Document:

EXHIBIT 10.2

 

EXECUTION VERSION

 

CREDIT AGREEMENT

 

dated as of

 

July 7, 2014

 

among

 

MACQUARIE INFRASTRUCTURE COMPANY LLC,

as the Borrower,

 

MACQUARIE INFRASTRUCTURE COMPANY INC.,

as the Guarantor

 

BARCLAYS BANK PLC and JPMORGAN CHASE BANK,
N.A.,

as Issuing Banks,

 

the Lenders Party Hereto

 

and

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

 

 

BARCLAYS BANK PLC, J.P. MORGAN SECURITIES
LLC, MACQUARIE CAPITAL (USA) INC., 

RBC CAPITAL MARKETS and SUNTRUST ROBINSON HUMPHREY, INC.,

as Joint Bookrunners and Joint Lead Arrangers

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I Definitions	 
	 	 
	SECTION 1.01.  Defined Terms	1
	SECTION 1.02.  Classification of Loans and Borrowings	22
	SECTION 1.03.  Terms Generally	22
	SECTION 1.04.  Accounting Terms; GAAP	22
	 	 
	ARTICLE II The Credits	 
	 	 
	SECTION 2.01.  Commitments	23
	SECTION 2.02.  Loans and Borrowings	23
	SECTION 2.03.  Requests for Revolving Borrowings	23
	SECTION 2.04.  [Reserved]	24
	SECTION 2.05.  [Reserved]	24
	SECTION 2.06.  Letters of Credit	24
	SECTION 2.07.  Funding of Borrowings	28
	SECTION 2.08.  Interest Elections	29
	SECTION 2.09.  Termination and Reduction of Commitments	29
	SECTION 2.10.  Repayment of Loans; Evidence of Debt	30
	SECTION 2.11.  Prepayment of Loans	30
	SECTION 2.12.  Fees	31
	SECTION 2.13.  Interest	32
	SECTION 2.14.  Alternate Rate of Interest	32
	SECTION 2.15.  Increased Costs	33
	SECTION 2.16.  Break Funding Payments	34
	SECTION 2.17.  Payments Free of Taxes	34
	SECTION 2.18.  Payments Generally; Pro Rata Treatment; Sharing of Set-offs	38
	SECTION 2.19.  Mitigation Obligations; Replacement of Lenders	40
	SECTION 2.20.  Defaulting Lenders	40
	SECTION 2.21.  Incremental Commitments	42
	 	 
	ARTICLE III Representations and Warranties	 
	 	 
	SECTION 3.01.  Organization; Powers	43
	SECTION 3.02.  Authorization; Enforceability	43
	SECTION 3.03.  Governmental Approvals; No Conflicts	43
	SECTION 3.04.  Financial Condition; No Material Adverse Change; Solvency	43
	SECTION 3.05.  Properties	44
	SECTION 3.06.  Litigation and Environmental Matters	44
	SECTION 3.07.  Compliance with Laws and Agreements	44
	SECTION 3.08.  Investment Company Status	44
	SECTION 3.09.  Taxes	45
	SECTION 3.10.  ERISA	45
	SECTION 3.11.  Disclosure	45
	SECTION 3.12.  Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions	45
	SECTION 3.13.  Margin Regulations	45

 

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	ARTICLE IV Conditions	 
	 	 
	SECTION 4.01.  Effective Date	46
	SECTION 4.02.  Each Credit Event after the Effective Date	47
	 	 
	ARTICLE V Affirmative Covenants	 
	 	 
	SECTION 5.01.  Financial Statements; Ratings Change and Other Information	47
	SECTION 5.02.  Notices of Material Events	48
	SECTION 5.03.  Existence; Conduct of Business	49
	SECTION 5.04.  Payment of Obligations	49
	SECTION 5.05.  Maintenance of Properties; Insurance	49
	SECTION 5.06.  Books and Records; Inspection Rights	49
	SECTION 5.07.  Compliance with Laws	49
	SECTION 5.08.  Use of Proceeds and Letters of Credit	50
	SECTION 5.09.  Credit Ratings	50
	SECTION 5.10.  Cash Distributions	50
	SECTION 5.11.  Additional Collateral	50
	 	 
	ARTICLE VI Negative Covenants	 
	 	 
	SECTION 6.01.  Indebtedness	50
	SECTION 6.02.  Liens	51
	SECTION 6.03.  Fundamental Changes	52
	SECTION 6.04.  Asset Sales	52
	SECTION 6.05.  Restricted Payments	53
	SECTION 6.06.  Transactions with Affiliates	53
	SECTION 6.07.  Restrictive Agreements	53
	SECTION 6.08.  Financial Covenant	54
	SECTION 6.09.  Upstream Guarantees; Subsidiary Indebtedness; Grants of Security Interests in Subsidiary Equity Interests.	54
	 	 
	ARTICLE VII Events of Default	 
	 	 
	SECTION 7.01.  Events of Default	54
	SECTION 7.02.  Borrower’s Right to Cure	56

 

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	ARTICLE VIII The Administrative Agent	 
	 	 
	ARTICLE IX Miscellaneous	 
	SECTION 9.01.  Notices	59
	SECTION 9.02.  Waivers; Amendments	62
	SECTION 9.03.  Expenses; Indemnity; Damage Waiver	63
	SECTION 9.04.  Successors and Assigns	64
	SECTION 9.05.  Survival	68
	SECTION 9.06.  Counterparts; Integration; Effectiveness; Electronic Execution	68
	SECTION 9.07.  Severability	68
	SECTION 9.08.  Right of Setoff	68
	SECTION 9.09.  Governing Law; Jurisdiction; Consent to Service of Process	68
	SECTION 9.10.  WAIVER OF JURY TRIAL	69
	SECTION 9.11.  Headings	69
	SECTION 9.12.  Confidentiality	70
	SECTION 9.13.  Material Non-Public Information	70
	SECTION 9.14.  Authorization to  Distribute Certain Materials to Public-Siders.	70
	SECTION 9.15.  Interest Rate Limitation	71
	SECTION 9.16.  USA PATRIOT Act	71
	SECTION 9.17.  Termination	71

 

	SCHEDULES:	 
	 	 
	Schedule 2.01 — Commitments	 
	Schedule 3.06 — Disclosed Matters	 
	Schedule 6.01 — Existing Indebtedness	 
	Schedule 6.07 — Existing Restrictions	 

 

	EXHIBITS:	 
	 	 
	Exhibit A — 	Form of Assignment and Assumption
	Exhibit B-1 —	U.S. Tax Certificate (For Non-U.S. Lenders
    that are not Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit B-2 — 	U.S. Tax Certificate (For Non-U.S. Lenders
    that are Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit B-3 — 	U.S. Tax Certificate (For Non-U.S. Participants
    that are not Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit B-4 — 	U.S. Tax Certificate (For Non-U.S. Participants
    that are Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit C – 	Form of Guaranty Agreement
	Exhibit D –	Form of Pledge Agreement

 

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CREDIT AGREEMENT dated as of July 7, 2014,
among MACQUARIE INFRASTRUCTURE COMPANY LLC (the “Borrower”), MACQUARIE INFRASTRUCTURE COMPANY INC., 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, bear interest
at a rate determined by reference to the Alternate Base Rate.

 

“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 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by
(b) the Statutory Reserve Rate.

 

“Acquisition”
means the purchase or other acquisition of property and assets or businesses of any Person or of assets constituting a business
unit, a line of business or division of such Person, or Equity Interests in a Person that, upon the consummation thereof, will
be a Subsidiary of the Borrower (including as a result of a merger or consolidation). For the avoidance of doubt, the acquisition
of IMTT contemplated herein is an Acquisition.

 

“Additional
Lender” has the meaning assigned to it in Section 2.21.

 

“Administrative
Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder.

 

“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.

 

“Agency
Site” means the Electronic System established by the Administrative Agent to administer this Agreement.

 

“Agent
Party” has the meaning assigned to it in Section 9.01(d).

 

“Alternate
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect
on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO
Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day)
plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen
Rate at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate,
the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change
in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively.

 

    	 

    	 

    

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower and its affiliated companies
from time to time concerning or relating to bribery or corruption, including, without limitation, the Foreign Corrupt Practices
Act of 1977, as amended.

 

“Anti-Terrorism
Laws” means any requirement of law related to money laundering or financing terrorism including the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act ("PATRIOT Act")
of 2001 (Title III of Pub. L. 107-56), The Currency and Foreign Transactions Reporting Act (also known as the "Bank Secrecy
Act", 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959), the Trading With the Enemy
Act (50 U.S.C. § 1 et seq., as amended) and Executive Order 13224 (effective September 24, 2001)).

 

“Applicable
Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s
Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments
most recently in effect, giving effect to any assignments.

 

“Applicable
Rate” means, for any day, with respect to any ABR Loan or Eurodollar Revolving 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 “ABR Spread”,
“Eurodollar Spread” or “Commitment Fee Rate”, as the case may be, based upon the ratings by S&P and/or
Moody’s (as applicable) applicable on such date to the Facility Debt:

 

	Category	 	Debt Ratings

S&P/Moody’s	 	ABR

Spread	 	Eurodollar

Spread	 	Commitment Fee

Rate
	 	 	 	 	 	 	 	 	 
	Category 1	 	BBB/Baa2 or higher	 	50.0 bps	 	150.0 bps	 	22.5 bps
	 	 	 	 	 	 	 	 	 
	Category 2	 	BBB-/Baa3	 	75.0 bps	 	175.0 bps	 	27.5 bps
	 	 	 	 	 	 	 	 	 
	Category 3	 	BB+/Ba1	 	100.0 bps	 	200.0 bps	 	35.0 bps
	 	 	 	 	 	 	 	 	 
	Category 4	 	BB/Ba2 or lower	 	125.0 bps	 	225.0 bps	 	40.0 bps

 

For purposes this definition,
“Debt Rating” means, as of any date of determination, the rating as determined by S&P or Moody’s (collectively,
the “Debt Ratings”) of the Facility Debt; provided that (a) at any time that Debt Ratings are available from each of
S&P and Moody’s and there is a split in such Debt Ratings, then the higher of such Debt Ratings shall apply, unless there
is a split in Debt Ratings of more than one level, in which case the level that is one level lower than the higher Debt Rating
shall apply, (b) at any time that there is only one Debt Rating from S&P or Moody’s, then such Debt Rating shall apply,
and (c) if the Borrower does not have any Debt Rating, Category 4 (as indicated above) shall apply. The Debt Ratings shall be determined
from the most recent public announcement of any changes in the Debt Ratings. If the rating system of S&P or Moody’s shall
change, the Borrower and the Administrative Agent shall negotiate in good faith to amend this definition to reflect such changed
rating system and, pending the effectiveness of such amendment (which shall require the approval of the Required Lenders), the
Debt Rating shall be determined by reference to the rating most recently in effect prior to such change.

 

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“Approved
Fund” has the meaning assigned to it in Section 9.04(b).

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of
any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or
any other form approved by the Administrative Agent.

 

“Atlantic”
means Atlantic Aviation FBO Inc., a Delaware corporation.

 

“Available
to be Distributed” means, with respect to unrestricted cash and Cash Equivalents of a Subsidiary, unrestricted cash
and Cash Equivalents of such Subsidiary at such time other than any to the extent that declaration of payment of dividends or similar
distributions by that Subsidiary is not at the time permitted by operation of the terms of its charter or any agreement (including
with respect to pledges of cash or Cash Equivalents), instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to that Subsidiary or to such cash or Cash Equivalents.

 

“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.

 

“Bankruptcy
Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding,
or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person
charged with the reorganization or liquidation of its business appointed for it, or has taken any corporate action in furtherance
of, or has consented to, approved of, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely
by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or
instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction
of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person
(or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made
by such Person.

 

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

 

“Borrower”
means Macquarie Infrastructure Company LLC, a Delaware limited liability company.

 

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“Borrower
CFADS” means, at any date of determination and without duplication and as certified by a Financial Officer of the
Borrower, the aggregate amount of total cash and Cash Equivalents then on hand (other than proceeds from the incurrence of Indebtedness
(including Revolving Loans) by the Borrower or issuance of Equity Interests of the Borrower) generated during the most recently
completed Test Period and distributed or Available to be Distributed to the Borrower by the Subsidiaries during the most recently
completed Test Period (together with total cash and Cash Equivalents of the Borrower then on hand (other than proceeds from the
incurrence of Indebtedness (including Revolving Loans) by the Borrower or issuance of Equity Interests of the Borrower) generated
during such Test Period) less, without duplication and solely to the extent actually paid by the Borrower in cash for such Test
Period, the aggregate for such period (collectively, “Ordinary Course Expenses”) of (i) Taxes, (ii) audit expenses,
tax return preparation expenses, rental expense and insurance costs, (iii) management fees and (iv) legal fees and expenses, travel
costs, and other costs and expenses of the Borrower, in each case incurred in the ordinary course of business. For the avoidance
of doubt, Ordinary Course Expenses shall not include any extraordinary expenses, including any fees, expenses, costs or charges
related to any consummated, anticipated, unsuccessful or attempted equity offering, issuance or repurchase, other equity issuance,
debt issuance (including a refinancing thereof, whether or not successful), dividend, investment, acquisition (including any Acquisition)
(including (y) cash-stay bonuses paid to employees, severance and reorganization costs and expenses in connection with any Acquisition
and (z) fees, costs and expenses incurred in connection with the de-listing of public targets and compliance with public company
requirements in connection with any Acquisition), asset sale or other disposition, operational changes, repayment of Indebtedness
or recapitalization or the breakage of any hedging arrangement permitted hereunder or the incurrence of Indebtedness permitted
to be incurred hereunder (including a refinancing thereof) (in each case, whether or not successful), including such fees, expenses,
costs or charges related to (i) the offering, syndication, assignment and administration of the credit facility hereunder and any
other credit facilities, (ii) credit ratings expenses and (iii) any refinancing, extension, waiver, forbearance, amendment or other
modification hereof and of any other credit facilities (in each case, whether consummated, anticipated, unsuccessful, attempted
or otherwise). Notwithstanding the foregoing, to the extent that any proceeds of Indebtedness (including Revolving Loans) incurred
by the Borrower or proceeds of Equity Interests issued by the Borrower are used during any Test Period to fund operating or working
capital expenditures during any Test Period, the amount of such operating or working capital expenditures shall be deducted from
Borrower CFADS for such Test Period.

 

“Borrower’s
Senior Secured Net Leverage Ratio” means, at any date of determination, the ratio of (a) Senior Secured Indebtedness
as of such date to (b) Borrower CFADS for the most recently completed Test Period; provided that, solely with respect to the calculation
thereof pursuant to Section 6.05, Senior Secured Indebtedness shall be calculated net of unrestricted cash of the Borrower (after
giving effect to such Restricted Payment).

 

“Borrowing”
means 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.

 

“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.

 

“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. Notwithstanding the foregoing, all leases
of any Person (including leases entered into after the date hereof) that are or would be treated as operating leases in accordance
with GAAP as in effect on December 31, 2013, shall continue to be accounted for as operating leases (and none of the obligations
of the lessee thereunder shall constitute Capital Lease Obligations) for purposes of this Agreement regardless of any change in
GAAP after such date that would otherwise require any of the obligations of the lessee thereunder to be treated as Capital Lease
Obligations.

 

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“Cash Equivalents”
means any of the following types of investments:

 

(a) readily marketable
obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality
thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit
of the United States of America is pledged in support thereof;

 

(b) time deposits with,
or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is a Lender or (B) is organized
under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary
of a bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia,
and is a member of the Federal Reserve System and (ii) has combined capital and surplus of at least $1,000,000,000, in each case
with maturities of not more than 180 days from the date of acquisition thereof;

 

(c) commercial paper
issued by any Person organized under the laws of any state of the United States of America and rated at least “Prime-2”
(or the then equivalent grade) by Moody’s or at least “A-2” (or the then equivalent grade) by S&P, in each
case with maturities of not more than 12 months from the date of acquisition thereof;

 

(d) Investments in
money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions
that have one of the two highest ratings obtainable from either Moody’s or S&P, and the portfolios of which are limited
solely to Investments of the character, quality and maturity described in clauses (a), (b) and (c) of this definition; and

 

(e) United States dollars,
Euros, any other currency of countries members of the Organization for Economic Co-operation and Development or, in the case of
any foreign Subsidiary, any local currencies held by it from time to time.

 

“Cash Management
Agreement” means any agreement pursuant to which a bank or other financial institution agrees to provide (a) treasury
services, (b) credit card, merchant card, purchasing card or stored value card services (including, without limitation, the processing
of payments and other administrative services with respect thereto), (c) cash management services (including, without limitation,
controlled disbursements, automated clearinghouse transactions, return items, netting, overdrafts, depository, lockbox, stop payment,
electronic funds transfer, information reporting, wire transfer and interstate depository network services) and/or (d) other similar
banking products or services.

 

“Cash Management
Bank” means any Person who (a) was a Lender or an Affiliate of a Lender at the time of entry into a Cash Management
Agreement or at the time of the designation referred to in the following clause (b), and (b) has been designated in writing to
the Administrative Agent as a Cash Management Bank by the Borrower.

 

“Change
in Control” means (a) any Person or group shall become the beneficial owner of 50% or more of the then outstanding
voting capital stock of the Borrower, (b) within any 12 month period beginning on or after the date hereof, the persons who were
members of the board of directors (or equivalent governing body) of the Borrower immediately before the beginning of such period
(the “Incumbent Directors”) shall cease (for any reason other than death or disability) to constitute
at least a majority of the board of directors of the Borrower or the board of directors of any successor to the Borrower, provided
that any director who was not a director as of the date hereof shall be deemed to be an Incumbent Director if such director was
elected to the board of directors by, or on the recommendation of or with the approval of, a majority of the directors who then
qualified as Incumbent Directors either actually or by prior operation of this clause (b), (c) the Borrower shall cease to be the
beneficial owner of 100% of the outstanding Equity Interests of the Guarantor or (d) any “change of control”, “fundamental
change” or any other substantially equivalent event shall occur in respect of any Indebtedness of any Loan Party the aggregate
principal amount of which exceeds $50,000,000 that results in holders of such Indebtedness having the right to require the repurchase
or redemption thereof prior to a stated maturity thereof.

 

    	5

    	 

    

 

“Change
in Law” means the occurrence after the date of this Agreement or, with respect to any Lender, such later date on
which such Lender becomes a party to this Agreement) of (a) the adoption of or taking effect of any law, rule, regulation or treaty,
(b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority
or (c) compliance by any Lender or any Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender
or by such Lender’s or such 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; provided
that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines
or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor
or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed
to be a “Change in Law,” regardless of the date enacted, adopted or issued.

 

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

 

“Commitment”
means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters
of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure
hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09, (b) increased from time
to time pursuant to Section 2.21 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender
pursuant to Section 9.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, in the Assignment
and Assumption pursuant to which such Lender shall have assumed its Commitment, or in the Incremental Amendment pursuant to which
such Lender shall have become a party hereto (or increased its Commitment pursuant thereto), as applicable. The initial aggregate
amount of the Lenders’ Commitments is $250,000,000.

 

“Commitment
Increase” has the meaning assigned to it in Section 2.21.

 

“Commodity Exchange Act”
means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

 

“Communications”
has the meaning assigned to it in Section 9.01(d).

 

“Competitor”
shall mean any person that competes in any material respect with the business of the Borrower or any of its Subsidiaries from time
to time, in each case as specifically identified by the Borrower to the Administrative Agent from time to time in writing.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling”
and “Controlled” have meanings correlative thereto.

 

“Credit
Party” means the Administrative Agent, any Issuing Bank or any other Lender.

 

    	6

    	 

    

 

“Debt Rating”
has the meaning as defined in the definition of “Applicable Margin;” provided that if neither S&P nor by Moody’s
then rates the Facility Debt, “Debt Rating” shall mean the Borrower’s public corporate credit rating by S&P
and the Borrower’s public corporate group rating by Moody’s.

 

“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured
or waived, become an Event of Default.

 

“Defaulting
Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid,
to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any
Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies
the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition
precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified
the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to
comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position
is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the
particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in
which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith,
to provide confirmation in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially
able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit under this Agreement,
provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s
receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject
of a Bankruptcy Event. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a)
through (d) above shall be conclusive absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject
to Section 2.20) upon delivery of written notice of such determination to the Borrower, each L/C Issuer and each Lender.

 

“Designated
Persons” means any person or entity listed on a Sanctions List.

 

“Disclosed
Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback
transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing) outside the
ordinary course of business, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes
or accounts receivable or any rights and claims associated therewith but, for the avoidance of doubt, excluding any sale, transfer,
license, lease or other disposal of inventory, obsolete, worn-out or surplus property or property no longer useful or necessary
in the business of such Person (or its subsidiaries).

 

“Disqualified
Equity Interests” means any Equity Interest which, by its terms (or the terms of any security or other Equity Interests
into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures
or is mandatorily redeemable (other than solely for Equity Interests that are not Disqualified Equity Interests), pursuant to a
sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders
thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans
and all other Obligations that are accrued and payable and the termination of the Commitments), (b) is redeemable at the option
of the holder thereof, in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or
becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity
Interests, in each case, prior to the date that is ninety-one days after the Maturity Date; provided that if such Equity
Interests are issued pursuant to a plan for the benefit of employees of the Borrower or any Subsidiary or by any such plan to such
employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because it may be required to be repurchased
by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s
termination, death or disability.

 

    	7

    	 

    

 

“Disqualified
Institutions” means (a) those Competitors (in each case, together with Affiliates thereof that are clearly identifiable
as such on the basis of such Affiliate’s name) identified on a list available to the Lenders on Intra-Links/IntraAgency,
Syndtrak or another similar electronic system on the Effective Date (as such list with respect to Competitors may be supplemented
from time to time by the Borrower pursuant to clause (b) below) and (b) any other person identified by name in writing to the Administrative
Agent and the Lenders after the Effective Date to the extent such person becomes a Competitor or is or becomes an Affiliate of
a Competitor, which designation shall become effective two days after delivery of each such written supplement to the Administrative
Agent and the Lenders, but which shall not apply retroactively to disqualify any persons that have previously acquired an assignment
or participation interest in the Loans; provided that a Competitor or an Affiliate of a Competitor shall not include any bona fide
debt fund or investment vehicle that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar
extensions of credit in the ordinary course of business which is managed, sponsored or advised by any person controlling, controlled
by or under common control with such Competitor or Affiliate thereof, as applicable, and for which no personnel involved with the
investment of such Competitor or Affiliate thereof, as applicable, (i) makes (or has the right to make or participate with others
in making) any investment decisions or (ii) has access to any information (other than information publicly available) relating
to the Loan Parties or any entity that forms a part of the Loan Parties’ business (including their subsidiaries).

 

“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).

 

“Effective
Date Material Adverse Effect” shall mean a material adverse effect on the assets, the business or its condition (financial
or otherwise), properties, or liabilities of a Person; provided, however, that any such effect resulting or arising from or relating
to any of the following matters shall not be considered when determining whether a material adverse effect has occurred or would
reasonably be expected to occur: (i) any conditions in the general economy or the general economy in the geographic area in which
such Person operates or developments or changes therein; (ii) political conditions, including acts of war (whether or not declared),
armed hostilities and terrorism, or developments or changes therein; (iii) any conditions resulting from natural disasters; (iv)
compliance by such Person with its covenants and agreements contained in the Purchase Agreement; (v) the announcement of the Purchase
Agreement or the transactions contemplated hereby; or (vi) changes in any laws or accounting principles, in each of the foregoing
cases in clauses (i) through (iii) immediately above, which do not have a materially disproportionate effect on IMTT and its subsidiaries,
taken as a whole.

 

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

 

“Electronic
System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain,
Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative
Agent and any Issuing Bank and any of its respective Related Persons or any other Person, providing for access to data protected
by passcodes or other security system.

 

    	8

    	 

    

 

“Environmental
Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or
binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation
or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety
matters.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of any Loan Party directly or indirectly resulting from or based upon (a) violation
of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous
Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials
into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed
or imposed with respect to any of the foregoing.

 

“Equity
Cure Amount” shall have the meaning provided in Section 7.02.

 

“Equity
Cure Period” shall have the meaning provided in Section 7.02.

 

“Equity
Cure Right” shall have the meaning provided in Section 7.02.

 

“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, and any warrants, options or other rights entitling
the holder thereof to purchase or acquire any such equity interest.

 

“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 of its ERISA Affiliates 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; (f) the incurrence by the Borrower
or any of its ERISA Affiliates 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.

 

    	9

    	 

    

 

“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 Article VII.

 

“Excluded Swap Obligations”
means, with respect to the Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such
Guarantor of such Swap Obligation (or any Guaranty thereof) is or becomes illegal or unenforceable under the Commodity Exchange
Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation
of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant”
as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor becomes effective
with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion
shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee is or becomes illegal
or unenforceable.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed
on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment
pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment
(other than pursuant to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office,
except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such
Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment
or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to
comply with Section 2.17(f) and (d) any withholding Taxes imposed pursuant to or in connection with FATCA.

 

“Facility
Debt” means the Indebtedness of the Borrower hereunder.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code (or any amended or successor version described
above) and any intergovernmental agreements (and related legislation or official administrative guidance) implementing the foregoing.

 

“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.

 

    	10

    	 

    

 

“Fee Letters”
means (i) the Fee Letter, dated as of the date hereof, among the Borrower, Barclays Bank PLC, J.P. Morgan Securities LLC, Macquarie
Capital (USA) Inc., Royal Bank of Canada and SunTrust Bank, (ii) the Fee Letter, dated as of the date hereof, between the Borrower
and the Administrative Agent and (iii) the Fee Letter, dated as of the date hereof, between the Borrower and Barclays Bank PLC.

 

“Financial
Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.

 

“Financial
Statements” means the financial statements to be furnished pursuant to Sections 5.01(a) and (b).

 

“Foreign
Lender” means a Lender that is not a U.S. Person.

 

“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 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.

 

“Guarantor”
means Macquarie Infrastructure Company, Inc.

 

“Guaranty”
means the Guarantee made by the Guarantor under the Guaranty Agreement.

 

“Guaranty
Agreement” means the Guaranty Agreement, executed by the Guarantor on or prior to the Effective Date in the form
attached hereto as Exhibit C.

 

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental
Law.

 

“Hedge
Bank” means (a) any Person who was a Lender or an Affiliate of a Lender at the time of entry into a Hedging Agreement
or at the time of the designation referred to in the following clause (b), and (b) has been designated in writing to the Administrative
Agent as a Hedge Bank by the Borrower.

 

“Hedging
Agreement” means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection
agreement or other interest or currency exchange rate or commodity price hedging arrangement and all other similar agreements or
arrangements designed to alter the risks of any Person arising from fluctuations in interest rate, currency values, commodity prices
or equity values.

 

    	11

    	 

    

 

“Impacted
Interest Period” has the meaning assigned to it in the definition of “LIBO Rate.”

 

“IMTT”
means IMTT Holdings, Inc., a Delaware corporation.

 

“Incremental
Amendment” has the meaning assigned to such term in Section 2.21.

 

“Incremental
Commitments” shall mean, at any time, the commitments of each Incremental Lender at such time to increase its Commitment
(in the case of an existing Lender) or to provide its Commitment (in the case of an Additional Lender) in accordance with Section
2.21. Loans made pursuant to any Incremental Commitment shall be on terms identical to the existing Revolving Loans (including
with respect to maturity date and interest rate margins). For the avoidance of doubt, as of the date hereof, no Incremental Commitments
are in effect.

 

“Incremental
Effective Date” has the meaning set forth in Section 2.21.

 

“Incremental
Lender” shall mean each Lender or Additional Lender, as applicable, that executes and delivers an Incremental Amendment
in accordance with Section 2.21.

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits
or advances of any kind, (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 accounts payable incurred in the ordinary
course of business), (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 (excluding, however, Liens permitted pursuant to Section 6.02(e) so long as such Indebtedness
has not been assumed by the Guarantor), (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, and (k) all obligations of such Person in respect of Disqualified Equity Interests. 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.

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account
of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in (a) hereof, Other
Taxes.

 

“Ineligible
Institution” has the meaning assigned to it in Section 9.04(b).

 

“Interest
Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with
Section 2.08.

 

    	12

    	 

    

 

“Interest
Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December
and (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.

 

“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, twelve months) thereafter, as the Borrower may elect; provided, that (i) 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, in the case
of a Eurodollar Borrowing only, 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 (ii) any Interest Period pertaining to a Eurodollar Borrowing 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.

 

“Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal
places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent
manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for
the longest period for which the Screen Rate is available) that is shorter than the Impacted Interest Period; and (b) the Screen
Rate for the shortest period (for which that Screen Rate is available) that exceeds the Impacted Interest Period, in each case,
at such time.

 

“IRS”
means the United States Internal Revenue Service.

 

“Issuing
Bank” means Barclays Bank PLC, JPMorgan Chase Bank, N.A. and each other Lender or Affiliate of a Lender that hereafter
becomes an Issuing Bank with the approval of the Administrative Agent and the Borrower by agreeing pursuant to an agreement with
and in form and substance satisfactory to the Administrative Agent and the Borrower to be bound by the terms hereof applicable
to Issuing Banks, in each case, in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity
as provided in Section 2.06(i). Each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be
issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with
respect to Letters of Credit issued by such Affiliate.

 

“Joint
Lead Arrangers” means Barclays Bank PLC, J.P. Morgan Securities LLC, Macquarie Capital (USA) Inc., RBC Capital Markets
and SunTrust Robinson Humphrey, Inc., as joint lead arrangers and joint bookrunners.

 

“LC Availability
Period” means the period from and including the Effective Date to but excluding the earlier of (i) the date that
is five Business Days prior to the Maturity Date and (ii) the date of termination of the Commitments.

 

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

 

 

1 RBC Capital Markets is a brand name for the capital
markets businesses of Royal Bank of Canada and its affiliates.

 

    	13

    	 

    

 

“LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the
aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower 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
Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

“Lenders”
means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment
and Assumption or an Incremental Amendment, other than any such Person that ceases to be a party hereto pursuant to an Assignment
and Assumption. As the context may require, the term “Lenders” includes the Issuing Banks.

 

“Letter
of Credit” means any letter of credit issued pursuant to this Agreement.

 

“Letter of Credit Sublimit”
means (a) with respect to Barclays Bank PLC, $50,000,000, (b) with respect to JPMorgan Chase Bank, N.A., $50,000,000 and (c) with
respect to any other Issuing Bank, such amount as may be agreed among such Issuing Bank, the Borrower and the Administrative Agent;
provided, however, that the aggregate Letter of Credit Sublimits for all Issuing Banks shall not exceed $100,000,000.

 

“LIBO
Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the London interbank offered
rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for
U.S. Dollars for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters
screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or
substitute page on such screen that displays such rate, or on the appropriate page of such other information service that
publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case the
“LIBO Screen Rate”) at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period; provided that if the LIBO Screen Rate shall be less than zero, such rate shall
be deemed to be zero for the purposes of this Agreement; provided further that if the LIBO Screen Rate shall
not be available at such time for such Interest Period (an “Impacted Interest Period”) then the
LIBO Rate shall be the Interpolated Rate; provided that if any Interpolated Rate shall be less than zero, such rate
shall be deemed to be zero for purposes of this Agreement.

 

“LIBO Screen
Rate” has the meaning assigned to it in the definition of “LIBO Rate.”

 

“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.

 

“Loan Documents”
means (i) this Agreement, (ii) the Guaranty Agreement, (iii) the Security Documents; (iv) any promissory notes issued pursuant
to Section 2.10(e), and (v) each Fee Letter.

 

 

2 ICE Benchmark
Administration Limited makes no warranty, express or implied, either as to the results to be obtained from the use of the ICE
LIBOR and/or the figure at which ICE LIBOR stands at any particular time on any particular day or otherwise. ICE Benchmark Administration
Limited makes no express or implied warranties or merchantibility or fitness for a particular purpose in respect of use of ICE
LIBOR.

 

    	14

    	 

    

 

“Loan Parties”
means the Borrower and the Guarantor.

 

“Loans”
means the loans made by the Lenders to the Borrower pursuant to this Agreement.

 

“Management
Agreement” means the Second Amended and Restated Management Services Agreement by and among the Loan Parties and
Macquarie Infrastructure Management (USA) Inc. dated as of September 30, 2013.

 

“Margin
Stock” means margin stock within the meaning of Regulations T, U and X of the Board, as in effect
from time to time and all official rulings and interpretations thereunder or thereof.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, operations or financial condition
of the Borrower and the Subsidiaries taken as a whole, (b) the ability of the Loan Parties to perform their obligations under
this Agreement or any other Loan Document or (c) the rights of or benefits available to the Lenders under this Agreement or
any other Loan Document.

 

“Material
Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or
more Swap Agreements, of any Loan Party in an aggregate principal amount exceeding $50,000,000. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of any Loan Party in respect of any Swap Agreement at any time
shall be the maximum aggregate amount (giving effect to any netting agreements) that such Loan Party would be required to pay if
such Swap Agreement were terminated at such time.

 

“Maturity
Date” means the date that is five years after the Effective Date.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Net Cash
Interest Expense” means for any Test Period, the excess of (A) the sum of, without duplication, cash interest expense
in connection with Total Debt, to the extent treated as interest in accordance with GAAP (except as otherwise provided in the definition
of Capital Lease Obligations), in each case, of or by each of the Loan Parties on a standalone basis for the most recently completed
Test Period over (B) any cash interest income received by the Loan Parties on a standalone basis during such Test Period.

 

“Net Cash
Proceeds” means with respect to any asset sale, the gross cash proceeds (including cash proceeds subsequently received
(as and when received) in respect of noncash consideration initially received) and, in the case of any Equity Interest consideration
received, the fair market value thereof (as determined by a Financial Officer of the Borrower in his or her good faith judgment
(and consistent with the applicable acquisition agreement)), net of (i) selling expenses (including reasonable broker’s fees
or commissions, legal fees, transfer and similar taxes and the Borrower’s good faith estimate of income taxes paid or payable
in connection with such sale), (ii) amounts provided as a reserve, in accordance with GAAP, against any liabilities under any indemnification
obligations or purchase price adjustment associated with such asset sale (provided that, to the extent and at the time any such
amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds) and (iii) the principal amount, premium
or penalty, if any, interest and other amounts on any Indebtedness which is secured by the asset sold in such asset sale and which
is required to be repaid with such proceeds (other than the Loans or any such Indebtedness assumed by the purchaser of such asset);
provided, however, that, if the Borrower shall deliver a certificate of the Borrower to the Administrative Agent at or promptly
following the time of receipt thereof setting forth the Borrower’s intent to reinvest such proceeds in assets or businesses
used or useful in the business of the Borrower or any of its Subsidiaries within 12 months of receipt of such proceeds, such proceeds
shall not constitute Net Cash Proceeds except to the extent not so used at the end of such 12 month period (or, if the Borrower
commits to reinvest such proceeds within 12 months following receipt thereof, within 18 months of receipt thereof), at which time
such proceeds shall be deemed to be Net Cash Proceeds.

 

    	15

    	 

    

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document
or otherwise with respect to any Loan or Letter of Credit, in each case (including those acquired by assumption), whether absolute
or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement
of any Bankruptcy Event by or against any Loan Party naming such Person as the debtor in such proceeding, regardless of whether
such interest and fees are allowed claims in such proceeding.

 

“Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan,
Letter of Credit or Loan Document).

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).

 

“Participant”
has the meaning assigned to such term in Section 9.04(c).

 

“Participant
Register” has the meaning assigned to such term in Section 9.04(c).

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

“Permitted
Borrower Secured Debt” has the meaning assigned to such term in Section 6.02.

 

“Permitted
Cure Security” means Equity Interests of the Borrower other than Disqualified Equity Interests.

 

“Permitted
Guarantor Debt” means (i) Indebtedness with respect to surety, appeal and performance bonds obtained in the ordinary
course of business, and (ii) Indebtedness owed in respect of any Cash Management Agreements and other netting services, overdrafts
and related liabilities arising from treasury, depository and cash management services or any swap or hedge arrangement, or in
connection with any automated clearing-house transfers of funds.

 

“Permitted
Encumbrances” means:

 

(a) Liens
for Taxes that are not yet due or are being contested in compliance with Section 5.04;

 

(b) bankers’,
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other Liens imposed by law,
arising in the ordinary course of business and securing obligations that are not overdue by more than 60 days or are being contested
in compliance with Section 5.04;

 

    	16

    	 

    

 

(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 and deposits securing liability to insurance carriers under insurance or self-insurance arrangements;

 

(d) deposits
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;

 

(e) Liens
on deposit accounts or securities accounts, including bankers’ Liens and rights of setoff arising in the ordinary course
of business;

 

(f) judgment
liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII; and

 

(g) easements,
restrictions, licenses, reservations, utility easements, rights-of-way and similar encumbrances on real property imposed by law
or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the
value of the affected property or materially interfere with the ordinary conduct of business of the Borrower and its Subsidiaries,
taken as a whole;

 

provided that the term “Permitted
Encumbrances” shall not include any Lien securing Indebtedness.

 

“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.

 

“Pledge
Agreement” means the Pledge Agreement, executed by the Borrower and the Administrative Agent on or prior to the Effective
Date in the form attached as Exhibit D.

 

“Pledged
Collateral” has the meaning assigned to it in the Pledge Agreement.

 

“Pledged
Equity” has the meaning assigned to it in the Pledge Agreement.

 

“Post-Acquisition
Period” means, with respect to any Acquisition, the period beginning on the date such Acquisition is consummated
and ending on the last day of the four full consecutive fiscal quarter immediately following the date on which such Acquisition
is consummated.

 

“Prime
Rate” means the rate of interest per annum publicly announced by the Administrative Agent as its prime rate
in effect at its principal office located in New York, New York; each change in the Prime Rate shall be effective from and including
the date such change is publicly announced as being effective.

