Document:

EX-4.16

 Exhibit 4.16 
  

 
  
  

 
  

 
 RJS POWER HOLDINGS LLC 

as Issuer, 
 THE
GUARANTORS PARTY HERETO, 
 and 

THE BANK OF NEW YORK MELLON, 

as Trustee 
 INDENTURE

 dated as of July 10, 2014 

5.125% Senior Notes due 2019 
  

 
  

 

 TABLE OF CONTENTS 

ARTICLE ONE 
 DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION 
  

							
	 	 	 	  	Page	 
		 		  			
		 		  			
	 Section 101.
	 	Definitions.	  	 	1	  
	 Section 102.
	 	Compliance Certificates and Opinions.	  	 	31	  
	 Section 103.
	 	Form of Documents Delivered to Trustee.	  	 	32	  
	 Section 104.
	 	Acts of Holders; Record Dates.	  	 	32	  
	 Section 105.
	 	Notices, Etc., to Trustee and Company.	  	 	34	  
	 Section 106.
	 	Notice to Holders; Waiver.	  	 	34	  
	 Section 107.
	 	Effect of Headings and Table of Contents.	  	 	35	  
	 Section 108.
	 	Successors and Assigns.	  	 	35	  
	 Section 109.
	 	Severability Clause.	  	 	35	  
	 Section 110.
	 	Benefits of Indenture.	  	 	35	  
	 Section 111.
	 	Governing Law.	  	 	35	  
	 Section 112.
	 	Legal Holidays.	  	 	35	  
	 Section 113.
	 	No Personal Liability of Directors, Officers, Employees and Stockholders.	  	 	35	  
	 Section 114.
	 	No Adverse Interpretation of Other Agreements.	  	 	36	  
	 Section 115.
	 	U.S.A. PATRIOT Act.	  	 	36	  
	 Section 116.
	 	Force Majeure.	  	 	36	  
	 Section 117.
	 	Submission to Jurisdictions; Waiver of Immunities; Waiver of Jury Trial.	  	 	36	  
	 Section 118.
	 	Counterpart Originals.	  	 	37	  
	
	ARTICLE TWO	  
	NOTE FORMS	  
			
	 Section 201.
	 	Forms Generally.	  	 	37	  
	 Section 202.
	 	Form of Legends for Notes.	  	 	39	  
	 Section 203.
	 	Book-Entry Provisions.	  	 	41	  
	 Section 204.
	 	Definitive Notes.	  	 	42	  
	
	ARTICLE THREE	  
	THE NOTES	  
			
	 Section 301.
	 	Title and Terms.	  	 	43	  
	 Section 302.
	 	Denominations.	  	 	43	  
	 Section 303.
	 	Execution, Authentication, Delivery and Dating.	  	 	43	  
	 Section 304.
	 	Temporary Notes.	  	 	44	  
	 Section 305.
	 	Transfer and Exchange.	  	 	44	  
	 Section 306.
	 	Registration of Transfer and Exchange; Paying Agent	  	 	46	  
	 Section 307.
	 	Mutilated, Destroyed, Lost and Stolen Notes.	  	 	47	  
	 Section 308.
	 	Payment of Interest; Interest Rights Preserved.	  	 	48	  
	 Section 309.
	 	Persons Deemed Owners.	  	 	49	  
	 Section 310.
	 	Cancellation.	  	 	49	  
	 Section 311.
	 	Computation of Interest.	  	 	49	  
	 Section 312.
	 	CUSIP or ISIN Numbers.	  	 	49	  

  
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	 	 	 	  	Page	 
	ARTICLE FOUR	  
	SATISFACTION AND DISCHARGE	  
			
	 Section 401.
	 	Satisfaction and Discharge of Indenture.	  	 	50	  
	 Section 402.
	 	Application of Trust Money.	  	 	51	  
	
	ARTICLE FIVE	  
	REMEDIES	  
			
	 Section 501.
	 	Events of Default.	  	 	51	  
	 Section 502.
	 	Acceleration of Maturity; Rescission and Annulment.	  	 	53	  
	 Section 503.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee.	  	 	54	  
	 Section 504.
	 	Trustee May File Proofs of Claim.	  	 	54	  
	 Section 505.
	 	Trustee May Enforce Claims Without Possession of Notes.	  	 	54	  
	 Section 506.
	 	Application of Money Collected.	  	 	55	  
	 Section 507.
	 	Limitation on Suits.	  	 	55	  
	 Section 508.
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest.	  	 	55	  
	 Section 509.
	 	Restoration of Rights and Remedies.	  	 	56	  
	 Section 510.
	 	Rights and Remedies Cumulative.	  	 	56	  
	 Section 511.
	 	Delay or Omission Not Waiver.	  	 	56	  
	 Section 512.
	 	Control by Holders.	  	 	56	  
	 Section 513.
	 	Waiver of Past Defaults.	  	 	56	  
	 Section 514.
	 	Undertaking for Costs.	  	 	57	  
	 Section 515.
	 	Waiver of Usury, Stay or Extension Laws.	  	 	57	  
	
