at any time outstanding; and 
  
 (h) during any Non-Investment Grade Period, Liens incurred
during any prior Investment Grade Period pursuant to clause (g)(ii) of this Section 6.02 and outstanding at the end of the immediately preceding Investment Grade Period, provided that such Liens could not be classified as Liens created,
incurred, assumed or permitted pursuant to clauses (a) through (f) or clause (g)(A) of this Section 6.02. 
  
 SECTION 6.03. Fundamental Changes. (a) Neither Intermediate Holdings nor the Borrower will merge into or consolidate with any other Person, or
permit any other Person to merge into or consolidate with Intermediate Holdings or the Borrower, or liquidate or dissolve, nor will Intermediate Holdings or the Borrower sell, transfer, lease or otherwise dispose of (in one transaction or in a
series of transactions) all or substantially all the assets of the Borrower and the Subsidiaries, taken as a whole (whether directly or through the sale, transfer, lease or other disposition of the assets of one or more Subsidiaries), except that,
if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing, any Person may merge with Intermediate Holdings or the Borrower in a transaction in which the surviving entity is a Person organized
or existing under the laws of the United States of America, any State thereof, the District of Columbia or the Cayman Islands and, if such surviving entity is not Intermediate Holdings or the Borrower, as the case may be, such Person expressly
assumes, in writing, all the obligations of Intermediate Holdings or the Borrower, as the case may be, under the Loan Documents, provided that any such merger involving a Person that is not a wholly-owned Subsidiary of the Borrower
immediately prior to such merger shall not be permitted unless also permitted by Sections 6.04 and 6.08. 
  
 (b) Each of Intermediate Holdings and the Borrower will not, and will not permit any of its subsidiaries to, engage to any material extent in any business
other than (i) businesses of the type conducted by Intermediate Holdings, the Borrower and the Subsidiaries on the date of execution of this Agreement and businesses reasonably related, ancillary or complementary thereto and (ii) in the
case of the SPE Subsidiaries, Permitted Receivables Financings. 
  

 63 

 SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions. Each of Intermediate
Holdings and the Borrower will not, and will not permit any of its subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly-owned Subsidiary of the Borrower prior to such merger) any Equity
Interests in or evidences of Indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to
exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (any of the foregoing, an
“Investment”), except: 
  
 (a)
Permitted Investments; 
  
 (b) investments
existing on the date hereof and set forth on Schedule 6.04; 
  
 (c) investments by Intermediate Holdings, the Borrower and the Subsidiaries in Equity Interests in each other (other than in any SPE Subsidiary); 
  
 (d) loans or advances (x) made by Intermediate Holdings to the Borrower or any Subsidiary (other than
any SPE Subsidiary), (y) made by the Borrower to any Subsidiary (other than any SPE Subsidiary) and (z) made by any Subsidiary to Intermediate Holdings, the Borrower or any other Subsidiary (other than any SPE Subsidiary); 
  
 (e) Guarantees constituting Indebtedness permitted by
Section 6.01 and Guarantees of Permitted Obligations permitted by Section 6.01; 
  
 (f) investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with,
customers and suppliers, in each case in the ordinary course of business; 
  
 (g) any investments in or loans to any other Person received as non-cash consideration for sales, transfers, leases and other dispositions permitted by Section 6.05; 
  
 (h) Guarantees by Intermediate Holdings, the Borrower and
the Subsidiaries of leases other than Capital Lease Obligations entered into by any Subsidiary as lessee; 
  
 (i) extensions of credit in the nature of accounts receivable or notes receivable in the ordinary course of business; 
  
 (j) investments in payroll, travel and similar advances to
cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 
  
 (k) investments in or acquisitions of stock, obligations or securities received in settlement of debts
created in the ordinary course of business and 

  

 64 

 
owing to Intermediate Holdings, the Borrower or any Subsidiary or in satisfaction of judgments; 
  
 (l) investments in the form of Swap Agreements permitted
under Section 6.06; 
  
 (m) investments,
loans, advances, guarantees and acquisitions resulting from a foreclosure by Intermediate Holdings, the Borrower or any Subsidiary with respect to any secured investment or other transfer of title with respect to any secured investment in default;

  
 (n) investments, loans, advances, guarantees
and acquisitions the consideration for which consists solely of shares of common stock of Intermediate Holdings; 
  
 (o) investments arising as a result of any Permitted Receivables Financing; 
  
 (p) other Investments, provided that (i)(A) no Default has occurred and is continuing or would result
from any such Investment, (B) in the case of any such Investment in an amount that exceeds $100,000,000, Intermediate Holdings is in compliance, on a pro forma basis after giving effect to any such Investment (after giving effect to any
reduction in operating expenses permitted to be included for this purpose in the calculation set forth in the definition of the term Consolidated EBITDA), with the covenants contained in Section 6.11 and Section 6.12 recomputed as of the
last day of the most recently ended fiscal quarter of Intermediate Holdings for which financial information is available, as if such Investment (and any related incurrence or repayment of Indebtedness, with any new Indebtedness being deemed to be
amortized over the applicable testing period in accordance with its terms) had occurred on the first day of each relevant period for testing such compliance and (C) in the case of any such Investment in an amount that exceeds $100,000,000, the
Administrative Agent shall have received a certificate from a Financial Officer of Intermediate Holdings that certifies compliance with clauses (i)(A) and (i)(B) above, together with all relevant financial information for the Person or assets to be
acquired and reasonably detailed calculations demonstrating compliance with the requirement set forth in clause (i)(B) above, and (ii) in the case of Investments made during any Non-Investment Grade Period, after giving effect to such
Investment and any related Borrowing, the Liquidity Amount shall not be less than $800,000,000; and 
  
 (q) prepayments or advances to vendors or suppliers of semiconductors in connection with any guarantee of supply by, or to fund the
expansion of supply capacity by, such vendor or supplier, in an aggregate amount not to exceed $50,000,000 at any one time outstanding. 
  