 

    	17

    	 

    

 

“Pro Forma
Adjustment” means, for any Test Period that includes all or any part of a fiscal quarter included in any Post-Acquisition
Period, with respect to the Borrower CFADS, (a) the pro forma increase or decrease in such Borrower CFADS, as the case may be,
that is factually supportable and is expected to have a continuing impact and (b) additional good faith pro forma adjustments arising
out of cost savings initiatives attributable to such transaction and additional costs associated with the combination of the operations
of such Acquisition with the operations of the Borrower and its Subsidiaries, in each case being given pro forma effect, that (i)
have been realized or (ii) will be implemented following such transaction and are supportable and quantifiable and expected in
good faith to be realized within such Post-Acquisition Period as certified by a Financial Officer of the Borrower, in each case,
including, but not limited to, (w) reduction in personnel expenses, (x) reduction of costs related to administrative functions,
(y) reductions of costs related to leased or owned properties and (z) reductions from the consolidation of operations and streamlining
of corporate overhead) taking into account, for purposes of determining such compliance, the historical financial statements of
the acquired entity or business and the consolidated financial statements of the Borrower and its Subsidiaries, assuming such Acquisition,
and all other Acquisitions that have been consummated during the period, and any Indebtedness or other liabilities repaid in connection
therewith had been consummated and incurred or repaid at the beginning of such period (and assuming that such Indebtedness to be
incurred bears interest during any portion of the applicable measurement period prior to the relevant acquisition at the interest
rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination); provided that,
so long as such actions are initiated during such Post-Acquisition Period or such costs are incurred during such Post-Acquisition
Period, as applicable, for purposes of projecting such pro forma increase or decrease to such Borrower CFADS, as the case may be,
it may be assumed that such cost savings will be realizable during the entirety of such Test Period, or such additional costs,
as applicable, will be incurred during the entirety of such Test Period; and provided, further, that the aggregate adjustment pursuant
to clause (b)(ii) so permitted in any period shall not exceed 15% of the portion of Borrower CFADS attributable to such Acquisition
for such period (determined before giving effect to any adjustment thereto pursuant to clause (b)(ii)). For the avoidance of doubt,
no pro forma adjustments pursuant to clause (b) of the immediately succeeding sentence shall be made for the acquisition of the
Equity Interests of IMTT contemplated to be consummated on the Effective Date.

 

“Pro Forma
Basis” and “Pro Forma Effect” mean, with respect to compliance with any test hereunder
for an applicable period of measurement, that to the extent applicable, the Pro Forma Adjustment shall have been made and related
transactions and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the
applicable period of measurement (as of the last date in the case of a balance sheet item) in such test: (a) income statement items
(whether positive or negative) attributable to the property or Person subject to such transaction, in the case of a disposition
of all or substantially all Equity Interests in any Subsidiary of the Borrower or any division, product line, or facility used
for operations of the Borrower or any of its Subsidiaries, shall be excluded, (b) any retirement of Indebtedness, and (c) any Indebtedness
incurred or assumed by the Borrower or any of its Subsidiaries in connection therewith and if such Indebtedness has a floating
or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by
utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination; provided
that, without limiting the application of the Pro Forma Adjustment pursuant to (A) above, the foregoing pro forma adjustments may
be applied to any such test solely to the extent that such adjustments are consistent with the definition of Borrower CFADS and
give effect to events (including operating expense reductions) that are (as determined by the Borrower in good faith) (i) (x) directly
attributable to such transaction, (y) expected to have a continuing impact on the Borrower and its Subsidiaries and (z) factually
supportable or (ii) otherwise consistent with the definition of Pro Forma Adjustment.

 

“Public-Sider”
means a Lender or any representative of such Lender that does not want to receive material non-public information (within the meaning
of the federal and state securities laws) about the Borrower or its Subsidiaries.

 

    	18

    	 

    

 

“Purchase
Agreement” means that certain stock purchase agreement dated as of July 7, 2014, by and among Macquarie Terminal
Holdings LLC, MCT Holdings LLC, the Borrower, IMTT, and the Voting Trust of IMTT, as in effect on the date hereof.

 

“Ratings
Reaffirmation Period” has the meaning assigned to such term in Section 6.04.

 

“Recipient”
means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable.

 

“Register”
has the meaning assigned to such term in Section 9.04(b).

 

“Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, employees, agents and advisors of such Person and such Person’s Affiliates.

 

“Required
Lenders” means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing more than
50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time. If at any time there are two (2) or
more Lenders with Revolving Credit Exposure, then at least two (2) such Lenders that otherwise satisfy the foregoing provisions
of this definition shall be necessary to constitute Required Lenders (for purposes of determining the number of Lenders under this
sentence, a Lender and any other Lenders that are Affiliates or Approved Funds of such Lender shall be counted as a single Lender).

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any Equity Interests in the Borrower, 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, cancellation or termination of any such Equity
Interests in the Borrower or any option, warrant or other right to acquire any such Equity Interests in the Borrower (in each case
other than dividends, other distributions or payments payable solely in common stock of the Borrower or options, warrants or rights
to purchase shares of such common stock).

 

“Revolving
Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such
Lender’s Revolving Loans and its LC Exposure at such time.

 

“Revolving
Loan” means a Loan made pursuant to Section 2.03.

 

“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. and any successor thereto.

 

“Sanctioned
Country” means, at any time, a country or territory which is the subject or target of any Sanctions.

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained
by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, (b) any Person operating,
organized or resident in a Sanctioned Country or (c) any Person controlled by any such Person.

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the (a) U.S. government,
including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department
of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

 

“SEC”
means the Securities and Exchange Commission of the United State of America.

 

    	19

    	 

    

 

“Secured
Cash Management Agreement” means any Cash Management Agreement that is entered into by and between any Loan Party
and any Cash Management Bank.

 

“Secured
Obligations” means (a) the Obligations, (b) the due and punctual payment and performance of all obligations of any
Loan Party under each Hedging Agreement entered into with any counterparty that is a Hedge Bank (other than Excluded Swap Obligations)
and (c) the due and punctual payment and performance of all obligations of any Loan Party (including overdrafts and related liabilities)
under each Secured Cash Management Agreement.

 

“Secured
Parties” means the Lenders, the Issuing Banks, the Administrative Agent and any other holder of any Secured Obligation.

 

“Security
Documents” means the Pledge Agreement and each other security agreement executed and delivered pursuant to or in
connection with this Agreement or any other Loan Document to secure any of the Secured Obligations.

 

“Senior
Secured Indebtedness” means, at any date of determination, the aggregate principal amount of Total Debt outstanding
on such date that is secured by a Lien on any asset or property of any Loan Party, which is not, by its terms, subordinated in
right of payment to the Obligations.

 

“Solvent”
means, with respect to any Person as of any date of determination, that, as of such date, (a) the value of the assets of such Person
is greater than the total amount of liabilities (including contingent and unliquidated liabilities) of such Person, (b) such Person
is able to pay all liabilities of such Person as such liabilities mature and (c) such Person does not have unreasonably small capital
in relation to its business. In computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall
be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can
reasonably be expected to become an actual or matured liability.

 

“Specified
Event of Default” means an Event of Default pursuant to Section 7.01(a), (b), (h) or (i).

 

“Specified
Representations” means the representations and warranties set forth in clause (a) of Section 3.01, Section 3.02,
clause (b) of Section 3.03, Section 3.04(c) and Sections 3.08 and 3.12.

 

“Statutory
Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator
of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or
supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with respect
to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation
D of the Board). Such reserve percentage 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.

 

    	20

    	 

    

 

“Subsidiary”
means any subsidiary of 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 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 the Subsidiaries shall be a Swap
Agreement.

 

“Swap Obligation”
means, with respect to the Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Test Period”
means, at any date of determination, the period of the most recently completed four fiscal quarters of the Borrower ended on or
prior to such date. If the respective Test Period (i) includes the fiscal quarter of the Borrower ended June 30, 2014, Borrower
CFADS for such fiscal quarter shall be deemed to be $65,000,000, (ii) includes the fiscal quarter of the Borrower ended March 31,
2014, Borrower CFADS for such fiscal quarter shall be deemed to be $65,000,000 and (iii) includes the fiscal quarter of the Borrower
ended December 31, 2013, Borrower CFADS for such fiscal quarter shall be deemed to be $65,000,000.

 

“Total
Debt” shall mean, at any date, the aggregate principal amount of all Indebtedness for borrowed money (including purchase
money Indebtedness), unreimbursed drawings under letters of credit, Capital Lease Obligations and Indebtedness obligations evidenced
by notes or similar instruments, in each case of any Loan Party outstanding as of such date that would be reflected on a balance
sheet of the Borrower prepared as of such date on a consolidated basis in accordance with GAAP (except as otherwise provided in
the definition of Capital Lease Obligations).

 

“Transactions”
means, the execution, delivery and performance by the Borrower of this Agreement.

 

“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, the Alternate Base Rate.

 

“U.S. Person”
means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“U.S. Tax
Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

 

    	21

    	 

    

 

“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 replaced, amended, amended and
restated, supplemented or otherwise modified (subject to any restrictions on such replacements, amendments, amendments and restatements,
supplements or modifications set forth herein), (b) any reference to any law or statute herein shall, unless otherwise specified,
refer to such law or statute as amended, modified or supplemented from time to time, (c) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (d) 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, (e) 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 (f) 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 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. Notwithstanding any other provision contained
herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios
referred to herein shall be made, without giving effect to any election under Financial Accounting Standards Board Accounting
Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness
or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein.

 

    	22

    	 

    

 

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 (i) such Lender’s Revolving
Credit Exposure exceeding such Lender’s Commitment or (ii) the aggregate Revolving Credit Exposure of all Lenders exceeding
the aggregate Commitments of all Lenders. 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 made by the Lenders ratably in accordance with their respective 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 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 2.14,
each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance
herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such
Lender to make such Loan; provided that 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.

 

(c) At the commencement
of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount that is not less
than $5,000,000 and any integral multiple of $500,000 in excess thereof. At the time that each ABR Revolving Borrowing is
made, such Borrowing shall be in an aggregate amount that is not less than $1,000,000 and any integral multiple of $500,000 in
excess thereof and; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire
unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated
by Section 2.06(e). Borrowings of more than one Type may be outstanding at the same time; provided that there shall
not at any time be more than a total of 10 Eurodollar Revolving 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 11:00
a.m., New York City time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing,
not later than 11:00 a.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 2.06(e) may be given not later than 11:00 a.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) whether such Borrowing is
to be an ABR Borrowing or a Eurodollar Borrowing;

 

    	23

    	 

    

 

(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 bank account to which funds are to be disbursed.

 

If no election as to the Type of Revolving
Borrowing is specified, then the requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified
with respect to any requested Eurodollar Revolving 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, 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. [Reserved]

 

SECTION 2.05. [Reserved] 

 

SECTION 2.06. Letters of Credit.
(a) General. Subject to the terms and conditions set forth herein, the Borrower may request the issuance of Letters of Credit
as the applicant thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable to the
Administrative Agent and the applicable Issuing Bank, at any time and from time to time during the LC Availability Period. In the
event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter
of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, any Issuing Bank relating
to any Letter of Credit, the terms and conditions of this Agreement shall control. Notwithstanding anything herein to the contrary,
(i) Barclays Bank PLC will only issue standby Letters of Credit and shall have no obligation hereunder to issue, and shall not
issue, any commercial or trade Letters of Credit, (ii) the Issuing Banks shall have no obligation hereunder to issue, and shall
not issue, any Letter of Credit the proceeds of which would be made to any Person (y) to fund any activity or business of or with
any Sanctioned Person, or in any country or territory, that at the time of such funding is the subject of any Sanctions or (z)
in any manner that would result in a violation of any Sanctions by any party to this Agreement, (iii) no Issuing Bank shall be
under any obligation to amend or extend any Letter of Credit if (y) such Issuing Bank would have no obligation at such time to
issue the Letter of Credit in its amended form under the terms hereof or (z) the beneficiary of such Letter of Credit does not
accept the proposed amendment thereto and (iv) no Issuing Bank
 shall be under any obligation to issue any Letter of Credit if:  

 

(A) any order, judgment or decree
of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such
Letter of Credit, or any law applicable to such Issuing Bank or any request or directive (whether or not having the force of law)
from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or request that such Issuing Bank refrain
from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Bank
with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise
compensated hereunder) not in effect on the Effective Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost
or expense which was not applicable on the Effective Date and which such Issuing in good faith deems material to it;

 

(B) the issuance of such Letter
of Credit would violate one or more policies of such Issuing Bank applicable to letters of credit generally;

 

    	24

    	 

    

 

(C) except as otherwise agreed
by the Administrative Agent and such Issuing Bank, such Letter of Credit is in an initial stated amount less than $10,000;

 

(D) such Letter of Credit is to
be denominated in a currency other than Dollars; or

 

(E) such Letter of Credit contains
any provisions for automatic reinstatement of the stated amount after any drawing thereunder. 

 

(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 such Issuing Bank) to an Issuing Bank and the Administrative Agent (reasonably
in advance of the requested date of issuance, amendment, renewal or extension, but in any event no less than three Business Days
(or such short period as acceptable to such Issuing Bank)) a notice requesting the issuance of a Letter of Credit, or identifying
the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which
shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this
Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall
be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the applicable Issuing Bank, the Borrower
also shall submit a letter of credit application on such Issuing Bank’s standard form appropriately completed and signed
by a Financial Officer of the Borrower including agreed-upon draft language for such Letter of Credit reasonably acceptable to
the applicable Issuing Bank 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, (ii) the aggregate undrawn amount of all outstanding Letters of Credit of any Issuing Bank at such
time plus the aggregate amount of all LC Disbursements with respect to any such Letters of Credit that have not yet been reimbursed
by or on behalf of the Borrower at such time shall not exceed such Issuing Bank’s Letter of Credit Sublimit, (iii) no Lender’s
Revolving Credit Exposure shall exceed its Commitment and (iv) the aggregate Revolving Credit Exposure of all Lenders shall not
exceed the aggregate Commitments of all Lenders.

 

(c) Expiration Date.
Each Letter of Credit shall expire (or be subject to termination by notice from the applicable Issuing Bank to the beneficiary
thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such
Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the
date that is five Business Days prior to the Maturity Date.

 

(d) Participations.
By the issuance of a Letter of Credit by an Issuing Bank (or an amendment to a Letter of Credit increasing the amount thereof)
and without any further action on the part of such Issuing Bank or the Lenders, such Issuing Bank hereby grants to each Lender,
and each Lender hereby acquires from such 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, for the account of each
Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by
the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be
refunded to the Borrower for any reason. 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.

 

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(e) Reimbursement.
If any 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 not later than 12:00 noon, New York City time,
on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior
to such time on the day of receipt; provided that the Borrower may, subject to the conditions to borrowing set forth herein,
request in accordance with Section 2.03 or 2.05 that such payment be financed with an ABR Revolving Borrowing 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. If the Borrower fails to make such payment when due, the Administrative Agent shall
notify each Lender of the applicable LC Disbursement, 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 its
Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect
to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders),
and the Administrative Agent shall promptly pay to the applicable Issuing Bank 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 the applicable Issuing Bank or, to the extent that Lenders have made payments pursuant to
this paragraph to reimburse any Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear. Any
payment made by a Lender pursuant to this paragraph to reimburse any Issuing Bank for any LC Disbursement (other than the
funding of ABR Revolving Loans 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 shall
be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under
any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit
or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving
to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment
by any Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms
of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing,
that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff
against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Banks, nor any
of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer
of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred
to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice
or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder),
any error in interpretation of technical terms or any consequence arising from causes beyond the control of an Issuing Bank; provided
that the foregoing shall not be construed to excuse any Issuing Bank from liability to the Borrower to the extent of any direct
damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the
Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank’s failure
to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.
The parties hereto expressly agree that, in the absence of gross negligence or wilful misconduct on the part of any Issuing Bank
(as finally determined by a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised care in each
such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect
to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing
Bank with respect to such Letter of Credit may, in its sole discretion, either accept and make payment upon such documents without
responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make
payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

 

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(g) Disbursement
Procedures. Each Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent
a demand for payment under a Letter of Credit issued by such Issuing Bank. Such 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 such Issuing Bank and the Lenders with respect to any such LC Disbursement.

 

(h) Interim Interest.
If any Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the
date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such
LC Disbursement is made to but excluding the date that the reimbursement is due and payable 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, then Section 2.13(d) shall apply. Interest accrued pursuant to this paragraph shall
be for the account of such Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to
paragraph (e) of this Section to reimburse such 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 such 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 2.12(b). From and after the effective date of any
such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of such replaced Issuing Bank under
this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing
Bank” shall be deemed to include reference 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 any 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.

 

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(j) Cash Collateralization.
Upon (x) the Maturity Date, (y) termination of the Commitments or (z) 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 (or, if the maturity of
the Loans has been accelerated, the Issuing Banks or Lenders with LC Exposure representing greater than 50% of the total LC Exposure)
demanding the deposit of cash collateral pursuant to this paragraph, the Borrower 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 cash equal to 103% of the LC Exposure
as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral
shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of
any kind, upon the Maturity Date, termination of the Commitments or the occurrence of any Event of Default with respect to the
Borrower described in clause (h) or (i) of Article VII. Such deposit 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 each 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 (but subject
to the consent of the Issuing Banks or Lenders with LC Exposure representing greater than 50% of the total LC Exposure), 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 upon the Borrower’s written request within three Business Days after all Events of Default have been cured
or waived.

 

SECTION 2.07. 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. 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 a Loan Party maintained with the Administrative
Agent in New York City and designated by the Borrower in the applicable Borrowing Request; provided that ABR Revolving
Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative
Agent to the applicable Issuing Bank.

 

(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 such date in accordance with paragraph (a) of this Section 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 the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping
period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such
period. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan
included in such Borrowing.

 

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SECTION 2.08. Interest
Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in
the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. 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
Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. 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.

 

(b) To make an election
pursuant to this Section, 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 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 Revolving 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 Borrowing. Notwithstanding any contrary provision hereof, if a Specified 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 a Specified 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 Revolving Borrowing shall be converted to an ABR Borrowing
at the end of the Interest Period applicable thereto.

 

SECTION 2.09. Termination
and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date and to
the extent provided in Section 7.01. 

 

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(b) The Borrower may
at any time terminate, or from time to time reduce the Commitments; provided that (i) each reduction of the Commitments
shall be in an amount that is not less than $1,000,000 and any integral multiple of $500,000 in excess thereof and (ii) the
Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance
with Section 2.11, the sum of the Revolving Credit Exposures would exceed the total Commitments.

 

(c) The Borrower shall
notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 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 notice delivered by the Borrower pursuant to this Section 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 shall be permanent. Each reduction of
the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.

 

SECTION 2.10. Repayment
of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account
of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date. 

 

(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 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.

 

(d) The entries made
in the accounts maintained pursuant to paragraph (b) or (c) of this Section 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 in accordance with the terms of this Agreement.

 

(e) Any Lender may
request that Loans 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 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 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 2.11. 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,
subject to prior notice in accordance with paragraph (b) of this Section. 

 

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(b) The Borrower shall
notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment
of a Eurodollar Revolving Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of
prepayment or (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York
City time, one Business Day before 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 prepayment
is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such
notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly following
receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents
thereof. Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance
of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving 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 2.13.

 

SECTION 2.12. 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 Rate on the daily amount of the unused Commitment of such Lender during the period from and including the Effective
Date to but excluding the date on which such Commitment terminates; provided that, if such Lender continues to have any
Revolving Credit Exposure after its Commitment terminates, then such commitment fee shall continue to accrue on the daily amount
of such Lender’s Revolving Credit Exposure from and including the date on which its Commitment terminates to but excluding
the date on which such Lender ceases to have any Revolving Credit Exposure. Accrued commitment fees shall be payable in arrears
on the last day of March, June, September and December of each year and on the date on which the Commitments terminate, commencing
on the first such date to occur after the date hereof; provided that any commitment fees accruing after the date on which
the Commitments terminate shall be payable on demand. 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, the Commitment of any Lender shall be deemed to be used to the extent of the Revolving Credit Exposure
of such Lender.

 

(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 Rate used to determine the interest rate applicable to Eurodollar
Revolving 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 Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to each Issuing
Bank a fronting fee, which shall accrue at the rate or rates per annum separately agreed upon between the Borrower and such
Issuing Bank on the face amount of each Letter of Credit of such Issuing Bank during the period from and including the Effective
Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure,
as well as such Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter
of Credit of such Issuing Bank 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 Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall
be payable on demand. Any other fees payable to any 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).

 

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(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.

 

(d) The Borrower agrees
to pay fees in the amounts and at the times agreed pursuant to the Fee Letters.

 

(e) All fees payable
hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the Issuing Banks,
in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders. Fees
paid shall not be refundable under any circumstances.

 

SECTION 2.13. Interest.
(a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate. 

 

(b) The Loans comprising
each Eurodollar Borrowing shall bear interest in the case of a Eurodollar Revolving Loan, at the Adjusted LIBO Rate for the Interest
Period in effect for such Borrowing plus the Applicable Rate.

 

(c) [Reserved]

 

(d) 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, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate
otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any
other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

 

(e) Accrued interest
on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon
termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this Section shall
be payable on demand, (ii) 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 (iii) in the event of any conversion of any Eurodollar Revolving 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.

 

(f) 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, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent,
and such determination shall be conclusive absent manifest error.

 

SECTION 2.14. 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 conclusive absent manifest error) that adequate and reasonable means do not exist
for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or

 

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(b) the Administrative
Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period
will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan)
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, (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 Revolving Borrowing, such Borrowing
shall be made as an ABR Borrowing.

 

SECTION 2.15.
Increased Costs. (a) If any Change in Law shall: 

 

(i) impose,
modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement,
insurance charge or other assessment) 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 any Issuing Bank;

 

(ii) impose
on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense (other than Taxes) affecting
this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein; or

 

(iii) subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition
of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations,
or its deposits, reserves, other liabilities or capital attributable thereto;

 

and the result of any of the foregoing
shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting or maintaining any Eurodollar
Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, such Issuing Bank or such
other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or
receivable by such Lender, such Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then
the Borrower will pay to such Lender, such Issuing Bank or such other Recipient, as the case may be, such additional amount or
amounts as will compensate such Lender, such Issuing Bank or such other Recipient, as the case may be, for such additional costs
actually incurred or reduction actually suffered.

 

(b) If any Lender or
any Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of
reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s
or such 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 such Issuing Bank, to a level below that which such
Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such
Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s
or such Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower
will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender
or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered.

 

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(c) A certificate of
a Lender or a Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or such Issuing Bank or its
holding company, as the case may be, as specified in paragraph (a) or (b) of this Section, and setting forth in
reasonable detail the manner in which such amount or amounts shall have been determined, shall be delivered to the Borrower and
shall be conclusive absent manifest error. The Borrower shall pay such Lender or such Issuing Bank, as the case may be, the amount
shown as due on any such certificate within 10 days after receipt thereof.

 

(d) Notwithstanding
anything to the contrary in this Agreement, no Lender nor Issuing Bank shall be entitled to request any payment or amount under
this Section 2.15 unless such Lender or Issuing Bank is generally demanding payment (and certifies to the Borrower that it is generally
demanding payment) under comparable provisions of its agreements with similarly situated borrowers of similar credit quality (provided,
that the Administrative Agent shall be under no obligation to verify any such request of a Lender). Failure or delay on the part
of any Lender or any Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s
or such Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate
a Lender or an Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 90 days prior
to the date that such Lender or such 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 such Issuing Bank’s intention to claim compensation therefor;
provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then
the 90-day period referred to above shall be extended to include the period of retroactive effect thereof.

 

SECTION 2.16. 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 2.11(b) and is revoked in accordance therewith), (d) [Reserved]
or (e) 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 2.19, then, in any such event, the Borrower shall compensate each Lender
for the loss (other than loss of profit or Applicable Rate), cost and expense attributable to such event. A certificate of any
Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section, and setting
forth in reasonable detail the manner in which such amount or amounts shall have been determined, shall be delivered to the Borrower
and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate
within 10 days after receipt thereof.

 

SECTION 2.17. Payments
Free of Taxes. (a) Any and all payments by or on account of any obligation of any
Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable
law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction
or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled
to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority
in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable shall be increased as necessary
so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional
sums payable under this Section 2.17) the applicable Recipient receives an amount equal to the sum it would have received had
no such deduction or withholding been made.

 

(b) Payment of Other
Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law,
or at the option of the Administrative Agent timely reimburse it for, Other Taxes.

 

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(c) Evidence of
Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section
2.17, 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.

 

(d) Indemnification
by the Borrower. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of
any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section)
payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified 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 (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender,
shall be conclusive absent manifest error.

 

(e) Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i)
any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register
and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in
connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby
authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document
or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative
Agent under this paragraph (e).

 

(f) Status of Lenders.
(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan
Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower
or the Administrative Agent, original copies of such properly completed and executed documentation reasonably requested by the
Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.
In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation
prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or
the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.
Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the
Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(ii) Without
limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,

 

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(A) any
Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax;

 

(B) any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such
number of originals as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
whichever of the following is applicable:

 

(1) in the
case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to
payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing
an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty
and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable,
establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or
“other income” article of such tax treaty;

 

(2) executed
originals of IRS Form W-8ECI;

 

(3) in the
case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a
certificate substantially in the form of Exhibit B-1 to the effect that such Foreign Lender is not a “bank” within
the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section
881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S.
Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or

 

(4) to the
extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN or IRS Form W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit B-2 or
Exhibit B-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that
if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio
interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit B-4
on behalf of each such direct and indirect partner;

 

(C) any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S.
Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law
to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

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(D) if
a payment made to a Lender under any Loan Document would be subject to withholding Tax imposed by FATCA if such Lender were to
fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed
by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA
or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

Each Lender agrees
that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update
such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do
so.

 

(g) Treatment of
Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of
any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant
to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified
party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount
to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable
net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such
refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect
to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax
returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(h) Survival.
Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

(i) Defined Terms.
For purposes of this Section 2.17, the term “Lender” includes any Issuing Bank and the term “applicable
law” includes FATCA.

 

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SECTION 2.18. Payments
Generally; Pro Rata Treatment; Sharing of Set-offs. (a) The Borrower shall make each payment required to be made by it hereunder
(whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16
or 2.17, or otherwise) prior to 12:00 noon, 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 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 10 South Dearborn, Chicago, Illinois 60603, except payments to be made
directly to an Issuing Bank as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and
9.03 shall be made directly to the Persons entitled thereto. 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 hereunder
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. All payments
hereunder 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 resulting in such Lender receiving payment of a greater proportion
of the aggregate amount of its Revolving Loans and participations in LC Disbursements 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 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; 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 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 Banks 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 Banks, 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 Banks, 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.

 

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(e) If any Lender shall
fail to make any payment required to be made by it pursuant to Section 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), then the Administrative
Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) 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, and/or (ii) hold such amounts in a segregated account over which the Administrative Agent
shall have exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under any
such Section until such obligations are satisfied, in the case of each of clause (i) and (ii) above, in any order as determined
by the Administrative Agent in its discretion.

 

(f) The Borrower hereby irrevocably waives
the right to direct the application of any and all payments in respect of the Secured Obligations after the occurrence and during
the continuance of an Event of Default and agrees that the Administrative Agent may, and, upon either (A) the written direction
of the Required Lenders or (B) the acceleration of the Obligations pursuant to Section 7.01, shall, apply all payments in respect
of any Secured Obligations of such Borrower and all proceeds of Pledged Collateral in the following order:

 

first, to pay interest
on and then principal of any portion of the Loans that the Administrative Agent may have advanced on behalf of any Lender for which
the Administrative Agent has not then been reimbursed by such Lender or such Borrower;

 

second, to pay Secured
Obligations in respect of any expense reimbursements or indemnities then due to the Administrative Agent;

 

third, to pay Secured Obligations
in respect of any expense reimbursements or indemnities then due to the Lenders and the Issuing Banks;

 

fourth, to pay Secured
Obligations in respect of any fees then due to the Administrative Agent, the Lenders and the Issuing Banks;

 

fifth, to pay interest
then due and payable in respect of the Loans and LC Disbursements;

 

sixth, ratably to pay or
prepay principal amounts on all other Loans and reimbursement obligations with respect to LC Disbursements, to pay all Secured
Obligations in respect of Hedge Agreements and Secured Cash Management Agreements and to provide cash collateral for outstanding
LC Exposure in respect of undrawn Letters of Credit in an amount equal to 103% of such LC Exposure; and

 

seventh, to the ratable
payment of all other Secured Obligations;

 

provided, however,
that if sufficient funds are not available to fund all payments to be made in respect of any Secured Obligation described in any
of clauses first through eighth above, the available funds being applied with respect to any such Secured
Obligation (unless otherwise specified in such clause) shall be allocated to the payment of such Secured Obligation ratably, based
on the proportion of the Administrative Agent’s and each Lender’s, Issuing Bank’s, Hedge Bank’s or Cash
Management Bank’s interest in the aggregate outstanding Secured Obligations described in such clauses.

 

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SECTION 2.19. Mitigation
Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.15, or if the Borrower is
required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 2.17, 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 judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Sections 2.15 or 2.17, 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 (i) any Lender
requests compensation under Section 2.15 or the Borrower is required to pay any Indemnified Taxes or additional amounts to
any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17 and, in each case, such Lender
has declined or is unable to designate a different lending office in accordance with Section 2.19(a), (ii) any Lender becomes Defaulting
Lender or (iii) any Lender refuses to consent to any amendment, waiver or other modification of this Agreement requested by the
Borrower that requires the consent of a greater percentage of the Lenders than the Required Lenders and such amendment, waiver
or other modification is consented to by the Required Lenders, 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 (other than its existing rights to payments
pursuant to Sections 2.15 or 2.17) 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) if such assignee is not then
a Lender, the Borrower shall have received the prior written consent of the Administrative Agent and the Issuing Banks, which consent
shall not be unreasonably withheld or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and participations in LC Disbursements, 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) in accordance with
the applicable Assignment and Assumption or the Borrower (in the case of all other amounts), (iii) in the case of any such
assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17,
such assignment will result in a reduction in such compensation or payments and (iv) in the case of any such assignment resulting
from a Lender refusing to consent to an amendment, waiver or other modification for which the Required Lenders have consented to,
such assignee shall be deemed to have consented to the applicable amendment, waiver or other modification. 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.

 

SECTION 2.20. Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the
following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a)          the
Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders
have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to
Section 9.02); provided that this clause (a) shall not apply to the vote of a Defaulting Lender in the case of an amendment,
waiver or other modification requiring the consent of such Lender or each Lender affected thereby;

 

(b)          if
any LC Exposure exists at the time such Lender becomes a Defaulting Lender then:

 

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

 

(ii)         if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one Business
Day following notice by the Administrative Agent, cash collateralize for the benefit of the Issuing Banks only the Borrower’s
obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant
to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;

 

(iii)        if
the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower
shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s
LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;

 

(iv)        if
the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders
pursuant to Section 2.12 shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and

 

(v)         if
all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause
(i) or (ii) above, then, without prejudice to any rights or remedies of any Issuing Bank or any other Lender hereunder, all commitment
fees that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s
Commitment that was unutilized by such LC Exposure) and letter of credit fees payable under Section 2.12 with respect to such Defaulting
Lender’s LC Exposure shall be payable to the applicable Issuing Bank until and to the extent that such LC Exposure is reallocated
and/or cash collateralized;

 

(c)          so
long as such Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, amend or increase any Letter of Credit,
unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered
by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section
2.20(c), and participating interests in any newly issued or increased Letter of Credit shall be allocated among non-Defaulting
Lenders in a manner consistent with Section 2.20(c)(i) (and such Defaulting Lender shall not participate therein);

 

(d)          No
Defaulting Lender shall be entitled to receive any commitment fees payable under Section 2.12(a) for any period during which such
Lender is a Defaulting Lender and the Borrower shall not be required to pay any such fee (except as otherwise provided in Section
2.20(b)(v)) that otherwise would have been required to have been paid to such Defaulting Lender; and

 

(e)          So
long as any Lender is a Defaulting Lender, such Lender and its Affiliates will not be a Cash Management Bank or Hedge Bank with
respect to any Secured Cash Management Agreement or Hedging Agreement entered into while such Lender was a Defaulting Lender.

 

If (i) a Bankruptcy
Event with respect to a Lender Parent shall occur following the date hereof and for so long as such event shall continue or (ii)
any Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements
in which such Lender commits to extend credit, such Issuing Bank shall not be required to issue, amend or increase any Letter of
Credit, unless such Issuing Bank shall have entered into arrangements with the Borrower or such Lender, satisfactory to such Issuing
Bank to defease any risk to it in respect of such Lender hereunder.

 

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In the event that the
Administrative Agent, the Borrower and each Issuing Bank each agrees that a Defaulting Lender has adequately remedied all matters
that caused such Lender to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect the inclusion
of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders as
the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable
Percentage.

 

SECTION 2.21. Incremental
Commitments. The Borrower may, by written notice to the Administrative Agent, from time to time and at any time up until and
including the date that is five (5) Business Days prior to the Maturity Date, advise of the obtaining of one or more Incremental
Commitments (each such increase, a “Commitment Increase”); provided that (i) no Event of Default shall exist
after giving effect to the incurrence of such Commitment Increase; and (ii) after giving effect to such Commitment Increase, the
Borrower’s Senior Secured Net Leverage Ratio (assuming such Commitment Increase is fully drawn and otherwise on a Pro Forma
Basis as of the then most recently ended Test Period) shall not exceed 2.00:1.00. Such notice shall set forth (i) the amount of
such Commitment Increase (provided; however, that the amount of each Commitment Increase shall be in an aggregate principal amount
that is not less than $10,000,000) and (ii) the date on which each such Incremental Commitment is requested to become effective
(which shall not be later than the Maturity Date) (each such date, an “Incremental Effective Date”). Commitment
Increases may be provided by any existing Lender or by any other bank or other financial institution (any such other bank or other
financial institution being called an “Additional Lender”), provided that the Administrative Agent shall have
consented (such consent not to be unreasonably withheld or delayed) to such Lender’s or Additional Lender’s providing
such Commitment Increases if such consent would be required under Section 9.04 for an assignment of Revolving Loans or Commitments,
as applicable, to such Lender or Additional Lender. Commitments in respect of Commitment Increases shall become Commitments (or
in the case of a Commitment Increase to be provided by an existing Lender, an increase in such Lender’s Commitment) under
this Agreement pursuant to an amendment (an “Incremental Amendment”) to this Agreement, executed by the Borrower,
each Lender agreeing to provide such Commitment Increase, if any, each Additional Lender, if any, and the Administrative Agent,
and, in the case of an Additional Lender, setting forth the agreement of each Additional Lender to become a party to this Agreement
and to be bound by all of the terms and provisions hereof. The Incremental Amendment may, without the consent of any other Lenders,
effect such amendments to this Agreement as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent
and the Borrower, to effect the provisions of this Section 2.21. No Lender shall be obligated to provide any Commitment Increases,
unless it so agrees. Upon each increase in the Commitments pursuant to this Section 2.21, (a) each Lender immediately prior to
such increase will automatically and without further act be deemed to have assigned to each Lender providing a portion of the Commitment
Increase (each, a “Commitment Increase Lender”) in respect of such increase, and each such Commitment Increase Lender
will automatically and without further act be deemed to have assumed, a portion of such Lender’s participations hereunder
in outstanding LC Exposure such that, after giving effect to each such deemed assignment and assumption of participations, the
percentage of the aggregate outstanding participations hereunder in LC Exposure held by each Lender (including each such Commitment
Increase Lender) will equal the percentage of the total Commitments represented by such Lender’s Commitment and (b) if, on
the date of such increase, there are any Revolving Loans outstanding, such Revolving Loans shall on or prior to the effectiveness
of such Commitment Increase be prepaid from the proceeds of additional Revolving Loans made hereunder (reflecting such increase
in Commitments), which prepayment shall be accompanied by accrued interest on the Revolver Loans being prepaid and any costs incurred
by any Lender in accordance with Section 2.16. The Administrative Agent and the Lenders hereby agree that the minimum borrowing
and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to
the immediately preceding sentence. The Administrative Agent shall promptly notify each Lender of the execution and delivery of
each Incremental Amendment. As of each Incremental Effective Date, this Agreement shall be deemed supplemented by each such Incremental
Amendment, each such applicable Additional Lender shall be a “Lender” hereunder, and each such Incremental Lender’s
Incremental Commitment shall be its “Commitment” hereunder (in the case of an Additional Lender) or shall increase
its Commitment hereunder (in the case of an existing Lender).

 

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ARTICLE III

Representations and Warranties

 

The Borrower represents
and warrants to the Lenders, as of the Effective Date (with the understanding that the accuracy of only the Specified Representations
in this Article III shall be conditions to the making of the Loans, if any, on the Effective Date) and on the date that any Loan
is made or any Letter of Credit is issued, amended, extended or renewed after the Effective Date, that:

 

SECTION 3.01. Organization;
Powers. Each Loan Party (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of
its organization, (b) has all requisite power and authority to carry on its business as now conducted and (c) is qualified to do
business in, and is in good standing in, every jurisdiction where such qualification is required, except in the case of clauses
(b) and (c) where the failure with respect thereto, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect.

 

SECTION 3.02. Authorization;
Enforceability. The execution and delivery hereof by the Loan Parties hereof, and the performance of their respective obligations
hereunder are within each of the Loan Parties’ corporate powers and have been duly authorized by all necessary corporate
action. This Agreement has been duly executed and delivered by each Loan Party hereto and constitutes a legal, valid and binding
obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law.

 

SECTION 3.03. Governmental
Approvals; No Conflicts. The execution and delivery hereof by the Loan Parties hereof, and the performance of their respective
obligations hereunder (a) do not require any Loan Party to obtain, make or take, as applicable, any consent or approval of, registration
or filing with, or any other action with respect to, any Governmental Authority, except such as have been obtained, made or taken,
as applicable, and are in full force and effect, (b) will not violate any law or regulation applicable to any Loan Party or the
charter, by-laws or other organizational documents of any Loan Party or any order of any Governmental Authority to which any Loan
Party is subject, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any
Loan Party or its assets, or give rise to a right thereunder to require any payment to be made by any Loan Party, and (d) will
not result in the creation or imposition of any Lien on any asset of any Loan Party (other than pursuant to any Security Document).

 

SECTION
3.04. Financial Condition; No Material Adverse Change; Solvency. (a) The Borrower has
heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows
(i) as of and for the fiscal year ended December 31, 2013, reported on by KPMG LLP, independent public accountants, and (ii) as
of and for the fiscal quarter and the portion of the fiscal year ended March 31, 2014, certified by its chief financial officer.
Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows
of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end
audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above.

 

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(b) Since December
31, 2013, there has been no change in the business, assets, operations, or financial condition of the Borrower and its Subsidiaries,
taken as a whole, that could reasonably be expected to result in a Material Adverse Effect.