	ARTICLE SIX	  
	THE TRUSTEE	  
			
	 Section 601.
	 	Certain Duties and Responsibilities.	  	 	57	  
	 Section 602.
	 	Notice of Defaults.	  	 	58	  
	 Section 603.
	 	Certain Rights of Trustee.	  	 	58	  
	 Section 604.
	 	Not Responsible for Recitals or Issuance of Notes.	  	 	59	  
	 Section 605.
	 	May Hold Notes.	  	 	60	  
	 Section 606.
	 	Money Held in Trust.	  	 	60	  
	 Section 607.
	 	Compensation and Reimbursement; Payments to Trustee.	  	 	60	  
	 Section 608.
	 	Conflicting Interests.	  	 	61	  
	 Section 609.
	 	Corporate Trustee Required; Eligibility.	  	 	61	  
	 Section 610.
	 	Resignation and Removal; Appointment of Successor.	  	 	61	  
	 Section 611.
	 	Acceptance of Appointment by Successor.	  	 	62	  
	 Section 612.
	 	Merger, Conversion, Consolidation or Succession to Business.	  	 	62	  
	 Section 613.
	 	Preferential Collection of Claims Against Company	  	 	63	  
	 Section 614.
	 	Appointment of Authenticating Agent.	  	 	63	  
	 Section 615.
	 	Confidentiality.	  	 	64	  
	 Section 616.
	 	Certain U.S. Tax Matters.	  	 	65	  
	
	ARTICLE SEVEN	  
	HOLDERS’ LISTS	  
			
	 Section 701.
	 	Company to Furnish Trustee Names and Addresses of Holders.	  	 	65	  
	 Section 702.
	 	Preservation of Information; Communications to Holders.	  	 	65	  

  
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	 	 	 	  	Page	 
	ARTICLE EIGHT	  
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	  
			
	 Section 801.
	 	Company May Consolidate, Etc., Only on Certain Terms.	  	 	65	  
	 Section 802.
	 	Successor Substituted.	  	 	66	  
	
	ARTICLE NINE	  
	SUPPLEMENTAL INDENTURES	  
			
	 Section 901.
	 	Supplemental Indentures Without Consent of Holders.	  	 	67	  
	 Section 902.
	 	Supplemental Indentures with Consent of Holders.	  	 	68	  
	 Section 903.
	 	Execution of Supplemental Indentures.	  	 	69	  
	 Section 904.
	 	Effect of Supplemental Indentures.	  	 	69	  
	 Section 905.
	 	Reference in Notes to Supplemental Indentures.	  	 	70	  
	 Section 906.
	 	Effect of Consents.	  	 	70	  
	
	ARTICLE TEN	  
	COVENANTS	  
			
	 Section 1001.
	 	Payment of Principal, Premium and Interest.	  	 	70	  
	 Section 1002.
	 	Maintenance of Office or Agency.	  	 	70	  
	 Section 1003.
	 	Money for Notes Payments to Be Held in Trust.	  	 	71	  
	 Section 1004.
	 	Annual Compliance Certificate; Statement by Officers as to Default.	  	 	71	  
	 Section 1005.
	 	Existence.	  	 	72	  
	 Section 1006.
	 	Reports.	  	 	72	  
	 Section 1007.
	 	Payment of Taxes.	  	 	74	  
	 Section 1008.
	 	[Reserved].	  	 	74	  
	 Section 1009.
	 	[Reserved].	  	 	74	  
	 Section 1010.
	 	Repurchase of Notes Upon a Change of Control.	  	 	74	  
	 Section 1011.
	 	Incurrence of Indebtedness and Issuance of Preferred Stock.	  	 	76	  
	 Section 1012.
	 	Restricted Payments.	  	 	79	  
	 Section 1013.
	 	Limitation on Liens.	  	 	83	  
	 Section 1014.
	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.	  	 	84	  
	 Section 1015.
	 	Asset Sales.	  	 	86	  
	 Section 1016.
	 	Transactions with Affiliates.	  	 	89	  
	 Section 1017.
	 	Future Guarantees.	  	 	91	  
	 Section 1018.
	 	Designation of Restricted and Unrestricted Subsidiaries.	  	 	91	  
	 Section 1019.
	 	Suspension of Certain Covenants.	  	 	92	  
	