 SECTION 6.05. Asset Sales. During a Non-Investment Grade Period, each of Intermediate Holdings and the Borrower will not, and will not permit any
of its 

  

 65 

 
subsidiaries to, sell, transfer, lease or otherwise dispose of any asset, including any Equity Interest owned by it, except: 
  
 (a) sales of inventory, used or surplus equipment and
Permitted Investments in the ordinary course of business and periodic clearance of aged inventory; 
  
 (b) sales, transfers and other dispositions of Equity Interests to Intermediate Holdings, the Borrower or any Subsidiary (other than any
SPE Subsidiary); 
  
 (c) sales of assets received
by Intermediate Holdings, the Borrower or any Subsidiary upon the exercise of a power of sale or foreclosure by Intermediate Holdings, the Borrower or any Subsidiary with respect to any secured investment or other transfer of title with respect to
any secured investment in default; 
  
 (d)
licensing and cross-licensing arrangements entered into in the ordinary course of business of Intermediate Holdings, the Borrower or any Subsidiary involving any technology or other intellectual property of Intermediate Holdings, the Borrower or
such Subsidiary; 
  
 (e) sales, transfers and
other dispositions by any Subsidiary to Intermediate Holdings or the Borrower; 
  
 (f) sales, transfers and other dispositions of Receivables and Related Assets pursuant to any Permitted Receivables Financing; 

 
 (g) sales, transfers and other dispositions that are not
permitted by any other clause of this Section 6.05, provided that the aggregate fair market value of all assets sold, transferred or otherwise disposed of in reliance upon this clause (g) shall not exceed during any fiscal year of
Intermediate Holdings the amount that is equal to 10% of Consolidated Total Assets as of the end of the immediately preceding fiscal year of Intermediate Holdings; 
  
 (h) licensing of assets that constitute technology or other intellectual property to joint ventures in
connection with investments permitted by Section 6.04; and 
  
 (i) sales of assets pursuant to a transaction permitted by Section 6.03(a), 
  
 provided that all sales, transfers, leases and other dispositions permitted hereby (other than those permitted by clause (b) or (e) above) shall be made
for fair market value. 
  
 SECTION 6.06. Swap Agreements.
Each of Intermediate Holdings and the Borrower will not, and will not permit any of its subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which Intermediate Holdings, the
Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of Intermediate Holdings, the Borrower or any 

  

 66 

 
Subsidiary) and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one
floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of Intermediate Holdings, the Borrower or any Subsidiary, provided that Intermediate Holdings, the Borrower and the Subsidiaries
may enter into Swap Agreements in respect of Equity Interests in Intermediate Holdings providing for payments to current or former directors, officers or employees of Intermediate Holdings, the Borrower and the Subsidiaries or their heirs or estates
(and may make such payments), in the same circumstances and amounts that Intermediate Holdings, the Borrower and the Subsidiaries are then permitted to make Restricted Payments to such current or former directors, officers or employees pursuant to
Section 6.07, and any payments made pursuant to this proviso during any fiscal year shall be deemed to reduce the amount of Restricted Payments available during such fiscal year under Section 6.07. 
  
 SECTION 6.07. Restricted Payments. During any Non-Investment Grade
Period, the Borrower will not, and Intermediate Holdings and the Borrower will not permit any of their respective subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except that: 
  
 (a) the Borrower and the Subsidiaries may declare and pay
dividends ratably with respect to their Equity Interests payable solely in additional shares of their Equity Interests; 
  
 (b) the Subsidiaries may declare and pay dividends or distributions ratably with respect to their Equity Interests; 
  
 (c) other Restricted Payments consisting of redemptions and
repurchases in an aggregate amount not to exceed $500,000,000 during the term of this Agreement; 
  
 (d) other Restricted Payments consisting of cash dividends and cash return of capital distributions in an aggregate amount not to exceed
$200,000,000 in any four consecutive fiscal quarter period; and 
  
 (e) other Restricted Payments not otherwise permitted under this Section 6.07, provided that, after giving effect to each such Restricted Payment and any related Borrowing, the Liquidity Amount shall not
be less than $800,000,000. 
  
 SECTION 6.08. Transactions with
Affiliates. Each of Intermediate Holdings and the Borrower will not, and will not permit any of its subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets
from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) transactions that are at prices and on terms and conditions not less favorable to Intermediate Holdings, the Borrower or such Subsidiary than could be
obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among Intermediate Holdings, the Borrower and the Subsidiaries (other than any SPE Subsidiary) not involving any other Affiliate, (c) any
issuance of securities, or 

  

 67 

 
other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock options and stock ownership
plans approved by the board of directors of Intermediate Holdings, the Borrower or any Subsidiary, (d) the grant of stock options or similar rights to officers, employees, consultants and directors of Intermediate Holdings, the Borrower or any
Subsidiary pursuant to plans approved by the board of directors of Intermediate Holdings, the Borrower or, in the case of any such grant to an officer, employee, consultant or director of any Subsidiary, such Subsidiary and the payment of amounts or
the issuance of securities pursuant thereto and (e) Restricted Payments permitted by Section 6.07. 
  