 

(c) Both before and
after giving effect to (a) the Loans made on the Effective Date, (b) the disbursement of the proceeds of such Loans to or as directed
by the Borrower, (c) the consummation of the acquisition and related transactions contemplated to be consummated on the Effective
Date and (d) the payment and accrual of all transaction costs in connection with the foregoing, the Loan Parties and their Subsidiaries
taken as a whole are Solvent on the Effective Date.

 

SECTION
3.05. Properties. (a) Each Loan Party has good title to, or valid leasehold or other
interests in, all its real and personal property material to its business, except as could not reasonably be expected to have a
Material Adverse Effect.

 

(b) The Borrower owns,
is licensed to use, or has the legal right to use, all trademarks, trade names, copyrights, patents and other intellectual property
material to its business, and the use thereof by the Borrower does not infringe upon the rights of any other Person, except for
any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect.

 

SECTION
3.06. Litigation and Environmental Matters. (a) There are no actions, suits or proceedings
by or before any arbitrator or Governmental Authority pending against or, to the actual knowledge of the Borrower, threatened against
or affecting any Loan Party (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely
determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than
the Disclosed Matters) or (ii) that involve this Agreement or the Transactions.

 

(b) Except for the
Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, no Loan Party (i) has failed to comply with any Environmental Law or to obtain,
maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject
to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability nor (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 Loan Party 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 or 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 Company Status. No Loan Party is an “investment company”
as defined in, or subject to regulation under, the Investment Company Act of 1940.

 

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SECTION
3.09. Taxes. Each Loan Party 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) Taxes
that are being contested in good faith by appropriate proceedings and for which the applicable Loan Party 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.

 

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, could reasonably be expected
to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on those
assumptions used for disclosure of such obligations in corporate financial statements in accordance with GAAP) did not, as of the
most recent statements available, exceed the aggregate value of the assets for each plan by an amount in the aggregate for all
such plans that would reasonably be expected to have a Material Adverse Effect.

 

SECTION
3.11. Disclosure. Each Loan Party has disclosed to the Lenders all agreements, instruments
and corporate or other restrictions to which it is subject, and all other matters known to it, that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or
other information furnished by or on behalf of the Loan Parties to the Administrative Agent or any Lender in connection with the
negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished), taken as
a whole, contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial
information, each Loan Party represents only that such information was prepared in good faith based upon assumptions believed to
be reasonable at the time (it being understood that projected financial information is subject to significant contingencies and
assumptions, many of which are beyond the control of the Loan Parties and their respective Subsidiaries, and that no assurance
can be given that the projections or forecasts will be realized).

 

SECTION
3.12. Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions. The Borrower has implemented
and maintains in effect policies and procedures designed to ensure compliance by the Loan Parties, their Subsidiaries and their
respective directors, officers, employees and agents with Anti-Corruption Laws, Anti-Terrorism Laws and applicable Sanctions, and
the Loan Parties, their Subsidiaries and, to the actual knowledge of the Borrower, their respective officers, employees and directors,
are in compliance with Anti-Corruption Laws, Anti-Terrorism Laws and applicable Sanctions in all material respects. None of (a)
the Loan Parties, their Subsidiaries or, to the actual knowledge of the Borrower, any of their respective directors, officers or
employees, or (b) to the knowledge of the Borrower, any agent of the Loan Parties that will act in any capacity in connection with
or benefit from the credit facility established hereby, is a Sanctioned Person.  No proceeds of any Borrowing or any
Letter of Credit will be used directly, or to the actual knowledge of the Borrower, indirectly in any manner which would violate
Anti-Corruption Laws or applicable Sanctions.

 

SECTION
3.13. Margin Regulations. The Borrower is not engaged and will not engage, principally
or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose
of purchasing or carrying Margin Stock, and no part of the proceeds of any Loans hereunder will be used to buy or carry any Margin
Stock.

 

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ARTICLE IV

Conditions

 

SECTION
4.01. Effective Date. The obligations of the Lenders to make Loans and of the Issuing
Banks to issue Letters of Credit hereunder shall not become effective (and the initial Loans (if any are to be made on the Effective
Date) shall not be funded) 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 thereto either (i) a counterpart of each Loan Document
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 each Loan Document.

 

(b)          The
Administrative Agent shall have (i) received certificated securities evidencing all of the then issued and outstanding Equity Interests
of the Guarantor together with executed, undated and blank stock powers with respect thereto and (ii) received financing statements
describing the Pledged Collateral on form UCC-1 in a form reasonably acceptable to the Administrative Agent for filing with the
Secretary of State of the State of Delaware.

 

(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 White & Case LLP, counsel for the Loan Parties, and covering such other matters relating to the
Borrower, the Guarantor, the Loan Documents or the Transactions as the Administrative Agent or the Required Lenders shall reasonably
request. The Borrower hereby requests such counsel to deliver such opinion.

 

(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, existence and good standing of each Loan Party, the authorization of the Transactions and
any other legal matters relating to the Loan Parties, this Agreement or the Transactions, all in form and substance reasonably
satisfactory to the Administrative Agent and its counsel.

 

(e)          If
any Loans are to be made, or Letters of Credit issued, on the Effective Date, the Administrative Agent shall have received a Borrowing
Request in accordance with Section 2.03.

 

(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 at least two Business Days prior to the Effective Date, reimbursement or payment of all out of pocket expenses
required to be reimbursed or paid by the Borrower hereunder.

 

(g)          The
Specified Representations shall be true and correct in all material respects on and as of the Effective Date (provided that any
representation and warranty that is qualified as to “materiality”, “material adverse effect” or similar
language shall be true and correct in all respects (after giving effect to any other qualification therein)) and the Administrative
Agent shall have received a Borrower certificate, dated the Effective Date and signed by the President, a Vice President or a Financial
Officer (or other officer with equivalent duties) of the Borrower, with respect thereto.

 

(h)          The
acquisition of Equity Interests in IMTT contemplated by the Purchase Agreement shall be consummated prior to or simultaneously
with the Effective Date in accordance with the terms thereof, but without any amendment, modification or waiver of any of the provisions
thereof that would be materially adverse to the Lenders without the consent of the Lenders.

 

    	46

    	 

    

 

(i)          From
the date hereof to the Effective Date, IMTT and its subsidiaries, taken as a whole, shall not have had or be experiencing an Effective
Date Material Adverse Effect.

 

(j)          On
the Effective Date, the Borrower shall have no outstanding secured Indebtedness for borrowed money other than the Obligations.

 

(k)          Upon
the reasonable request of any Lender made at least five Business Days prior to the Effective Date, the Borrower shall have provided
to such Lender the documentation and other information so requested in connection with applicable “know your customer”
and anti-money-laundering rules and regulations, including the PATRIOT Act, in each case at least three Business Days prior to
the Effective Date.

 

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 Banks 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) on or prior to September 15, 2014
(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 after the Effective Date. The obligation of each Lender to
make a Loan on the occasion of any Borrowing after the Effective Date, and of the Issuing Banks to issue, amend, renew or extend
any Letter of Credit after the Effective Date, is subject to the satisfaction of the following conditions:

 

(a)          The
representations and warranties of the Borrower set forth in this Agreement shall be true and correct on and as of the date of such
Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable.

 

(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.

 

(c)          Such
Borrowing or Letter of Credit issuance shall not occur during a Ratings Reaffirmation Period.

 

Each such Borrowing and each issuance,
amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower
on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.

 

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 , in each case, without any pending draw, and all LC Disbursements
shall have been reimbursed, the Borrower covenants and agrees with the Lenders that on and after the Effective Date:

 

SECTION
5.01. Financial Statements; Ratings Change and Other Information. The Borrower will
furnish to the Administrative Agent and each Lender, including their Public-Siders:

 

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(a) within 90 days
after the end of each fiscal year of the Borrower, 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 KPMG LLP or other independent public accountants of recognized national
standing (without a “going concern” or like qualification commentary or exception and without any qualification or
exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material
respects the financial condition and results of operations of the Borrower and its consolidated 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 the Borrower, its 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 financial condition and results of operations of the Borrower and its
consolidated 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 clause (a) or (b) above, a certificate of a Financial Officer of the Borrower (i) certifying
as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed
to be taken with respect thereto and (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.08;

 

(d) promptly after
the same become publicly available, copies of all reports on Form 8-K filed by it with the SEC, or any Governmental Authority succeeding
to any of or all the functions of the SEC, or copies of all reports distributed to its shareholders, as the case may be; and

 

(e) promptly following
any request therefor, such other information regarding the operations, business affairs and financial condition of any Loan Party,
or compliance with the terms of this Agreement, as the Administrative Agent or any Lender (through the Administrative Agent) may
reasonably request.

 

Information required to be delivered pursuant
to this Section shall be deemed to have been delivered on the date on which the Borrower provides notice (reasonably identifying
where the applicable disclosure may be obtained) to the Administrative Agent that such information has been posted on the Borrower’s
website on the internet at www.macquarie.com/mic, or on the SEC’s website on the internet at www.sec.gov or at another website
identified in such notice and accessible by the Lenders without charge.

 

SECTION
5.02. Notices of Material Events. Promptly (and in any event within five Business Days)
after any executive officer of the Borrower obtaining actual knowledge thereof, the Borrower will furnish to the Administrative
Agent and each Lender 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 any Loan Party thereof
that could reasonably be expected to result in a Material Adverse Effect;

 

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(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 liability of any Loan Party in an aggregate amount exceeding $25,000,000; and

 

(d) the announcement
of a change in any Debt Rating established or deemed to have been established for the Facility Debt;

 

provided, that in each case the Borrower
shall not be required to provide separate notice of any event disclosed in any report promptly filed with the SEC if the Borrower
has provided notice to the Administrative Agent in accordance with the last paragraph of Section 5.01 as long as the Borrower has
provided notice reasonably identifying where the applicable disclosure may be obtained to the Administrative Agent that such information
has been posted.

 

SECTION
5.03. Existence; Conduct of Business. Each Loan Party will do or cause to be done all
things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges
and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation,
liquidation or dissolution permitted under Section 6.03.

 

SECTION
5.04. Payment of Obligations. Each Loan Party will pay its obligations, including Tax
liabilities, that, if not paid, could result in a Material Adverse Effect 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 and (b) such
Loan Party has set aside on its books adequate reserves with respect thereto in accordance with GAAP.

 

SECTION
5.05. Maintenance of Properties; Insurance. Each Loan Party will (a) keep and
maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted,
except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect and (b) maintain,
with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained
by companies engaged in the same or similar businesses operating in the same or similar locations.

 

SECTION
5.06. Books and Records; Inspection Rights. Each Loan Party will 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 Loan Party will 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 (in the presence of officers of the Borrower, whether by phone
or in person) independent accountants (excluding, in each case contracts and other information subject to obligations of any Loan
Party under applicable confidentiality provisions or attorney-client privilege), all at such reasonable times and as often as reasonably
requested (but, so long as no Event of Default has occurred and is continuing, not more often than once in every twelve (12) month
period from the date hereof), all at the expense of the applicable Lender (provided that during the continuation of any Default
any expense of the Lenders in connection with the foregoing shall be for the account of the Borrower).

 

SECTION
5.07. Compliance with Laws. Each Loan Party will comply with all laws, rules,
regulations and orders of any Governmental Authority applicable to it or its property (including the filing of all Tax
returns required to be filed), except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures
designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and
agents with Anti-Corruption Laws and applicable Sanctions.

 

    	49

    	 

    

 

SECTION
5.08. Use of Proceeds and Letters of Credit. The proceeds of the Loans will be used
only for general corporate purposes (including without limitation to finance Acquisitions). 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. The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use,
and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the
proceeds of any Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the
payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or Anti-Terrorism
Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned
Person, or in any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions or Anti-Terrorism
Laws applicable to any party hereto.

 

SECTION 5.09. Credit
Ratings. The Borrower will use commercially reasonable efforts to obtain and maintain (but not obtain or maintain a specific
rating) a public corporate credit rating of the Borrower from S&P (or, if the Borrower determines that the same is not available
from S&P, the Borrower will use commercially reasonable efforts to obtain and maintain (but not obtain or maintain a specific
rating) a public corporate family rating of the Borrower from Moody’s).

 

SECTION 5.10. Cash
Distributions. Upon and during the continuance of any Event of Default, if requested to do so by the Administrative Agent,
the Borrower will use commercially reasonable efforts to obtain cash distributions from its Subsidiaries (to the extent such cash
is then on hand at the Subsidiaries and Available for Distribution).

 

SECTION 5.11. Additional
Collateral. Promptly following the acquisition by (including by transfer to or formation of a Subsidiary by) the Borrower of
(y) any Pledged Equity or (z) any intercompany notes or instruments referred to in Section 6.01(c) in an aggregate principal amount
in excess of $25,000,000, the Borrower shall deliver to the Administrative Agent all certificates, instruments, promissory notes
and other documents (in each case, if any) representing such Pledged Equity or intercompany Indebtedness, together with (i) in
the case of certificated Equity Interests, undated stock powers endorsed in blank and (ii) in the case promissory notes, instruments
and other certificated debt securities, endorsed in blank, in each case executed and delivered by an authorized officer of the
Borrower.

 

ARTICLE VI

Negative Covenants

 

Until the Commitments
have expired or 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 terminated, in each case, without any pending draw, and all LC Disbursements shall have
been reimbursed, the Loan Parties covenant and agree with the Lenders that on and after the Effective Date:

 

SECTION
6.01. Indebtedness. The Guarantor will not create, incur, assume or permit to exist
any Indebtedness of the Guarantor, except:

 

(a) Indebtedness
created under any Loan Document;

 

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(b) Indebtedness
existing on the date hereof and set forth in Schedule 6.01;

 

(c) Indebtedness
owing to the Borrower; provided that if such Indebtedness shall be evidenced by intercompany promissory notes, all such notes shall
be subject to the Lien of the Pledge Agreement;

 

(d) Indebtedness
owing to any of its Subsidiaries in the aggregate at any time outstanding not in excess of $35,000,000;

 

(e) Guarantees
of Permitted Borrower Secured Debt;

 

(f) Permitted
Guarantor Debt; and

 

(g) any replacement,
renewal, refinancing or extension of any Indebtedness referenced above that does not exceed the aggregate principal amount (plus
associated fees and expenses) of the Indebtedness being replaced, renewed, refinanced or extended (except that accrued and unpaid
interest not delinquent in accordance with its terms may be part of any refinancing pursuant to this clause) and that otherwise
complies with this Agreement.

 

SECTION
6.02. Liens. No Loan Party will create, incur, assume or permit to exist any Lien on
any of its property or assets, whether now owned or hereafter acquired by it, or assign or sell any income or revenues (including
accounts receivable) or rights in respect of any thereof, except:

 

(a) Liens pursuant
to any Loan Document;

 

(b) Permitted Encumbrances;

 

(c) any Lien existing
on any property or asset prior to the acquisition thereof by the Loan Parties; provided that (i) such Lien does not attach
to any Equity Interests or intercompany notes held or acquired by the Borrower, (ii) such Lien was not created in anticipation
of such acquisition, (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition and (iv)
the aggregate amount of Indebtedness secured by all Liens permitted by this clause (c) shall not exceed at any time outstanding
$50,000,000;

 

(d) Liens securing
senior secured first lien or junior lien Indebtedness incurred by the Borrower (such secured Indebtedness, “Permitted
Borrower Secured Debt”); provided that, (i) no Event of Default shall exist after giving effect to the incurrence of
such Permitted Borrower Secured Debt unless the proceeds thereof are being concurrently used to finance an acquisition, in which
case no Event of Default shall exist at the time of entering into a binding agreement in respect of such acquisition; (ii) after
giving effect to the incurrence of such Permitted Borrower Secured Debt (on the date of incurrence thereof or, if the proceeds
thereof are being concurrently used to finance an acquisition, on the date of entering into a binding agreement in respect of such
acquisition), the Borrower’s Senior Secured Net Leverage Ratio (on a Pro Forma Basis as of the then most recently ended fiscal
quarter of the Borrower) shall not exceed 2.00:1.00; (iii) such Permitted Borrower Secured Debt shall not be Guaranteed by any
Person other than the Guarantor and shall not be secured by a Lien on any assets other than Pledged Collateral; (iv) subject to
the limitations in clauses (v) and (vi) below, the terms and provisions of such Permitted Borrower Secured Debt shall not be more
restrictive, taken as a whole, to the Loan Parties than those applicable hereto at the time of incurrence of such Permitted Borrower
Secured Debt, unless such other terms (1) apply only after the Maturity Date at the time of incurrence of such Permitted Borrower
Secured Debt, (2) shall also apply hereto (which such application shall not require the consent of the Lenders or the Administrative
Agent if so reasonably determined by the Borrower) or (3) relate only to mandatory prepayments customary for such type of debt
securities, premiums (including make-whole provisions), interest, fees or (subject to the foregoing) maturity or amortization;
(v) the Weighted Average Life to Maturity of such Permitted Borrower Secured Debt shall be no shorter than that hereof in effect
at the time of incurrence of such Permitted Borrower Secured Debt; (vi) the Stated Maturity of such Permitted Borrower Secured
Debt shall be no shorter than the Maturity Date at the time of incurrence of such Permitted Borrower Secured Debt; and (vii) a
representative acting on behalf of the holders of such Permitted Borrower Secured Debt and the Administrative Agent shall have
executed and delivered a pari passu intercreditor agreement or a second lien intercreditor agreement, as applicable, the form and
substance of which shall be satisfactory to the Administrative Agent in its reasonable judgment;

 

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(e) Liens granted by
the Guarantor on Equity Interests of any of its Subsidiaries securing Indebtedness of such Subsidiary (or its Subsidiaries), and

 

(f) other Liens securing
Indebtedness or other obligations in an aggregate principal amount at the time of incurrence of any such Indebtedness or other
obligations not exceeding at any time outstanding $100,000,000; provided that, in the case of Indebtedness, such Liens attach only
to cash, Cash Equivalents, accounts with banks and other financial institutions (including deposit, savings and securities accounts)
and proceeds thereof.

 

SECTION
6.03. Fundamental Changes. (a) No Loan Party will merge into or consolidate with any
other Person, or permit any other Person to merge into or consolidate with it, except that, if at the time thereof and immediately
after giving effect thereto no Default shall have occurred and be continuing, (y) any Subsidiary or other Person may merge into
or consolidate with the Borrower in a transaction in which the Borrower is the surviving entity; provided that the Borrower shall
pledge all Equity Interests and intercompany notes in any entity that becomes a direct Subsidiary of the Borrower as a result thereof
to the Secured Parties in accordance with the Pledge Agreement and Section 5.11 and (z) any Subsidiary or other Person (other than
the Borrower) may merge into or consolidate with the Guarantor in a transaction in which the Guarantor is the surviving entity.

 

(b) No Loan Party will
engage or permit its Subsidiaries to engage to any material extent in any business other than (x) businesses of the type conducted
by the Loan Parties and their respective Subsidiaries on the date hereof, (y) current or future infrastructure and infrastructure-like
businesses and (z) businesses reasonably similar to, or reasonably related or incidental to, any of the foregoing.

 

SECTION
6.04. Asset Sales. No Loan Party will sell, transfer, lease or otherwise dispose of
(in one transaction or in a series of related transactions) all or substantially all of their Equity Interests in IMTT or Atlantic
(or any Subsidiary of the Guarantor which is a direct or indirect holding company of IMTT or Atlantic) or permit the sale, transfer,
lease or other disposition of all or substantially all of the assets of IMTT or Atlantic, except that such sales, transfers, leases
or other dispositions shall be permitted; provided, that (a) no Lender shall have any obligation to make Revolving
Loans hereunder during the period commencing with the consummation of such sale, transfer, lease or disposal and ending on the
earlier of (y) the date that the Revolving Loans are repaid and the Commitments are permanently reduced by an amount equal to the
Net Cash Proceeds thereof (without deducting for any reinvestment) and (z) the date that S&P and Moody’s (if Moody’s
then maintains a Debt Rating) each reaffirms its respective Debt Rating after accounting for the effects thereof (such period,
the “Ratings Reaffirmation Period”) and (b) if S&P and Moody’s do not each reaffirm (or either of
them downgrades) its respective Debt Rating within 30 days of such sale or other disposition, the Net Cash Proceeds thereof (without
deducting for any reinvestment) shall be applied (within 5 days thereafter) to repay the Revolving Loans and permanently reduce
the Commitments; provided, that, if S&P and Moody’s each reaffirms or upgrades its Debt Rating within 30
days of such sale or other disposition, such Net Cash Proceeds used to prepay Revolving Loans may be adjusted for any reinvestment
pursuant to the definition of Net Cash Proceeds.

 

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SECTION
6.05. Restricted Payments. The Borrower will not declare or make, or agree to pay
or make, directly or indirectly, any Restricted Payment, except that the Borrower shall be permitted to (i) declare and make Restricted
Payments so long as, on the date of such declaration or agreement to pay (or, if no declaration or agreement is made, on the date
such Restricted Payment is made), (a) after giving effect to such Restricted Payment, the Borrower’s Senior Secured Net
Leverage Ratio (on a Pro Forma Basis as of the then most recently ended fiscal quarter of the Borrower) is no greater than 3.00:1.00
and (b) no Event of Default then exists, (ii) purchase, redeem or otherwise acquire or retire for value Equity Interests of the
Borrower held by officers, directors or employees or former officers, directors or employees (or their estates or beneficiaries
under their estates), upon death, disability, retirement, severance or termination of employment or pursuant to any agreement
under which such Equity Interest was issued or any employment agreement approved by Board of Directors of the Borrower, (iii)
repurchase, redeem or otherwise acquire for value Equity Interest of the Borrower to the extent deemed to occur in connection
with paying cash in lieu of fractional shares of such Equity Interest (including in connection with a share bonus issue, distribution,
share subdivision, share consolidation, merger, consolidation or other business combinations), (iv) repurchase Equity Interests
to the extend deemed to occur upon the exercise of stock or share options, warrants or other convertible or exchangeable securities,
including without limitation in satisfaction of exercise price or tax obligations and (v) pay cash in lieu of the issuance of
fractional shares (including upon the exercise of options, warrants or other rights to purchase or the conversion or exchange
of Equity Interests).

 

SECTION
6.06. Transactions with Affiliates. No Loan Party will 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 their Affiliates, except (a)  in the judgment of the Board of Directors of the Borrower (acting
in good faith), at prices and on terms and conditions not less favorable to the Loan Parties than could be obtained on an arm’s-length
basis from unrelated third parties, (b) transactions between or among the Borrower and its Subsidiaries not involving any
other Affiliate, (c) transactions contemplated by the Management Agreement, (d) any Restricted Payment permitted by Section 6.05
or (e) any arrangements with officers, directors, representatives or other employees relating specifically to employment as such.

 

SECTION
6.07. Restrictive Agreements. No Loan Party will, 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 such Loan Party to create, incur or permit to exist any Lien upon any of its property or assets, or (b) in the
case of the Guarantor, the ability of the Guarantor to pay dividends or other distributions with respect to any shares of its capital
stock or to make or repay loans or advances to the Borrower; provided that (i) the foregoing shall not apply to restrictions
and conditions imposed by law, by any agreement with respect to Permitted Borrower Secured Debt or by this Agreement, (ii) the
foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.07 (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 a subsidiary
pending such sale, provided that such restrictions and conditions apply only to the subsidiary that is to be sold and such sale
is permitted hereunder, (iv) the foregoing shall not apply to restrictions and conditions imposed by any agreement relating
to secured Indebtedness permitted under Sections 6.02(c), (e) or (f) if such restrictions or conditions apply only to the property
or assets securing such Indebtedness, and (v) clause (a) of the foregoing shall not apply to customary provisions in leases
and other contracts restricting the assignment thereof.

 

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SECTION
6.08. Financial Covenant. The minimum ratio of Borrower CFADS to Net Cash Interest
Expense of the Loan Parties shall be no less than 4.00 to 1.00 for any period of four consecutive fiscal quarters of the Borrower.

 

SECTION 6.09. Upstream
Guarantees; Subsidiary Indebtedness; Grants of Security Interests in Subsidiary Equity Interests.

 

(a) The Borrower will
not permit any of its Subsidiaries to Guarantee any Indebtedness for borrowed money of the Borrower unless such Subsidiary Guarantees
the Secured Obligations equally and ratably on substantially the same terms; and

 

(b) No Loan Party will
permit any Subsidiary (other than the Guarantor) to Guarantee Indebtedness of any Subsidiary, except Indebtedness of direct or
indirect Subsidiaries of any such Subsidiary or any parent company of any such Subsidiary (other than a Loan Party); and

 

(c) No Loan Party will
permit any Subsidiary (other than the Guarantor) to grant any security interest in any of its assets (including any Equity Interests)
for the purpose of securing Indebtedness of any Subsidiary, except security interests securing (y) Indebtedness of such Subsidiary
or any parent company of such Subsidiary (other than a Loan Party) or (z) Guarantees by such Subsidiary of Indebtedness of its
Subsidiaries or any parent company of such Subsidiary (other than a Loan Party).

 

Notwithstanding the foregoing (i) Macquarie
Gas Holdings LLC (US) or any of its subsidiaries may Guarantee (and/or grant security interests to secure) Indebtedness of Macquarie
Gas Holdings LLC (US) and/or any of its subsidiaries, (ii) Macquarie District Energy Holdings III, LLC or any of its subsidiaries
may Guarantee (and/or grant security interests to secure) Indebtedness of Macquarie District Energy Holdings III, LLC and/or any
of its subsidiaries, (iii) Macquarie Terminal Holdings, LLC or any of its subsidiaries may Guarantee (and/or grant security interests
to secure) Indebtedness of Macquarie Terminal Holdings, LLC and/or any of its subsidiaries, (iv) Macquarie Americas Parking Corp
(US) or any of its subsidiaries may Guarantee (and/or grant security interests to secure) Indebtedness of Macquarie Americas Parking
Corp (US) and/or any of its subsidiaries, (v) MIC Solar Energy Holdings, LLC or any of its subsidiaries may Guarantee (and/or grant
security interests to secure) Indebtedness of MIC Solar Energy Holdings, LLC and/or any of its subsidiaries, (vi) Atlantic Aviation
FBO Holdings LLC or any of its subsidiaries may Guarantee (and/or grant security interests to secure) Indebtedness of Atlantic
Aviation FBO Holdings LLC and/or any of its subsidiaries and its direct and indirect subsidiaries, and (vii) any directly owned
Subsidiary of the Guarantor acquired after the date hereof or any of the subsidiaries of such directly owned Subsidiary may Guarantee
(and/or grant security interests to secure) Indebtedness of such directly owned Subsidiary and/or any of its subsidiaries.

 

ARTICLE VII

Events of Default

 

SECTION
7.01. Events of Default. If any of the following events (“Events of Default”)
shall occur and be continuing after the Effective Date:

 

(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;

 

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(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 clause (a) of this Article)
payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for
a period of five Business Days;

 

(c) any representation
or warranty made or deemed made by or on behalf of any Loan Party in or in connection with this Agreement or any amendment or modification
hereof or waiver hereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection
with this Agreement or any amendment or modification hereof or waiver hereunder, shall prove to have been incorrect in any material
respect when made or deemed made;

 

(d) the Borrower shall
fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a), 5.03 (with respect to the Borrower’s
legal existence) or 5.08 or in Article VI;

 

(e) the Borrower shall
fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause
(a), (b) or (d) of this Article), 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) any Loan Party
shall fail to make any payment (whether of principal or interest and regardless of amount) beyond the applicable grace period,
if any, whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise, in respect of any Material Indebtedness
(other than Indebtedness hereunder) having an aggregate outstanding principal amount (individually or in the aggregate with all
other Indebtedness as to which such a failure shall exist) of not less than $50,000,000;

 

(g) any event or condition
occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with
or without the giving of notice, the lapse of time or both) 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 to require the prepayment, repurchase, redemption
or defeasance thereof, prior to its scheduled maturity; provided that this clause (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 any Loan Party 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 or similar official for any Loan Party 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) any Loan Party
shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under
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 clause (h)
of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for such Loan Party or for a substantial part of its assets, (iv) file an answer admitting the material
allegations of a petition filed against them in any such proceeding, (v) make a general assignment for the benefit of creditors
or (vi) take any corporate action for the purpose of effecting any of the foregoing;

 

(j) any Loan Party
shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

 

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(k) one or more judgments
for the payment of money in an aggregate amount in excess of $50,000,000 (to the extent not covered by independent third-party
insurance, which has been notified of the potential claim and does not dispute coverage) shall be rendered against the Borrower,
the Guarantor 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 any Loan Party to enforce any such judgment;

 

(l) ERISA Event shall
have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred,
could reasonably be expected to result in a Material Adverse Effect;

 

(m) any provision of
the Guaranty Agreement or Pledge Agreement after delivery thereof shall for any reason fail or cease to be valid and binding on,
or enforceable against, any Loan Party party thereto, or any Loan Party shall so state in writing;

 

(n) the Pledge Agreement
shall for any reason fail or cease to create a valid and enforceable Lien on any Pledged Collateral (as defined therein) purported
to be covered thereby or, except as permitted by the Loan Documents, such Lien shall fail or cease to be a perfected and first
priority Lien, or any Loan Party shall so state in writing; or

 

(o) a Change in Control
shall occur;

 

then, and in every such event (other than
an event with respect to the Borrower described in clause (h) or (i) of this Article), 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 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 clause (h) or (i) of this Article, 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. Borrower’s Right to Cure. Notwithstanding anything to the contrary contained
in this Article VII, in the event that the Borrower fails to comply with the requirements of Section 6.08, until the expiration
of the tenth Business Day subsequent to the date the certificate calculating such compliance is required to be delivered pursuant
to Section 5.01(a) or (b) (the period from such failure to comply to such tenth Business Day, the “Equity Cure Period”),
the Borrower shall have the right to issue Permitted Cure Securities for cash or otherwise receive cash contributions to the capital
of the Borrower (collectively, the “Equity Cure Right”), and upon the receipt by the Borrower of such cash before
such tenth Business Day (the “Equity Cure Amount”) pursuant to the exercise by the Borrower of such Equity Cure
Right compliance with the covenants set forth in Section 6.08 shall be recalculated giving effect to the following pro forma adjustments:

 

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(a) Borrower CFADS
shall be increased, solely for the purpose of measuring compliance with Section 6.08 and not for any other purpose under this Agreement,
by an amount equal to the Equity Cure Amount; and

 

(b) if, after giving
effect to the foregoing recalculations, the Borrower shall then be in compliance with the requirements of Section 6.08, the Borrower
shall be deemed to have satisfied the requirements of Section 6.08 as of the relevant date of determination with the same effect
as though there had been no failure to comply therewith at such date, and the applicable breach or default of Section 6.08 that
had occurred shall be deemed cured for the purposes of this Agreement.

 

Notwithstanding anything herein to the
contrary, (a) in each four-fiscal-quarter period there shall be at least two fiscal quarter in which the Cure Right is not exercised,
(b) the Cure Amount shall be no greater than the amount required for purposes of complying with Section 6.08 as of the relevant
date of determination, and (c) no more than five (5) Cure Rights may be exercised in the aggregate. Neither the Administrative
Agent nor any Lender may exercise any rights or remedies under Section 7.01 (or under any other Loan Document) on the basis of
any actual or purported Event of Default resulting from a breach of Section 6.08 until and unless the Equity Cure Period with respect
thereto shall have expired without the Equity Cure Amount having been received by the Borrower (it being understood, however, that
no Borrowing nor issuance of any Letter of Credit shall occur until receipt by the Borrower of the Equity Cure Amount).

 

ARTICLE VIII

The Administrative Agent

 

Each of the Lenders
and the Issuing Banks 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 hereof,
together with such actions and powers as are reasonably incidental thereto.

 

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 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 herein. 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 Administrative Agent shall not have any duty to take any discretionary action
or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative
Agent is required to exercise in writing as directed by 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), and (c) except as expressly set forth herein,
the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information
relating to the Borrower or any of its Subsidiaries 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 willful 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 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 this Agreement,
(ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent.

 

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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 believed by it to be genuine and to have been signed or sent 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 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 and all its duties and exercise its
rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs 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.

 

The Administrative
Agent is authorized to enter into any intercreditor agreement contemplated hereby with respect to Indebtedness that is (i) required
or permitted to be subordinated hereunder and/or (ii) secured by Liens and which Indebtedness contemplates an intercreditor, subordination
or collateral trust agreement (any such other intercreditor agreement, an “Additional Agreement”), and the parties
hereto acknowledge that any Additional Agreement is binding upon them. Each Lender and each Issuing Bank (a) hereby agrees that
it will be bound by and will take no actions contrary to the provisions of any Additional Agreement and (b) hereby authorizes and
instructs the Administrative Agent to enter into the any Additional Agreement and to subject the Liens on the Collateral securing
the Secured Obligations to the provisions thereof. The foregoing provisions are intended as an inducement to the secured parties
party to any Additional Agreement to extend credit to the Borrower and such secured parties are intended third-party beneficiaries
of such provisions and the provisions of any Additional Agreement.

 

Subject to the appointment
and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time
by notifying the Lenders, the Issuing Banks and the Borrower. Upon any such resignation, the Required Lenders shall have the right,
with the prior written consent of the Borrower (unless a Specified Event of Default has occurred and is then continuing), 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 Banks, appoint a successor Administrative Agent which 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 its duties and obligations hereunder. 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 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 it was
acting as Administrative Agent.

 

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Each Lender acknowledges
and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business
enterprise or securities. Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in
the ordinary course of its business and has, independently and without reliance upon the Administrative Agent or any other Lender
and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each Lender shall, independently and without reliance
upon the Administrative Agent or any other Lender and based on such documents and information (which may contain material, non-public
information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from
time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement,
any related agreement or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will
continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder.

 

ARTICLE IX

Miscellaneous

 

SECTION
9.01. Notices. (a) Except in the case of notices and other communications expressly
permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for
herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail
or sent by telecopy, as follows:

 

(i) if to the
Borrower, to it at :

 

Macquarie Infrastructure Company
LLC

125 W. 55th Street, Level 15

New York, NY 10019

Attention of Todd Weintraub and
Rob Choi

Telecopy No. (212) 231-1838

 

(ii) if to the
Administrative Agent, to it at:

 

JPMorgan Chase Bank, N.A.,

Loan and Agency Services Group,

10 South Dearborn

Chicago, Illinois 60603

Attention of __________

Telecopy No. (312) 385-7096

  

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with copies to:

 

JPMorgan Chase Bank, N.A.

10 South Dearborn

Chicago, Illinois 60603

Attention of Kenneth J. Fatur (Telecopy No. (312) 732-1762);

 

(iii) if to Barclays
Bank PLC, as Issuing Bank, to it at:

 

Barclays Bank PLC

Letter of Credit Department

200 Park Avenue

New York, NY 10166

Attn: Dawn Townsend

Phone: (212) 320-7534

Fax: (212) 412-5011

Email: Dawn.Townsend@barclays.com / XraLetterofCredit@barclays.com

 

With a copy to:

 

Barclays Bank PLC

1301 Sixth Avenue

New York, NY 10019

Attn: Harpreet Kaur

Phone: (212) 320-7741

Fax: (917) 522-0569

Email: xraUSLoanOps5@barclays.com / harpreet.kaur@barclays.com;

 

(iv) if to JPMorgan
Chase Bank, N.A., as Issuing Bank, to it at:

 

JPMorgan Chase Bank, N.A.,

Loan and Agency Services Group,

10 South Dearborn

Chicago, Illinois 60603

Attention of __________

Telecopy No. (312) 385-7096

with copies to:

 

JPMorgan Chase Bank, N.A.

10 South Dearborn

Chicago, Illinois 60603

Attention of Kenneth J. Fatur (Telecopy No. (312) 732-1762);; and

 

(v) if to any
other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile
shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through Electronic
Systems, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

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(b) Notices and other
communications to the Lenders and the Issuing Banks hereunder may be delivered or furnished by using Electronic Systems pursuant
to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II
unless otherwise agreed by the Administrative Agent and the applicable Lender. 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.

 

Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet
or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described
in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address
therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during
the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business
on the next business day for the recipient.

 

(c) Any party hereto
may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.

 

(d) Electronic Systems.

 

(i)          Each
Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available
to the Issuing Banks and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially
similar Electronic System.

 

(ii)         Any
Electronic System used by the Administrative Agent is provided “as is” and “as available.” The Agent Parties
(as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions
in the Communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability,
fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made
by any Agent Party in connection with the Communications or any Electronic System. In no event shall the Administrative Agent or
any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Loan Party,
any Lender, any Issuing Bank or any other Person or entity for damages of any kind, including, without limitation, direct or indirect,
special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Loan
Party’s or the Administrative Agent’s transmission of communications through an Electronic System. “Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any
Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent,
any Lender or any Issuing Bank by means of electronic communications pursuant to this Section, including through an Electronic
System.

 

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SECTION 9.02. Waivers;
Amendments.   (a) No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or
power hereunder 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 Banks and the Lenders hereunder
are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this
Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted
by paragraph (b) of this Section, 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 issuance of a Letter of
Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing
Bank may have had notice or knowledge of such Default at the time.

 

(b) Neither this Agreement,
the Guaranty Agreement nor the Pledge Agreement nor any provision thereof may be waived, amended or modified except pursuant to
an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative
Agent 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 affected thereby, (iii) postpone
the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable
hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment,
without the written consent of each Lender affected thereby, (iv) change Section 2.18(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) release all or substantially all
of the Pledged Collateral (as defined in the Pledge Agreement) or release of the Guarantor from its obligations under the Guaranty
Agreement, in each case without the written consent of each Lender; or (vi) change any of the provisions of this Section or the
definition of "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required
to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent
of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative
Agent or any Issuing Bank hereunder without the prior written consent of the Administrative Agent and/or such Issuing Bank, as
the case may be.

 

(c) In addition, notwithstanding
anything in this Section to the contrary, if the Administrative Agent and the Borrower shall have jointly identified an obvious
error or any error or omission of a technical nature, in each case, in any provision of the Loan Documents, then the Administrative
Agent and the Borrower shall be permitted to amend such provision, and, in each case, such amendment shall become effective without
any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required
Lenders to the Administrative Agent within ten Business Days following receipt of notice thereof.

 

(d) No Person that
obtains the benefits of any Pledge Collateral pursuant to a Hedging Agreement and/or Secured Cash Management Agreement shall have
any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or
otherwise in respect of the Pledged Collateral (including the release or impairment of any Pledged Collateral) other than in its
capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other
provision hereof, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements
have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements or Hedging Agreements unless
the Administrative Agent has received written notice of such Secured Obligations, together with such supporting documentation as
the Administrative Agent may request, from the applicable Person.