	ARTICLE ELEVEN	  
	REDEMPTION OF NOTES	  
			
	 Section 1101.
	 	Applicability of Article.	  	 	93	  
	 Section 1102.
	 	Election to Redeem; Notice to Trustee.	  	 	94	  
	 Section 1103.
	 	Optional Redemption.	  	 	94	  
	 Section 1104.
	 	Selection by Trustee of Notes to Be Redeemed.	  	 	94	  
	 Section 1105.
	 	Notice of Redemption.	  	 	94	  
	 Section 1106.
	 	Deposit of Redemption Price.	  	 	95	  
	 Section 1107.
	 	Notes Payable on Redemption Date.	  	 	95	  

  
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	 	 	 	  	Page	 
	ARTICLE TWELVE	  
	[INTENTIONALLY DELETED]	  
	
	ARTICLE THIRTEEN	  
	DEFEASANCE AND COVENANT DEFEASANCE	  
			
	 Section 1301.
	 	Company’s Option to Effect Defeasance or Covenant Defeasance.	  	 	96	  
	 Section 1302.
	 	Defeasance and Discharge.	  	 	96	  
	 Section 1303.
	 	Covenant Defeasance.	  	 	96	  
	 Section 1304.
	 	Conditions to Defeasance or Covenant Defeasance.	  	 	97	  
	 Section 1305.
	 	Deposited Money and Government Securities to be Held in Trust; Miscellaneous Provisions.	  	 	98	  
	 Section 1306.
	 	Reinstatement.	  	 	98	  
	
	ARTICLE FOURTEEN	  
	[INTENTIONALLY DELETED]	  
	
	ARTICLE FIFTEEN	  
	SUBSIDIARY GUARANTEES	  
			
	 Section 1501.
	 	Unconditional Guarantee.	  	 	98	  
	 Section 1502.
	 	Execution and Delivery of Notation of Guarantee.	  	 	100	  
	 Section 1503.
	 	Limitation on Guarantors’ Liability.	  	 	100	  
	 Section 1504.
	 	Release of Guarantors from Guarantee.	  	 	100	  
	 Section 1505.
	 	Guarantor Contribution.	  	 	101	  
	 Section 1506.
	 	Guarantors May Consolidate, etc., on Certain Terms.	  	 	101	  
	
	ARTICLE SIXTEEN	  
	AFTER THE MERGER EVENT	  
			
	 Section 1601.
	 	Effect of Merger Event.	  	 	102	  
	 Section 1602.
	 	Certain Definitions.	  	 	102	  
	 Section 1603.
	 	Release of Guarantees.	  	 	105	  
	 Section 1604.
	 	Modification of Covenants and Definitions.	  	 	105	  
	 Section 1605.
	 	Asset Sales.	  	 	105	  
	 Section 1606.
	 	Limitation on Liens.	  	 	106	  
	 Section 1607.
	 	Delivery of Supplemental Indenture, Officer’s Certificate and Opinion of Counsel.	  	 	107	  
	 Section 1608.
	 	Consolidation, Merger, Conveyance or Other Transfer.	  	 	107	  
	 Section 1609.
	 	Events of Default.	  	 	108	  
	 Section 1610.
	 	Acceleration of Maturity, Rescission and Annulment.	  	 	109	  
	
	ANNEX A	  
		
	 FORM OF NOTE
	  	 	A-1	  
	
	ANNEX B	  
		
	 NOTATION OF SUBSIDIARY GUARANTY
	  	 	B-1	  

  
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	 	 	 	  	Page	 
	ANNEX C	  			
		
	 FORM OF SUPPLEMENTAL INDENTURE
	  	 	C-1	  
		
	ANNEX D	  			
		
	 FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT

TO RULE 144A
	  	 	D-1	  
		
	ANNEX E	  			
		
	 FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT

TO REGULATION S
	  	 	E-1	  
		
	ANNEX F	  			
		
	 FORM OF CERTIFICATE TO BE DELIVERED UPON TERMINATION OF RESTRICTED PERIOD
	  	 	F-1	  

  
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 THIS INDENTURE (as amended or supplemented from time to time, this
“Indenture”), dated as of July 10, 2014, is among RJS POWER HOLDINGS LLC, a Delaware limited liability company (as further defined herein, the “Company”), having its principal office at 2901 Via Fortuna Drive,
Building 6, Suite 650, Austin, TX 78746, the initial Guarantor (as hereafter defined), and THE BANK OF NEW YORK MELLON, as Trustee (herein called the “Trustee”). 