 SECTION 6.09. Restrictive Agreements. Each of Intermediate Holdings and the Borrower will not, and will not permit any of its subsidiaries to,
directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of Intermediate Holdings, the Borrower or any Subsidiary to create, incur or
permit to exist any Lien upon any of its property or assets to secure the obligations of Intermediate Holdings and the Borrower under the Loan Documents or (b) the ability of any Subsidiary to pay dividends or other distributions with respect
to any shares of its capital stock or to make or repay loans or advances to Intermediate Holdings, the Borrower or any other Subsidiary or to Guarantee Indebtedness of Intermediate Holdings, the Borrower or any other Subsidiary, provided that
(i) the foregoing shall not apply to restrictions and conditions imposed by law or any Loan Document, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof imposed by any Senior Note Document or
identified on Schedule 6.09 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and
conditions contained in agreements relating to the sale of any Subsidiary pending such sale, provided such restrictions and conditions apply only to such Subsidiary and such sale is permitted hereunder, (iv) the foregoing shall not apply
to customary restrictions on or customary conditions to the payment of dividends or other distributions on, or the creation of Liens over, Equity Interests owned by Intermediate Holdings, the Borrower or any Subsidiary in any joint venture or like
enterprise that is not a Subsidiary contained in the constitutive documents of such joint venture or enterprise, (v) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured
Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, (vi) clause (a) of the foregoing shall not apply to customary provisions in leases or licenses (or
sublicenses) of intellectual or similar property restricting the assignment, subletting or transfer thereof, (vii) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to any Permitted
Receivables Financing, provided that such restrictions or conditions apply only to the Receivables and the Related Assets that are the subject of such Permitted Receivables Financing, and (viii) the foregoing shall not apply to customary
restrictions or conditions imposed on any SPE Subsidiary pursuant to any Permitted Receivables Financing. 
  
 SECTION 6.10. Amendment of Material Documents. Neither Intermediate Holdings nor the Borrower will, nor will Intermediate Holdings and the 

  

 68 

 
Borrower permit any of their respective subsidiaries to, amend, modify or waive any of its rights under (a) its certificate of incorporation, by-laws,
memorandum or articles of association or other organizational documents or (b) any Senior Note Document, except to the extent that such amendments, modifications or waivers, individually and in the aggregate, would not reasonably be expected to
have a Material Adverse Effect or be materially adverse to the Lenders. 
  
 SECTION 6.11. Fixed Charge Coverage Ratio. Intermediate Holdings will not permit the ratio of (a) the sum of (i) Consolidated EBITDA for any period of four consecutive fiscal quarters ending on the last day of any fiscal
quarter during any period set forth below plus (ii) the sum of (A) the amount of cash held by Intermediate Holdings, the Borrower and the Subsidiaries and (B) the carrying value of Permitted Investments that would be reflected
as cash or short-term investments on a consolidated balance sheet of Intermediate Holdings on such date, minus (iii) the aggregate principal amount of Revolving Loans and Swingline Loans outstanding on such date to (b) Consolidated
Fixed Charges for such period of four consecutive fiscal quarters (the “Fixed Charge Coverage Ratio”) to be less than 1.50 to 1.00. 
  
 SECTION 6.12. Net Leverage Ratio. Intermediate Holdings will not permit the Net Leverage Ratio as of the end of any fiscal quarter to exceed 1.50
to 1.00. 
  
 SECTION 6.13. Minimum Liquidity. Intermediate
Holdings will not permit the Liquidity Amount to be less than $500,000,000 at any time. 
  
 ARTICLE VII 
  
 Events of
Default 
  
 SECTION 7.01. Events of Default. If any of
the following events (“Events of Default”) shall occur: 
  
 (a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a
date fixed for prepayment thereof or otherwise; 
  
 (b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in paragraph (a) of this Section 7.01) payable under this Agreement or any other Loan Document, when and
as the same shall become due and payable, and such failure shall continue unremedied for a period of five days; 
  
 (c) any representation or warranty made or deemed made by or on behalf of Intermediate Holdings, the Borrower or any Subsidiary in or in
connection with any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document 

  

 69 

 
furnished pursuant to or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been
incorrect in any material respect when made or deemed made; 
  
 (d) Intermediate Holdings or the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a), Section 5.03 (with respect to the existence of Intermediate
Holdings or the Borrower), Section 5.09 or in Article VI; 
  
 (e) Intermediate Holdings or the Borrower shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document (other than those specified in paragraph (a), (b) or (d) of this
Section 7.01), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender); 
  
 (f) Intermediate Holdings, the Borrower or any Subsidiary
shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable after giving effect to any applicable grace period with respect
thereto; 
  
 (g) any event or condition occurs
that results in any Material Indebtedness becoming due or any Permitted Receivables Financing terminating (except voluntary terminations) prior to its scheduled maturity or that enables or permits the holder or holders of any Material Indebtedness
or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due or any Permitted Receivables Financing to be terminated, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its
scheduled maturity, provided that this paragraph (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 
  
 (h) an involuntary proceeding shall be commenced or an
involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of Intermediate Holdings, the Borrower or, subject to Section 7.02, any Subsidiary or its debts, or of a substantial part of its assets,
under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator, liquidator or similar official for
Intermediate Holdings, the Borrower or, subject to Section 7.02, any Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving
or ordering any of the foregoing shall be entered; 
  
 (i) Intermediate Holdings, the Borrower or, subject to Section 7.02, any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking dissolution, winding-up, liquidation, reorganization or other relief
under 

  

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any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or
fail to contest in a timely and appropriate manner, any proceeding or petition described in paragraph (h) of this Section 7.01, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator, liquidator or similar official for Intermediate Holdings, the Borrower or, subject to Section 7.02, any Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition
filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 
  