 

(e) Neither the Administrative
Agent nor any Issuing Bank shall have any responsibility or liability for monitoring the list or identities of, or enforcing provisions
related to, Disqualified Institutions.

 

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(f) None of the agents
identified on the cover page or signature pages of this Agreement as a Joint Bookrunner or Joint Lead Arranger shall have any rights,
powers, obligations, liabilities, responsibilities or duties under this Agreement or any of the other Loan Documents, except in
its capacity, as applicable, as the Administrative Agent, a Lender, or an Issuing Bank hereunder. Without limiting any other provision
of this Article, none of such agents in their respective capacities as such shall have or be deemed to have any fiduciary relationship
with any Lender or any other Person by reason of this Agreement or any other Loan Document.

 

SECTION
9.03. Expenses; Indemnity; Damage Waiver. (a) Regardless of whether the Effective Date
shall occur, the Borrower shall pay (i) all reasonable, documented out of pocket expenses incurred by the Administrative Agent
and its Affiliates, including the reasonable fees, charges and disbursements for no more than one (1) outside counsel and, if necessary
one (1) local counsel in each relevant material jurisdiction for the Administrative Agent, in connection with the syndication of
the credit facilities provided for herein, the preparation, execution, delivery, administration and enforcement of the Loan Documents
or any amendments, modifications or waivers of the provisions thereof (whether or not the transactions contemplated hereby or thereby
shall be consummated), (ii) all reasonable, documented out-of-pocket expenses incurred by any Issuing Bank in connection with
the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all out-of-pocket
expenses incurred by the Administrative Agent, any Issuing Bank or any Lender, including the fees, charges and disbursements of
any counsel for the Administrative Agent, any Issuing Bank or any Lender, in connection with investigations, proceedings, and threatened
actions arising out of, in connection with, or as a result of the execution, delivery or performance of any Loan Document, including
preparation of a defense thereto and (iv) all out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank or
any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent, any Issuing Bank or any
Lender, in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights
under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

 

(b) Each of the Borrower
and the Guarantor shall indemnify the Administrative Agent, each Issuing Bank, each Lender, each Joint Lead Arranger 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,
documented fees, charges and disbursements of one (1) counsel to all Indemnitees, taken as a whole, and, if reasonably necessary,
one (1) local counsel in each relevant material jurisdiction to the Administrative Agent, taken as a whole, and, in the case of
an actual or potential conflict of interest, one (1) additional counsel to all affected Indemnitees, taken as a whole), incurred
by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution, delivery or
performance of any Loan Document or any agreement or instrument contemplated thereby, the performance by the parties hereto of
their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any
Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by an Issuing Bank to honor a demand for payment
under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such
Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or
operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of
its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether or not such claim, litigation, investigation or proceeding is brought by the Borrower, the Borrower’s
equity holders affiliates, creditors or any other third Person and whether based on contract, tort or any other theory 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 (y) are determined by a judgment of a court of
competent jurisdiction in a final and non-appealable judgment to have resulted by reason of the gross negligence, bad faith or
willful misconduct of, or material breach by, such Indemnitee (or any of its Related Parties) or (z) arise out of any claim, litigation,
investigation or proceeding brought by any Indemnitee (or its Related Parties) against any another Indemnitee (or its Related Parties)
(other than any claim, litigation, investigation or proceeding brought by or against the Administrative Agent, acting in its capacity
as Administrative Agent, any Issuing Bank, acting in its capacity as Issuing Bank, and any Joint Lead Arranger, acting its capacity
as Joint Lead Arranger) that does not involve any impermissible act or omission of the Borrower or any of its Subsidiaries. Neither
the Borrower nor the Guarantor shall be liable for any settlement of any proceeding referred to in this Section 9.03(b) effected
without such Borrower’s or Guarantor’s written consent (such consent not to be unreasonably withheld or delayed); provided,
however, that Borrower and the Guarantor shall indemnify the Indemnitees from and against any loss or liability by reason of such
settlement if such proceeding was settled with the written consent of such Borrower or Guarantor or such settlement is entered
into in connection with a final and non-appealable judgment by a court of competent jurisdiction, subject to, in each case, the
Borrower’s or Guarantor’s, as applicable, right in this Section 9.03(b) to claim an exemption from such indemnity obligations.
This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising
from any non-Tax claim.

 

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(c) To the extent that
the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or any Issuing Bank under paragraph (a)
or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or such Issuing Bank, as the case
may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability
or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or such Issuing Bank in its
capacity as such.

 

(d) To the extent permitted
by applicable law, no party hereto shall assert, and each such party hereby waives, any claim against any other party, on any theory
of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of,
in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any
Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this clause (d) shall relieve the
Borrower or the Guarantor of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or
punitive damages asserted against such Indemnitee by a third party.

 

(e) All amounts due
under this Section shall be payable not later than 30 days after receipt of written demand therefor together with an invoice
thereof in reasonable detail.

 

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 an 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 (ii) no Lender may assign
or otherwise transfer its rights or obligations hereunder except in accordance with this Section. 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 an Issuing Bank that issues any Letter of Credit), Participants (to the extent provided
in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative
Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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(b) (i) Subject
to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible
Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment,
participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent (such consent not to
be unreasonably withheld) of:

 

(A) the Borrower,
provided that, the Borrower shall be deemed to have consented to an assignment unless it shall have objected thereto by
written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; provided
that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or,
if a Specified Event of Default has occurred and is continuing, any other assignee;

 

(B) the Administrative
Agent, provided that no consent of the Administrative Agent shall be required for an assignment of any Commitment to an
assignee that is a Lender (other than a Defaulting Lender) with a Commitment immediately prior to giving effect to such assignment;
and

 

(C) each
Issuing Bank.

 

(ii) Assignments
shall be subject to the following additional conditions:

 

(A) except
in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning
Lender’s Commitment, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not
be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such
consent of the Borrower shall be required if an Event of Default has occurred and is continuing;

 

(B) each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement;

 

(C) the parties
to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing
and recordation fee of $3,500; and

 

(D) the assignee,
if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates
one or more Credit Contacts to whom all syndicate-level information (which may contain material non-public information about the
Loan Parties and their related parties or their respective securities) will be made available and who may receive such information
in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws.

 

For the purposes of this
Section 9.04(b), the term “Approved Fund” and “Ineligible Institution”
have the following meanings:

 

“Approved
Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing
in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

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“Ineligible
Institution” means a (a) natural person, (b) a Defaulting Lender, (c) a Disqualified Institution, and (d) the Borrower
or any of its Affiliates other than any Affiliate that (y) is managed by a professional advisor, who is not such natural person
or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (z) has assets
greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar
extensions of credit in the ordinary course of its business.

 

(iii) Subject
to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified
in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15,
2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this Section 9.04 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) of this Section.

 

(iv) The
Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a
copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive,
and the Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall 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, any Issuing Bank and any Lender, at any reasonable time
and from time to time upon reasonable prior notice.

 

(v) Upon
its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b)
of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein
in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required
to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall
have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until
such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes
of this Agreement unless it has been recorded in the Register as provided in this paragraph.

 

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(c) Any Lender may,
without the consent of the Borrower, the Administrative Agent or the Issuing Banks, sell participations to one or more banks or
other entities (a “Participant”), other than an Ineligible Institution, 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 (A) such Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations; and (C) the Borrower, the Administrative
Agent, the Issuing Banks 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 this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such
Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first
proviso to Section 9.02(b) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the
benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements
under 2.17(f) and (g)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b)
of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 2.19 as if it were
an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section
2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except to the
extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the
applicable participation or if the participation is made with the Borrower’s consent. Each Lender that sells a participation
agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the
provisions of Section 2.19(b) with respect to any Participant. 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 2.18(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this
purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant
and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the
Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation
to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating
to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document)
to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit
or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to
the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility
for maintaining a Participant Register.

 

(d) 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 without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank or any other
central bank having jurisdiction over such Lender, and this Section 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.

 

 

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SECTION 9.05. Survival. All
covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other
instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the
other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance
of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and
notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default
or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and
effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount 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 Sections 2.15, 2.16, 2.17 and 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; Electronic Execution. (a) 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 and any separate letter agreements
with respect to fees payable to the Administrative Agent 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 which, 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.

 

(b) Delivery of an
executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or any other electronic means that reproduces
an image of the actual executed signature page shall be effective as delivery of an original executed counterpart of this Agreement.
The words “execution,” “signed,” “signature,” “delivery,”
and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated
hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as an original executed signature, physical delivery thereof or
the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other similar state laws based on the Uniform Electronic Transactions Act.

 

SECTION
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) at any time held and
other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any
of and all the obligations of the Borrower now or hereafter existing under this Agreement 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 unmatured. The
rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which
such Lender 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.

 

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(b) 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, Borough of Manhattan, and of the United States District Court for
the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating
to this Agreement, or 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 or,
to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final non-appealable judgment in
any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, any Issuing Bank
or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties
in the courts of any jurisdiction.

 

(c) The Borrower hereby
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may
now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in
any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest
extent permitted by 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 this Agreement
will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

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 PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (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.

 

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.

 

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SECTION
9.12. Confidentiality. Each of the Administrative Agent, the Issuing Banks 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
(including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement,
(e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement
or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those
of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights
or obligations under this Agreement or (ii)  any actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such
Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available
to the Administrative Agent, any Issuing Bank or any Lender on a non-confidential basis from a source other than the Borrower;
provided, however, that with respect to disclosures pursuant to clause (b) (other than any such disclosure in connection with any
routine compliance examination or examination of the financial condition of such Lender by such regulatory authority) and clause
(c) of this Section, unless prohibited by law or applicable court order, each Lender and the Administrative Agent shall attempt
to notify the Borrower of any request by any governmental agency or representative thereof or other Person for disclosure of Information
after receipt of such request, and if reasonable, practicable and permissible, before disclosure of such Information. For the purposes
of this Section, “Information” means all information received from the Borrower relating to the Borrower
or its business, other than any such information that is available to the Administrative Agent, any Issuing Bank or any Lender
on a non-confidential basis prior to disclosure by the Borrower. Any Person required to maintain the confidentiality of Information
as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised
the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information. Notwithstanding anything to the contrary contained in this Section 9.12, in no event shall any Information be disclosed
to any Disqualified Institution.

 

SECTION 9.13. Material
Non-Public Information.

 

(a)     EACH
LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE
MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT
IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

 

(b)         ALL INFORMATION,
INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE
OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE
LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND
THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION
THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

 

SECTION 9.14. Authorization
to Distribute Certain Materials to Public-Siders.

 

(a) If the Borrower
does not file this Agreement with the SEC, then the Borrower hereby authorizes the Administrative Agent to distribute the execution
version of this Agreement and the Loan Documents to all Lenders, including their Public-Siders. The Borrower acknowledges its understanding
that Public-Siders and their firms may be trading in any of the Parties’ respective securities while in possession of the
Loan Documents.

 

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(b) The Borrower represents
and warrants that none of the information in the Loan Documents constitutes or contains material non-public information within
the meaning of the federal and state securities laws. To the extent that any of the executed Loan Documents constitutes at any
time a material non-public information within the meaning of the federal and state securities laws after the date hereof, the Company
agrees that it will promptly make such information publicly available by press release or public filing with the SEC.

 

SECTION
9.15. Interest Rate Limitation. Notwithstanding anything herein
to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which
are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed
the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or
reserved by the Lender holding such Loan 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 but were not payable as a result of the operation
of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans 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
9.16. USA PATRIOT Act. Each Lender that is subject to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”)
hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information
that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow
such Lender to identify the Borrower in accordance with the Act. This notice is given in accordance with the requirements of the
Act and is effective for the Administrative Agent, each Issuing Bank and each Lender.

 

SECTION 9.17. TERMINATION.
This Agreement and the Commitments hereunder will terminate upon the first to occur of (i) the termination of the Purchase
Agreement and (ii) September 15, 2014, unless the Effective Date shall have occurred on or before such date.

 

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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.

 

	MACQUARIE INFRASTRUCTURE COMPANY LLC,
	 	 
	By:	/s/ 
	 	Name:
	 	Title:
	 	 
	By:	/s/ 
	 	Name:
	 	Title:
	 	 
	MACQUARIE INFRASTRUCTURE COMPANY INC.,
	 	 
	By:	/s/ 
	 	Name:
	 	Title:   
	 	 
	By:	/s/ 
	 	Name:
	 	Title:

 

[SIGNATURE PAGE TO CREDIT AGREEMENT] 

 

    	 

    	 

    

 

	JPMORGAN CHASE BANK, N.A., as 

Administrative Agent, an Issuing Bank and a Lender
	 	 
	By:	/s/ 
	 	Name:
	 	Title:
	 	 

 

[SIGNATURE PAGE TO CREDIT AGREEMENT]

 

    	 

    	 

    

 

	BARCLAYS BANK PLC,

as an Issuing Bank and a Lender
	 	 
	By:	/s/ 
	 	Name:
	 	Title:

 

[SIGNATURE PAGE TO CREDIT AGREEMENT]

 

    	 

    	 

    

 

	mihi llc,

as a Lender
	 	 
	By:	/s/ 
	 	Name:
	 	Title:
	 	 
	By:	/s/ 
	 	Name:
	 	Title:

 

[SIGNATURE PAGE TO CREDIT AGREEMENT]

 

    	 

    	 

    

 

	royal bank of canada,

as a Lender
	 	 
	By:	/s/ 
	 	Name:
	 	Title:
	 	 
	By:	/s/ 
	 	Name:
	 	Title:

 

[SIGNATURE PAGE TO CREDIT AGREEMENT]

 

    	 

    	 

    

 

	SUNTRUST BANK,

as a Lender
	 	 
	By:	/s/ 
	 	Name:
	 	Title:

 

[SIGNATURE PAGE TO CREDIT AGREEMENT]

 

    	 

    	 

    

 

SCHEDULE 2.01

 

Commitments

 

	Lender	 	Commitment	 
	 	 	 	 	 
	JPMorgan Chase Bank, N.A.	 	$	50,000,000	 
	 	 	 	 	 
	Barclays Bank PLC	 	$	50,000,000	 
	 	 	 	 	 
	MIHI LLC	 	$	50,000,000	 
	 	 	 	 	 
	SunTrust Bank	 	$	50,000,000	 
	 	 	 	 	 
	Royal Bank of Canada	 	$	50,000,000	 
	 	 	 	 	 
	Total: 	 	$	250,000,000	 

 

    	 

    	 

    

EXHIBIT C

 

 

GUARANTY
AGREEMENT

 

GUARANTY
AGREEMENT (this “Guaranty”), dated as of July [__], 2014, by and among Macquarie Infrastructure
Company Inc. (the “Guarantor”) and JPMorgan Chase Bank, N.A., as administrative agent (in such
capacity, the “Administrative Agent”) for the Secured Parties (as defined in the Credit Agreement referred
to below).

 

Capitalized
terms used herein without definition shall have the meaning assigned to them in that certain Credit Agreement, dated as of July
7, 2014 among Macquarie Infrastructure Company LLC, a Delaware limited partnership (the “Borrower”),
Macquarie Infrastructure Company Inc., JPMorgan Chase Bank, N.A., as administrative agent (in such capacity and including any successors
in such capacity) and each of the financial institutions from time to time party thereto (as amended, restated or otherwise modified
from time to time, the “Credit Agreement”).

 

1.           Guaranty.
The Guarantor hereby absolutely, irrevocably and unconditionally guarantees, as a guaranty of payment and performance and not merely
as a guaranty of collection, full and punctual payment when due, whether at stated maturity, by required prepayment, upon acceleration,
demand or otherwise, and at all times thereafter, of any and all of the Secured Obligations and whether arising under any Loan
Document (including all renewals, extensions, amendments and other modifications thereof and all reasonable costs, attorneys’
fees and expenses incurred by the Secured Parties in connection with the collection or enforcement thereof to the extent provided
in the Credit Agreement), and whether recovery upon such indebtedness and liabilities may be or hereafter become unenforceable
or shall be an allowed or disallowed claim under any proceeding or case commenced by or against the Guarantor or the Borrower during
a Bankruptcy Event, and including interest that accrues after the commencement by or against the Borrower of any proceeding during
such a Bankruptcy Event (collectively, the “Guaranteed Obligations”). This Guaranty shall not be affected by
the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing
any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral
therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the
obligations of the Guarantor under this Guaranty, and the Guarantor hereby irrevocably waives any defenses it may now have or hereafter
acquire in any way relating to any or all of the foregoing to the extent permissible under the applicable law. The Guarantor and
each Secured Party (by its acceptance of the benefits of this Guaranty) hereby confirms that it is its intention that this Guaranty
not constitute a fraudulent transfer or conveyance for purposes of Title 11 of the United States Code (the “Bankruptcy
Code”), the Uniform Fraudulent Conveyance Act of any similar Federal or state law. To effectuate the foregoing intention,
the Guarantor and each Secured Party (by its acceptance of the benefits of this Guaranty) hereby irrevocably agrees that the Guaranteed
Obligations guaranteed by the Guarantor shall be limited to such amount as will, after giving effect to such maximum amount and
all other (contingent or otherwise) liabilities of the Guarantor that are relevant under such laws (and, if applicable, after giving
effect to any rights to contribution pursuant to any agreement providing for an equitable contribution among the Guarantor and
any other guarantor), result in the Guaranteed Obligations of the Guarantor in respect of such maximum amount not constituting
a fraudulent transfer or conveyance.

 

    	 

    	 

    

 

It is agreed that the
occurrence of any one or more of the following shall not alter or impair the liability of the Guarantor hereunder which shall remain
absolute and unconditional under any and all circumstances as described above:

 

(a)           at
any time or from time to time, without notice to the Guarantor, the time for any performance of or compliance with any of the Guaranteed
Obligations shall be extended, or such performance or compliance shall be waived;

 

(b)           any
of the acts mentioned in any of the provisions of the Loan Documents, if any, or any other agreement or instrument referred to
herein or therein shall be done or omitted;

 

(c)           the
maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any
respect in the manner permitted by the Credit Agreement, or any right under the Loan Documents or any other agreement or instrument
referred to herein or therein shall be amended or waived in any respect or any other guarantee of any of the Obligations or any
security therefor shall be released or exchanged in whole or in part or otherwise dealt with; or

 

(d)           any
Lien or security interest granted to, or in favor of, any Secured Party or the Administrative Agent as security for any of the
Guaranteed Obligations shall fail to be perfected.

 

This Guaranty shall be
construed as a continuing, absolute and unconditional guarantee of payment without regard to any right of offset with respect to
the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations and liabilities of the
Guarantor hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other person at any time
of any right or remedy against the Borrower or against any other person which may be or become liable in respect of all or any
part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. 
This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantor
and the successors and permitted assigns thereof, and shall inure to the benefit of the Secured Parties, and their respective successors
and permitted assigns.

 

2.           Representations
and Warranties. The Guarantor represents and warrants to the Secured Parties, as of the Effective Date, that (i) it is duly
organized, validly existing and in good standing under the laws of the jurisdiction of its organization; (ii) the execution and
delivery hereof by the Guarantor, and the performance of its obligations hereunder are within the Guarantor’s corporate powers
and have been duly authorized by all necessary corporate action; and (iii) this Guaranty has been duly executed and delivered by
the Guarantor and constitutes a legal, valid and binding obligation of the Guarantor, enforceable in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally
and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

3.           Rights
of Lenders. The Guarantor consents and agrees that the Administrative Agent may, at any time and from time to time, without
notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend in accordance with the
Credit Agreement, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the
Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise
dispose of any security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and direct the
order or manner of sale thereof as the Administrative Agent in its sole discretion may determine; and (d) release or substitute
one or more of any endorsers or other guarantors of any of the Guaranteed Obligations. Without limiting the generality of the foregoing,
the Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks
of the Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of the Guarantor.

 

    	2

    	 

    

 

4.           Certain
Waivers. The Guarantor waives, to the extent permitted by applicable law, (a) any defense arising by reason of any disability
or other defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever (including any act or omission
of the Secured Parties) of the liability of the Borrower; (b) any defense based on any claim that the Guarantor’s obligations
exceed or are more burdensome than those of the Borrower; (c) the benefit of any statute of limitations affecting the Guarantor’s
liability hereunder; (d) any right to require the Secured Parties to proceed against the Borrower, proceed against or exhaust any
security for the Guaranteed Obligations, or pursue any other remedy in the Secured Parties’ power whatsoever; (e) any benefit
of and any right to participate in any security now or hereafter held by the Secured Parties; and (f) to the fullest extent permitted
by law, any and all other defenses or benefits that may be derived from or afforded by applicable law limiting the liability of
or exonerating guarantors or sureties. The Guarantor expressly waives all setoffs and counterclaims and all presentments, demands
for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all
other notices or demands of any kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance
of this Guaranty or of the existence, creation or incurrence of new or additional Guaranteed Obligations. In connection with the
foregoing, the Guarantor covenants that its obligations hereunder shall not be discharged, except by complete performance.

 

5.           Obligations
Independent. The obligations of the Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent
of the Guaranteed Obligations and the obligations of any other guarantor, and a separate action may be brought against the Guarantor
to enforce this Guaranty whether or not the Borrower or any other person or entity is joined as a party.

 

6.           Subrogation.
The Guarantor shall not exercise any right of subrogation, contribution, indemnity, reimbursement
or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations (other
than any contingent obligations for which no amounts are then due) and any amounts payable under this Guaranty have been paid
and performed in full and any commitments of the Secured Parties or facilities provided by the Secured Parties with respect to
the Guaranteed Obligations are terminated. If any amounts are paid to the Guarantor in violation of the foregoing limitation,
then such amounts shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Secured Parties
to reduce the amount of the Guaranteed Obligations, whether matured or unmatured.

 

7.           Termination;
Reinstatement. This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations under the Loan Documents
now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations and any other amounts payable
under this Guaranty are paid in full in cash and any commitments of the Secured Parties under the Loan Documents or facilities
provided by the Secured Parties under the Loan Documents with respect to the Guaranteed Obligations are terminated. Notwithstanding
the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on
behalf of the Borrower or the Guarantor is made, or the Secured Parties exercise their right of setoff, in respect of the Guaranteed
Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent
or preferential, set aside or required (including pursuant to any settlement entered into by the Secured Parties in its discretion)
to be repaid to a trustee, receiver or any other party, in connection with any proceeding under the Bankruptcy Code or otherwise,
all as if such payment had not been made or such setoff had
not occurred and whether or not the Secured Parties are in possession of or has released this Guaranty and regardless of any prior
revocation, rescission, termination or reduction. The obligations of the Guarantor under this paragraph shall survive termination
of this Guaranty.

 

    	3

    	 

    

 

8.           Subordination.
The Guarantor hereby subordinates the payment of all obligations and indebtedness of the Borrower owing to the Guarantor, whether
now existing or hereafter arising, including but not limited to any obligation of the Borrower to the Guarantor as subrogee of
the Secured Parties or resulting from the Guarantor’s performance under this Guaranty, to the payment in full of all Guaranteed
Obligations. If the Administrative Agent so requests after the occurrence and during the continuance of an Event of Default, any
such obligation or indebtedness of the Borrower to the Guarantor shall be enforced and performance received by the Guarantor as
trustee for the Secured Parties and the proceeds thereof shall be paid over to the Secured Parties on account of the Guaranteed
Obligations, but without reducing or affecting in any manner the liability of the Guarantor under this Guaranty.

 

9.           Stay
of Acceleration. In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed, in
connection with any case commenced by or against the Guarantor or the Borrower under the Bankruptcy Code, or otherwise, all such
amounts shall nonetheless be payable by the Guarantor immediately upon demand by the Secured Parties.

 

10.           Expenses.
The Guarantor shall pay on demand all reasonable, documented out-of-pocket expenses (but limited, in the case of legal fees and
expenses, to the reasonable and documented fees and expenses of one outside counsel) in any way relating to the enforcement or
protection of the Lender’s rights under this Guaranty or in respect of the Guaranteed Obligations, including any incurred
during any “workout” or restructuring in respect of the Guaranteed Obligations and any incurred in the preservation,
protection or enforcement of any rights of the Lender in any proceeding the Bankruptcy Code. The obligations of the Guarantor under
this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty.

 

11.           Miscellaneous.
No provision of this Guaranty may be waived, amended, supplemented or modified, except by a written instrument executed by the
Administrative Agent (with the consent of the Lenders or Required Lenders if required under the Credit Agreement) and the Guarantor.
No failure by the Lender to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law or in equity. The unenforceability or invalidity of any provision of this Guaranty shall not affect the
enforceability or validity of any other provision herein.

 

    	4

    	 

    

 

12.           Condition
of Borrower. The Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining
from the Borrower and any other guarantor such information concerning the financial condition, business and operations of the Borrower
and any such other guarantor as the Guarantor requires, and that the Administrative Agent has no duty, and the Guarantor is not
relying on the Administrative Agent at any time, to disclose to the Guarantor any information relating to the business, operations
or financial condition of the Borrower or any other guarantor (the guarantor waiving any duty on the part of the Administrative
Agent to disclose such information and any defense relating to the failure to provide the same).

 

13.           Setoff.
If and to the extent any payment is not made when due hereunder, the Administrative Agent may setoff and charge from time to time
any amount so due against any or all of the Guarantor’s accounts or deposits with the Administrative Agent.

 

14.           Binding
Effect; Several Agreement; Assignments.  Whenever in this Guaranty any of the parties hereto is referred to, such reference
shall be deemed to include the successors and permitted assigns of such party; and all covenants, promises and agreements by or
on behalf of the Guarantor that are contained in this Guaranty shall bind and inure to the benefit of each party hereto and their
respective successors and permitted assigns.  This Guaranty shall become effective as to the Guarantor when a counterpart
hereof executed on behalf of the Guarantor shall have been delivered to the Administrative Agent and a counterpart hereof shall
have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon the Guarantor and the Administrative
Agent and their respective successors and permitted assigns, and shall inure to the benefit of the Guarantor, the Administrative
Agent and the other Secured Parties, and their respective successors and permitted assigns, except that the Guarantor shall not
have the right to assign its rights or obligations hereunder or any interest herein (and any such attempted assignment shall be
void) without the prior written consent of the Required Lenders or as otherwise permitted by the Credit Agreement.  The Administrative
Agent is hereby expressly authorized to, and agrees upon request of the Borrower it will, release any Guarantor from its obligations
hereunder (including its Guaranty) in upon payment in full of the Guaranteed Obligations, or as otherwise permitted under the Credit
Agreement.

 

15.           Governing
Law. This Guaranty AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT shall be governed by, and construed AND INTERPRETED
in accordance with, the laws of the State of New York.

 

16.           Jurisdiction;
Notices. (a) Each party hereto hereby irrevocably and unconditionally submits for itself and its property in any legal action
or proceeding relating to this Guaranty, or for recognition and enforcement of any judgment in respect thereof, to the exclusive
general jurisdiction of the courts of the State of New York, the courts of the United States for the Southern District of New York,
and appellate courts from any thereof, in each case that are located in the Borough of Manhattan, The City of New York, (b) the
Guarantor hereby irrevocably and unconditionally (i) agrees that any such action or proceeding shall be brought in such courts
and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that
such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (ii) agrees that service
of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to the Guarantor at its address set forth in the Guarantor’s signature page below
or at such other address of which the Administrative Agent shall have been notified pursuant thereto, (iii) agrees that nothing
herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right of the
Administrative Agent to sue in any other jurisdiction and (iv) waives, to the maximum extent not prohibited by law, any right it
may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or
consequential damages. All notices and other communications to the Guarantor under this Guaranty shall be in writing and given
as provided in Section 9.01 of the Credit Agreement.

 

    	5

    	 

    

 

17.           WAIVER
OF JURY TRIAL; FINAL AGREEMENT. EACH OF THE GUARANTOR AND THE LENDER PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
TRIAL BY JURY WITH RESPECT TO ANY LEGAL OR PROCEEDING RELATING TO THIS GUARANTY OR THE GUARANTEED OBLIGATIONS. THIS GUARANTY REPRESENTS
THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS
BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

 

 

[Signature Page Follows]

 

 

    	6

    	 

    

 

IN WITNESS WHEREOF, the undersigned
has executed this Agreement as of the date first above written.

 

	 	MACQUARIE INFRASTRUCTURE COMPANY INC., 	 
	 	as Guarantor	 
	 	 	 	 
	 	By:	   	 
	 	Name:	   	 
	 	Title:	    	 

 

 

 

 

 

 

 

 

 

 

 

 

 

GUARANTY
AGREEMENT 

    	 

    	 

    

 

	 	JPMORGAN CHASE BANK, N.A., 	 
	 	as Administrative Agent	 
	 	 	 	 
	 	By:	     	 
	 	Name:	   	 
	 	Title:	   	 

 

 

 

 

 

 

 

 

 

 

 

GUARANTY
AGREEMENT

    	 

    	 

    

EXHIBIT D

 

PLEDGE AGREEMENT

 

THIS PLEDGE AGREEMENT
(this “Agreement”), dated to be effective as of July [_], 2014 (the “Effective Date”), is
entered into by and between Macquarie Infrastructure Company LLC, a Delaware limited liability company (hereinafter “Debtor”)
and JPMorgan Chase Bank, N.A., for itself and as agent for each of the Secured Parties (in such capacity, the “Administrative
Agent”). Debtor hereby grants to the Secured Parties a continuing security interest in and to, and a Lien on (subject
to any Permitted Liens), all of the “Pledged Collateral”, as defined in Section 2 of this Agreement.
Debtor and the Secured Parties hereby further agree as follows:

 

1.          OBLIGATIONS.
The security interest hereby granted shall secure the full, prompt and complete payment and performance of the “Secured
Obligations”, as that term is defined in the Credit Agreement.

 

2.          COLLATERAL.
The collateral in which a security interest is hereby granted comprises all of Debtor’s rights, titles and interests in and
to the following, whether now owned or existing or hereafter arising or acquired, regardless of where any such assets and property
are located (all of such assets and property and all of the below described assets and property being, collectively, the “Pledged
Collateral”):

 

(a)          all
Equity Interests (whether now owned or existing or hereafter arising or acquired, whether the same constitutes “general intangibles”,
“investment property”, a “security” or other personal property under the Uniform Commercial Code, and whether
such interest is certificated or uncertificated), including (i) in any Pledged Company or Minority Investment Issuer and (ii) the
Equity Interests described on or referred to in Schedule I (the foregoing described property being, the “Pledged
Equity”);

 

(b)          the
certificate(s) or instrument(s), if any, representing the Pledged Equity;

 

(c)          all
(i) dividends and distributions (in cash, instruments, Equity Interests or otherwise) on all of the Pledged Equity, including Debtor’s
share of the profits and losses of the Pledged Company, (ii) rights to subscribe for, purchase or sell any or all of the Pledged
Equity and (iii) other rights and property from time to time received, receivable or otherwise distributed or distributable, in
each case in respect of or in exchange for any or all of the Pledged Equity;

 

(d)          all
Indebtedness (whether now owned or existing or hereafter arising or acquired, whether the same constitutes “general intangibles”,
“instruments”, “investment property”, a “security” or other personal property under the Uniform
Commercial Code, and whether such interest is represented by a promissory note) owed to Debtor by any Pledged Company or any Minority
Investment Issuer, including the Indebtedness described on or referred to in Schedule I, and all promissory notes and instruments
(as that term is defined in the Uniform Commercial Code), if any, issued by any such Person to Debtor (the foregoing described
property being, the “Pledged Debt”);

 

    	 

    	 

    

 

(e)          the
certificate(s) or instrument(s) representing the Pledged Debt;

 

(f)          all
books and records pertaining to any of the foregoing; and

 

(g)          all
cash and non-cash proceeds, interest, profits and other income of or on any of the foregoing described property and other supporting
obligations given with respect to any of the foregoing.

 

Notwithstanding the foregoing, the “Pledged
Collateral” shall not include any property (other than proceeds of Pledged Collateral) held in a securities account.

 

3.          DEFINITIONS.
In addition to the capitalized terms defined elsewhere in this Agreement, as used herein, the following capitalized terms
will have the following meanings:

 

(a)          “Credit
Agreement” means the Credit Agreement dated as of July 7, 2014 among Debtor, Macquarie Infrastructure Company Inc., the
Administrative Agent and the lenders from time to time party thereto, as the same may hereafter be amended, renewed, consolidated,
restated or replaced from time to time.

 

(b)          “Issuer”
means any issuer of any Pledged Debt.

 

(c)          “Minority
Investment Issuer” means any Person (i) in which the Borrower and its Subsidiaries, collectively, own 5% or more of any
class of Equity Interests and (ii) in which the Borrower and its Subsidiaries, collectively, own Equity Interests and Indebtedness
of $25,000,000 or more (based upon the initial amount of such investments and extensions of credit).

 

(d)          “Permitted
Liens” means (i) Permitted Encumbrances and (ii) the Liens in favor of Secured Parties.

 

(e)          “Pledged
Company” means Macquarie Infrastructure Company Inc. and any other Subsidiary in which the Debtor directly holds rights
or interest in the Equity Interests of such Person.

 

(e)          “Uniform
Commercial Code” means the Uniform Commercial Code as adopted in each applicable jurisdiction, as amended or superseded
from time to time. The “New York UCC” means the Uniform Commercial Code, as adopted in New York, as amended
or superseded from time to time.         

 

All of the uncapitalized
terms contained in this Agreement which are now or hereafter defined in the New York UCC will, unless the context expressly indicates
otherwise, have the meanings provided for now or hereafter in the New York UCC, as such definitions may be enlarged or expanded
from time to time by amendment or judicial decision. Any capitalized term used but not defined herein shall have the meaning ascribed
thereto in the Credit Agreement.

 

    	-2-

    	 

    

 

4.          REPRESENTATIONS
AND WARRANTIES. To induce Lenders to make Loans and other extensions of credit pursuant to the Loan Documents, Debtor represents
to the Secured Parties that the following statements are, as of the Effective Date and as of the
date each representation and warranty set forth in the Credit Agreement is required to be, or is deemed to be, remade pursuant
thereto, true:

 

(a)          Debtor
is, and as to any property which at any time forms a part of the Pledged Collateral shall be, the owner of each and every item
of the Pledged Collateral, free from any Lien except any Permitted Lien;

 

(b)          Debtor
has full corporate right to grant the security interest hereby granted;

 

(c)          Debtor
is the legal and beneficial owner of the Pledged Equity and Pledged Debt, subject to any Permitted Liens;

 

(d)          No
authorization, approval or other action by, and no notice to or filing with any governmental authority is required either: (i)
for the Lien on the Pledged Collateral granted pursuant to this Agreement or for the execution, delivery or performance of this
Agreement by Debtor or (ii) in the case of Pledged Equity issued by any Pledged Company, for the exercise by the Administrative
Agent of the voting or other rights provided for in this Agreement or the remedies in respect of the Pledged Equity pursuant to
this Agreement (except, in each case, (A) for those authorizations, approvals, actions, notices and filings that have been obtained
or that are being obtained concurrently herewith, (B) as may be required by laws affecting the offering and sale of securities
generally or, in the case of exercise of remedies, applicable to creditors generally (including without limitation under the Uniform
Commercial Code) and (C) for the filing of a UCC financing statement against Debtor in favor of the Secured Parties covering the
Pledged Collateral); and

 

(e)          
(i) The Pledged Equity of Macquarie Infrastructure Company Inc. constitutes 100% of the issued and outstanding Equity Interests
in Macquarie Infrastructure Company Inc. on a fully diluted basis, (ii) as of the Effective Date, there are no outstanding subscriptions,
options, rights, warrants or other commitments pursuant to which Macquarie Infrastructure Company Inc. is obligated to issue or
transfer any additional Equity Interests in Macquarie Infrastructure Company Inc. except as described on Schedule I,
and (iv) as of the Effective Date, (y) all of the Pledged Equity of any Pledged Company and (z) all outstanding Pledged Debt is
described opposite Debtor’s name on Schedule I.

 

(f)          The
security interest granted pursuant to this Agreement shall constitute a valid and continuing perfected security interest in favor
of the Administrative Agent in the Pledged Collateral for which perfection is governed by the Uniform Commercial Code upon (i)
in the case of all Pledged Collateral in which a security interest may be perfected by filing a financing statement under the Uniform
Commercial Code, the completion of the filings contemplated by Section 4.01(b) of the Credit Agreement and (ii) the delivery
to, and continuing possession by, the Administrative Agent of all Pledged Collateral consisting of instruments and certificated
securities, in each case properly endorsed for transfer to the Administrative Agent or in blank.

 

    	-3-

    	 

    

 

(h)          The
organizational documents of any Pledged Company governing any Pledged Equity do not prohibit the Administrative Agent from exercising
all of the rights of the Debtor therein, and that a transferee or assignee of Equity Interests of such Pledged Company shall become
a member, partner or, as the case may be, other holder of such Pledged Equity to the same extent as the Debtor in such Pledged
Company entitled to participate in the management of such Pledged Company and, upon the transfer of the entire interest of Debtor,
Debtor ceases to be a member, partner or, as the case may be, other holder of such Pledged Equity.

 

5.          DEBTOR’S
RESPONSIBILITIES. Until the Termination of this Agreement in accordance with Section 9(j) of this Agreement:

 

(a)          Debtor
will: (i) use commercially reasonable efforts to defend the Pledged Collateral against all claims of all Persons at any time claiming
any interest in any of the Pledged Collateral or claiming any interest therein adverse to Secured Parties except to the extent
of any Permitted Lien; (ii) execute and deliver such supplemental instruments, in the form of assignments or otherwise, as the
Administrative Agent shall reasonably require for the purpose of confirming, perfecting and maintaining perfection and priority
of the Secured Parties’ security interest in and Lien on any or all of the Pledged Collateral, or as is necessary to provide
Secured Parties with control (within the meaning of the Uniform Commercial Code) over the Pledged Collateral of any Pledged Company
or any portion thereof to perfect its Lien thereon promptly after written request therefor by the Administrative Agent; (iii) upon
the request of the Administrative Agent in its reasonable discretion exercised in good faith, make available to the Administrative
Agent, at reasonable times and upon reasonable prior notice (but, so long as no Event of Default has occurred and is continuing,
not more often than once in every twelve (12) month period from the date hereof), any and all of Debtor’s books, records,
written memoranda, correspondence, and other instruments or writings that in any way evidence or relate to the Pledged Collateral
at the expense of the Administrative Agent (provided that during the continuation of any Default any expense of the Administrative
Agent in connection with the foregoing shall be for the account of the Debtor); (iv) provide the Administrative Agent with prior
notice of any change in its jurisdiction of organization or form of organization (and, in each case, shall promptly make all filings
required under the Uniform Commercial Code or other applicable law and take all other actions reasonably requested by the Administrative
Agent to ensure that the Administrative Agent shall continue at all times following such change to have a valid, legal, enforceable
(subject to applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally and to general principles
of equity and principles of good faith and fair dealing) and perfected Lien in such Pledged Collateral); and (v) pay (A) all costs
of filing any financing, continuation or termination statements with respect to the Lien created hereby, and (B) all reasonable
and documented expenses, including reasonable attorneys’ fees, of the Administrative Agent incurred by the Administrative
Agent in the exercise (including enforcement) of any of the Secured Parties’ rights or remedies under this Agreement or applicable
law, and Debtor agrees that said expenses and fees shall constitute part of the Secured Obligations and be secured by the Pledged
Collateral.

 

    	-4-

    	 

    

 

(b)          To
protect, perfect, or enforce, from time to time, the Secured Parties’ rights or interests in the Pledged Collateral, the
Administrative Agent may, in its discretion (but without any obligation to do so): (i) discharge any Liens (other than Permitted
Liens to the extent that no Event of Default has occurred and is continuing) at any time levied or placed on the Pledged Collateral,
and (ii) obtain any record from any service bureau and pay such service bureau the cost thereof. All documented and reasonable
costs and expenses incurred by the Administrative Agent in exercising its discretion under this subparagraph (b) will be part of
the Secured Obligations secured by the Pledged Collateral.

 

(c)          Debtor
will not consent to the dissolution, termination or liquidation, of any Pledged Company.

 

(d)          Debtor
will not permit any Pledged Company to issue any Equity Interests or to issue any instruments representing Indebtedness
in an aggregate principal amount in excess of $25,000,000, in addition to, or in exchange or substitution for, the Pledged
Equity or Pledged Debt, except that any Pledged Company may issue additional, exchange or substitute Equity Interests or instruments
(all of which shall be “Pledged Collateral” under this Agreement) if all such Equity Interests or instruments are delivered
to the Administrative Agent no later than 30 days after issuance, along with any powers, pledge agreements, or other documents
deemed necessary by the Administrative Agent, in its reasonable discretion exercised in good faith, to grant to the Secured Parties
a continuing security interest in and to, and a perfected Lien on, such Equity Interests or instruments.

 

(e)          Debtor
will not grant “control” (within the meaning of such term under Article 9-106 of the NY UCC) over any Pledged Collateral
to any Person other than the Administrative Agent.

 

(f)          Debtor
will not, without the consent of the Administrative Agent, agree to any amendment of any organizational document of any Pledged
Company that in any way adversely affects the rights of the Secured Parties in the Pledged Collateral pledged by Debtor hereunder.

 

6.          POWER
OF ATTORNEY. Debtor hereby irrevocably appoints the Administrative Agent (or its nominee) to be its attorney and in its name
and otherwise on its behalf to do all acts and things and to sign, seal, execute, deliver, perfect and do all deeds, instruments,
documents, acts and things upon and during the continuance of any Event of Default which may be required: (i) for carrying out
any obligation imposed on Debtor by or pursuant to this Agreement after Debtor’s failure to do so, (ii) for carrying out
any sale or other disposition of the Pledged Collateral by the Administrative Agent, including the transfer of the Pledged Collateral
to the Administrative Agent or its designee, and (ii) generally for enabling the Administrative Agent to exercise the powers conferred
on it by or pursuant to this Agreement or by law. The Administrative Agent shall have full power to delegate the power conferred
on it by this Section 6, but no such delegation shall preclude the subsequent exercise of such power by the Administrative
Agent itself or preclude the Administrative Agent from making a subsequent delegation thereof to some other Person; any such delegation
may be revoked by the Administrative Agent at any time. It is understood and agreed that the foregoing power of attorney shall
be deemed to be a power coupled with an interest which cannot be revoked until the Termination of this Agreement in accordance
with Section 9(j) of this Agreement.

 

    	-5-

    	 

    

 

7.          VOTING
RIGHTS; DEFAULT. 

 

7.1           Voting
Rights; Dividends and Distributions.

 

7.1.1           Absent
an Event of Default. So long as no Event of Default occurs and is continuing and until such time as Debtor shall have received
a written election from the Administrative Agent pursuant to Section 7.1.2. below: (i) Debtor shall be entitled to exercise any
and all voting and other consensual rights pertaining to the Pledged Equity or any part thereof; provided that no vote shall be
cast or any consent given which would result in a breach of any covenant contained in any of the Loan Documents; and (ii) Debtor
shall be entitled to receive and retain any and all dividends, payments, distributions and interest paid in respect of the Pledged
Equity and Pledged Debt to the extent and in the manner not constituting a breach of the Credit Agreement or consented to in a
writing signed by the Required Lenders after the Effective Date.

 

7.1.2           Upon
an Event of Default. Upon the occurrence and during the continuance of an Event of Default: (i) all rights of Debtor to exercise
the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 7.1.1 and to
receive the distributions and interest payments which it would otherwise be authorized to receive and retain pursuant to Section
7.1.1 shall cease, at the Administrative Agent’s prior written election delivered to Debtor, and all such rights shall
thereupon become vested in the Administrative Agent, or such nominee(s) of the Administrative Agent as the Administrative Agent
shall designate in writing to Debtor, who shall thereupon have the sole right to exercise such voting and other consensual rights
and to receive and hold as Pledged Collateral such distributions and interest payments; (ii) all distributions and interest payments
which are received by Debtor contrary to the provisions of Section 7.1 shall be received in trust for the benefit of the
Secured Parties, shall be segregated from other funds of Debtor, and shall be forthwith paid over to the Administrative Agent,
or such nominee(s) of the Administrative Agent as the Administrative Agent shall designate in writing to Debtor as Pledged Collateral
in the same form as so received (with any necessary indorsement(s); and (iii) if the Administrative Agent exercises its right to
vote any of such Pledged Equity in accordance with this Agreement, Debtor hereby appoints the Administrative Agent, Debtor’s
true and lawful attorney-in-fact and IRREVOCABLE PROXY to vote such Pledged Equity in any manner the Administrative Agent deems
necessary for or against all matters submitted or which may be submitted to a vote of stockholders. The power-of-attorney and proxy
granted hereby is coupled with an interest and shall be irrevocable. After all Events of Default have been cured or waived, Debtor’s
right to exercise the voting and consensual rights and powers that it would otherwise be entitled to exercise pursuant to the terms
of this Section 7.1.1 shall be reinstated.

 

    	-6-

    	 

    

 

7.2           Default.

 

7.2.1           Generally.
If an Event of Default occurs and is continuing, then, in any such event and without limitation of the Administrative Agent’s
rights and remedies in Section 7.1, the Administrative Agent may, with prior written notice to Debtor, resort to the rights
and remedies available at law, in equity and under this Agreement and the other Loan Documents, including the rights and remedies
of the Administrative Agent under the Uniform Commercial Code. No remedy set forth herein is exclusive of any other available remedy
or remedies, but each is cumulative and in addition to every other remedy under this Agreement, the other Loan Documents or now
or hereafter existing at law or in equity or by statute. After the occurrence and during the continuance of an Event of Default,
the Administrative Agent may proceed to protect and enforce its rights by any action at law or in equity or by any other appropriate
proceedings. No failure on the part of the Administrative Agent to enforce any of the rights hereunder shall be deemed a waiver
of such rights or of any Event of Default, and no waiver of any Event of Default will be deemed to be a waiver of any subsequent
Event of Default. The Administrative Agent’s compliance with applicable local, state or federal law requirements, in addition
to those imposed by the Uniform Commercial Code, in connection with a disposition of any or all of the Pledged Collateral will
not be considered to adversely affect the commercial reasonableness of any disposition of any or all of the Pledged Collateral
under the Uniform Commercial Code.

 

7.2.2           Pledged
Equity. (a)          Without limiting any other rights or remedies available
to the Administrative Agent under Section 7.2.1, at any time after an Event of Default occurs and is continuing (including
after any applicable requirement for notice and an opportunity to cure), the Administrative Agent, at its option and without any
obligation to do so, may, at any time, transfer to or register in its name, or the name of any nominee(s), all or any part of
the Pledged Equity, and the Administrative Agent may exercise in respect of the Pledged Equity, in addition to other rights and
remedies provided for herein or otherwise available to it, all the rights and remedies under applicable law and of a the Administrative
Agent on default under the Uniform Commercial Code; and Secured Parties may also, with fifteen (15) days prior written notice
to Debtor, sell the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange,
broker’s board or any of the Administrative Agent’s offices or elsewhere, for cash, on credit or for future delivery,
and upon such other terms as the Administrative Agent may deem commercially reasonable. The Administrative Agent shall be authorized
at any such sale (if it deems it necessary to do so) to restrict the prospective bidders or purchasers to Persons who will represent
and agree that they are purchasing the Pledged Collateral for their own account in compliance with (i) Regulation D of the Securities
Act of 1933, as amended, and applicable state securities laws or (ii) any other applicable exemption available under such laws. 

 

(b)          Debtor
agrees that at least fifteen (15) days written notice to Debtor of the time and place of any public sale or the time after which
any private sale is to be made shall constitute reasonable notification. The Administrative Agent shall not be obligated to make
any sale of the Pledged Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn any public
or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, upon fifteen (15) days
prior written notice to Debtor, be made at the time and place it was so adjourned. Any cash held by the Administrative Agent as
Pledged Collateral and all cash proceeds received by the Administrative Agent in respect of any sale of, collection from, or other
realization upon all or any part of the Pledged Collateral may, in the reasonable discretion of the Administrative Agent, be held
by the Administrative Agent as Pledged Collateral for, and/or then or at any time thereafter in whole or in part may be applied
by the Administrative Agent against, all or any parts of the Secured Obligations in accordance with Section 2.18 of the Credit
Agreement. Any surplus of such cash or cash proceeds held by the Administrative Agent and remaining after payment in full of all
of the Secured Obligations (other than contingent indemnification obligations which survive termination of the Credit Agreement)
shall be paid over to Debtor or to whomsoever may be lawfully entitled to receive such surplus. Without precluding any other methods
of sale, the sale of the Pledged Collateral, or any part thereof, shall have been made in a commercially reasonable manner if conducted
in conformity with reasonable commercial practices of banks or finance companies disposing of similar property.

 

    	-7-

    	 

    

 

(c)          Debtor
recognizes that federal, state and/or foreign securities and other laws may limit the flexibility desired to achieve an otherwise
commercially reasonable disposition of the Pledged Equity, and in the event of potential conflict between such laws or regulations
and what in other circumstances might constitute commercial reasonableness, it is intended that consideration for such laws and
regulations will prevail over attempts to achieve such commercial reasonableness. In connection with any sale or other disposition
of the Pledged Equity, compliance by the Administrative Agent with the written advice of its counsel concerning the potential effect
of any such law or regulation shall not be cause for Debtor, or any other Person, to claim that such sale or other disposition
was not commercially reasonable, it being the intent of Debtor that the Administrative Agent not be obligated to risk contravening
any such law or regulation in order to effect what, but for such law or regulation, would be a commercially reasonable disposition.

 

(d)          The
Administrative Agent shall be under no duty to sell or otherwise realize upon the Pledged Collateral. At any time, the Administrative
Agent (at the direction of the Required Lenders) may release or surrender all or any part of the Pledged Collateral to Debtor.

 

8.          WAIVERS;
RIGHTS OF SECURED PARTIES. Debtor acknowledges and agrees that Debtor, by signing this Agreement, is subjecting the Pledged
Collateral to the Lien of Secured Parties for the payment and performance of all Secured Obligations.

 

9.          GENERAL
PROVISIONS.

 

(a)          All
rights of Secured Parties shall inure to the benefit of its successors and permitted assigns, and all obligations of Debtor shall
bind the successors and assigns of Debtor.

 

(b)          This
Agreement and the other Loan Documents to which Debtor is a party contain the entire agreement of the parties with respect to the
subject matter of this Agreement, and no oral agreement whatsoever, whether made contemporaneously herewith or hereafter shall
amend, modify or otherwise affect the terms of this Agreement. This Agreement may be executed in multiple counterparts, each of
which shall be an original but all of which together shall constitute one and the same instrument. This Agreement may be signed
by facsimile signatures or other electronic delivery of an image file reflecting the execution hereof, and, if so signed: (A) may
be relied on by each party as if the document were a manually signed original and (B) will be binding on each party for all purposes.
None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise
modified except pursuant to an agreement in writing entered into by each of the parties required under Section 9.02 of the Credit
Agreement; provided, however, that Schedule I of this Agreement may be supplemented from time to time by Debtor (and
acknowledged by Administrative Agent) to reflect Pledged Equity and Pledged Debt held by the Debtor at such time. 

 

    	-8-

    	 

    

 

(c)          Any
notice required, permitted or contemplated hereunder shall, except as expressly provided in this Agreement, be in writing and given
in accordance with the Credit Agreement.

 

(d)          All
rights and liabilities hereunder shall be governed and limited by and construed in accordance with the laws of the State of New
York.

 

(e)          If
any provision of this Agreement is found invalid by a court of competent jurisdiction, the invalid term will be considered excluded
from this Agreement and will not invalidate the remaining provisions of this Agreement.

 

(f)          Debtor
hereby irrevocably authorizes the Administrative Agent at any time and from time to time to file in any filing office in any jurisdiction
any initial financing statements and amendments thereto, including financing statements that provide any other information required
by Article 9 of the Uniform Commercial Code for the sufficiency or filing office acceptance of any financing statement or amendment,
including whether Debtor is an organization, the type of organization and any organizational identification number issued to Debtor.
Debtor hereby irrevocably authorizes the Administrative Agent at any time and from time to time to correct or complete, or to cause
to be corrected or completed, any financing statements, continuation statements or other such documents as have been filed naming
Debtor as debtor and the Administrative Agent, for the benefit of the Secured Parties, as Secured Parties.

 

(g)          The
Administrative Agent shall have no duty of care with respect to the Pledged Collateral except that the Administrative Agent shall
exercise reasonable care with respect to the Pledged Collateral in the Administrative Agent’s custody. The Administrative
Agent shall be deemed to have exercised reasonable care if: (i) such property is accorded treatment substantially equal to that
which the Administrative Agent accords its own property that is similar to the Pledged Collateral or (ii) the Administrative Agent
takes such action with respect to the Pledged Collateral as Debtor shall reasonably request in writing.

 

(h)          The
definition of any document, instrument or agreement includes all schedules, attachments and exhibits thereto and all renewals,
extensions, supplements, restatements and amendments thereof. All exhibits and schedules attached to this Agreement are incorporated
into, made and form an integral part of, this Agreement for all purposes. As used in this Agreement, “hereunder,” “herein,”
“hereto,” “this Agreement” and words of similar import refer to this entire document; “including”
is used by way of illustration and not by way of limitation, unless the context clearly indicates the contrary; and the singular
includes the plural and conversely.

 

(i)          SECURED
PARTIES AND DEBTOR HEREBY WAIVE THE RIGHT TO TRIAL BY JURY OF ANY MATTERS ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.         

 

    	-9-

    	 

    

 

(j)          This
Agreement will automatically terminate (“Termination”) on the later to occur of: (i) the full performance,
payment in full in cash and satisfaction of the Obligations (other than contingent indemnification obligations which survive
termination of the Credit Agreement) and (ii) the termination of all commitments to extend credit and other obligations of
the Administrative Agent, Issuing Banks and Lenders under the Credit Agreement. Upon such Termination, the Liens on the
Pledged Collateral granted hereunder shall automatically be released without further action of the Administrative Agent, and
the Administrative Agent shall, at Debtor’s expense, promptly execute and deliver to Debtor proper documentation
acknowledging such release, and shall duly assign and deliver to Debtor such of the Pledged Collateral as has been released
and is in the possession of the Administrative Agent, pursuant to one or more instruments of re-conveyance prepared by the
Administrative Agent, and shall deliver UCC termination statements or partial release statements or the like with respect to
its Liens on the Pledged Collateral. Upon (i) any sale or other transfer permitted under the Loan Documents by the Borrower
of any Pledged Collateral (including any transfer to the Guarantor or a Subsidiary of the Guarantor) or (ii) the
effectiveness of any written consent to the release of the security interest granted hereby in any Pledged Collateral
pursuant to the Credit Agreement, the security interest in such Pledged Collateral shall be automatically released and, in
connection with any such release, the Administrative Agent shall promptly execute and deliver to the Borrower, at the
Borrower’s expense, all UCC termination statements and similar documents that the Borrower shall reasonably request to
evidence such release.

 

[Signature Pages Follow]

 

    	-10-

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Agreement as of the Effective Date.

 

	 	MACQUARIE INFRASTRUCTURE COMPANY LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	SIGNATURE PAGE TO
PLEDGE AGREEMENT

    	 

    

 

	 	JPMORGAN CHASE BANK, N.A.,
	 	as Administrative Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	SIGNATURE PAGE TO
PLEDGE AGREEMENT

    	 

    

 

SCHEDULE I

 

I.           Equity
Interests in Pledged Companies:

 

	Pledged Company	 	% of Equity Interest/Number of

Outstanding Units	 	Cert. #
	 	 	 	 	 
	Macquarie Infrastructure Company Inc.	 	[__]	 	[__]

 

II.          Outstanding
subscriptions, options, rights, warrants or other agreements or commitments pursuant to which any Pledged Company is obligated
to issue or transfer any additional equity interests or other economic interests: [____].

 

III.         Pledged
Debt:

 

	Issuer	 	Principal Amount of Pledged

Debt	 	Cert. #
	 	 	 	 	 
	[__]	 	[__]	 	[__]

 

 

    	SCHEDULE I TO
PLEDGE AGREEMENTExhibit10.1_HAE 2014-CreditAgreement-

EHXIBIT 10.1

	
	
	 

CREDIT AGREEMENT
dated as of
June 30, 2014,
among
HAEMONETICS CORPORATION
and 
The Lenders Party Hereto
and
JPMORGAN CHASE BANK, N.A., 
as Administrative Agent
___________________________
J.P. MORGAN SECURITIES LLC, and 
CITIBANK, N.A., 
as Joint Lead Arrangers and Joint Bookrunners,
CITIBANK, N.A., 
as Syndication Agent, 
BANK OF AMERICA, N.A., 
CITIZENS BANK, N.A., 
HSBC BANK USA, N.A., 
WELLS FARGO BANK, N.A., 
U.S. BANK, N.A., 
UNION BANK, N.A., 
TD BANK, N.A., and 
SUMITOMO MITSUI BANKING CORPORATION, 
as Co-Documentation Agents
	
	
	 

TABLE OF CONTENTS

	
				
	 
	 
	Page
	

	ARTICLE I Definitions
	 
	1
	

	SECTION 1.01. Defined Terms
	 
	1
	

	SECTION 1.02. Classification of Loans and Borrowings
	 
	28
	

	SECTION 1.03. Terms Generally
	 
	28
	

	SECTION 1.04. Accounting Terms; GAAP
	 
	29
	

	ARTICLE II The Credits
	 
	29
	

	SECTION 2.01. Commitments
	 
	29
	

	SECTION 2.02. Loans and Borrowings
	 
	30
	

	SECTION 2.03. Requests for Borrowings
	 
	30
	

	SECTION 2.04. Determination of Dollar Amounts
	 
	31
	

	SECTION 2.05. Swingline Loans
	 
	32
	

	SECTION 2.06. Letters of Credit
	 
	33
	

	SECTION 2.07. Funding of Borrowings
	 
	38
	

	SECTION 2.08. Interest Elections
	 
	39
	

	SECTION 2.09. Termination and Reduction of Commitments
	 
	40
	

	SECTION 2.10. Repayment and Amortization of Loans; Evidence of Debt
	 
	41
	

	SECTION 2.11. Prepayment of Loans
	 
	42
	

	SECTION 2.12. Fees
	 
	43
	

	SECTION 2.13. Interest
	 
	45
	

	SECTION 2.14. Market Disruption; Alternate Rate of Interest
	 
	46
	

	SECTION 2.15. Increased Costs
	 
	47
	

	SECTION 2.16. Break Funding Payments
	 
	48
	

	SECTION 2.17. Payments Free of Taxes
	 
	49
	

	SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	 
	52
	

	SECTION 2.19. Mitigation Obligations; Replacement of Lenders
	 
	54
	

	SECTION 2.20. Defaulting Lenders
	 
	55
	

	SECTION 2.21. Expansion Option
	 
	57
	

	SECTION 2.22. Judgment Currency
	 
	59
	

	ARTICLE III Representations and Warranties
	 
	59
	

	SECTION 3.01. Organization; Powers
	 
	59
	

	SECTION 3.02. Authorization; Enforceability
	 
	59
	

	SECTION 3.03. Governmental Approvals; No Conflicts
	 
	60
	

	SECTION 3.04. Financial Condition; No Material Adverse Change
	 
	60
	

	SECTION 3.05. Properties
	 
	60
	

	SECTION 3.06. Litigation, Environmental and Labor Matters
	 
	60
	

	SECTION 3.07. Compliance with Laws and Contractual Obligations
	 
	61
	

	SECTION 3.08. Investment Company Status
	 
	61
	

	SECTION 3.09. Taxes
	 
	62
	

i

	
				
	SECTION 3.10. ERISA
	 
	62
	

	SECTION 3.11. Disclosure
	 
	62
	

	Section 3.12. Federal Reserve Regulations
	 
	62
	

	SECTION 3.13. Solvency
	 
	63
	

	SECTION 3.14. Use of Proceeds
	 
	63
	

	SECTION 3.15. Subsidiaries
	 
	63
	

	SECTION 3.16. Liens
	 
	63
	

	SECTION 3.17. No Burdensome Restrictions
	 
	63
	

	SECTION 3.18. No Default
	 
	63
	

	SECTION 3.19. Anti-Corruption Laws and Sanctions
	 
	63
	

	ARTICLE IV Conditions
	 
	64
	

	SECTION 4.01. Effective Date
	 
	64
	

	SECTION 4.02. Each Credit Event
	 
	65
	

	ARTICLE V Affirmative Covenants
	 
	66
	

	SECTION 5.01. Financial Statements and Other Information
	 
	67
	

	SECTION 5.02. Notices of Material Events
	 
	67
	

	SECTION 5.03. Existence; Conduct of Business
	 
	68
	

	SECTION 5.04. Payment of Obligations
	 
	68
	

	SECTION 5.05. Maintenance of Properties; Insurance
	 
	68
	

	SECTION 5.06. Books and Records; Inspection Rights
	 
	69
	

	SECTION 5.07. Compliance with Laws and Material Contractual Obligations
	 
	69
	

	SECTION 5.08. Use of Proceeds
	 
	69
	

	SECTION 5.09. Accuracy of Information
	 
	69
	

	SECTION 5.10. Material Domestic Subsidiaries
	 
	70
	

	ARTICLE VI Negative Covenants
	 
	70
	

	SECTION 6.01. Indebtedness
	 
	70
	

	SECTION 6.02. Liens
	 
	71
	

	SECTION 6.03. Fundamental Changes and Asset Sales
	 
	72
	

	SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions
	 
	73
	

	SECTION 6.05. Swap Agreements
	 
	75
	

	SECTION 6.06. Restricted Payments
	 
	75
	

	SECTION 6.07. Transactions with Affiliates
	 
	75
	

	SECTION 6.08. Restrictive Agreements
	 
	76
	

	SECTION 6.09. Financial Covenants
	 
	76
	

	SECTION 6.10. Sale and Leaseback Transactions
	 
	76
	

	SECTION 6.11. Operating Lease Obligations
	 
	77
	

	ARTICLE VII Events of Default
	 
	77
	

	ARTICLE VIII The Administrative Agent
	 
	80
	

	ARTICLE IX Miscellaneous
	 
	82
	

	SECTION 9.01. Notices
	 
	82
	

	SECTION 9.02. Waivers; Amendments
	 
	85
	

	SECTION 9.03. Expenses; Indemnity; Damage Waiver
	 
	85
	

ii

	
				
	SECTION 9.04. Successors and Assigns
	 
	87
	

	SECTION 9.05. Survival
	 
	90
	

	SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution
	 
	91
	

	SECTION 9.07. Severability
	 
	91
	

	SECTION 9.08. Right of Setoff
	 
	91
	

	SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process
	 
	92
	

	SECTION 9.10. WAIVER OF JURY TRIAL
	 
	92
	

	SECTION 9.11. Headings
	 
	93
	

	SECTION 9.12. Confidentiality
	 
	93
	

	SECTION 9.13. Material Non-Public Information
	 
	93
	

	SECTION 9.14. Authorization to Distribute Certain Materials to Public-Siders
	 
	94
	

	SECTION 9.15. Interest Rate Limitation
	 
	94
	

	SECTION 9.16. USA PATRIOT Act
	 
	94
	

	SECTION 9.17. Release of Subsidiary Guarantors
	 
	95
	

	SECTION 9.18. No Advisory or Fiduciary Responsibility
	 
	95
	

SCHEDULES:
	
		
	Schedule 2.01
	Commitments

	Schedule 3.06
	Disclosed Matters

	Schedule 3.15
	Subsidiaries and Material Domestic Subsidiaries

	Schedule 6.01
	Existing Indebtedness

	Schedule 6.02
	Existing Liens

	Schedule 6.04
	Existing Investments

EXHIBITS:	
		
	Exhibit A
	Form of Assignment and Assumption

	Exhibit B
	Form of Compliance Certificate

	Exhibit C-1
	Form of U.S. Tax Certificate (For Foreign Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)

	Exhibit C-2
	Form of U.S. Tax Certificate (For Foreign Participants that are not Partnerships for U.S. Federal Income Tax Purposes)

	Exhibit C-3
	Form of U.S. Tax Certificate (For Foreign Participants that are Partnerships for U.S. Federal Income Tax Purposes)

	Exhibit C-4
	Form of U.S. Tax Certificate (For Foreign Lenders that are Partnerships for U.S. Federal Income Tax Purposes)

	Exhibit D
	Form of Increasing Lender Supplement – Existing Lender

	Exhibit E
	Form of Augmenting Lender Supplement – New Lender

	Exhibit F
	Form of Borrowing Request

iii

CREDIT AGREEMENT (this “Agreement”) dated as of June 30, 2014, among HAEMONETICS CORPORATION, a Massachusetts corporation (the “Company”), the LENDERS from time to time 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 a Loan, or the Loans comprising such Borrowing, bearing interest at a rate determined by reference to the Alternate Base Rate.
“Acquired EBITDA” means, with respect to any Acquired Entity, Consolidated EBITDA of such Acquired Entity for the applicable period (determined as if references to the Company and the Subsidiaries in the definition of Consolidated EBITDA were references to such Acquired Entity and its subsidiaries) but excluding the Consolidated EBITDA of any related person, property, business or asset to the extent not so acquired, all as determined on a consolidated basis for such Acquired Entity.
“Acquired Entity” has the meaning assigned to such term in the definition of “Consolidated EBITDA”.
“Acquisition” means any transaction or series of related transactions resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the assets of any Person, or any business unit, division, product line or line of business of any Person, (b) the acquisition of in excess of fifty percent (50%) of the Equity Interests of any Person, or (c) the acquisition of another Person by a merger, amalgamation or consolidation or any other combination with such Person.
“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. (including its subsidiaries and Affiliates), in its capacity as administrative agent for the Lenders hereunder.
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

1

“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.
“Agent Parties” has the meaning assigned to such term in Section 9.01(d).
“Aggregate Revolving Commitment” means the aggregate amount of the Revolving Commitments of all of the Lenders, as reduced or increased from time to time pursuant to the terms and conditions hereof.  As of the Effective Date, the Aggregate Revolving Commitment is $100,000,000.
“Aggregate Term Loan Commitment” means the aggregate amount of the Term Loan Commitments of all of the Lenders.  As of the Effective Date, the Aggregate Term Loan Commitment is $379,406,250.
“Agreed Currencies” means (a) U.S. Dollars, (b) Euro, (c) Pounds Sterling, (d) Swiss Francs and (e) any other lawful currency that is readily available and freely transferable and convertible into U.S. Dollars, available in the London interbank deposit market and acceptable to the Administrative Agent, the Issuing Bank and all of the Lenders.
“Agreement” has the meaning assigned to such term in the preamble.
“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%, and (c) the Adjusted LIBO Rate for a one (1) month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided, that for purposes of this definition, the Adjusted LIBO Rate for any Business Day shall be based on the LIBO Screen Rate at approximately 11:00 a.m., London time, on such Business Day.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively.
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Company or its Subsidiaries from time to time concerning or relating to bribery or corruption.
“Applicable Percentage” means, with respect to any Lender, (a) with respect to Revolving Loans, LC Exposure or Swingline Loans, the percentage equal to a fraction, the numerator of which is such Lender’s Revolving Commitment and the denominator of which is the Aggregate Revolving Commitment (if the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Revolving Commitments most recently in effect, after giving effect to any assignments); provided, that in the case of Section 2.20 when a Defaulting Lender shall exist, any such Defaulting Lender’s Revolving Commitment shall be disregarded in the foregoing calculation, and (b) with respect to Term Loans, a percentage equal to a fraction, the numerator of which is such Lender’s Term Loan 

2

Commitment and the denominator of which is the Aggregate Term Loan Commitment (if the Term Loan Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Term Loan Commitments most recently in effect, after giving effect to any assignments); provided, that in the case of Section 2.20 when a Defaulting Lender shall exist, any such Defaulting Lender’s Term Loan Commitment shall be disregarded in the foregoing calculation.
“Applicable Rate” 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 “Applicable Rate for Eurodollar Loans”, “Applicable Rate for ABR Loans” or “Applicable Rate for Commitment Fee”, as the case may be, based on the Consolidated Leverage Ratio applicable on such date:
	
					
	Pricing Level
	Consolidated Leverage Ratio
	Applicable Rate for Eurodollar Loans
	Applicable Rate for ABR Loans
	Applicable Rate for Commitment Fee

	I
	< 1.00:1.00
	1.125%
	0.125%
	0.175%

	II
	≥ 1.00:1.00 and < 2.00:1.00
	1.250%
	0.250%
	0.200%

	III
	≥ 2.00:1.00 and < 2.50:1.00
	1.375%
	0.375%
	0.250%

	IV
	≥ 2.50:1.00
	1.500%
	0.500%
	0.300%

 
For purposes of the foregoing, (a) the Consolidated Leverage Ratio shall be determined as of the end of each fiscal quarter of the Company and the Subsidiaries based on the most recent Financial Statements and corresponding Compliance Certificate; and (b) each change in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of such Financial Statements and Compliance Certificate indicating such change and ending on the date immediately preceding the effective date of the next change in the Applicable Rate; provided, that Pricing Level IV set forth above shall apply if the Company fails to deliver the Financial Statements or corresponding Compliance Certificate required to be delivered by it, during the period from the expiration of the time for delivery thereof until such Financial Statements and Compliance Certificate are delivered.  Pricing Level III set forth above shall apply during the period commencing on and including the Effective Date and ending on the date immediately preceding the delivery of Financial Statements covering the fiscal quarter of the Company and the Subsidiaries ending September 27, 2014, and the corresponding Compliance Certificate.
“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

3

“Arrangers” means, collectively, J.P. Morgan Securities LLC and Citibank, N.A., in their capacity as Joint Lead Arrangers and Joint Bookrunners.
“Assignment and Assumption” means an assignment and assumption agreement 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.
“Augmenting Lender” has the meaning assigned to such term in Section 2.21(a).
“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 Revolving Commitments.
“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, such Person has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment; provided, that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.
“Beneficial Owner” means, with respect to any U.S. Federal withholding Tax, the beneficial owner, for U.S. Federal income tax purposes, to whom such Tax relates.
“Board” means the Board of Governors of the Federal Reserve System of the United States of America.
“Borrowing” means (a) Revolving Loans of the same Type and currency, 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, (b) Term Loans of the same Type and currency, 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 (c) a Swingline Loan.
“Borrowing Request” means a request by the Company for a Borrowing in accordance with Section 2.03, substantially in the form of Exhibit F.
“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 (a) when used in connection with a Eurodollar Loan, the term “Business Day” 

4

shall also exclude any day on which banks are not open for dealings in the applicable Agreed Currency in the London interbank market or (other than in respect of Borrowings denominated in U.S. Dollars or Euro) the principal financial center of such Agreed Currency, and (b) when used in connection with a Eurodollar Loan denominated in Euro, the term “Business Day” shall also exclude any day on which the TARGET payment system is not open for the settlement of payments in Euro.
“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.
“Cash Equivalent Investments” means:
(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof;
(b) direct obligations of, or obligations the principal and interest on which are unconditionally guaranteed by, any sovereign nation other than the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of such nation), in each case maturing within one year from the date of acquisition thereof and having a rating of at least “A” by at least two of S&P, Moody’s and Fitch;
(c) investments in commercial paper maturing within two hundred seventy (270) days from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from at least two of S&P, Moody’s and Fitch;
(d) investments in certificates of deposit, banker’s acceptances and time deposits maturing within one hundred eighty (180) days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, (i) any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000 or (ii) any foreign commercial bank which has a combined capital and surplus and undivided profits (on a consolidated basis with its Affiliates) of not less than $500,000,000 or the foreign currency equivalent thereof and which foreign bank has an investment grade short-term debt rating by at least two of S&P, Moody’s and Fitch;
(e) fully collateralized repurchase agreements with a term of not more than thirty (30) days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (d) above;

5

(f) United States 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 only investment grade portfolio assets with a weighted average rating of at least “A” by at least two of S&P, Moody’s and Fitch; provided, that no such investment in a United States money market fund constitutes more than two percent (2%) of the total portfolio assets of such fund; and 
(g) Non-United States money market funds that (i) comply with the criteria set forth in any law, rule or regulation in the applicable jurisdiction which is similar to SEC Rule 2a-7 under the Investment Company Act of 1940, and (ii) have only investment grade portfolio assets with a weighted average rating of at least “A” by at least two of S&P, Moody’s and Fitch; provided, that no such investment in a non-United States money market fund constitutes more than five percent (5%) of the total portfolio assets of such fund.
“Change in Control” means (a) 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 representing more than thirty-five percent (35%) of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Company or (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Company by Persons who were neither (i) nominated by the board of directors of the Company nor (ii) appointed by directors so nominated.
“Change in Law” means the occurrence after the date of this Agreement (or, with respect to any Lender, such later date on which such Lender becomes a party to this Agreement) of (a) the adoption of any law, rule, regulation or treaty (including any rules or regulations issued under or implementing any existing law or treaty), (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.15(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; provided, that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in implementation thereof and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in “Law”, regardless of the date enacted, adopted, issued or implemented.
“Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, Term Loans or Swingline Loans.
“Code” means the Internal Revenue Code of 1986, as amended.