 (j) Intermediate Holdings, the Borrower or, subject to Section 7.02, any Subsidiary shall become
unable, admit in writing its inability or fail generally to pay its debts as they become due; 
  
 (k) one or more judgments for the payment of money in an aggregate amount in excess of $25,000,000 (net of amounts covered by insurance as
to which the insurer has admitted liability in writing) shall be rendered against Intermediate Holdings, the Borrower, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days during which
execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of Intermediate Holdings, the Borrower or any Subsidiary to enforce any such judgment; 
  
 (l) an ERISA Event shall have occurred that, when taken
together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 
  
 (m) a Change in Control shall occur; or 
  
 (n) the Guarantee under the Guarantee Agreement for any reason shall cease to be in full force and effect (other than in accordance with
its terms), or Intermediate Holdings shall deny in writing that it has any further liability under the Guarantee Agreement (other than as a result of the discharge of Intermediate Holdings in accordance with the terms of the Loan Documents);

  
 then, and in every such event (other than an event with respect to the
Borrower described in paragraph (h) or (i) of this Section 7.01), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and
payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued
interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall 

  

 71 

 
become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in
case of any event with respect to the Borrower described in paragraph (h) or (i) of this Section 7.01, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest
thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 

 
 SECTION 7.02. Exclusion of Immaterial Subsidiaries. Solely for the
purposes of determining whether a Default has occurred under paragraph (h), (i) or (j) of Section 7.01, any reference in any such clause to any Subsidiary shall be deemed not to include any Subsidiary affected by any event or
circumstance referred to in any such clause that did not, as of the last day of the fiscal quarter of Intermediate Holdings most recently ended, have assets with a value in excess of 5.0% of the Consolidated Total Assets as of such date,
provided that if it is necessary to exclude more than one Subsidiary from clause (h), (i) or (j) of Section 7.01 pursuant to this Section 7.02 in order to avoid a Default thereunder, all excluded Subsidiaries shall be
considered to be a single consolidated Subsidiary for purposes of determining whether the condition specified above is satisfied. 
  
 ARTICLE VIII 
  
 The Administrative Agent 
  
 Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative Agent as its agent 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 of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. Except to the extent expressly provided in this Article VIII, the provisions of this Article VIII
are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Bank, and the Borrower shall not have rights as a third party beneficiary of any of such provisions. 
  
 The bank 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 such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with Intermediate Holdings, the Borrower
or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
  
 The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality
of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the 

  

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Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary or believed by the Administrative Agent in
good faith to be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the
failure to disclose, any information relating to Intermediate Holdings, the Borrower or any Subsidiary that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent
shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02)
or in the absence of its own gross negligence or wilful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by Intermediate Holdings,
the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the
contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere in
any Loan Document, other than to confirm receipt of items expressly required to be delivered to the 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 or sent or otherwise authenticated by the proper
Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. 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.

  
 The Administrative Agent may perform any of and all its duties
and exercise its rights and powers 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 of and all its duties and exercise its rights and powers by or through
their respective Related Parties. The exculpatory provisions of this Article VIII 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. 
  

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 In determining compliance with any condition hereunder to the making of a Loan, or the issuance,
amendment, renewal or extension of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing
Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Bank prior to the making of such Loan or the issuance, amendment, renewal or extension of such Letter of Credit. 
  
 Subject to the appointment and acceptance of a successor Administrative Agent
as provided in this paragraph, the Administrative Agent may resign at any time upon notice to the Lenders, the Issuing Bank and the Borrower. Upon any such resignation, the Required Lenders shall have the right, subject to the approval of the
Borrower (which approval shall not be unreasonably withheld), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative
Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent that shall be a bank with an office in New York, New York, or an Affiliate of
any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and
the retiring Administrative Agent shall be discharged from all its duties and obligations under the Loan Documents in its capacity as Administrative Agent. 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 Administrative Agent’s resignation hereunder, the provisions of this Article VIII and Section 9.03 shall continue in effect for the
benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

  
 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 any Loan Document or any related agreement or any document furnished thereunder. 
  
 Notwithstanding anything herein to the contrary, none of the Joint Arrangers, Sole Bookrunner, Syndication Agent or
Co-Document Agents listed on the cover page hereof shall have any powers, duties or responsibilities under any Loan Document, except in its capacity, as applicable, as the Administrative Agent, a Lender or an Issuing Bank hereunder. 
  

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 ARTICLE IX 
  
 Miscellaneous 
  
 SECTION 9.01. Notices. Except in the case of notices and other communications expressly permitted to be given by telephone, 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 telecopy, as follows: 
  
 (a) if to Intermediate Holdings or the Borrower, to it at
920 Disc Drive, Scotts Valley, California 95067, Attention of Walter Chang (Telecopy No. (831) 439-2353); 
  
 (b) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 1111 Fannin, 10th Floor, Houston, Texas
77002, Attention of Shadia Aminu (Telecopy No. (713) 750-2878), with copies to JPMorgan, 560 Mission Street, San Francisco, California 94105, Attention of William Rindfuss (Telecopy No. (415) 315-8586) and to JPMorgan, 270 Park Avenue, New
York, New York 10017, Attention of Padmini Persaud (Telecopy No. (212) 270-4164); 
  
 (c) if to an Issuing Bank other than the Administrative Agent, to it at the address or telecopy number set forth separately in writing;

  
 (d) if to the Swingline Lender, to JPMorgan
Chase Bank, N.A., Loan and Agency Services Group, 1111 Fannin, 10th Floor, Houston, Texas 77002, Attention of Shadia Aminu (Telecopy No. (713) 750-2878); and 
  
 (e) if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative
Questionnaire. 
  