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“Commitment” means, with respect to each Lender, the sum of such Lender’s Revolving Commitment and Term Loan Commitment.  The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable.
“Communications” has the meaning assigned to such term in Section 9.01(d).
“Company” has the meaning assigned to such term in the preamble.
“Compliance Certificate” means a certificate substantially in the form of Exhibit B.
“Computation Date” has the meaning assigned to such term in Section 2.04.
“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.
“Consolidated” or “consolidated” means, with reference to financial statements or financial statement items of any Person, such statements or items of such Person and its subsidiaries on a consolidated basis in accordance with applicable principles of consolidation under GAAP.
“Consolidated EBITDA” means, for any period, Consolidated Net Income for such period, plus
(a)    without duplication and to the extent deducted (and not added back) in arriving at such Consolidated Net Income, the sum of the following amounts for such period:
(i)    Consolidated Interest Expense;
(ii)    the provision for federal, state, local and foreign income taxes;
(iii)    depreciation expense or write-down of tangible assets; 
(iv)    amortization or write-down of intangibles (including goodwill) and organization costs; 
(v)    in connection with Permitted Acquisitions, the HDC Line Acquisition or otherwise, each of the following, without duplication:  unusual or non-recurring costs, charges or expenses, restructuring charges, costs or expenses (including new reserves or adjustments to existing reserves), costs associated with increasing the value of acquired inventory under GAAP, severance costs, relocation costs, integration costs, other business optimization expenses or reserves, signing costs, retention or completion bonuses, transition costs, costs related to closure/consolidation of facilities and curtailments or modifications to 

7

pension and post-retirement employee benefit plans (including any settlement of pension liabilities); provided, that the aggregate amount added back to Consolidated Net Income pursuant to this clause (v) shall not exceed (A) for any Reference Period ending on or prior to December 31, 2015, an amount for such Reference Period not to exceed the lesser of 25% of Consolidated EBITDA (calculated after giving effect to such add-back) and $50,000,000, and (B) for any Reference Period ending after December 31, 2015, an amount for such Reference Period not to exceed the lesser of 15% of Consolidated EBITDA (calculated after giving effect to such add-back) and $30,000,000;
(vi)    in the case of any period that includes the Effective Date, transaction costs related to the Transactions;
(vii)    in the case of any period that includes the date on which a Permitted Acquisition or the HDC Line Acquisition closes, transaction costs related to such Permitted Acquisition or the HDC Line Acquisition in an aggregate amount not to exceed $10,000,000 for each such Permitted Acquisition or $500,000 for the HDC Line Acquisition;
(viii)    non-cash losses on asset sales, disposals or abandonments (other than asset sales, disposals or abandonments in the ordinary course of business);
(ix)    non-cash compensation expense (including deferred non-cash compensation expense), or other non-cash expenses or charges, arising from the sale or issuance of Equity Interests of Company, the granting of options for Equity Interests in Company, the granting of appreciation rights and similar arrangements in respect of Equity Interests in Company (including any repricing, amendment, modification, substitution or change of any such Equity Interest or similar arrangements);
(x)    expenses, charges or losses to the extent indemnified or insured by a third party reasonably acceptable to the Administrative Agent (excluding the Company and the Subsidiaries), including those covered by indemnification provisions in connection with the Transactions and Permitted Acquisitions, to the extent (A) the Company has determined that there is a reasonable basis for such coverage, (B) coverage has not been denied and (C) such amounts are actually reimbursed by such third party in cash within one hundred eighty (180) days after the related amount is first added back to Consolidated EBITDA pursuant to this clause (x) (and if not so reimbursed within such one hundred eighty (180) day period, such amount shall be deducted from Consolidated EBITDA during the applicable future period); and
(xi)    in connection with a Permitted Acquisition, without duplication, the amount of net cost savings and synergies projected by the Company in good faith to be realized as a result of specified actions taken or expected to be taken and calculated on a pro forma basis as though such cost savings and synergies had 

8

been realized on the first day of such period, net of the amount of actual benefits realized from such actions; provided that (A) such cost savings and synergies are permitted to be reflected in financial statements prepared in accordance with Regulation S-X under the Securities Act of 1933, as amended, and (B) the chief financial officer of the Company shall have certified to the Administrative Agent that (1) such cost savings and synergies are reasonably identifiable and factually supportable, reasonably attributable to the actions specified and reasonably anticipated to result from such actions, (2) such actions have been taken, initiated or are reasonably expected to be taken and (3) the benefits resulting therefrom are anticipated by the Company to be realized within twelve (12) months after the date of such Permitted Acquisition;
minus
(b)    without duplication and to the extent included in arriving at such Consolidated Net Income, the sum of the following amounts for such period:
(i)    federal, state, local and foreign income tax credits and refunds (to the extent not netted from tax expense);
(ii)    non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated Net Income or Consolidated EBITDA in any prior period);
(iii)    gains on asset sales, disposals or abandonments (other than asset sales, disposals or abandonments in the ordinary course of business);
(iv)    non-recurring income or gains from discontinued operations;
(v)    other extraordinary, unusual or non-recurring income or gains; 
(vi)    any cash payments made during such period in respect of items initially added back under clauses (a)(viii) and (a)(ix) above on the basis that they were non-cash, subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were incurred; and
(vii)    all reversals that reduce any reserve that was accrued in a prior period (but only to the extent amounts in respect of such accrual were added back in determining Consolidated EBITDA pursuant to clause (a) above during such period);
in each case, as determined on a consolidated basis for the Company and the Subsidiaries; provided that,
(I)    there shall be included in determining Consolidated EBITDA for any period, without duplication, the Acquired EBITDA for such period of any Person, property, business or asset acquired in the HDC Line Acquisition or a Permitted 

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Acquisition (an “Acquired Entity”) during such period to the extent not subsequently sold, transferred or otherwise disposed of in or prior to such period determined on a historical pro forma basis, and
(II)    there shall be excluded in determining Consolidated EBITDA for any period the Disposed EBITDA for such period of any Person, property, business or asset sold, transferred or otherwise disposed of by the Company or any Subsidiary during such period (each such person, property, business or asset so sold, transferred or otherwise disposed of, a “Sold Entity”) determined on a historical pro forma basis.
“Consolidated Interest Coverage Ratio” means, as of the last day of any fiscal quarter, the ratio of (a) Consolidated EBITDA for the Reference Period ended on such date to (b) Consolidated Interest Expense for the Reference Period ended on such date.
“Consolidated Interest Expense” means, for any period, for the Company and the Subsidiaries calculated in accordance with GAAP on a consolidated basis (without duplication) for such period, all interest expense (including interest expense under Capital Lease Obligations that is treated as interest in accordance with GAAP) with respect to all outstanding Indebtedness of the Company and the Subsidiaries allocable to such period in accordance with GAAP (including all commissions, discounts and other fees and charges owed with respect to letters of credit).
“Consolidated Leverage Ratio” means, as of the last day of any fiscal quarter, the ratio of (a) Consolidated Total Debt as of such date to (b) Consolidated EBITDA for the Reference Period ended on such date.
“Consolidated Net Income” means, for any period, the net income (or loss) of the Company and the Subsidiaries calculated in accordance with GAAP on a consolidated basis (without duplication) for such period.
“Consolidated Tangible Assets” means, as of any date of determination, the book value as of such date of all assets of the Company and its Subsidiaries, as determined on a consolidated basis in accordance with GAAP, minus the book value as of such date of all goodwill and other intangible assets of the Company and its Subsidiaries, as determined on a consolidated basis in accordance with GAAP.
“Consolidated Total Debt” means, as of any date of determination, the outstanding principal amount as of such date of all Indebtedness (excluding, in the case of Indebtedness of the type described in clause (i) of the definition of Indebtedness, obligations in respect of trade letters of credit and letters of guaranty supporting trade and similar accounts payable arising in the ordinary course of business) of the Company and the Subsidiaries on a consolidated basis.
“Contemplated Tax Restructuring” means, collectively, (a) the transfer by the Company of the Equity Interests in Haemonetics International Holdings GmbH (“International Holdings”) to another direct, wholly-owned Subsidiary and (b) the transfer by the Company of the Equity 

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Interests in certain of its other foreign Subsidiaries to International Holdings or another direct, wholly-owned Subsidiary.
“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.
“Credit Exposure” means, with respect to any Lender at any time, the sum of (a) such Lender’s Revolving Credit Exposure at such time, plus (b) an amount equal to the aggregate principal amount of such Lender’s Term Loans outstanding at such time.
“Credit Party” means the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender.
“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.
“Defaulting Lender” means, subject to Section 2.20, any Lender that (a) has failed, within two (2) Business Days after the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Company or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to such funding obligation cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement; provided, that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has, or has a Lender Parent that has, become the subject of a Bankruptcy Event.
“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06.

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“Disposed EBITDA” means, with respect to any Sold Entity, the amount of Consolidated EBITDA of such Sold Entity for the applicable period, as applicable (determined as if references to the Company and the Subsidiaries in the definition of Consolidated EBITDA were references to such Sold Entity and its subsidiaries) but excluding the Consolidated EBITDA of any related person, property, business or asset to the extent not so sold, transferred, or otherwise disposed of, all as determined on a consolidated basis for such Sold Entity.
“Dollar Amount” of any currency at any date means (a) if such currency is U.S. Dollars, the amount of such currency, or (b) if such currency is a Foreign Currency, the equivalent in such currency of U.S. Dollars, calculated on the basis of the Exchange Rate for such currency on or as of the most recent Computation Date provided for in Section 2.04.
“Domestic Subsidiary” means any Subsidiary that is organized under the laws of any State of the United States of America or the District of Columbia.
“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).
“Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.
“Electronic System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and the Issuing Bank and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or other security system.
“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters.
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Company or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership 

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interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing.
“Equivalent Amount” of any currency with respect to any amount of U.S. Dollars at any date means the equivalent in such currency of such amount of U.S. Dollars, calculated on the basis of the Exchange Rate for such other currency at 11:00 a.m., London time, on the date on or as of which such amount is to be determined.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Company, is treated as a single employer under any subsection of 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 thirty (30) day notice period is waived); (b) the existence with respect to any Multiemployer Plan of an “accumulated funding deficiency” (as defined in Sections 412 and 431 of the Code or Sections 302 and 304 of ERISA), whether or not waived, or the determination that any Multiemployer Plan is in either “endangered status” or “critical status” (as defined in Section 432 of the Code or Section 305 of ERISA), or the failure of any Plan that is not a Multiemployer Plan to satisfy the minimum funding standards of Sections 412 and 430 of the Code or Sections 302 and 303 of ERISA, or the determination that any Plan that is not a Multiemployer Plan is in “at-risk” status (as defined in Section 430(i) of the Code or Section 303(i) of ERISA) or the imposition of any lien on the Company or any of its ERISA Affiliates pursuant to Section 430(k) of the Code or Section 303(k) of ERISA; (c) the filing pursuant to Section 412(c) of the Code or Section 303(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Company 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; (f) the incurrence by the Company or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; (g) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company 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; (h) the engagement by the Company or any of its ERISA Affiliates in a non-exempt “prohibited transaction” (as defined under Section 406 of ERISA or Section 4975 of the Code) or a breach of a fiduciary duty under ERISA in either case with respect to a Plan that could reasonably be expected to result in material liability to the Company or any Subsidiary; (i) the failure of any Plan (and any related trust) that is intended to be qualified under Sections 401 and 501 of the Code to be so qualified; (j) the commencement, existence or threatening of a claim, action, suit, audit or investigation with respect to any Plan, other than a routine claim for benefits; (k) any 

13

incurrence by or any expectation of the incurrence by the Company or any Subsidiary of any material liability for post-retirement benefits under any employee benefit plan described in Section 3(1) of ERISA, other than as required by Section 601 et seq. of ERISA or Section 4980B of the Code or similar state law; or (l) the occurrence of an event with respect to any employee benefit plan described in Section 3(3) of ERISA that results in the imposition of a material excise tax or any other material liability on the Company or any Subsidiary or of the imposition of a Lien on the assets of the Company or any Subsidiary.
“Euro” or “€” means the single currency of the participating member states of the European Union.
“Eurocurrency Payment Office” of the Administrative Agent shall mean, for each Foreign Currency, the office, branch, affiliate or correspondent bank of the Administrative Agent for such currency as specified from time to time by the Administrative Agent to the Company and each Lender.
“Eurodollar”, when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate.
“Event of Default” has the meaning assigned to such term in Article VII.
“Exchange Rate” means, on any day, with respect to any Foreign Currency, the rate at which such Foreign Currency may be exchanged into U.S. Dollars, as set forth at approximately 11:00 a.m., Local Time, on such date on the Reuters World Currency Page for such Foreign Currency.  In the event that such rate does not appear on any Reuters World Currency Page, the Exchange Rate with respect to such Foreign Currency shall be determined by reference to such other publicly available service for displaying exchange rates as may be reasonably selected by the Administrative Agent or, in the event no such service is selected, such Exchange Rate shall instead be calculated on the basis of the arithmetical average of the spot rates of exchange of the Administrative Agent for such Foreign Currency on the London market at 11:00 a.m., Local Time, on such date for the purchase of U.S. Dollars with such Foreign Currency, for delivery two (2) 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, after consultation with the Company, may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on the date on which (i) such 

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Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Company under Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f) and (d) any U.S. Federal withholding Taxes imposed under FATCA.
“Existing Credit Agreement” means that certain Credit Agreement dated as of August 1, 2012, by and among the Company, the lenders party thereto on the Effective Date, and JPMorgan Chase Bank, N.A., as administrative agent.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code.  
“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 (3) Federal funds brokers of recognized standing selected by it.
“Financial Officer” means, with respect to any Loan Party, such Loan Party’s chief financial officer, principal accounting officer, treasurer or corporate controller.
“Financial Statements” means the financial statements to be furnished pursuant to Sections 5.01(a) and (b).
“Fitch” means Fitch Ratings, Inc.
“Foreign Currencies” means Agreed Currencies other than U.S. Dollars.
“Foreign Lender” means a Lender that is not a U.S. Person.  
“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.
“Foreign Subsidiary Lines of Credit” has the meaning assigned to such term in Section 6.01(b).
“GAAP” means generally accepted accounting principles in the United States of America.

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“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, including any supra-national bodies such as the European Union or the European Central Bank and any group or body charged with setting financial accounting or regulatory capital rules or standards (including the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).
“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.  The amount of any Guarantee of any guaranteeing person shall be deemed to be the lower of (x) the stated or determinable amount of the primary obligation in respect of which such Guarantee is made and (y) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Company in good faith.
“Guarantee Agreement” means the Guarantee Agreement dated as of the date hereof by the Subsidiary Guarantors in favor of the Credit Parties and the other Holders of Obligations referred to therein, as amended, restated, supplemented or otherwise modified from time.
“Guarantors” means, collectively, the Company and the guarantors party to the Guarantee Agreement, including the Subsidiary Guarantors.
“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

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“HDC Line Acquisition” means the delayed acquisition of a portion of the blood filter media business referred to in the Pall Acquisition Agreement as the HDC Line, which acquisition shall be consummated after the Effective Date in accordance with the Pall Acquisition Agreement.
“Immaterial Subsidiary” means, as of any date of determination, a Subsidiary which, together with its subsidiaries, comprises two percent (2%) or less of the Company’s consolidated assets as of such date, and two percent (2%) or less of the Company’s total sales and Consolidated Net Income as of the end of or for the most recently ended Reference Period.
“Impacted Interest Period” has the meaning assigned to such term in the definition of “LIBO Rate”.
“Increasing Lender” has the meaning assigned to such term in Section 2.21(a).
“Incremental Term Loan” has the meaning assigned to such term in Section 2.21(a).
“Incremental Term Loan Amendment” has the meaning assigned to such term in Section 2.21(e).
“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), (f) all Indebtedness of another Person 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 another Person, (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 and (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances.  The Indebtedness of any Person shall include the Indebtedness of any other Person (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.  For the avoidance of doubt, no obligation of the Company or any of its Subsidiaries under the Pall Acquisition Agreement shall constitute Indebtedness of the Company or any of its Subsidiaries for purposes of this Agreement.
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

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“Interest Election Request” means a request by the Company to convert or continue a Borrowing in accordance with Section 2.08.
“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 and the Maturity Date, (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 (3) months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three (3) months’ duration after the first day of such Interest Period and the Maturity Date, and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Maturity Date.
“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 (1), two (2), three (3) or six (6) months (or, if available from all applicable Lenders, twelve (12) months) thereafter, as the Company may elect; provided, that (i) 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, in the case of a Eurodollar Borrowing only, 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 (ii) any Interest Period pertaining to a Eurodollar Borrowing 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.
“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period for which the LIBO Screen Rate is available for the applicable currency that is shorter than the Impacted Interest Period and (b) the LIBO Screen Rate for the shortest period for which the LIBO Screen Rate is available for the applicable currency that exceeds the Impacted Interest Period, in each case, at such time; provided that if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Investment” has the meaning assigned to such term in Section 6.04.
“IRS” means the United States Internal Revenue Service.
“Issuing Bank” means JPMorgan Chase Bank, N.A., in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.06(i).  The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by 

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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 draw made under a Letter of Credit.
“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Company 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 Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.
“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a Lender hereunder pursuant to Section 2.21 or pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.  Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender.
“Letter of Credit” means any letter of credit issued pursuant to this Agreement.
“LIBO Rate” means, with respect to any Eurodollar Borrowing for any applicable currency and for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for the relevant currency) for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case the “LIBO Screen Rate”) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided further that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) with respect to the applicable currency then the LIBO Rate shall be the Interpolated  Rate or, if applicable pursuant to the terms of Section 2.14(a), the applicable Reference Bank Rate, in either case at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period.
“LIBO Screen Rate” has the meaning assigned to such term in the definition of “LIBO Rate”.
“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 

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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.
“Loan Documents” means, collectively, this Agreement, the Guarantee Agreement, each promissory note delivered pursuant to this Agreement, any Letter of Credit applications, and any other agreements, instruments, documents and certificates executed by or on behalf of any Loan Party and delivered to or in favor of the Credit Parties concurrently herewith or hereafter in connection with the Transactions hereunder.  Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to such Loan Document as the same may be in effect at any and all times such reference becomes operative.
“Loan Parties” means, collectively, the Company and the Guarantors.
“Loans” means the loans made by the Lenders to the Company pursuant to this Agreement.
“Local Time” means (a) in the case of a Loan, Borrowing or LC Disbursement denominated in U.S. Dollars, New York City time, and (b) in the case of a Loan, Borrowing or LC Disbursement denominated in a Foreign Currency, local time for such currency as specified from time to time by the Administrative Agent. 
“Material Adverse Effect” means a material adverse effect on (a) the business, property, financial condition or operations of the Company and the Subsidiaries, taken as a whole, or (b) the validity or enforceability of any Loan Document or the rights or remedies of the Credit Parties thereunder.
“Material Domestic Subsidiary” means a Domestic Subsidiary which, by itself or together with its Domestic Subsidiaries, comprises five percent (5%) or more of the Company’s consolidated assets, total sales or Consolidated Net Income as of the end of or for the most recently ended Reference Period.
“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 the Company and the Subsidiaries in an aggregate principal amount exceeding $25,000,000.  For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Company or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Company or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.
“Maturity Date” means July 1, 2019.
“Moody’s” means Moody’s Investors Service, Inc.

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“Multicurrency Sublimit” means $25,000,000.
“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
“Multi-Year LCs” has the meaning assigned to such term in Section 2.06(c).
“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, the Company arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against the Company of any proceeding under any debtor relief laws naming the Company as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan, Letter of Credit or Loan Document).
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).
“Overnight Foreign Currency Rate” means, for any amount payable in a Foreign Currency, the rate of interest per annum as determined by the Administrative Agent at which overnight or weekend deposits in such Foreign Currency (or if such amount due remains unpaid for more than three (3) Business Days, then for such other period of time as the Administrative Agent may elect) for delivery in immediately available and freely transferable funds would be offered by the Administrative Agent to major banks in the interbank market upon request of such major banks for such Foreign Currency as determined above and in an amount comparable to the unpaid principal amount of the related Borrowing or LC Disbursement, plus any taxes, levies, imposts, duties, deductions, charges or withholdings imposed upon, or charged to, the Administrative Agent by any relevant correspondent bank in respect of such amount in such Foreign Currency.
“Pall” means Pall Corporation, a New York corporation.

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“Pall Acquisition Agreement” means the Asset Purchase Agreement dated as of April 28, 2012, by and between Pall and the Company, as amended, restated, supplemented or otherwise modified from time to time in accordance with Section 4.01(g).
“Participant” has the meaning assigned to such term in Section 9.04(c).
“Participant Register” has the meaning assigned to such term in Section 9.04(c).
“Patriot Act” has the meaning assigned to such term in Section 9.16.
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“Permitted Acquisition” means any Acquisition (other than the HDC Line Acquisition) by the Company or any Subsidiary that satisfies all of the following conditions:
(a)  both before and immediately after giving effect to such Acquisition and the incurrence or assumption of any Indebtedness in connection therewith, (i) the Company shall be in compliance on a Pro Forma Basis with each financial covenant set forth in Section 6.09 as of the last day of the most recent fiscal quarter for which the Company has delivered Financial Statements, and (ii) no Default or Event of Default shall have occurred and be continuing; 
(b)  the aggregate consideration paid in connection with such Acquisition (including all cash consideration paid and Indebtedness incurred or assumed in connection therewith, and the maximum amount payable under any earn-out obligations in connection therewith as reasonably calculated on the date of such Acquisition) shall not exceed $35,000,000; provided, that this clause (b) shall not apply with respect to any Acquisition if, both before and immediately after giving effect to such Acquisition and the incurrence or assumption of any Indebtedness in connection therewith, the Company is in compliance on a Pro Forma Basis with the Consolidated Leverage Ratio covenant set forth in Section 6.09(a) (after decreasing the maximum permitted Consolidated Leverage Ratio to 2.75:1.00) as of the last day of the most recent fiscal quarter for which the Company has delivered Financial Statements;
(c)  such Acquisition shall not be actively opposed by the board of directors (or similar governing body) of the selling Persons or the Persons whose Equity Interests are to be acquired; and
(d)  in the case of an Acquisition involving the merger, amalgamation or consolidation of any Loan Party, the surviving entity shall be a Loan Party.
“Permitted Encumbrances” means:
(a) Liens imposed by law (other than Liens imposed under ERISA) for Taxes that are not yet due or are being contested in compliance with Section 5.04;
(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlords’ and other like Liens imposed by law, arising in the ordinary course of business and 

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securing obligations that are not overdue by more than thirty (30) days or are being contested in compliance with Section 5.04;
(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 (other than any Lien imposed under ERISA);
(d) deposits 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;
(e) judgment liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII; and
(f) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business 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 the Company or any Subsidiary;
provided, that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness.
“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 Company or any of its ERISA Affiliates 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.
“Pounds Sterling” or “£” means the lawful currency of the United Kingdom.
“Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A., as its prime rate in effect at its 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.
“Pro Forma Basis” means, with respect to any Acquisition, that the Company is in pro forma compliance with the applicable financial covenants set forth in Section 6.09, recomputed (a) as if such Acquisition (including the incurrence or assumption of any Indebtedness in connection therewith) had occurred on the first day of the most recent four (4) fiscal quarter period preceding the date of such Acquisition for which the Company has delivered Financial Statements, and (b) with Consolidated Total Debt measured as of the date of, and immediately after giving effect to any Indebtedness incurred or assumed in connection with, such Acquisition.

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“Public-Sider” means a Lender or any representative of such Lender that does not want to receive material non-public information with the meaning of the federal and state securities laws.
“Recipient” means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) the Issuing Bank.
“Reference Bank Rate” means the arithmetic mean of the rates supplied to the Administrative Agent at its request by the Reference Banks (as the case may be) for Loans in the applicable currency and the applicable Interest Period as the rate quoted by the relevant Reference Bank to leading banks in the London interbank market for the offering of deposits in the applicable currency and for a period comparable to the applicable Interest Period; provided that if any Reference Bank Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Reference Banks” means the principal London (or other applicable) offices of JPMorgan Chase Bank, N.A., and such other banks as may be appointed by the Administrative Agent in consultation with the Company (with the consent of any such bank).
“Reference Period” means, as of the last day of any fiscal quarter, the period of four (4) consecutive fiscal quarters of the Company and the Subsidiaries ending on such date.
“Register” has the meaning assigned to such term in Section 9.04.
“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates.
“Required Lenders” means, at any time, subject to Section 2.20(b), Lenders having Credit Exposures and unused Commitments representing more than fifty percent (50%) of the sum of the total Credit Exposures and unused Commitments at such time.
“Required Revolving Lenders” means, at any time, subject to Section 2.20(b), Revolving Lenders having Revolving Credit Exposures and unused Revolving Commitments representing more than fifty percent (50%) of the sum of the total Revolving Credit Exposures and unused Revolving Commitments at such time.
“Required Term Lenders” means, at any time, subject to Section 2.20(b), Term Lenders having Term Loans and unused Term Loan Commitments representing more than fifty percent (50%) of the sum of the aggregate principal amount of all Term Loans and the total unused Term Loan Commitments at such time.
“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Company 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, 

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cancellation or termination of any such Equity Interests in the Company or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the Company or any Subsidiary.
“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 Credit Exposure hereunder, as such commitment may be (a) reduced or terminated from time to time pursuant to Section 2.09, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04 and (c) increased from time to time pursuant to Section 2.21.  The initial amount of each Lender’s Revolving Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable.
“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time.
“Revolving Lender” means, as of any date of determination, each Lender that has a Revolving Commitment or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Credit Exposure.
“Revolving Loan” means a Loan made pursuant to Section 2.03.
“S&P” means Standard & Poor’s.
“Sanctioned Country” means, at any time, a country or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Cuba, Iran, North Korea, Sudan and Syria).
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons.
“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.
“SEC” means the Securities and Exchange Commission of the United State of America.

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“Sold Entity” has the meaning assigned to such term in the definition of “Consolidated EBITDA”.
“Solvent” means that (a) the fair value of the assets of the Company and the Subsidiaries on a consolidated basis, at a fair valuation, exceeds their aggregate debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the assets of the Company and the Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable liability of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the Company and the Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) the Company and the Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the business in which they are engaged.
“Statutory Reserve Rate” means, with respect to any currency, 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, liquid asset or similar requirements (including any marginal, special, emergency or supplemental reserves or other requirements) established by any central bank, monetary authority, the Board, the Financial Services Authority, the European Central Bank or other Governmental Authority for any category of deposits or liabilities customarily used to fund loans in such currency, expressed in the case of each such requirement as a decimal.  Such reserve, liquid asset or similar requirements shall, in the case of Loans denominated in U.S. Dollars, include those imposed pursuant to Regulation D of the Board.  Eurodollar Loans shall be deemed to be subject to such reserve, liquid asset, fee or similar requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under any applicable law, rule or regulation, including Regulation D of the Board.  The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve, liquid asset or similar requirement.
“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 fifty percent (50%) of the equity or more than fifty percent (50%) of the ordinary voting power or, in the case of a partnership, more than fifty percent (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 the Company.
“Subsidiary Guarantors” means, collectively, the Material Domestic Subsidiaries that are party to the Guarantee Agreement.

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“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 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 Company or the Subsidiaries shall be a Swap Agreement.
“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 2.05.
“Swiss Francs” means the lawful currency of Switzerland.
“TARGET” means the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) for the settlement of payments in Euro.
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Term Lender” means, as of any date of determination, each Lender having a Term Loan Commitment or holding Term Loans.
“Term Loan Commitment” means, with respect to each Lender, the commitment of such Lender to make Term Loans hereunder.  The initial amount of each Lender’s Term Loan Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Lender shall have assumed its Term Loan Commitment, as applicable.
“Term Loans” means the term loans made by the Term Lenders to the Company pursuant to Section 2.01.
“Transactions” means the execution, delivery and performance by the Loan Parties of the Loan Documents, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.

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“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.
“U.S. Dollars” or “$” means the lawful currency of the United States of America.
“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.
“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).
“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 “Term Loan”) or by Type (e.g., a “Eurodollar Loan” or “ABR 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”.  The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities.  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, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any law shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), except that for purposes of determining the accuracy of any representation or warranty, such reference or definition shall only be to such law as in effect on the date the representation and warranty was made, (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) 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, (e) all references herein to Articles, Sections, Exhibits and Schedules 

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shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (f) 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 Company notifies the Administrative Agent that the Company requests an amendment to any provision 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 Company 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.  Notwithstanding any other provision contained herein, (i) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Company or any Subsidiary at “fair value”, as defined therein, and (ii) any obligations of a Person under a lease (whether existing now or entered into in the future) that is not (or would not be) a Capital Lease Obligation under GAAP as in effect on the Effective Date shall not be treated as a Capital Lease Obligation solely as a result of the adoption of changes in GAAP.
ARTICLE II      
 
The Credits
SECTION 2.01.    Commitments.  Subject to the terms and conditions set forth herein, (a) each Revolving Lender agrees to make Revolving Loans to the Company in Agreed Currencies from time to time during the Availability Period in an aggregate principal amount that will not result in, subject to Sections 2.04 and 2.11(c), (i) the Dollar Amount of such Lender’s Revolving Credit Exposure exceeding such Lender’s Revolving Commitment, (ii) the Dollar Amount of the total Revolving Credit Exposures of all Lenders exceeding the Aggregate Revolving Commitment, or (iii) the Dollar Amount of the total Revolving Credit Exposures of all Lenders denominated in Foreign Currencies exceeding the Multicurrency Sublimit, and (b) each Term Lender agrees to make a Term Loan to the Company in U.S. Dollars on the Effective Date in an amount equal to such Lender’s Term Loan Commitment.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Company may borrow, prepay and reborrow Revolving Loans.  Amounts repaid or prepaid in respect of Term Loans may not be reborrowed.

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SECTION 2.02.    Loans and Borrowings.  (a)  Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Revolving Lenders ratably in accordance with their respective Revolving Commitments.  Each Term Loan shall be made as part of a Borrowing on the Effective Date consisting of Term Loans made by the Term Lenders ratably in accordance with their respective Term Loan 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 Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.  Any Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05.  The Term Loans shall amortize as set forth in Section 2.10.
(b)    Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Company may request in accordance herewith; provided that each ABR Loan shall only be made in U.S. Dollars.  Each Term Loan Borrowing initially shall be comprised of ABR Loans or Eurodollar Loans.  Each Swingline Loan shall be an ABR Loan.  Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided, that any exercise of such option shall not affect the obligation of the Company to repay such Loan in accordance with the terms of this Agreement.
(c)    At the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount that is (i) an integral multiple of (A) in the case of a Borrowing denominated in U.S. Dollars, $500,000, and (B) in the case of a Borrowing denominated in any Foreign Currency, the smallest amount of such Foreign Currency that has an Equivalent Amount at least equal to $500,000, and (ii) not less than (A) in the case of a Borrowing denominated in U.S. Dollars, $1,000,000, and (B) in the case of a Borrowing denominated in any Foreign Currency, the smallest amount of such Foreign Currency that has an Equivalent Amount at least equal to $1,000,000.  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 Commitment or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e).  Each Swingline Loan shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000.  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 eight (8) Eurodollar Borrowings outstanding.
(d)    Notwithstanding any other provision of this Agreement, the Company 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 Borrowings.  To request a Term Loan Borrowing or a Revolving Borrowing, the Company shall notify the Administrative Agent of such request by telecopy of a written Borrowing Request signed by the Company (or, in the case of a Term Loan Borrowing or a Revolving Borrowing denominated in U.S. Dollars, by telephone confirmed 

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promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request signed by the Company) (a) in the case of a Eurodollar Borrowing denominated in U.S. Dollars, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of the proposed Borrowing, (b) in the case of a Eurodollar Borrowing denominated in a Foreign Currency, not later than 11:00 a.m., Local Time, four (4) Business Days before the date of the proposed Borrowing, or (c) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, on 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 2.06(e) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing.  Each such telephonic Borrowing Request shall be irrevocable and shall specify the following information in compliance with Section 2.02:
(i)the Class and Type of such Borrowing;
(ii)    the aggregate amount of such Borrowing;
(iii)    the date of such Borrowing, which shall be a Business Day;
(iv)    in the case of a Eurodollar Borrowing, the Agreed Currency and 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 Company’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07.
If no denomination is specified with respect to any requested Eurodollar Borrowing, then the requested Borrowing shall be denominated in U.S. Dollars.  If no election as to the Type of Borrowing is specified, then, in the case of a Borrowing denominated in U.S. Dollars, the requested Borrowing shall be an ABR Borrowing, and in the case of a Borrowing denominated in a Foreign Currency, the requested Borrowing shall be a Eurodollar Borrowing.  If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Company shall be deemed to have selected an Interest Period of one (1) month’s duration.  Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each applicable 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.    Determination of Dollar Amounts.  The Administrative Agent will determine the Dollar Amount of:
(a)    each Eurodollar Borrowing as of the date two (2) Business Days prior to the date of such Borrowing or, if applicable, the date of conversion or continuation of any Borrowing as a Eurodollar Borrowing;
(b)    the LC Exposure as of the date of each request for the issuance, amendment, renewal or extension of any Letter of Credit; and

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(c)    all outstanding Revolving Loans and the LC Exposure on and as of the last Business Day of each calendar quarter and, during the continuation of an Event of Default, on any other Business Day elected by the Administrative Agent in its discretion or upon instruction by the Required Lenders.
Each day upon or as of which the Administrative Agent determines Dollar Amounts as described in the preceding clauses (a), (b) and (c) is herein described as a “Computation Date” with respect to each Borrowing, Letter of Credit or LC Exposure for which a Dollar Amount is determined on or as of such day.
SECTION 2.05.    Swingline Loans.  (a)  Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans in U.S. Dollars to the Company 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 $15,000,000 or (ii) the Dollar Amount of the total Revolving Credit Exposures of all Lenders exceeding the Aggregate Revolving Commitment; 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 Company may borrow, prepay and reborrow Swingline Loans.
(b)    To request a Swingline Loan, the Company shall notify the Administrative Agent of such request by telephone (confirmed by telecopy), not later than 12:00 noon, New York City time, on the day of a proposed Swingline Loan.  Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan.  The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Company.  The Swingline Lender shall make each Swingline Loan available to the Company by means of a credit to the general deposit account of the Company 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 2.06(e), by remittance to the Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan.
(c)    The Swingline Lender may by written notice given to the Administrative Agent not later than 10:00 a.m., New York City time, on any Business Day require the Revolving 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 Revolving Lenders will participate.  Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Revolving Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Revolving 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 Revolving Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Revolving 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, 

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abatement, withholding or reduction whatsoever.  Each Revolving Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 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 Revolving Lenders.  The Administrative Agent shall notify the Company 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 Company (or other party on behalf of the Company) 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 Revolving 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 Company for any reason.  The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Company of any default in the payment thereof.
SECTION 2.06.    Letters of Credit.  (a)  General.  Subject to the terms and conditions set forth herein, the Company may request the issuance of Letters of Credit denominated in Agreed Currencies as the applicant thereof for the support of its or the Subsidiaries’ obligations, 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.  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 Company to, or entered into by the Company with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.  Notwithstanding anything herein to the contrary, the Issuing Bank shall have no obligation hereunder to issue, and shall not issue, any Letter of Credit the proceeds of which would be made to any Person (i) to fund any activity or business of, or with, any Sanctioned Person, or in any country or territory, that at the time of such funding is the subject of any Sanctions or (ii) in any manner that would result in a violation of any Sanctions by any party to this Agreement.
(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 Company 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, but in any event no less than three (3) Business Days) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the Agreed Currency applicable thereto, the name and address of the beneficiary thereof 

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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 Company 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 Company shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, subject to Sections 2.04 and 2.11(c), (i) the Dollar Amount of the LC Exposure shall not exceed $25,000,000, (ii) the Dollar Amount of the total Revolving Credit Exposures of all Lenders shall not exceed the Aggregate Revolving Commitment, (iii) the Dollar Amount of the total Revolving Credit Exposures of all Lenders denominated in Foreign Currencies shall not exceed the Multicurrency Sublimit, and (iv) the Dollar Amount of the LC Exposure with respect to all Multi-Year LCs shall not exceed $10,000,000.
(c)    Expiration Date.  Each Letter of Credit shall expire (or be subject to termination by notice from the Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one (1) year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one (1) year after such renewal or extension) and (ii) the date that is five (5) Business Days prior to the Maturity Date; provided, that any Letter of Credit may contain customary automatic renewal provisions agreed upon by the Company and the Issuing Bank pursuant to which the expiration date of such Letter of Credit shall be automatically extended for a period of up to twelve (12) months (but not to a date later than the date set forth in clause (ii) above); and provided further, that one or more Letters of Credit may have an expiration date that is after such one-year anniversary of the date of the issuance, renewal or extension thereof (but not a date later than the date set forth in clause (ii) above) (“Multi-Year LCs”), so long as the aggregate Dollar Amount of the LC Exposure with respect to all such Multi-Year LCs does not exceed $10,000,000.
(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 Revolving Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Revolving 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 Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Revolving Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Company on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Company for any reason.  Each Revolving 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.

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(e)    Reimbursement.  If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Company shall reimburse such LC Disbursement by paying to the Administrative Agent in an amount equal to such LC Disbursement, in original currency, not later than (i) in the case of an LC Disbursement denominated in Swiss Francs, 8:00 a.m., London time, on the Business Day immediately following the day that the Company shall have received notice of such LC Disbursement, or (ii) in all other cases, 2:00 p.m., Local Time, on the date that such LC Disbursement is made, if the Company shall have received notice of such LC Disbursement prior to 10:00 a.m., Local Time, on such date, or, if such notice has not been received by the Company prior to such time on such date, then not later than 2:00 p.m., Local Time, on the Business Day immediately following the day that the Company receives such notice; provided, that if such LC Disbursement is not less than the Equivalent Amount of $100,000, the Company may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a Revolving Borrowing denominated in the original currency of such LC Disbursement (or with either a Revolving Borrowing denominated in U.S. Dollars or a Swingline Loan, if such LC Disbursement is denominated in U.S. Dollars) in the amount of such LC Disbursement.  To the extent so financed, the Company’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Borrowing or Swingline Loan.  If the Company fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Company in respect thereof and such Revolving Lender’s Applicable Percentage thereof.  Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Company, in the same manner as provided in Section 2.07 with respect to Loans made by such Revolving Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders.  Promptly following receipt by the Administrative Agent of any payment from the Company pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Revolving Lenders and the Issuing Bank as their interests may appear.  Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Company of its obligation to reimburse such LC Disbursement.  If the Company’s reimbursement of, or obligation to reimburse, any amounts in any Foreign Currency would subject a Credit Party to any stamp duty, ad valorem charge or similar tax that would not be payable if such reimbursement were made or required to be made in U.S. Dollars, the Company shall, at its option, either (x) pay the amount of any such tax requested by such Credit Party or (y) reimburse each LC Disbursement made in such Foreign Currency in U.S. Dollars, in an amount equal to the Dollar Amount, calculated using the applicable exchange rates, on the date such LC Disbursement is made, of such LC Disbursement.
(f)    Obligations Absolute.  The Company’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all 

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circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by 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, constitute a legal or equitable discharge of, or provide a right of setoff against, the Company’s obligations hereunder.  Neither the Credit Parties nor any of their Related Parties shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided, that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Company to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Company to the extent permitted by applicable law) suffered by the Company that are caused by 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.  The parties hereto expressly agree that, in the absence of gross negligence, willful misconduct or bad faith breach of obligations on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination.  In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.
(g)    Disbursement Procedures.  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 Company by telecopy, or 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 Company of its obligation to reimburse the Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement.
(h)    Interim Interest.  If the Issuing Bank shall make any LC Disbursement, then, unless the Company shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Company reimburses such LC Disbursement or the date that such LC Disbursement is financed by a 

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Revolving Borrowing or a Swingline Loan, as the case may be, at the rate per annum then applicable to ABR Revolving Loans (or, if such LC Disbursement is denominated in a Foreign Currency, at the Overnight Foreign Currency Rate for such Foreign Currency plus the then effective Applicable Rate with respect to Eurodollar Revolving Loans); provided, that if the Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply.  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 Revolving Lender pursuant to paragraph (e) of this Section 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.  The Issuing Bank may be replaced at any time by written agreement among the Company, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank.  The Administrative Agent shall notify the Revolving Lenders of any such replacement of the Issuing Bank.  At the time any such replacement shall become effective, the Company shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(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 then outstanding and 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 Company receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, the Required Revolving Lenders) demanding the deposit of cash collateral pursuant to this paragraph, the Company shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Issuing Bank and the Revolving Lenders, an amount in cash, in original currency, equal to one hundred five percent (105%) of the amount of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided, that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Company described in clause (h) or (i) of Article VII.  Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the Obligations.  The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account, and the Company hereby grants to the Administrative Agent, for the benefit of the Issuing Bank and the Lenders, a security interest in 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 Company’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 

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has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Company for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of the Required Revolving Lenders), be applied to satisfy other Obligations.  If the Company 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 Company within three (3) Business Days after all Events of Default have been cured or waived.
SECTION 2.07.    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 (i) in the case of Loans denominated in U.S. Dollars, 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, (ii) in the case of Loans denominated in Swiss Francs, by 8:00 a.m., London time, at the Eurocurrency Payment Office most recently designated by the Administrative Agent for Loans denominated in Swiss Francs by notice to the Lenders, and (iii) in the case of Loans denominated in any other Foreign Currency, by 12:00 noon, Local Time, in the city of the Administrative Agent’s Eurocurrency Payment Office for such Foreign Currency and at such Eurocurrency Payment Office; provided, that Swingline Loans shall be made as provided in Section 2.05.  The Administrative Agent will make such Loans available to the Company by promptly crediting the amounts so received, in like funds, to (x) in the case of Loans denominated in U.S. Dollars, an account of the Company maintained with the Administrative Agent in New York City and designated by the Company in the applicable Borrowing Request or otherwise, and (y) in the case of Loans denominated in a Foreign Currency, an account of the Company in the relevant jurisdiction and designated by the Company in the applicable Borrowing Request or otherwise; provided, that Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank.
(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 such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Company 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 Company 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 Company 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 (including the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency) or (ii) in the case of the Company, the interest rate applicable to the subject Loan.  If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.

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SECTION 2.08.    Interest Elections.  (a)  Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.  Each Term Loan Borrowing initially shall be comprised of (i) ABR Loans or Eurodollar Loans, to the extent such Borrowing is denominated in U.S. Dollars, and (ii) Eurodollar Loans, to the extent such Borrowing is denominated in a Foreign Currency.  Thereafter, the Company may elect to convert any 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.  The Company 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 shall not apply to Swingline Borrowings, which may not be converted or continued.
(b)    To make an election pursuant to this Section, the Company shall notify the Administrative Agent of such election by telecopy of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Company (or, in the case of a Borrowing denominated in U.S. Dollars, by telephone 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 Company) by the time that a Borrowing Request would be required under Section 2.03 if the Company were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.  Notwithstanding any other provision of this Section, the Company shall not be permitted to (i) change the currency of any Borrowing, (ii) elect an Interest Period for Eurodollar Loans that does not comply with Section 2.02(d) or (iii) convert any Borrowing to a Borrowing of a Type not available to the Company for such Borrowing when it was made (e.g., convert any Eurodollar Borrowing denominated in a Foreign Currency to an ABR Borrowing).
(c)    Each telephonic and written Interest Election Request shall be irrevocable and 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 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 and Agreed Currency to be applicable thereto after giving effect to such election, which 

39

Interest Period 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 Company shall be deemed to have selected an Interest Period of one (1) 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 Company 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 (i) in the case of a Borrowing denominated in U.S. Dollars, such Borrowing shall be converted to an ABR Borrowing, and (ii) in the case of a Borrowing denominated in a Foreign Currency, such Borrowing shall automatically continue as a Eurodollar Borrowing in the same Agreed Currency with an Interest Period of one (1) month.  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 Company, then, so long as an Event of Default is continuing (x) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (y) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing (and any such Eurodollar Borrowing denominated in a Foreign Currency shall be redenominated in Dollars at the time of such conversion) at the end of the Interest Period applicable thereto.
SECTION 2.09.    Termination and Reduction of Commitments.  (a)  Unless previously terminated, (i) the Term Loan Commitments shall terminate on the Effective Date after the funding of the Term Loans, and (ii) all other Commitments shall terminate on the Maturity Date.
(b)    The Company may at any time terminate, or from time to time reduce, the Revolving Commitments; provided, that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000 and (ii) the Company shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the Dollar Amount of the total Revolving Credit Exposures of all Lenders would exceed the Aggregate Revolving Commitment.
(c)    The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) 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 such notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each notice delivered by the Company pursuant to this Section shall be irrevocable; provided, that a notice of termination of the Commitments delivered by the Company may state that such notice is conditioned upon the effectiveness of 

40

other credit facilities, in which case such notice may be revoked by the Company (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 shall be permanent.  Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
SECTION 2.10.    Repayment and Amortization of Loans; Evidence of Debt.  (a)  The Company hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan made on the Maturity Date in the currency of such Revolving Loan 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 fifteenth (15th) or last day of a calendar month and is at least two (2) Business Days after such Swingline Loan is made; provided, that on each date that a Revolving Borrowing is made, the Company shall repay all Swingline Loans then outstanding.  The Company shall repay Term Loans on each date set forth below in the aggregate principal amount set forth opposite such date (as adjusted from time to time pursuant to Section 2.11) and in the currency of such Term Loan:
	
		
	Date
	Amount

	September 30, 2014
	$0

	December 31, 2014
	$0

	March 31, 2015
	$0

	June 30, 2015
	$0

	September 30, 2015
	$7,113,867

	December 31, 2015
	$7,113,867

	March 31, 2016
	$7,113,867

	June 30, 2016
	$7,113,867

	September 30, 2016
	$11,856,445

	December 31, 2016
	$11,856,445

	March 31, 2017
	$11,856,445

	June 30, 2017
	$11,856,445

	September 30, 2017
	$16,599,023

	December 31, 2017
	$16,599,023

	March 31, 2018
	$16,599,023

	June 30, 2018
	$16,599,023

	September 30, 2018
	$59,282,227

	December 31, 2018
	$59,282,227

	March 31, 2019
	$59,282,227

	Maturity Date
	The remaining unpaid principal balance of the Term Loans

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To the extent not previously repaid, all unpaid Term Loans shall be paid in full by the Company on the Maturity Date.
(b)    Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Company to such Lender resulting from each Loan made to the Company 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, Agreed Currency 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 Company 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.
(d)    The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section 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 Company to repay the Loans in accordance with the terms of this Agreement.
(e)    Any Lender may request that Loans made by it be evidenced by a promissory note.  In such event, the Company 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 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 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 2.11.    Prepayment of Loans.  (a)  The Company shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section; provided, that each partial prepayment shall be in an aggregate amount that is (i) an integral multiple of (A) in the case of an ABR Borrowing (other than a Swingline Borrowing), $100,000, (B) in the case of a Eurodollar Borrowing denominated in U.S. Dollars, $100,000, and (C) in the case of a Eurodollar Borrowing denominated in any Foreign Currency, the smallest amount of such Foreign Currency that has an Equivalent Amount at least equal to $100,000, and (ii) not less than (A) in the case of a Swingline Borrowing, $100,000, (B) in the case of an ABR Borrowing (other than a Swingline Borrowing), $500,000, (C) in the case of a Eurodollar Borrowing denominated in U.S. Dollars, $500,000, and (D) in the case of a Eurodollar Borrowing denominated in any Foreign Currency, the smallest amount of such Foreign Currency that has an Equivalent Amount at least equal to $500,000.
(b)    The Company shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Company shall notify the Swingline Lender) by telecopy of 

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a written notice signed by the Company (or, in the case of a prepayment of a Borrowing denominated in U.S. Dollars, by telephone confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written notice signed by the Company) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing denominated in U.S. Dollars, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of prepayment, (ii) in the case of prepayment of a Eurodollar Borrowing denominated in a Foreign Currency, not later than 11:00 a.m., Local Time, four (4) Business Days before the date of prepayment, (iii) in the case of prepayment of an ABR Borrowing (other than a Swingline Borrowing), not later than 11:00 a.m., New York City time, on the date of prepayment or (iv) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment.  Each such telephonic and written 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 prepayment is given in connection with a conditional notice of termination of the Revolving Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09.  Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.  Each prepayment of a Revolving Borrowing shall be applied ratably to the Revolving Loans included in the prepaid Revolving Borrowing, and each voluntary prepayment of a Term Loan Borrowing shall be applied ratably to the Term Loans included in the prepaid Term Loan Borrowing pro rata against the remaining installments thereof.  Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13 and break funding payments to the extent required by Section 2.16.
(c)    If at any time, (i) other than as a result of fluctuations in currency exchange rates, the Dollar Amount of the total Revolving Credit Exposures of all Lenders (calculated, with respect to Revolving Loans and LC Exposure denominated in Foreign Currencies, as of the most recent Computation Date with respect to each such Revolving Loans and LC Exposure) exceeds (A) the Aggregate Revolving Commitment or (B) with respect to the portion of the total Revolving Credit Exposures of all Lenders (so calculated) denominated in Foreign Currencies, the Multicurrency Sublimit, or (ii) solely as a result of fluctuations in currency exchange rates, the Dollar Amount of the total Revolving Credit Exposures of all Lenders (so calculated), as of the most recent Computation Date, exceeds one hundred five percent (105%) of (A) the Aggregate Revolving Commitment or (B) with respect to the portion of the total Revolving Credit Exposures of all Lenders (so calculated) denominated in Foreign Currencies, the Multicurrency Sublimit, then the Company shall, in each case, immediately repay Revolving Borrowings or cash collateralize LC Exposure in accordance with the procedures set forth in Section 2.06(j), as applicable, in an aggregate principal amount sufficient to cause the Dollar Amount of the total Revolving Credit Exposures of all Lenders (so calculated) to be less than or equal to (x) the Aggregate Revolving Commitment and (y) with respect to the portion of the total Revolving Credit Exposures of all Lenders (so calculated) denominated in Foreign Currencies, the Multicurrency Sublimit.
SECTION 2.12.    Fees.  (a)  The Company agrees to pay to the Administrative Agent for the account of each Revolving Lender a commitment fee, which shall accrue at the 

43

Applicable Rate (subject to adjustment as set forth in Section 2.13(f)) on the average daily unused amount of the Revolving Commitment of such Revolving Lender during the period from and including the Effective Date to but excluding the date on which such Revolving Commitment terminates; provided, that if such Revolving Lender continues to have any Swingline Exposure after its Revolving Commitment terminates, then such commitment fee shall continue to accrue on the daily amount of such Lender’s Swingline Exposure from and including the date on which its Revolving Commitment terminates to but excluding the date on which such Revolving Lender ceases to have any Swingline Exposure.  Accrued commitment fees shall be payable in arrears on the last 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; provided, that any commitment fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand.  All commitment fees shall be computed on the basis of a year of three hundred sixty (360) days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  All commitment fees shall be payable in U.S. Dollars.  For purposes of this Section 2.12(a), the unused amount of the Revolving Commitment of any Lender shall be deemed to be the excess of (i) the Revolving Commitment of such Lender over (ii) the Revolving Credit Exposure of such Lender (exclusive of Swingline Exposure).
(b)    The Company agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving Loans on the average daily amount of such Revolving 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 Revolving Lender’s Revolving Commitment terminates and the date on which such Revolving 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 Company 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 (3rd) 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 ten (10) days after demand.  All participation fees and fronting fees shall be computed on the basis of a year of three hundred sixty (360) days (or three hundred sixty-five (365) days with respect to any portion of the LC Exposure denominated in Pounds Sterling) and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  All participation fees and fronting fees shall be payable in the original currency of the LC Exposure.

44

(c)    The Company agrees to pay to the Administrative Agent and the Arrangers, for their own respective accounts, fees payable in the amounts, in the currencies and at the times separately agreed upon between the Company, on the one hand, and the Administrative Agent or the Arrangers, on the other.
(d)    All fees payable hereunder shall be paid on the dates due, in immediately available funds, 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 Revolving Lenders.  Fees paid shall not be refundable under any circumstances.
SECTION 2.13.    Interest.  (a)  The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(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 Rate.
(c)    Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Company 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, at a rate per annum equal to (i) in the case of overdue principal of any Loan, two percent (2%) plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, two percent (2%) plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.
(d)    Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided, that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) 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 (iii) 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.  All interest shall be payable in the currency in which the applicable Loan is denominated.
(e)    All interest hereunder shall be computed on the basis of a year of three hundred sixty (360) days, except that (i) 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 three hundred sixty-five (365) days (or three hundred sixty-six (366) days in a leap year) and (ii) interest for Borrowings denominated in Pounds Sterling shall be computed on the basis of a year of three hundred sixty-five (365) days, 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, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

45

(f)    If, as a result of any restatement of or other adjustment to the financial statements of the Company or for any other reason, the Company or the Administrative Agent determines that (i) the Consolidated Leverage Ratio as calculated by the Company as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Company shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Company under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent or any Lender), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period; provided, that if any such restatement or adjustment would have resulted in a lower pricing for any other period (each, a “Lower Priced Period”), there shall be deducted from such additional interest and fees an amount equal to (but in no event greater than the amount of such additional interest and fees) the excess of interest and fees actually paid for such Lower Priced Period over the amount of interest and fees that should have been paid during such Lower Priced Period.
SECTION 2.14.    Market Disruption; Alternate Rate of Interest.  (a)  If, at the time that the Administrative Agent shall seek to determine the relevant LIBO Screen Rate for any Interest Period, the applicable LIBO Screen Rate shall not be available for such Interest Period and/or for the applicable currency for any reason and the Administrative Agent shall determine that it is not possible to determine the Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error), then the LIBO Rate for such Interest Period for the relevant Borrowing shall be the applicable Reference Bank Rate supplied to the Administrative Agent by two or more Reference Banks.
(b)    If prior to the commencement of any Interest Period for a Eurodollar Borrowing:
(i)    the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or
(ii)    the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period;
then the Administrative Agent shall give notice thereof to the Company and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, (ii) if any Borrowing Request requests a Eurodollar Borrowing denominated in U.S. Dollars, such Borrowing shall be made as an ABR Borrowing, and (iii) if any Borrowing Request requests a 

46

Eurodollar Borrowing denominated in a Foreign Currency, such Borrowing Request shall be ineffective; provided, that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted.
SECTION 2.15.    Increased Costs.  (a)  If any Change in Law shall:
(i)    impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) 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;
(ii)    impose on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense (other than Taxes) affecting any Loan Document or Loans made by such Lender or any Letter of Credit or participation therein; or
(iii)    subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;
and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting or maintaining any Eurodollar Loan or of maintaining its obligation to make any such Loan (including pursuant to any conversion of any Borrowing denominated in an Agreed Currency to a Borrowing denominated in any other Agreed Currency) or to increase the cost to such Lender, the Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit (including pursuant to any conversion of any Borrowing denominated in an Agreed Currency to a Borrowing denominated in any other Agreed Currency) or to reduce the amount of any sum received or receivable by such Lender, the Issuing Bank or such other Recipient hereunder, whether of principal, interest or otherwise (including pursuant to any conversion of any Borrowing denominated in an Agreed Currency to a Borrowing denominated in any other Agreed Currency), then the Company will pay to such Lender, the Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered.
(b)    If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such 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 any Loan Document 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 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 and liquidity), then from time to time the Company will pay to such Lender or the Issuing Bank, as the case may be, such 

47

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 shall be delivered to the Company and shall be conclusive absent manifest error.  The Company shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) 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 shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided, that the Company shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than two hundred seventy (270) days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Company 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; provided further, that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the two hundred seventy (270) day period referred to above shall be extended to include the period of retroactive effect thereof.
SECTION 2.16.    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 or as a result of any prepayment pursuant to Section 2.11), (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 2.11(b) 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 Company pursuant to Section 2.19, then, in any such event, the Company shall compensate each Lender for the loss, cost and expense attributable to such event.  Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which 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 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 which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in the applicable currency 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 shall be delivered to the Company and shall be conclusive absent manifest error.  The Company shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.

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SECTION 2.17.    Payments Free of Taxes.  (a)  Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.17) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
(b)    Payment of Other Taxes by the Loan Parties.  The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.
(c)    Evidence of Payments.  As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.17, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(d)    Indemnification by the Loan Parties.  The Loan Parties shall indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified 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 Company by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
(e)    Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be 

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conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).
(f)    Status of Lenders.  (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Company and the Administrative Agent, at the time or times reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(ii)    Without limiting the generality of the foregoing:
(A)    any Lender that is a U.S. Person shall deliver to the Company and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax; 
(B)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), whichever of the following is applicable:
(1)    in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(2)    executed originals of IRS Form W-8ECI;

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(3)    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit C-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Company within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or
(4)    to the extent a Foreign Lender is not the Beneficial Owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-2 or Exhibit C-3, IRS Form W-9, and/or other certification documents from each Beneficial Owner, as applicable; provided, that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-4 on behalf of each such direct and indirect partner;
(C)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Company or the Administrative Agent to determine the withholding or deduction required to be made; and
(D)    if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Company and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Company or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or 

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promptly notify the Company and the Administrative Agent in writing of its legal inability to do so.
(g)    Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
(h)    Survival.  Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.
(i)    Defined Terms.  For purposes of this Section 2.17, the term “Lender” includes any Issuing Bank and the term “applicable law” includes FATCA.
SECTION 2.18.    Payments Generally; Pro Rata Treatment; Sharing of Set-offs.  (a)  The Company shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements (except to the extent otherwise required under Section 2.06(e) with respect to reimbursement deadlines for LC Disbursements), or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to (i) in the case of payments denominated in Swiss Francs, 8:00 a.m., London time, on the date when due, (ii) in the case of payments denominated in any other Foreign Currency, 12:00 noon, Local Time, on the date when due, and (iii) in all other cases, 2:00 p.m., Local Time, on the date when due, and in each case 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 received on the next succeeding Business Day for purposes of calculating interest thereon.  All such payments shall be made to the Administrative Agent at (x) in the case of payments denominated in U.S. Dollars, its offices at 270 Park Avenue, New York, New York, and 

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(y) in the case of payments denominated in a Foreign Currency, its offices at Floor 6, 25 Bank Street, Canary Wharf, London E14 5JP, United Kingdom (Attention of Manager:  Loan Agency) or, if applicable, such other Eurocurrency Payment Office for such Foreign Currency, in each case except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto.  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 hereunder 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.  All payments hereunder of principal or interest or Letter of Credit participation fees or fronting fees in respect of any Loan or LC Disbursement or the LC Exposure shall, except as otherwise expressly provided herein, be made in the currency of such Loan or LC Disbursement or the LC Exposure, as applicable.  All other payments hereunder and under each other Loan Document shall be made in U.S. Dollars.  Notwithstanding the foregoing provisions of this Section, if, after the making of any Borrowing or LC Disbursement in any Foreign Currency, currency control or exchange regulations are imposed in the country which issues such Foreign Currency with the result that such Foreign Currency no longer exists or the Company is not able to make payment to the Administrative Agent for the account of the Lenders in such Foreign Currency, then all payments to be made by the Company hereunder in such Foreign Currency shall instead be made when due in U.S. Dollars in an amount equal to the Dollar Amount (as of the date of repayment) of such payment due, it being the intention of the parties hereto that the Company takes all risks of the imposition of any such currency control or exchange regulations.
(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 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 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 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 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 

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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 Company 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 and Swingline Loans to any assignee or participant, other than to the Company or any subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).  The Company consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Company rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Company in the amount of such participation.
(d)    Unless the Administrative Agent shall have received notice from the Company prior to the date on which any payment is due to the Administrative Agent for the account of the applicable Lenders or the Issuing Bank hereunder that the Company will not make such payment, the Administrative Agent may assume that the Company has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the applicable Lenders or the Issuing Bank, as the case may be, the amount due.  In such event, if the Company has not in fact made such payment, then each of the applicable 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 (including the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency).
(e)    If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) 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, and/or (ii) hold such amounts in a segregated account over which the Administrative Agent shall have exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of clause (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.
SECTION 2.19.    Mitigation Obligations; Replacement of Lenders.  (a)  If any Lender requests compensation under Section 2.15, or if the Company is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, 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 judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Sections 2.15 or 2.17, as the case may be, in the future and (ii) would not 

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subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Company 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 2.15, or if the Company is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender becomes a Defaulting Lender, then the Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Sections 2.15 or 2.17) and obligations under the Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided, that (i) the Company shall have received the prior written consent of the Administrative Agent (and if a Revolving Commitment is being assigned, the Issuing Bank), which consent shall not unreasonably be withheld, (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 (including amounts due under Section 2.16), from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a 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 Company to require such assignment and delegation cease to apply.
SECTION 2.20.    Defaulting Lenders.
Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(a)    commitment fees shall cease to accrue on the unfunded portion of the Revolving Commitment, if any, of such Defaulting Lender pursuant to Section 2.12(a);
(b)    the Commitment and Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders, the Required Lenders, the Required Revolving Lenders or the Required Term Lenders, as applicable, have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided, that any waiver, amendment or other modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender disproportionately when compared to the other affected Lenders, or increases or extends the Commitment of such Defaulting Lender, shall require the consent of such Defaulting Lender;

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(c)    if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender, and such Lender is a Revolving Lender, then:
(i)    all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders that are Revolving Lenders in accordance with their respective Applicable Percentages but only to the extent that (A) the sum of all such non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving Commitments, (B) such reallocation does not cause the Revolving Credit Exposure of any such non-Defaulting Lender to exceed such non-Defaulting Lender’s Revolving Commitment, and (C) the conditions set forth in Section 4.02 are satisfied at such time;
(ii)    if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Company shall within one (1) Business Day following notice by the Administrative Agent (A) first, prepay such Swingline Exposure and (B) second, cash collateralize for the benefit of the Issuing Bank only the Company’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;
(iii)    if the Company cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Company shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;
(iv)    if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Revolving Lenders pursuant to Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and
(v)    if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Revolving Lender hereunder, all letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and
(d)    so long as such Lender is a Defaulting Lender and a Revolving Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend, renew or extend any Letter of Credit, unless it is satisfied that the related exposure and such Defaulting Lender’s then outstanding LC Exposure will be one hundred percent (100%) covered by the Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Company in accordance with clause (c) above, and (ii) participating interests in any newly made Swingline Loan or any newly issued, amended, 

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renewed or extended Letter of Credit shall be allocated among non-Defaulting Lenders that are Revolving Lenders in a manner consistent with clause (c)(i) above (and such Defaulting Lender shall not participate therein).
In the event that the Administrative Agent, the Company, the Swingline Lender and the Issuing Bank each agrees that a Defaulting Lender that is a Revolving Lender has adequately remedied all matters that caused such Revolving Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Revolving Lenders shall be readjusted to reflect the inclusion of such Revolving Lender’s Revolving Commitment and on such date such Revolving Lender shall purchase at par such of the Revolving Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Revolving Lender to hold such Revolving Loans in accordance with its Applicable Percentage.
SECTION 2.21.    Expansion Option.  (a)  The Company may from time to time elect to increase the Revolving Commitments or enter into one or more additional tranches of term loans (each, an “Incremental Term Loan”), in each case in a minimum amount of $10,000,000 and an integral multiple of $5,000,000 in excess thereof so long as, after giving effect thereto, the aggregate amount of such Revolving Commitment increases and all such Incremental Term Loans does not exceed $100,000,000.  The Company may arrange for any such Revolving Commitment increase or Incremental Term Loan to be provided by one or more Lenders (each Lender so agreeing to an increase in its Revolving Commitment, or to participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”), to increase their existing Revolving Commitments, or to participate in such Incremental Term Loans, or extend Revolving Commitments, as the case may be; provided, that (i) each Augmenting Lender shall be subject to the approval of the Company and the Administrative Agent and, except in the case of an Incremental Term Loan, the Swingline Lender and the Issuing Bank, which approvals shall not be unreasonably withheld or delayed and (ii) (A) in the case of an Increasing Lender, the Company and such Increasing Lender execute an agreement substantially in the form of Exhibit D, and (B) in the case of an Augmenting Lender, the Company and such Augmenting Lender execute an agreement substantially in the form of Exhibit E hereto.  No consent of any Lender (other than the Lenders participating in such Revolving Commitment increase or Incremental Term Loan) shall be required for any such increase or Incremental Term Loan pursuant to this Section 2.21.
(b)    Revolving Commitment increases, new Revolving Commitments and Incremental Term Loans created pursuant to this Section 2.21 shall become effective on the date agreed by the Company, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof.  Notwithstanding the foregoing, no increase in the Revolving Commitments (or in the Revolving Commitment of any Lender) or Incremental Term Loan shall become effective under this paragraph unless (i) on the proposed date of the effectiveness of such Revolving Commitment increase or Incremental Term Loan, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied both before and immediately after giving effect to such Revolving Commitment increase or 

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Incremental Term Loan or waived by the Required Lenders, and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Company and (B) the Company shall be in pro forma compliance with the Consolidated Leverage Ratio covenant set forth in Section 6.09(a), with Consolidated Total Debt measured as of the date of and immediately after giving effect to any funding in connection with such Revolving Commitment increase or Incremental Term Loan (and the application of proceeds thereof to the repayment of any other Indebtedness) and Consolidated EBITDA measured for the Reference Period then most recently ended for which the Company has delivered Financial Statements, and (ii) the Administrative Agent shall have received documents (including legal opinions) consistent with those delivered on the Effective Date as to the corporate power and authority of the Company to borrow hereunder immediately after giving effect to such Revolving Commitment increase or Incremental Term Loan.
(c)    On the effective date of any increase in the Revolving Commitments, (i) each relevant Increasing Lender and Augmenting Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such Revolving Commitment increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding Revolving Loans, and (ii) the Company shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the Revolving Commitments (with such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the Company, in accordance with the requirements of Section 2.03).  The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each Eurodollar Loan, shall be subject to indemnification by the Company pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the related Interest Periods.
(d)    The Incremental Term Loans (i) shall rank pari passu in right of payment with the Revolving Loans and the initial Term Loans, (ii) shall not mature earlier than the Maturity Date (but may have amortization prior to such date) and (iii) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans; provided, that (x) the terms and conditions applicable to any Incremental Term Loan maturing after the Maturity Date may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the Maturity Date and (y) the Incremental Term Loans may be priced differently than the Revolving Loans and the initial Term Loans.
(e)    Incremental Term Loans may be made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by the Company, each Increasing Lender participating in such Incremental Term Loan, if any, each Augmenting Lender participating in such Incremental Term Loan, if any, and the Administrative Agent.  Each Incremental Term Loan Amendment may, without the consent of any other Lenders (except to the extent required pursuant to the provisos in Section 9.02(b)), effect such amendments to this Agreement and the other Loan 

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Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.21.  Nothing contained in this Section 2.21 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Revolving Commitment hereunder, or provide Incremental Term Loans, at any time.
SECTION 2.22.    Judgment Currency.  If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due from the Company hereunder in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency at the Administrative Agent’s main New York City office on the Business Day preceding that on which final, non-appealable judgment is given.  The obligations of the Company in respect of any sum due to any Credit Party hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such Credit Party of any sum adjudged to be so due in such other currency such Credit Party may in accordance with normal, reasonable banking procedures purchase the specified currency with such other currency.  If the amount of the specified currency so purchased is less than the sum originally due to such Credit Party in the specified currency, the Company agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Credit Party against such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally due to any Credit Party in the specified currency and (b) any amounts shared with other Lenders as a result of allocations of such excess as a disproportionate payment to such Lender under Section 2.18, such Credit Party agrees to remit such excess to the Company.
ARTICLE III
Representations and Warranties
The Company represents and warrants to the Lenders that:
SECTION 3.01.    Organization; Powers.  Each of the Company and each Subsidiary (other than Immaterial Subsidiaries) is duly organized, validly existing and in good standing (or its jurisdictional equivalent) under the laws of the jurisdiction of its 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 (or its jurisdictional equivalent) in, every jurisdiction where such qualification is required.
SECTION 3.02.    Authorization; Enforceability.  The Transactions are within each Loan Party’s corporate or other applicable organizational powers and have been duly authorized by all necessary corporate or other applicable organizational actions and, if required, actions by stockholders or other equity holders.  Each Loan Document has been duly executed and delivered by each Loan Party that is a party thereto and constitutes a legal, valid and binding obligation of each such Loan Party, enforceable in accordance with its terms, subject to 

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applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
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, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable material law or regulation or the charter, by-laws or other organizational documents of the Company or any Subsidiary or any order of any Governmental Authority (except, with respect to Subsidiaries that are not Subsidiary Guarantors, for such violations that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect), (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon and material to the Company or any Subsidiary or its assets, or give rise to a right thereunder to require any payment to be made by the Company or any Subsidiary (except, with respect to Subsidiaries that are not Subsidiary Guarantors, for such violations, defaults and payment requirements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect), and (d) will not result in the creation or imposition of any Lien on any asset of the Company or any Subsidiary. 
SECTION 3.04.    Financial Condition; No Material Adverse Change.  (a)  The Company has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended March 30, 2013, reported on by Ernst & Young LLP, independent public accountants, and (ii) as of and for the fiscal year ended March 29, 2014, reported on by Ernst & Young LLP, independent public accountants.  Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Company and its consolidated subsidiaries as of such dates and for such periods in accordance with GAAP.
(b)    Since March 29, 2014, there has been no event, development or circumstance that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.
SECTION 3.05.    Properties.  (a)  Each of the Company and each Subsidiary has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for defects in title and invalid leasehold interests that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.
(b)    Each of the Company and each Subsidiary owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Company and the Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.
SECTION 3.06.    Litigation, Environmental and Labor Matters.  (a)  There are no actions, suits, proceedings or investigations by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Company, threatened against or affecting the Company or any Subsidiary (i) as to which there is a reasonable possibility of an adverse 

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determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve the Loan Documents or the Transactions.
(b)    Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, neither the Company nor any Subsidiary (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any 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.
(d)    There are no pending or, to the knowledge of the Company, threatened strikes, lockouts, slowdowns or work stoppages against the Company or any Subsidiary, or unfair labor practice complaint or grievance or arbitration proceeding arising out of or under any collective bargaining agreement under which the Company or any Subsidiary is bound, that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.  The hours worked and payments made to employees of the Company and the Subsidiaries have not been in violation in any material respect of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law relating to such matters, and all material payments due from the Company or any Subsidiary, or for which any claim may be made against the Company or any Subsidiary, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as liabilities on the books of the Company or such Subsidiary (except, with respect to Subsidiaries that are not Subsidiary Guarantors, for such violations and payment failures that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect).  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 under which the Company or any Subsidiary is bound (except, with respect to Subsidiaries that are not Subsidiary Guarantors, for such rights of termination or renegotiation that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect).
SECTION 3.07.    Compliance with Laws and Contractual Obligations.  Each of the Company and each Subsidiary is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all of its Contractual Obligations, 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 3.08.    Investment Company Status.  Neither the Company nor any Subsidiary is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.

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SECTION 3.09.    Taxes.  Each of the Company and each Subsidiary 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) Taxes that are being contested in good faith by appropriate proceedings and for which the Company or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.
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, could reasonably be expected to result in a Material Adverse Effect.  The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87, as amended, or any successor thereto) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $10,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87, as amended, or any successor thereto) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $10,000,000 the fair market value of the assets of all such underfunded Plans.
SECTION 3.11.    Disclosure.  As of the date of this Agreement, the Company has disclosed to the Lenders all material agreements, instruments and corporate or other restrictions to which it or any Subsidiary is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.  None of the reports, financial statements, certificates or other information furnished by or on behalf of the Company to the Administrative Agent or any Lender pursuant to or in connection with the Loan Documents (as modified or supplemented by other information so furnished), taken as a whole, contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that with respect to projected financial information, the Company represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being acknowledged and agreed by the Administrative Agent and the Lenders that projections as to future events are not to be viewed as facts and that the actual results during the period or periods covered by such projections may differ from the projected results).
SECTION 3.12.    Federal Reserve Regulations.  Neither the Company nor any Subsidiary is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of any Loan will be used, directly or indirectly, to buy or carry, or to extend credit to others to buy or carry, any Margin Stock or for any other purpose that entails a violation of any Regulations of the Board, including Regulations T, U and X.

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SECTION 3.13.    Solvency.  The Company and the Subsidiaries on a consolidated basis are Solvent.
SECTION 3.14.    Use of Proceeds.  The proceeds of the Loans will be used only to finance the working capital needs, and for general corporate purposes, of the Company and the Subsidiaries, including the financing of Permitted Acquisitions, and to refinance indebtedness and any other amounts outstanding under the Existing Credit Agreement on the Effective Date.  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.
SECTION 3.15.    Subsidiaries.  As of the date of this Agreement, Schedule 3.15 is a complete list of each Subsidiary, identifying such Subsidiary’s jurisdiction of organization and whether such Subsidiary is a Material Domestic Subsidiary.
SECTION 3.16.    Liens.  Schedule 6.02 is a complete list of each Lien securing Indebtedness of any Person outstanding on the date hereof and covering any assets of the Company or any Subsidiary (other than Immaterial Subsidiaries), except for Permitted Encumbrances.  The aggregate Indebtedness on the date hereof secured (or that may be secured) by each such Lien listed on Schedule 6.02, and the assets covered by each such Lien, are correctly described in said Schedule.
SECTION 3.17.    No Burdensome Restrictions.  Neither the Company nor any Subsidiary is party to any agreement, or subject to any provision of law, compliance with which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.
SECTION 3.18.    No Default.  No Default or Event of Default has occurred and is continuing.
SECTION 3.19.    Anti-Corruption Laws and Sanctions.  The Company has implemented and maintains in effect policies and procedures designed to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Company, its Subsidiaries and their respective officers and employees and, to the knowledge of the Company, the directors and agents of the Company and its Subsidiaries, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (a) the Company, any of its Subsidiaries or any of their respective directors, officers or employees, or (b) to the knowledge of the Company, any agent of the Company or any of its Subsidiaries that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.  None of the Transactions will violate Anti-Corruption Laws or applicable Sanctions.

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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 to the Loan Documents either (i) a counterpart of each Loan Document to which such Person is a party, signed on behalf of such Person or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or any other electronic transmission of a signed signature page of each Loan Document to which such Person is a party) that such Person has signed a counterpart of each such Loan Document.
(b)    The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of counsel for the Loan Parties covering such matters relating to the Loan Parties, the Loan Documents and the Transactions as the Administrative Agent may reasonably request and otherwise in form and substance reasonably satisfactory to the Administrative Agent.
(c)    The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Loan Party, the authorization of the Transactions and any other legal matters relating to the Loan Parties, the Loan Documents and the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.
(d)    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 Company, confirming compliance with the conditions set forth in paragraph (f) of this Section 4.01 and paragraphs (a)(i) and (b) of Section 4.02.
(e)    The Administrative Agent, the Lenders and the Arrangers shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced at least one (1) Business Day prior to the Effective Date, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Company hereunder.
(f)    All material governmental and third party approvals necessary or, in the discretion of the Administrative Agent, advisable in connection with the Transactions shall have been obtained and shall be in full force and effect.
(g)    The Administrative Agent and the Lenders shall have received (i) all documentation and other information reasonably requested by them under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, and (ii) 

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such other documents and instruments as are customary for transactions of this type or as they may reasonably request.
(h)    The Lenders shall have received satisfactory audited consolidated financial statements of the Company and the Subsidiaries for the two (2) most recent fiscal years ended prior to the Effective Date as to which such financial statements are available.
(i)    The Administrative Agent and the Lenders shall have received a written certification from a Financial Officer of the Company that, both immediately before and immediately after giving effect to the transactions to occur on the Effective Date (including, for the avoidance of doubt, the aggregate amount of Loans to be borrowed hereunder on the Effective Date), the Company and the Subsidiaries, on a consolidated basis, are and will be Solvent.
(j)    The Administrative Agent shall have received evidence satisfactory to it that, substantially simultaneously with the funding of Loans on the Effective Date, all commitments under the Existing Credit Agreement shall terminate and the Company shall have repaid the principal of all outstanding loans thereunder and paid all accrued interest, fees and other amounts owing thereunder.
The Administrative Agent shall notify the Company 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 3:00 p.m., New York City time, on June 30, 2014 (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 the satisfaction of the following conditions:
(d)    (i) In the case of any such credit event on the Effective Date, the representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct in all respects on and as of the Effective Date (or, to the extent any such representation or warranty is expressly stated to have been made as of a specific earlier date, on and as of such earlier date), and (ii) in the case of any such credit event after the Effective Date, the representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct in all material respects (or, with respect to representations and warranties already qualified by concepts of materiality, in all respects) on and as of the date of such credit event (or, to the extent any such representation or warranty is expressly stated to have been made as of a specific earlier date, on and as of such earlier date).
(e)    At the time of and immediately after giving effect to such credit event, no Default or Event of Default shall have occurred and be continuing.

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Each such credit event shall be deemed to constitute a representation and warranty by the Company on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.
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, in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Company covenants and agrees with the Lenders that:
SECTION 5.01.    Financial Statements and Other Information.  The Company will furnish to the Administrative Agent and each Lender:
(a)    within ninety (90) days after the end of each fiscal year of the Company, 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, or any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Company and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied;
(b)    within forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Company (including the fiscal quarter ended June 28, 2014), its 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 financial condition and results of operations of the Company and its consolidated 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 clause (a) or (b) above, a duly completed Compliance Certificate signed by a Financial Officer of the Company;
(d)    promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Company or any Subsidiary with the SEC or any national securities exchange, or distributed by the Company to its shareholders generally, as the case may be;

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(e)    promptly after receipt thereof by the Company or any Subsidiary, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable foreign jurisdiction) concerning any material investigation or possible material investigation or other inquiry by such agency regarding financial or other operational results of the Company or any Subsidiary; and
(f)    promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Company or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent may reasonably request.
Information required to be delivered pursuant to this Section 5.01 or Section 5.02 may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which the Company posts such information, or provides a link thereto on the Company’s website on the Internet; or (ii) on which such documents are posted on the Company’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access without charge (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (x) the Company shall deliver paper copies of such information to the Administrative Agent that the Administrative Agent (or any Lender acting through the Administrative Agent) requests the Company to deliver, until a written request to cease delivering paper copies is given by the Administrative Agent, and (y) the Company shall notify the Administrative Agent (by telecopy or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such information.  The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the information referred to above, and in any event shall have no responsibility to monitor compliance by the Company with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such information.
SECTION 5.02.    Notices of Material Events.  The Company will furnish to the Administrative Agent and each Lender prompt written notice of the following:
(a)    the occurrence of any Default or Event of Default;
(b)    the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Company or any Subsidiary 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 liability of the Company and the Subsidiaries in an aggregate amount exceeding $10,000,000;
(d)    any material change in accounting policies or financial reporting practices by the Company or any Subsidiary not otherwise reported in the Company’s SEC filings; and

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(e)    any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a Contractual Obligation of the Company or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding or suspension between the Company or any Subsidiary and any Governmental Authority; and (iii) the commencement of, or any material development in, any litigation or proceeding affecting the Company or any Subsidiary, including pursuant to any applicable Environmental Laws, which in each instance referred to in the foregoing clauses (i), (ii) and (iii) results in, or could reasonably be expected to result in, a Material Adverse Effect.
Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Company 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.  The Company will, and will cause each Subsidiary (other than Immaterial Subsidiaries) to, do or cause to be done all things necessary to (a) preserve, renew and keep in full force and effect its legal existence and good standing (or its jurisdictional equivalent) under the laws of the jurisdiction of its organization, (b) maintain all requisite power and authority to carry on its business as now conducted, (c) except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, preserve, renew and keep in full force and effect its qualification to do business in, and its good standing (or its jurisdictional equivalent) in, every jurisdiction where such qualification is required, and (d) except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, preserve, renew and keep in full force and effect all other rights, qualifications, licenses, permits, privileges and franchises material to the conduct of its business; provided, that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03.
SECTION 5.04.    Payment of Obligations.  The Company will, and will cause each Subsidiary to, pay its obligations, including Tax liabilities, that, if not paid, could reasonably be expected to result in a Material Adverse Effect 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) the Company or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) 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; Insurance.  The Company will, and will cause each Subsidiary (other than Immaterial Subsidiaries) to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, except to the extent that the failure to maintain such property in good working order and condition, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations.