 Any party hereto may change its address or telecopy number for
notices and other communications hereunder by notice to the other parties hereto. Notices and other communications to the Lenders and any Issuing Bank hereunder may also be delivered or furnished by electronic communication (including e-mail and
Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the Issuing Bank pursuant to Article II if such Lender or the applicable
Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and
other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. All notices and other communications
given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 
  

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 SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent, the
Issuing Bank or any Lender in exercising any right or power under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders under the Loan Documents are cumulative and are not
exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by Intermediate Holdings or the Borrower therefrom shall in any event be effective unless the same shall
be permitted by paragraph (b) of this Section 9.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a
Loan or the issuance, amendment, renewal or extension of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such
Default at the time. No notice or demand on Intermediate Holdings or the Borrower in any case shall entitle Intermediate Holdings or the Borrower to any other or further notice or demand in similar or other circumstances. 
  
 (b) Except as provided in Section 2.20 with respect to any Revolving
Increase Amendment, neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by
Intermediate Holdings, the Borrower and the Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by each of Intermediate Holdings and the Borrower, if they are parties thereto,
and the Administrative Agent, in each case with the consent of the Required Lenders, provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the
principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby, (iii) postpone the final maturity of any Loan or
the required date of reimbursement of any LC Disbursement, or any required date for the payment of any interest or fees payable hereunder, or reduce the amount of, waive or excuse any such required payment, or postpone the scheduled date of
expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.17(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the
written consent of each Lender, (v) change any of the provisions of this Section 9.02 or the percentage set forth in the definition of the term “Required Lenders” or any other provision of any Loan Document specifying the number
or percentage of Lenders required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender, (vi) release Intermediate Holdings from its Guarantee under
the Guarantee Agreement (except as expressly provided in the Guarantee Agreement), or limit its liability in respect of such Guarantee, without the written consent of each Lender, or (viii) change the definition of the term “Interest
Period” to permit the Borrower to select interest periods of 9 or 12 

  

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months for Eurodollar Borrowings without the written consent of each Lender affected thereby; provided further that no such agreement shall
amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or the Swingline Lender under this Agreement or the Guarantee Agreement without the prior written consent of the Administrative Agent, such Issuing
Bank or the Swingline Lender, as the case may be. In connection with any proposed amendment, modification, waiver or termination (a “Proposed Change”) requiring the consent of all affected Lenders, if the consent of the Required
Lenders to such Proposed Change is obtained, but the consent to such Proposed Change of other Lenders whose consent is required is not obtained (any such Lender whose consent is not obtained as described in this Section 9.02(b) being referred
to as a “Non-Consenting Lender”), then, so long as the Lender that is acting as the Administrative Agent is not a Non-Consenting Lender, at the Borrower’s request, any assignee that is reasonably acceptable to the
Administrative Agent (and that is not a Non-Consenting Lender) shall have the right, with the prior consent of the Administrative Agent, the Swingline Lender and each Issuing Bank (which consent (x) shall not be unreasonably withheld or delayed
and (y) in the case of any consent required by any Issuing Bank, shall be deemed to have been given in the event that such Issuing Bank fails to respond in writing to a request for consent within two Business Days of receipt thereof), to
purchase from such Non-Consenting Lender, and such Non-Consenting Lender agrees that it shall, upon the Borrower’s request, sell and assign to such assignee, at no expense to such Non-Consenting Lender (including with respect to any processing
and recordation fees that may be applicable pursuant to Section 9.04(b)(ii)(c), which shall be paid by the assignee or the Borrower), all the Commitments and Revolving Exposure of such Non-Consenting Lender for an amount equal to the principal
balance of all Revolving Loans (and funded participations in Swingline Loans and unreimbursed LC Disbursements) held by such Non-Consenting Lender and all accrued interest, fees and other amounts with respect thereto through the date of sale
(including amounts under Sections 2.14, 2.15 and 2.16), such purchase and sale to be consummated pursuant to an executed Assignment and Acceptance in accordance with Section 9.04(b) (which Assignment and Acceptance need not be signed by such
Non-Consenting Lender). 
  
 SECTION 9.03. Expenses; Indemnity;
Damage Waiver. (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of one counsel for the Administrative
Agent in each applicable jurisdiction, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of the Loan Documents or any amendments, modifications or waivers of the provisions thereof
(whether or not the transactions contemplated thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any
demand for payment thereunder and (iii) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the reasonable fees, charges and disbursements of one counsel each, in each applicable
jurisdiction, for the Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with the Loan Documents, including its rights under this Section 9.03, or in connection
with the Loans made or Letters of Credit issued hereunder, including all such 

  

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reasonable out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 
  
 (b) The Borrower shall indemnify the Administrative Agent, the Issuing Bank
and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related
expenses, including the reasonable fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee by any third party or by Intermediate Holdings, the Borrower or any Subsidiary arising out of, in
connection with, or as a result of (i) the execution or delivery of the commitment letter (and related fee letter) with respect to the credit facility contemplated hereby, any Loan Document or any other agreement or instrument contemplated
thereby, the performance by the parties to the Loan Documents of their respective obligations thereunder or the consummation of the Transactions, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by
the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence, Release or
threatened Release of Hazardous Materials at, onto or from any property currently or formerly owned or operated by Intermediate Holdings, the Borrower or any Subsidiary, or any other Environmental Liability related in any way to Intermediate
Holdings, the Borrower or any Subsidiary, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party
or by Intermediate Holdings, the Borrower or any Subsidiary 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 resulted from the gross negligence or wilful misconduct of such Indemnitee. 
  