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SECTION 5.06.    Books and Records; Inspection Rights.  The Company will, and will cause each Subsidiary to, keep proper books of record and account consistent with its historical practices and in which full, true and correct entries are made of all material financial dealings and transactions in relation to its business and activities.  The Company will, and will cause each Subsidiary 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 as often as reasonably requested.
SECTION 5.07.    Compliance with Laws and Material Contractual Obligations.  The Company will, and will cause each Subsidiary to, (a) comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including Environmental Laws) and (b) perform in all material respects its Contractual Obligations, in each case except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  The Company will maintain in effect and enforce policies and procedures designed to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.
SECTION 5.08.    Use of Proceeds.  The proceeds of the Loans will be used only to finance the working capital needs, and for general corporate purposes, of the Company and the Subsidiaries, including the financing of Permitted Acquisitions, and to refinance indebtedness and any other amounts outstanding under the Existing Credit Agreement on the Effective Date.  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.  The Company will not request any Borrowing or Letter of Credit, and the Company shall not directly or indirectly use, and shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, directly or indirectly, the proceeds of any Borrowing or Letter of Credit, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of, or with, any Sanctioned Person, or in any Sanctioned Country, or (c) in any manner that would result in the violation of any Sanctions  by any Person (including any Person that is a party hereto).
SECTION 5.09.    Accuracy of Information.  The Company will ensure that any information, including financial statements or other documents, furnished to the Administrative Agent or the Lenders in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, taken as a whole, contains no material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and the furnishing of such information shall be deemed to be a representation and warranty by the Company on the date thereof as to the matters specified in this Section 5.09.

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SECTION 5.10.    Material Domestic Subsidiaries.  In the event the Company acquires or creates any Material Domestic Subsidiary, or any existing Domestic Subsidiary becomes a Material Domestic Subsidiary after the Effective Date, the Company shall forthwith promptly (and in any event within thirty (30) days (or such longer time as the Administrative Agent may agree) after the acquisition or creation of such Material Domestic Subsidiary or knowledge of such existing Domestic Subsidiary becoming a Material Domestic Subsidiary) cause such Domestic Subsidiary to become a Subsidiary Guarantor by delivering to the Administrative Agent a joinder to the Guarantee Agreement (in the form contemplated thereby), duly executed by such Domestic Subsidiary, pursuant to which such Domestic Subsidiary agrees to be bound by the terms and provisions of the Guarantee Agreement, such joinder to be accompanied by appropriate corporate resolutions, other corporate documentation and legal opinions in form and substance reasonably satisfactory to the Administrative Agent and its counsel.  Notwithstanding anything herein to the contrary (including the five percent (5%) threshold in the definition of “Material Domestic Subsidiary”), the Company will cause a sufficient number of its Domestic Subsidiaries to be Subsidiary Guarantors in accordance with the requirements of this Section such that, at all times, all Domestic Subsidiaries that are not Subsidiary Guarantors, collectively, do not comprise more than fifteen percent (15%) of the Company’s consolidated assets, total sales or Consolidated Net Income as of the end of or for the most recently ended Reference Period.
 
ARTICLE VI
Negative Covenants
Until the Commitments have expired or 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 terminated, in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Company covenants and agrees with the Lenders that:
SECTION 6.01.    Indebtedness.  The Company will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:
(a)    Indebtedness under the Loan Documents;
(b)    (i) Indebtedness from time to time under lines of credit existing on the date hereof and set forth in Schedule 6.01 (the “Foreign Subsidiary Lines of Credit”), up to the maximum principal amounts (expressed in the stated currency of such lines of credit) set forth in said Schedule, and extensions, renewals and replacements of such lines of credit that do not increase the maximum principal amounts of thereof, and (ii) other Indebtedness existing on the date hereof and set forth in Schedule 6.01 and extensions, renewals and replacements of any such Indebtedness with Indebtedness of a similar type that does not increase the outstanding principal amount thereof;
(c)    Indebtedness of the Company owed to any Subsidiary and of any Subsidiary owed to the Company or any other Subsidiary; provided, that Indebtedness of any Subsidiary that is 

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not a Subsidiary Guarantor owed to any Loan Party shall be subject to the limitations set forth in Section 6.04;
(d)    Guarantees by the Company of Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness of the Company or any other Subsidiary;
(e)    Indebtedness of the Company or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; provided, that (i) such Indebtedness is incurred prior to or within ninety (90) days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (e) shall not exceed $50,000,000 at any time outstanding;
(f)    Indebtedness of the Company or any Subsidiary as an account party in respect of trade letters of credit;
(g)    Indebtedness under Swap Agreements permitted under Section 6.05; and
(h)    other Indebtedness of the Company or any Subsidiary; provided, that, at the time of the incurrence or assumption of any such Indebtedness and immediately after giving effect thereto, (i) no Default or Event of Default has occurred and is continuing or would result therefrom, and (ii) the Company shall be in pro forma compliance with all financial covenants set forth in Section 6.09 (with Consolidated Total Debt measured as of such time and Consolidated EBITDA and Consolidated Interest Expense measured for the Reference Period then most recently ended for which the Company has delivered Financial Statements); provided further that (x) the aggregate principal amount of Indebtedness of any Subsidiary permitted by this clause (h) shall not, at any time, exceed the sum of (A) $50,000,000 minus (B) for each Foreign Subsidiary Line of Credit, the aggregate amount of Indebtedness that has been outstanding under such Foreign Subsidiary Line of Credit for more than thirty (30) consecutive days and (y) such Indebtedness shall be unsecured unless otherwise permitted by Section 6.02(e).
SECTION 6.02.    Liens.  The Company will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except:
(a)    Permitted Encumbrances;
(b)    any Lien on any property or asset of the Company 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 Company or any Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof permitted by Section 6.01(b);

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(c)    any Lien existing on any property or asset prior to the acquisition thereof by the Company or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided, that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Company or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;
(d)    Liens on fixed or capital assets acquired, constructed or improved by the Company or any Subsidiary; provided, that (i) such security interests secure Indebtedness permitted by Section 6.01(e), (ii) such security interests and the Indebtedness secured thereby are incurred prior to or within ninety (90) days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and (iv) such security interests shall not apply to any other property or assets of the Company or any Subsidiary; and
(e)    additional Liens on any property or assets of the Company or any Subsidiary not otherwise permitted by this Section 6.02 that do not secure obligations in excess of $25,000,000 in the aggregate for all such Liens at any time outstanding.
SECTION 6.03.    Fundamental Changes and Asset Sales.  (a)  The Company will not, and will not permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) any of its assets (including the Equity Interests of any of its subsidiaries) (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default or Event of Default shall have occurred and be continuing:
(i)    any Subsidiary may merge into the Company in a transaction in which the Company is the surviving corporation;
(ii)    any Subsidiary that is not a Loan Party may merge into any Subsidiary Guarantor in a transaction in which the surviving entity is a Subsidiary Guarantor;
(iii)    any Subsidiary Guarantor may merge into any other Subsidiary Guarantor;
(iv)    any Subsidiary that is not a Loan Party may merge into any other Subsidiary that is not a Loan Party;
(v)    any Loan Party may sell, transfer, lease or otherwise dispose of its assets to the Company or to another Subsidiary Guarantor;
(vi)    any Subsidiary that is not a Loan Party may sell, transfer, lease or otherwise dispose of its assets to the Company or to another Subsidiary;

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(vii)    the Company and the Subsidiaries may (A) sell inventory, and assets that were previously treated as inventory (but are currently in the possession of customers and treated as fixed assets solely for accounting purposes), in the ordinary course of business, (B) sell worn-out or obsolete assets in the ordinary course of business, (C) grant licenses or sublicenses of intellectual property in the ordinary course of business which do not interfere in any material respect with the ordinary conduct of business of the Company or such Subsidiary, (D) make any other sales, transfers, leases or other dispositions; provided, that, in the case of this clause (D), (1) such dispositions are for fair market value and on an arm’s-length basis and (2) the aggregate book value of assets disposed of during the term of this Agreement shall not exceed twenty percent (20%) of the Consolidated Tangible Assets of the Company and the Subsidiaries as set forth on the Company’s most recent Financial Statements, and (E) enter into sale and leaseback transactions permitted by Section 6.10;
(viii)    any Subsidiary that is not a Loan Party may liquidate or dissolve if the Company determines in good faith that such liquidation or dissolution is in the best interests of the Company and is not materially disadvantageous to the Lenders;
(ix)    any Person may merge into the Company or any Subsidiary in connection with an Acquisition in which the Company or such Subsidiary is the surviving entity; and
(x)    the Company and the applicable Subsidiaries may consummate the Contemplated Tax Restructuring or any portion thereof.
(b)    The Company will not allow its principal business to be any business other than the businesses of the type conducted by the Company and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto.
(c)    The Company will not, and will not permit any Subsidiary to, change its fiscal year from the basis in effect on the date of execution of this Agreement.
SECTION 6.04.    Investments, Loans, Advances, Guarantees and Acquisitions.  The Company will not, and will not permit any Subsidiary to, (x) purchase, hold or acquire any Equity Interests, 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 or capital contributions to, Guarantee any obligations of, or make or permit to exist any other investment or any other interest in, any other Person, or (y) consummate any Acquisition (each, an “Investment”), except:
(a)    Investments existing on the date hereof and set forth in Schedule 6.04;
(b)    Cash Equivalent Investments;
(c)    Investments (i) by the Loan Parties in the Equity Interests of their respective Subsidiaries that are Subsidiary Guarantors, (ii) by Subsidiaries that are not Loan Parties in the Equity Interests of their respective Subsidiaries, and (iii) to the extent existing on the date hereof, 

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Investments by the Loan Parties in the Equity Interests of their respective Subsidiaries that are not Subsidiary Guarantors;
(d)    Investments consisting of loans or advances made by (i) any Loan Party to the Company or any Subsidiary Guarantor or (ii) any Subsidiary that is not a Loan Party to the Company or any other Subsidiary;
(e)    Investments by the Loan Parties in the Equity Interests of their respective Subsidiaries that are not Loan Parties, and loans or advances made by the Loan Parties to Subsidiaries that are not Loan Parties, in an aggregate amount for all such investments, loans and advances made pursuant to this clause (e) not to exceed $75,000,000 at any time outstanding;
(f)    Guarantees constituting Indebtedness permitted by Section 6.01;
(g)    Guarantees under the Guarantee Agreement;
(h)    Guarantees (i) of obligations of the Company or any Subsidiary as lessee for the rental or hire of real or personal property under operating leases or similar agreements or arrangements of the type described in Section 6.11, (ii) by any Loan Party of obligations (other than Indebtedness and obligations of the type described in the foregoing clause (h)(i)) of the Company or any Subsidiary Guarantor, (iii) by any Subsidiary that is not a Loan Party of obligations (other than Indebtedness and obligations of the type described in the foregoing clause (h)(i)) of the Company or any other Subsidiary, or (iv) by any Loan Party of obligations (other than Indebtedness and obligations of the type described in the foregoing clause (h)(i)) of any Subsidiary this is not a Subsidiary Guarantor under agreements or arrangements entered into in the ordinary course of business consistent with past practice, in an aggregate amount for all such Guarantees made pursuant to this clause (h)(iv), determined in accordance with the definition of “Guarantee”, not to exceed $10,000,000 at any time outstanding;
(i)    Investments in and obligations under Swap Agreements permitted by Section 6.05;
(j)    Investments consisting of endorsements of negotiable instruments for collection in the ordinary course of business;
(k)    Investments consisting of loans or advances to directors, officers or employees in the ordinary course of business, in an aggregate amount for all such loans and advances not to exceed $2,500,000 at any time outstanding;
(l)    the HDC Line Acquisition and intercompany loans and advances from the Company to the Subsidiaries, and Investments by the Company in the Equity Interests of the Subsidiaries, to reflect the allocation of the purchase price of the HDC Line Acquisition;
(m)    Permitted Acquisitions; and
(n)    other Investments (other than Acquisitions) in an aggregate amount for all such other Investments not to exceed $150,000,000 at any time outstanding.

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For purposes of compliance with this Section 6.04, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases, write-downs or write-offs in the value of such Investment; provided, that (x) Investments that are acquisitions of Equity Interests or other securities or capital contributions shall be valued at the amount actually contributed or paid to acquire such Equity Interests or other securities as of the date of such contribution or payment less all cash distributions and returns of capital from the date such Investment is made through and including the date of calculation and (y) Investments that are loans or advances, or Guarantees of loans or advances, shall be valued at the outstanding principal amount of such loan or advance as of the date of determination, or the outstanding principal amount of the loan or advance as of the date of determination actually Guaranteed, as applicable.
SECTION 6.05.    Swap Agreements.  The Company will not, and will not permit any Subsidiary to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Company or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Company or any Subsidiary, except as provided in the following clause (c)), including currency Swap Agreements entered into to hedge or mitigate actual foreign exchange exposure of the Company or any Subsidiary, (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 the Company or any Subsidiary, and (c) Swap Agreements that are settled (after payment of any premium or any prepayment thereunder) through the delivery of cash and/or of Equity Interests of the Company and are entered into in connection with any convertible debt offering, the purpose of which are to provide for an effectively higher conversion premium.
SECTION 6.06.    Restricted Payments.  The Company will not, and will not permit any Subsidiary to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except (a) the Company may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its common stock, (b) Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests, (c) the Company may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for directors, management or employees of the Company and its Subsidiaries and (d) the Company and the Subsidiaries may make other Restricted Payments so long as no Default or Event of Default has occurred and is continuing or would result therefrom; provided that no such Restricted Payment shall be made pursuant to this clause (d) if (i) at the time such Restricted Payment is declared, the Consolidated Leverage Ratio, measured on a pro forma basis (with Consolidated Total Debt measured as of such date and Consolidated EBITDA measured for the Reference Period then most recently ended for which the Company has delivered Financial Statements) exceeds 2.25:1.00 and (ii) after giving effect to the making of such Restricted Payment, the aggregate amount of all Restricted Payments made pursuant to this clause (d) in such fiscal year of the Company would exceed $50,000,000.
SECTION 6.07.    Transactions with Affiliates.  The Company will not, and will not permit any Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, 

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lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Company or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Company and its wholly-owned Subsidiaries not involving any other Affiliate and (c) any Restricted Payment permitted by Section 6.06.
SECTION 6.08.    Restrictive Agreements.  The Company will not, and will not permit any Subsidiary 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 the Company or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or other Equity Interests or to make or repay loans or advances to the Company or any other Subsidiary or to Guarantee Indebtedness of the Company or any other Subsidiary; provided, that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by any Loan Document, (ii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iii) the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to Indebtedness permitted by this Agreement if such restrictions or conditions are customary for such Indebtedness and no more restrictive than the comparable restrictions and conditions set forth in the Loan Documents, and (iv) clause (a) of the foregoing shall not apply to (A) restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by Section 6.01 if such restrictions or conditions apply only to the property or assets securing such Indebtedness or (B) customary provisions in leases and other contracts restricting the assignment thereof.
SECTION 6.09.    Financial Covenants.
(a)    Consolidated Leverage.  The Company will not permit the Consolidated Leverage Ratio as of the last day of any Reference Period (beginning with the Reference Period ended June 28, 2014) to be greater than 3.00:1.00.
(b)    Consolidated Interest Coverage.  The Company will not permit the Consolidated Interest Coverage Ratio as of the last day of any Reference Period (beginning with the Reference Period ended June 28, 2014) to be less than 4:00:1.00.
SECTION 6.10.    Sale and Leaseback Transactions.  The Company will not, and will not permit any Subsidiary to, enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred, except for any such sale of any fixed or capital assets by the Company or any Subsidiary that is made for cash consideration in an amount not less than the fair value of such fixed or capital asset and is consummated within 90 days after the Company or such Subsidiary acquires or completes the 

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construction of such fixed or capital asset; provided, that such sale in an aggregate amount with all such other sales shall not exceed $10,000,000 during any fiscal year of the Company.
SECTION 6.11.    Operating Lease Obligations.  The Company will not, and will not permit any Subsidiary to, create, incur, or assume any obligations as lessee for the rental or hire of real or personal property, or a combination thereof, of any kind under leases or similar agreements or arrangements conveying the right to use (excluding Capital Lease Obligations) that would cause the direct and contingent liabilities of the Company and the Subsidiaries, on a consolidated basis, in respect of all such obligations to exceed $40,000,000 in any fiscal year of the Company.
 
ARTICLE VII
Events of Default
If any of the following events (“Events of Default”) shall occur:
(a)    the Company 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 Company shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days;
(c)    any representation or warranty made or deemed made by or on behalf of the Company 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 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 (or in any respect if such representation or warranty is already qualified by concepts of materiality) when made or deemed made;
(d)    (i) the Company shall fail to observe or perform any covenant, condition or agreement contained in Section 5.03 (with respect to the Company’s existence), 5.08 or 5.10 or in Article VI or (ii) the Company shall fail to observe or perform any covenant, condition or agreement contained in Section 5.01 or 5.02 and such failure shall continue unremedied for a period of five (5) Business Days after the earlier of any of the chief executive officer, president, any vice president or any Financial Officer of the Company becoming aware of such failure or notice thereof by the Administrative Agent;
(e)    any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of thirty (30) days after the 

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earlier of any of the chief executive officer, president, any vice president or any Financial Officer of the Company becoming aware of such failure or notice thereof by the Administrative Agent;
(f)    the Company 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), and such failure shall continue unremedied for a period of three (3) Business Days;
(g)    any event or condition occurs (i) that results in any Material Indebtedness becoming due prior to its scheduled maturity or (ii) 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 to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity, and, in the case of this clause (g)(ii), such event or condition shall continue unremedied for a period of three (3) Business Days; provided, that this clause (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 the Company or any Subsidiary (other than an Immaterial 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 or similar official for the Company or any Subsidiary (other than an Immaterial Subsidiary) or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;
(i)    the Company or any Subsidiary (other than an Immaterial Subsidiary) shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under 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 clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any Subsidiary (other than an Immaterial 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)    the Company or any Subsidiary (other than an Immaterial Subsidiary) shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;
(k)    one or more final, non-appealable judgments for the payment of money in an aggregate amount in excess of $10,000,000 (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage) shall be rendered against the Company, any Subsidiary or any combination thereof and the same shall remain undischarged 

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for a period of thirty (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 the Company or any Subsidiary to enforce any such judgment;
(l)    an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in liability of the Company and its Subsidiaries in an aggregate amount exceeding $10,000,000 (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage) from and after the Effective Date;
(m)    a Change in Control shall occur; or
(n)    any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or satisfaction in full of all the Obligations, shall cease to be in full force and effect; or the Company or any other Person shall contest in any manner the validity or enforceability of any Loan Document; or the Company shall deny that it has any or further liability or obligation under any Loan Document, or shall purport to revoke, terminate or rescind any Loan Document;
then, and in every such event (other than an event with respect to the Company or any Subsidiary (other than an Immaterial Subsidiary) described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and (x) with respect to clause (i) below, at the request of the Required Revolving Lenders, shall, and (y) with respect to clause (ii) below, at the request of the Required Lenders, shall, by notice to the Company, 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 Company accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company; and in case of any event with respect to the Company or any Subsidiary (other than an Immaterial Subsidiary) described in clause (h) or (i) of this Article, 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 Company 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 Company.  All of the Guaranteed Obligations (as defined in the Guarantee Agreement) shall rank pari passu.

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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, including execution of the other Loan Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto.
Any Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Company 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 herein.  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 Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise in writing as directed by 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), and (c) except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company or any Subsidiary that is communicated to or obtained by the Person 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 willful 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 the Company 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 under any Loan Document 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, (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 herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

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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 believed by it to be genuine and to have been signed or sent 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 Company), 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 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 and all its duties and exercise its rights and powers through their respective Related Parties.  The exculpatory provisions of the preceding paragraphs 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.
Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Company.  Upon any such resignation, the Required Lenders shall have the right to appoint a successor, which successor shall (unless an Event of Default shall have occurred and be continuing) be subject to approval by the Company (which approval shall not be unreasonably withheld or delayed).  If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (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 which shall be a bank with an office in New York, New York and subject to the Company’s right of approval described in the immediately preceding sentence, 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 its duties and obligations hereunder.  The fees payable by the Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor.  After the Administrative Agent’s resignation hereunder, the provisions of this Article 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 it was acting as Administrative Agent.
Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise or securities.  Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon the 

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Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder.  Each Lender shall, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Company and its Affiliates) 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 the Loan Documents, any related agreement or any document furnished thereunder and in deciding whether or to the extent to which it will continue as a lender or assign or otherwise transfer its rights, interests and obligations hereunder.
Anything herein to the contrary notwithstanding, no Arranger, Syndication Agent or Documentation Agent listed on the cover page hereof shall have any powers, duties or responsibilities under this Credit Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the Issuing Bank hereunder.
ARTICLE IX
Miscellaneous
SECTION 9.01.    Notices.  (a)  Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:
(i)    if to the Company, to 400 Wood Road, Braintree, Massachusetts 02184, Attention of Chief Financial Officer, Treasurer and Chief Legal Officer (Telecopy No. (781) 348-7504), with a copy to Goodwin Procter LLP, Exchange Place, 53 State Street, Boston, Massachusetts 02109, Attention of Edward Matson Sibble, Jr., Esq. (Telecopy No. (617) 523-1231);
(ii)    if to the Administrative Agent, (A) in the case of Borrowings denominated in U.S. Dollars, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 10 South Dearborn Street, 7th Floor, Chicago, Illinois 60603, Attention of Joyce King (Telecopy No. (888) 292-9533), and (B) in the case of Borrowings denominated in Foreign Currencies, to J.P. Morgan Europe Limited, Floor 6, 25 Bank Street, Canary Wharf, London E14 5JP, United Kingdom, Attention of Manager:  Loan Agency (Telecopy No. 44 207 777 2360), and in each case with a copy to JPMorgan Chase Bank, N.A., Two Corporate Drive, Shelton, Connecticut 06484, Attention of Scott Farquhar (Telecopy No. (203) 944-8495);
(iii)    if to the Issuing Bank, to it at JPMorgan Chase Bank, N.A., Treasury and Securities Services, 10 South Dearborn Street, 7th Floor, Chicago, Illinois 60603, Attention of Cassandra Groves (Telecopy No. (312) 385-7107), with a copy to JPMorgan 

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Chase Bank, N.A., Two Corporate Drive, Shelton, Connecticut 06484, Attention of Scott Farquhar (Telecopy No. (203) 944-8495);
(iv)    if to the Swingline Lender, to it at JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 10 South Dearborn Street, 7th Floor, Chicago, Illinois 60603, Attention of Joyce King (Telecopy No. (888) 292-9533), with a copy to JPMorgan Chase Bank, N.A., Two Corporate Drive, Shelton, Connecticut 06484, Attention of Scott Farquhar (Telecopy No. (203) 944-8495); and
(v)    if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received.  Notices sent by facsimile shall be deemed to have been given when sent (except that, if not sent during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).  Notices delivered through Electronic Systems, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).
(b)    Notices and other communications to the Lenders and the Issuing Bank hereunder may be delivered or furnished by using Electronic Systems pursuant to procedures approved by the Administrative Agent; provided, that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender.  The Administrative Agent or the Company may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided, that approval of such procedures may be limited to particular notices or communications.
Except as otherwise set forth in Section 5.01, unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.
(c)    Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.
(d)    Electronic Systems.

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(i)    The Company agrees that the Administrative Agent may, but shall not be obligated to, make Communications available to the Lenders and the Issuing Bank by posting such Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System.
(ii)    Any Electronic System used by the Administrative Agent is provided “as is” and “as available”.  The Agent Parties do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in Communications.  No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with Communications or any Electronic System.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Loan Party, any Lender, the Issuing Bank or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Loan Party’s or the Administrative Agent’s transmission of communications through an Electronic System.  “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or the Issuing Bank by means of electronic communications pursuant to this Section, including through an Electronic System.
SECTION 9.02.    Waivers; Amendments.  (a)  No failure or delay by any Credit Party 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 Credit Parties 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 the Company therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, 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 issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether any Credit Party may have had notice or knowledge of such Default at the time.
(b)    Except as provided in Section 2.21 with respect to an Incremental Term Loan Amendment or pursuant to any fee letter entered into by the Company in connection with this Agreement, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Company and the Required Lenders or by the Company and the Administrative Agent with the consent of the Required Lenders; provided, that no such agreement (including any Incremental Term Loan Amendment) shall (i) increase the Commitment of any Lender without the written consent of 

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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 and adversely affected thereby, provided, however, that only the consent of the Required Lenders shall be necessary to amend the provisions with respect to the application or amount of the default rate described in Section 2.13(c) or waive any obligation of the Company to pay interest or fees at such default rate, (iii) postpone the scheduled date of payment or amortization of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment (in each case excluding, for the avoidance of doubt, mandatory prepayments under Section 2.11(c)), or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly and adversely affected thereby, (iv) change Section 2.18(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) release the Company from its Obligations without the written consent of each Lender, (vi) change any of the provisions of this Section or the definition of “Required Lenders” or, except as provided in the following clause (vii), any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender (it being understood that, solely with the consent of the parties to an Incremental Term Loan Amendment, Incremental Term Loans may be included in the determination of Required Lenders on substantially the same basis as the Commitments and the Revolving Loans are included on the Effective Date), (vii) change the definition of “Required Revolving Lenders” or “Required Term Lenders”, without the written consent of each Revolving Lender or each Term Lender, respectively, (viii) change any provisions of any Loan Document in a manner that by its terms adversely affects the rights in respect of payments due to Lenders holding Loans of any Class differently than Lenders holding Loans of any other Class, without the written consent of both the Required Revolving Lenders and the Required Term Lenders, (ix) release all or substantially all of the Subsidiary Guarantors from their obligations under the Guarantee Agreement, except in accordance with Section 6.03 or 9.17, without the written consent of each Lender, (x) change the definition of “Agreed Currency” without the written consent of each Lender, or (xi) change the pari passu treatment of the Guaranteed Obligations (as defined in the Guarantee Agreement) without the written consent of each Lender; provided further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be.
(c)    Notwithstanding anything to the contrary herein the Administrative Agent may, with the consent of the Company only, amend, modify or supplement any Loan Document to cure any ambiguity, omission, mistake, defect or inconsistency.
SECTION 9.03.    Expenses; Indemnity; Damage Waiver.  (a)  The Company shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Arrangers and their respective Affiliates (including the reasonable and documented fees, charges and disbursements of one primary counsel, one local and/or special counsel for each other relevant jurisdiction or specialization, and additional counsel in light of actual 

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conflicts of interest) in connection with the syndication of the credit facilities provided for herein, the preparation, execution, delivery and administration of the Loan Documents and any amendments, modifications or waivers of the provisions thereof (whether or not the transactions contemplated hereby shall be consummated), (ii) all reasonable and documented 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 and documented out-of-pocket expenses incurred by the Credit Parties (including the reasonable and documented fees, charges and disbursements of any counsel for the Administrative Agent, the Issuing Bank or any Lender) in connection with the enforcement or protection of its rights in connection with any Loan Document, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such reasonable and documented out-of pocket expenses incurred during the continuation of any Event of Default and in regard to any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.
(b)    The Company shall indemnify each Credit Party and its Related Parties (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of the Loan Documents or any 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 or any other transactions contemplated hereby, (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 or release of Hazardous Materials on or from any property owned or operated by the Company or any Subsidiary, or any Environmental Liability related in any way to the Company or any Subsidiary, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether such claim, litigation, investigation or proceeding is brought by the Company or any Subsidiary or any of their respective equity holders, affiliates or creditors or any other third Person, and whether based on contract, tort or any other theory 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 are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, willful misconduct or bad faith breach of obligations of such Indemnitee.  This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.
(c)    To the extent that the Company fails to pay any amount required to be paid by them to the Administrative Agent, the Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this Section, 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, 

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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 extent permitted by applicable law, the Company shall not assert, and the Company 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 hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.
(e)    All amounts due under this Section shall be payable promptly after written demand therefor.
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 Company 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 Company 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.  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 (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Credit Parties) 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 the Loan Documents (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of:
(A)    the Company; provided, that the Company shall be deemed to have consented to an assignment unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; provided further, that no consent of the Company shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee;
(B)    the Administrative Agent; provided, that no consent of the Administrative Agent shall be required for an assignment of (x) any Revolving Loans or Revolving Commitment to an assignee that is a Revolving Lender immediately prior to giving effect to such assignment, an Affiliate of such a Revolving Lender or an Approved Fund with respect to such a Revolving Lender and (y) all or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund;

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(C)    the Issuing Bank; provided, that no consent of the Issuing Bank shall be required for an assignment of all or any portion of a Term Loan; and
(D)    the Swingline Lender; provided, that no consent of the Swingline Lender shall be required for an assignment of all or any portion of a Term Loan;
(ii)    Assignments shall be subject to the following additional conditions:
(A)    except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Company and the Administrative Agent otherwise consent; provided, that no such consent of the Company shall be required if an Event of Default has occurred and is continuing;
(B)    each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; provided, that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;
(C)    the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500;
(D)    the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Company and its Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws; and
(E)    the assignee shall not be (1) the Company or any Subsidiary or any Affiliate of the Company or any Subsidiary, (2) a Defaulting Lender or (3) a natural person.
(iii)    Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of 

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Sections 2.15, 2.16, 2.17 and 9.03).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 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) of this Section.
(iv)    The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Company, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, and the Company and the Credit Parties shall 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 Company, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(v)    Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided, that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(c)    Any Lender may, without the consent of the Company, 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 (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Company, 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, 

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modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant.  The Company agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under Section 2.17(f) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided, that such Participant (A) agrees to be subject to the provisions of Section 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.  Each Lender that sells a participation agrees, at the Company’s request and expense, to use reasonable efforts to cooperate with the Company to effectuate the provisions of Section 2.19(b) with respect to any Participant.  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 2.18(c) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Company, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided, that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under this Agreement) to any Person except to the extent that such disclosure is necessary to establish that such interest is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
(d)    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 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.
SECTION 9.05.    Survival.  All covenants, agreements, representations and warranties made by the Loan Parties 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 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 any Credit Party may have had notice or knowledge of any Default or incorrect 

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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 any Loan Document 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 Sections 2.13(f), 2.15, 2.16, 2.17 and 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 any Loan Document or any provision thereof.
SECTION 9.06.    Counterparts; Integration; Effectiveness; Electronic Execution.  (a) 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 Arrangers 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 which, 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.  
(b)    Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any  document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries 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, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
SECTION 9.07.    Severability.  Any provision of any Loan Document 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 thereof; 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 and in whatever currency denominated) at any time 

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held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Company against any of and all the Obligations of the Company now or hereafter existing 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 unmatured.  The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender 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)    The Company 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, Borough of Manhattan, and of the United States District Court for 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 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 any Credit Party may otherwise have to bring any action or proceeding relating to any Loan Document against any Loan Party or its properties in the courts of any jurisdiction.
(c)    The Company hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which 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.  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 any Loan Document to serve process in any other manner permitted by law.
SECTION 9.10.    WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO 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 

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HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
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 Credit Party 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, in connection with its rights and obligations under this Agreement and the other Loan Documents (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 (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party 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, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Company and its Obligations, (g) with the consent of the Company or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to any Credit Party on a non-confidential basis from a source other than the Company.  For the purposes of this Section, “Information” means all information received from the Company relating to the Company or its business, other than any such information that is available to any Credit Party on a nonconfidential basis prior to disclosure by the Company.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
SECTION 9.13.    Material Non-Public Information.
(a)    EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE COMPANY AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

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(b)    ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE COMPANY OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE COMPANY AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES.  ACCORDINGLY, EACH LENDER REPRESENTS TO THE COMPANY AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.
SECTION 9.14.    Authorization to Distribute Certain Materials to Public-Siders.
(a)    If the Company does not file this Agreement with the SEC, then the Company hereby authorizes the Administrative Agent to distribute the execution version of this Agreement and the other Loan Documents to all Lenders, including their Public-Siders. The Company acknowledges its understanding that Public-Siders and their firms may be trading in any of the Company’s securities while in possession of the Loan Documents.
(b)    The Company represents and warrants that none of the information in the Loan Documents constitutes or contains material non-public information within the meaning of the federal and state securities laws. To the extent that any of the executed Loan Documents constitutes at any time a material non-public information within the meaning of the federal and state securities laws after the date hereof, the Company agrees that it will promptly make such information publicly available by press release or public filing with the SEC.
SECTION 9.15.    Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan 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 but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans 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 9.16.    USA PATRIOT Act.  Each Lender that is subject to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) hereby notifies each Loan Party that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies such Loan Party, 

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which information includes the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the Patriot Act.
SECTION 9.17.    Release of Subsidiary Guarantors.  A Subsidiary Guarantor shall be released from its obligations under the Guarantee Agreement (a) automatically upon the consummation of any transaction permitted by this Agreement as a result of which such Subsidiary Guarantor ceases to be a Subsidiary or (b) upon the request of the Company if such Subsidiary is no longer a Material Domestic Subsidiary and, after giving effect to such release, the Company would remain in compliance with the last sentence of Section 5.10; provided, that if so required by this Agreement, the Required Lenders shall have consented to such transaction and the terms of such consent shall not have provided otherwise.  In connection with any release pursuant to this Section, the Administrative Agent shall (and is hereby irrevocably authorized by each Lender to) execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party may reasonably request to evidence such release.  Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent.
SECTION 9.18.    No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Company acknowledges and agrees that:  (a) (i) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Arrangers and the Lenders are arm’s-length commercial transactions between the Company and its Affiliates, on the one hand, and the Administrative Agent, the Arrangers and the Lenders, on the other hand, (ii) the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) the Company is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) each of the Administrative Agent, each Arranger and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Company or any of its Affiliates or any other Person and (ii) neither the Administrative Agent, any Arranger nor any Lender has any obligation to the Company or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Administrative Agent, the Arrangers, the Lenders, and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company and its Affiliates, and neither the Administrative Agent, any Arranger nor any Lender has any obligation to disclose any of such interests to the Company or its Affiliates.  To the fullest extent permitted by law, the Company hereby waives and releases any claims that it may have against the Administrative Agent, the Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
[Signature Pages Follow]

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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.
	
			
	 
	

	 
	 
	HAEMONETICS CORPORATION

	 
	 
	 

	

	By:
	/s/ Christopher Lindop

	 
	Name:
	Christopher Lindop 

	 
	Title
	Chief Financial Officer and 

	 
	 
	Executive Vice President, Business Development 

	
			
	 
	

	 
	 
	JPMORGAN CHASE BANK, N.A., as a Lender, 

	 
	 
	the Swingline Lender, the Issuing Bank and the

	

	

	Administrative Agent

	 
	 
	 

	

	By:
	/s/ D. Scott Farquhar

	 
	Name:
	D. Scott Farquhar

	 
	Title:
	SrVP & Credit Executive

	
			
	 
	 

	 
	 
	CITIBANK, N.A.

	 
	 
	 

	 
	By:
	/s/ Stephanie Epkins

	 
	Name:
	Stephanie Epkins

	 
	Title:
	Senior Vice President

	 
	 
	 

	 
	 
	 

	 
	 
	Bank of America, NA, as a Lender

	 
	 
	 

	 
	By:
	/s/ John F. Lynch

	 
	Name:
	John F. Lynch

	 
	Title:
	Senior Vice President

	 
	 
	 

	 
	 
	 

	 
	 
	Citizens Bank, N.A. as a Lender

	 
	 
	 

	 
	By:
	/s/ Peter van der Horst

	 
	Name:
	Peter van der Horst

	 
	Title:
	Senior Vice President

	 
	 
	 

	 
	 
	 

	 
	 
	HSBC Bank USA, National Association, as a

	 
	 
	Lender

	 
	 
	 

	 
	By:
	/s/ David A. Carroll

	 
	Name:
	David A. Carroll

	 
	Title:
	Senior Vice President

	 
	 
	 

	 
	 
	 

	 
	 
	Wells Fargo Bank, N.A. as a Lender

	 
	 
	 

	 
	By:
	/s/ Daniel M. Grondin

	 
	Name:
	Daniel M. Grondin

	 
	Title:
	Senior Vice President

	 
	 
	 

	 
	 
	 

	 
	 
	U.S. Bank National Association, as a Lender

	 
	 
	 

	 
	By:
	/s/ Jennifer Hwang

	 
	Name:
	Jennifer Hwang

	 
	Title:
	Vice President

	 
	 
	 

	
			
	 
	 
	T.D. Bank, N.A., as a Lender

	 
	 
	 

	 
	By:
	/s/ Ms. Shreya Shah

	 
	Name:
	Ms. Shreya Shah

	 
	Title:
	Senior Vice President

	 
	 
	 

	 
	 
	 

	 
	 
	Union Bank, N.A., as a Lender

	 
	By:
	/s/ Michael Tschida

	 
	Name:
	Michael Tschida

	 
	Title:
	Vice President

	 
	 
	 

	 
	 
	 

	 
	 
	Sumitomo Mitsui Banking Corporation, as a

	 
	 
	Lender

	 
	 
	 

	 
	By:
	/s/ Shuji Yabe

	 
	Name:
	Shuji Yabe

	 
	Title:
	Managing Director

Schedule 2.01

Commitments

	
					
	Lender
	Revolving Commitment
	Initial Applicable Percentage (Revolving Commitment)
	Term Loan Commitment
	Initial Applicable Percentage (Term Loan Commitment)

	JPMorgan Chase Bank, N.A.
	$14,539,469.40
	14.539469400%
	$55,163,655.60
	14.539469400%

	Citibank, N.A.
	$14,539,469.40
	14.539469400%
	$55,163,655.60
	14.539469400%

	Bank of America, N.A.
	$10,429,567.82
	10.429567820%
	$39,570,432.18
	10.429567830%

	Citizens Bank, N.A.
	$10,429,567.82
	10.429567820%
	$39,570,432.18
	10.429567830%

	HSBC Bank USA, N.A.
	$10,429,567.82
	10.429567820%
	$39,570,432.18
	10.429567830%

	Wells Fargo Bank, N.A.
	$10,429,567.82
	10.429567820%
	$39,570,432.18
	10.429567830%

	U.S. Bank, N.A.
	$7,300,697.48
	7.300697480%
	$27,699,302.52
	7.300697477%

	TD Bank, N.A.
	$7,300,697.48
	7.300697480%
	$27,699,302.52
	7.300697477%

	Union Bank, N.A.
	$7,300,697.48
	7.300697480%
	$27,699,302.52
	7.300697477%

	Sumitomo Mitsui Banking Corporation
	$7,300,697.48
	7.300697480%
	$27,699,302.52
	7.300697477%

	Total
	$100,000,000
	100%
	$379,406,250
	100%

Schedule 2.01

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