 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Issuing Bank or the Swingline
Lender under paragraph (a) or (b) of this Section 9.03, each Lender severally agrees to pay to the Administrative Agent, the Issuing Bank or the Swingline Lender, 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, the Issuing Bank or the Swingline Lender in its capacity as such. 
  
 (d) To the fullest extent permitted by applicable law, neither Intermediate Holdings nor the Borrower shall assert, and each 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, any Loan Document or any agreement or
instrument contemplated thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. In addition, no Indemnitee shall be liable for any damages arising from the use by others of information or other materials obtained
through electronic, telecommunications or other 

  

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information transmission systems, except to the extent such damages resulted from the gross negligence or wilful misconduct of such Indemnitee. 

 
 (e) All amounts due under this Section 9.03 shall be payable promptly
after written demand therefor. 
  
 (f) No director, officer,
employee, stockholder or member, as such, of Intermediate Holdings or the Borrower shall have any liability for the obligations of Intermediate Holdings or the Borrower under the Loan Documents or for any claim based on, in respect of or by reason
of such obligations or their creation, provided that the foregoing shall not be construed to relieve Intermediate Holdings or the Borrower of its obligations under any Loan Document. 
  
 SECTION 9.04. Successors and Assigns. (a) 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 the Issuing Bank that issues any Letter of Credit), except that (i) the
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and
(ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 9.04. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (e) of this Section 9.04) and, to
the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below,
any Lender may 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 except in the case of an
assignment of Loans or Commitments to a Lender or Lender Affiliate, the Borrower, the Administrative Agent, the Swingline Lender and each Issuing Bank must give their prior written consent to such assignment (which consent (x) shall not be
unreasonably withheld or delayed and (y) in the case of any consent required by any Issuing Bank, shall be deemed to have been given in the event that such Issuing Bank fails to respond in writing to a request for consent within two Business
Days of receipt thereof); and provided further that no such consent of the Borrower shall be required if an Event of Default under clause (a), (b), (h) or (i) of Section 7.01 has occurred and is continuing. 

 
 (ii) Assignments shall be subject to the following additional conditions:
(A) except in the case of an assignment to a Lender or a Lender Affiliate or an assignment of the entire remaining amount of the assigning Lender’s Revolving Commitment (or, after the Commitments have been terminated, Revolving Exposure),
the amount of the Revolving Commitment (or, after the Commitments have been terminated, 

  

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Revolving Exposure) of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such
assignment is delivered to the Administrative Agent) shall be an amount not less than $5,000,000, unless each of the Borrower and the Administrative Agent (and, in the case of an assignment of all or a portion of a Revolving Commitment or any
Lender’s obligations in respect of its Swingline Exposure, the Swingline Lender) otherwise consent, which consent shall not be unreasonably withheld or delayed, provided that no such consent of the Borrower shall be required if an Event
of Default under paragraph (a), (b), (h) or (i) of Section 7.01 has occurred and is continuing, (B) each partial assignment of one Class of an assigning Lender’s Commitments or Loans shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under such Class of Commitments or Loans, (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance,
together with a processing and recordation fee of $3,500, provided that assignments made pursuant to Section 2.18(b) shall not require the signature of the assigning Lender to become effective, and (D) the assignee, if it shall not
be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and any tax forms required by Section 2.16(e). 
  
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this Section 9.04, from and after the effective date specified in
each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement (provided that any
liability of the Borrower to such assignee under Section 2.14, Section 2.15 or Section 2.16 shall be limited to the amount, if any, that would have been payable thereunder by the Borrower in the absence of such assignment; and
provided further that an assignee that is a Foreign Lender shall not be entitled to the benefits of Section 2.16 unless such assignee agrees to comply with the requirements of Section 2.16(e)), and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance 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 Section 2.14, Section 2.15, Section 2.16 and Section 9.03 and to any fees payable hereunder
that have accrued for such Lender’s account but have not yet been paid). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph (b) 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 paragraph (c)(i) of this Section 9.04. 
  
 (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices in The City of New York a copy of
each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount 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 Intermediate Holdings, the Borrower, the Administrative Agent, the Issuing Bank and the Lenders may 

  

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treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
  
 (c) Upon its receipt of a duly completed Assignment and Acceptance executed
by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire and any tax forms required by Section 2.16(e) (unless the assignee shall already be a Lender hereunder), the processing and recordation fee
referred to in paragraph (b) of this Section 9.04 and any written consent to such assignment required by paragraph (b) of this Section 9.04, the Administrative Agent shall accept such Assignment and Acceptance and record the
information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
  
 (d) The words “execution”, “signed”, “signature” and words of like import in any Assignment
and Acceptance 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. 
  
 (e) (i) Any Lender may, without the consent of the Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender, sell participations to one or more banks or other entities (a “Participant”) in all or a
portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and 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 and (iii) Intermediate Holdings, the Borrower, the Administrative Agent, the Issuing Bank and the other Lenders
shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. 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 the Loan Documents and to approve any amendment, modification or waiver of any provision of the Loan Documents, provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (f) of this Section 9.04, the Borrower agrees
that each Participant shall be entitled to the benefits of Section 2.14, Section 2.15 and Section 2.16 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this
Section 9.04. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided that such Participant agrees to be subject to Section 2.17(c) as though
it were a Lender. 
  

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 (ii) A Participant shall not be entitled to receive any greater payment under Section 2.14 or 2.16
than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, 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 2.16 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower,
to comply with Section 2.16(e) as though it were a Lender. 
  
 (f) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve
Bank, and this Section 9.04 shall not apply to any such pledge or assignment of a security interest, provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or
substitute any such pledgee or assignee for such Lender as a party hereto. In the case of any Lender that is a fund that invests in bank loans, such Lender may, without the consent of the Borrower or the Administrative Agent, assign or pledge all or
any portion of any instrument evidencing its rights as a Lender under this Agreement to any trustee for, or any other representative of holders of obligations owed or securities issued by, such fund, as security for such obligations or securities,
provided that any foreclosure or similar action by such trustee or representative shall be subject to the provisions of this Section 9.04 concerning assignments. 
  
 (g) In the event that S&P or Moody’s shall, after the date that any Lender becomes a Lender, downgrade the
long-term certificate deposit ratings or long-term senior unsecured debt ratings of such Lender (or the parent company thereof), and the resulting ratings shall be BBB+ or lower by S&P or Baa1 or lower by Moody’s, then each of the Swingline
Lender and the Issuing Bank shall have the right, but not the obligation, at its own expense, upon notice to such Lender, the Administrative Agent and the Borrower, to replace (or to request the Borrower, at the sole expense of the Swingline Lender
or the Issuing Bank, as applicable, to use its reasonable efforts to replace) such Lender with respect to such Lender’s Revolving Commitment with an assignee (in accordance with and subject to the restrictions contained in paragraph
(b) above, including the right of the Borrower and the Administrative Agent to consent to the identity of such assignee (which consent shall not be unreasonably withheld or delayed)), and such Lender hereby agrees to transfer and assign without
recourse (in accordance with and subject to the restrictions contained in paragraph (b) above) all its interests, rights and obligations in respect of its Revolving Commitment to such assignee; provided, however, that (i) no
such assignment shall conflict with any law, rule and regulation or order of any Governmental Authority, (ii) 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 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 and (iii) the Borrower or such assignee shall have paid to the Administrative Agent the processing and recordation fee specified in Section 9.04(b). 
  

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 (h) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle (an “SPV”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide to the Borrower
all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement, provided that (i) nothing herein shall constitute a commitment by any SPV to make any Loan or, except
as provided in the immediately succeeding sentence, affect in any way the Commitment of the Granting Lender and (ii) if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender
shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. In the event
that an SPV provides all or any part of any Loan, Intermediate Holdings, the Borrower and the Administrative Agent shall continue to deal solely and directly with the Granting Lender with respect to such Loan, including with respect to the giving of
notices and the delivery of financial statements, certificates and other documents (including pursuant to Article V) and information. Each party hereto hereby agrees that no SPV shall be (A) liable for any indemnity or similar payment
obligation under this Agreement (all liability for which shall remain with the Granting Lender), (B) have any voting rights under Section 9.02 or Article VII or with respect to any other matter under this Agreement to which the Lenders are
entitled to give their consent (all of which voting rights shall remain with the Granting Lender) or (C) entitled to receive any greater amount pursuant to Section 2.14, Section 2.15, Section 2.16 or Section 9.03 than the
Granting Lender would have been entitled to receive in respect of the amount of any Loan provided by the SPV if the Granting Lender had in fact made such Loan. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall
survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, such party will not institute against, or join any
other person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition, notwithstanding anything to the contrary
contained in this Section 9.04, any SPV may (i) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in
any Loans to the Granting Lender or to any financial institutions (consented to by the Borrower and the Administrative Agent) providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans
and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. As this
Section 9.04(i) applies to any particular SPV, this Section may not be amended without the written consent of such SPV. 
  
 SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by Intermediate Holdings and the Borrower in the Loan
Documents and in the certificates or other instruments delivered in connection with or pursuant to any Loan Document shall be considered to have been relied upon by the other parties hereto 

  

 83 

 
and shall survive the execution and delivery of the Loan Documents 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, the 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 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. The provisions of Section 2.14, Section 2.15, Section 2.16 and Section 9.03 and Article VIII shall survive and remain in full force and effect
regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 

 
 SECTION 9.06. Counterparts; Integration; Effectiveness. This
Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other
Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent or the syndication of the Loans and Commitments 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, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
  
 SECTION 9.07. Severability. Any provision of this Agreement held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
  
 SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby
authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations
(in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower then existing under this Agreement (to the extent such
obligations of the Borrower are then due and payable (by acceleration or otherwise)) held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be 

  

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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
applicable Lender shall notify the Borrower and the Administrative Agent of such setoff and application, provided that any failure to give or any delay in giving such notice shall not affect the validity of any such setoff and application
under this Section 9.08. The rights of each Lender and its Affiliates under this Section 9.08 are in addition to other rights and remedies (including other rights of setoff) that such Lender and its Affiliates may have. 
  
 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of
Process. (a) THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
  
 (b) Each of Intermediate Holdings and the Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of
or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such New York State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law. Nothing in any Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to any Loan
Document against Intermediate Holdings, the Borrower or their respective properties in the courts of any jurisdiction. 
  
 (c) Each of Intermediate Holdings and the Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to any Loan Document in any court referred to in paragraph (b) of this Section 9.09. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
  
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 9.01. Nothing in any Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. Each of Intermediate Holdings and the Borrower hereby appoint Seagate Technology (US)
Holdings, Inc. as agent for service of process in the United States and Seagate Technology (US) Holdings, Inc. hereby accepts such appointment. 
  
 SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL 

  

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PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY 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 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.10. 
  
 SECTION 9.11. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
  
 SECTION 9.12. Confidentiality. Each of the Administrative Agent, the
Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including
accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to
the extent requested by any regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise
of any remedies hereunder or any suit, action or proceeding relating to any Loan Document or the enforcement of rights thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section 9.12 (or
an agreement to be bound by the provisions of this Section 9.12), 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 direct or indirect contractual counterparties in swap or other derivative agreements or such contractual counterparties’ professional advisors, (g) with the consent of the Borrower, (h) to the extent such Information
(i) becomes publicly available other than as a result of a breach of this Section 9.12 or (ii) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other than
Intermediate Holdings or the Borrower or (i) to any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender. In the case of
any disclosure of Information pursuant to clause (c) or clause(e) of the preceding sentence, the Administrative Agent will inform the Borrower of such disclosure. For the purposes of this Section 9.12, the term
“Information” means all information received from Intermediate Holdings or the Borrower relating to Intermediate Holdings or the Borrower or their business, other than any such information that is available to the Administrative
Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by Intermediate Holdings or the Borrower. Any Person required to maintain the confidentiality of Information as provided in this Section 9.12 shall be
considered to 

  

 86 

 
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. 
  
 SECTION 9.13. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan or participation in any LC Disbursement, together with all fees, charges and other
amounts that are treated as interest on such Loan or LC Disbursement or participation therein under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that may be
contracted for, charged, taken, received or reserved by the Lender holding such Loan or LC Disbursement or participation therein in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan or LC Disbursement or participation therein but were not payable as a
result of the operation of this Section 9.13 shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or LC Disbursements or participations therein or periods shall be increased (but not above the Maximum
Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
  
 SECTION 9.14. Judgment Currency. (a) The Borrower’s obligations hereunder and the Borrower’s and
Intermediate Holdings’s obligations under the other Loan Documents to make payments in dollars (the “Obligation Currency”) shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or
converted into any currency other than the Obligation Currency, except to the extent that such tender or recovery results in the effective receipt by the Administrative Agent or a Lender of the full amount of the Obligation Currency expressed to be
payable to the Administrative Agent or such Lender under the Loan Documents. If, for the purpose of obtaining or enforcing judgment against the Borrower or Intermediate Holdings in any court or in any jurisdiction, it becomes necessary to convert
into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to as the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made, at the rate of
exchange (as quoted by the Administrative Agent or, if the Administrative Agent does not quote a rate of exchange on such currency, by a known dealer in such currency designated by the Administrative Agent) determined, in each case, as of the date
immediately preceding the day on which the judgment is given (such Business Day being hereinafter referred to as the “Judgment Currency Conversion Date”). 
  
 (b) If there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of
actual payment of the amount due, the Borrower covenants and agrees to pay, or cause to be paid, such additional amounts, if any (but in any event not a lesser amount), as may be necessary to ensure that the amount paid in the Judgment Currency,
when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency 

  

 87 

 
that could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the
Judgment Currency Conversion Date. 
  
 (c) For purposes of
determining the rate of exchange for this Section 9.14, such amounts shall include any premium and costs payable in connection with the purchase of the Obligation Currency. 
  
 SECTION 9.15. USA Patriot Act. Each Lender hereby notifies Intermediate Holdings and 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 “USA Patriot Act”), it is required to obtain, verify and record information that identifies Intermediate Holdings and
the Borrower, which information includes the name and address of Intermediate Holdings and the Borrower and other information that will allow such Lender to identify Intermediate Holdings and the Borrower in accordance with the USA Patriot Act.

  

 88 

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

					
	 SEAGATE TECHNOLOGY,

		
	 by
	 	 /S/    WILLIAM L.
HUDSON

	 	 	 Name:
	 	 William L. Hudson

	 	 	 Title:
	 	 Executive Vice President and General Counsel

	
	 SEAGATE TECHNOLOGY HDD HOLDINGS,

		
	 by
	 	 /S/    CHARLES C.
POPE

	 	 	 Name:
	 	 Charles C. Pope

	 	 	 Title:
	 	 Executive Vice President and Chief Financial Officer

	
	SEAGATE TECHNOLOGY (US) HOLDINGS, INC, solely for purposes of the last sentence of Section 9.09(d),
		
	 by
	 	 /S/    WILLIAM L.
HUDSON

	 	 	 Name:
	 	 William L. Hudson

	 	 	 Title:
	 	 Executive Vice President and General Counsel

  

 89 

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

		
	 by
	 	 /S/    WILLIAM
RINDFUSS

	 	 	 Name:
	 	 William Rindfuss

	 	 	 Title:
	 	 Vice President

	
	 THE BANK OF NOVA SCOTIA,
 individually and as
Syndication Agent,

		
	 by
	 	 /S/    CHRIS
OSBORN

	 	 	 Name:
	 	 Chris Osborn

	 	 	 Title:
	 	 Managing Director

	
	 THE BANK OF AMERICA,
 individually and as Co-Documentation Agent,

		
	 by
	 	 /S/    LEE A.
MERKLE-RAYMOND

	 	 	 Name:
	 	 Lee A. Merkle-Raymond

	 	 	 Title:
	 	 Managing Director

	
	 BNP PARIBAS,
 individually and as Co-Documentation Agent,

		
	 by
	 	 /S/    STUART
DARBY

	 	 	 Name:
	 	 Stuart Darby

	 	 	 Title:
	 	 Vice President

		
	 by
	 	 /S/    SANDRA F.
BERTRAM

	 	 	 Name:
	 	 Sandra F. Bertram

	 	 	 Title:
	 	 Vice President

	
	 KEYBANK NATIONAL ASSOCIATION,
 individually and as Co-Documentation Agent,

		
	 by
	 	 /S/    ROBERT W.
BOSWELL

	 	 	 Name:
	 	 Robert W. Boswell

	 	 	 Title:
	 	 Senior Vice President

  

 90

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