RECITALS OF THE COMPANY AND THE INITIAL GUARANTOR 

The Company and the initial Guarantor have duly authorized the execution and delivery of this Indenture to provide for the issuance of
(i) a series of senior notes designated as 5.125% Senior Notes due 2019 in an aggregate principal amount of $1,250,000,000 (the “Initial Notes”) and (ii) additional senior notes of the same series as the Initial Notes from
time to time in an unlimited aggregate amount (the “Additional Notes” and, together with the Initial Notes, the “Notes”). 

The Company and the initial Guarantor are members of the same consolidated group of companies. The initial Guarantor will derive direct and
indirect economic benefit from the issuance of the Notes. Accordingly, the initial Guarantor has duly authorized the execution and delivery of this Indenture to provide for its Guarantee of the Notes to the extent provided in or pursuant to this
Indenture. 
 All things necessary have been done to make the Notes, when executed by the Company and authenticated and delivered hereunder
and duly issued by the Company, the valid obligations of the Company, and all things necessary have been done to make the Guarantees thereof, when the Notes have been executed by the Company and authenticated and delivered hereunder and duly issued
by the Company, the valid obligations of the initial Guarantor. All things necessary to make this Indenture a valid agreement of each of the Company and the initial Guarantor, in accordance with its terms, have been done. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and
proportionate benefit of all Holders of the Notes, as follows: 
 ARTICLE ONE 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 101. Definitions. 

For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the
singular; 
 (2) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP
(as herein defined); 
 (3) “or” is not exclusive; 

(4) provisions apply to successive events and transactions; 

(5) references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement of successor
sections or rules adopted by the SEC from time to time; 
 (6) the word “includes” and its derivatives means
“includes, but is not limited to” and corresponding derivative definitions; 

  
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 (7) unless the context otherwise requires, any reference to an
“Article” or a “Section” refers to an Article or a Section, as the case may be, of this Indenture; 
 (8)
the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 

(9) unless otherwise specified, references to “$” or “dollars” are to U.S. dollars. 

The following additional terms used in this Indenture have the following meanings; provided that, upon the occurrence of the Merger
Event, certain definitions shall be modified as set forth in Section 1602 of this Indenture: 
 “Acquired Debt” means,
with respect to any specified Person: 
 (1) Indebtedness (A) of any other Person existing at the time such other Person
is consolidated or merged with or into or became a Subsidiary of such specified Person or (B) assumed by such specified Person or any of its Restricted Subsidiaries in connection with the acquisition of assets or property from such other
Person; provided such Indebtedness is not incurred in connection with, or in contemplation of, or to finance, such other Person consolidating or merging with or into, or becoming a Subsidiary of, such specified Person; and 

(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person; provided such Indebtedness
is not incurred in connection with, or in contemplation of, or to finance, such acquisition; 
 provided that, any Indebtedness of such Person that
is redeemed, defeased, retired or otherwise repaid prior to or concurrently with the consummation of such acquisition or transaction by which such other Person merges or consolidates with or into, or becomes a Restricted Subsidiary of, such
specified Person, or such assets are acquired from such Person, shall not be Acquired Debt. 
 “Act,” when used with
respect to any Holder, has the meaning set forth in Section 104 of this Indenture. 
 “Additional Assets” means: 

(1) any property or assets (other than Indebtedness and Capital Stock) to be used by the Company or a Restricted Subsidiary in
a Related Business; 
 (2) the Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition
of such Capital Stock by the Company or another Restricted Subsidiary; or 
 (3) Capital Stock constituting a minority
interest in any Person that at such time is a Restricted Subsidiary; 
 provided, however, that, in the case of clauses (2) and (3), such
Subsidiary is primarily engaged in a Related Business. 
 “Additional Notes” has the meaning indicated in the recitals to
this Indenture. 
 “Additional Restricted Notes” has the meaning set forth in Section 201 of this Indenture. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the 

  
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ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with”
have correlative meanings. For the avoidance of doubt, none of PPL Energy Supply or its Affiliates shall be deemed to be Affiliates of the Company for purposes of Section 1016 of this Indenture until consummation of the transactions
contemplated by the Transaction Agreement. 
 “Affiliate Transaction” has the meaning set forth in Section 1016 of
this Indenture. 
 “Agent” means any Security Registrar, Paying Agent, co-registrar or other agent appointed pursuant to
this Indenture. 
 “Agent Members” has the meaning set forth in Section 203(3) of this Indenture 

“Alternate Offer” has the meaning set forth in Section 1010 of this Indenture. 

“Asset Management Agreements” means, collectively, (a) the Asset Management Agreement between Topaz Power Management, LP
and Sapphire Power Holdings LLC, dated as of November 30, 2012, as amended as of the Issue Date, (b) the Amended and Restated Asset Management Agreement between Topaz Power Management, LP and Topaz Power Group, LLC, dated as of
November 30, 2012, as amended as of the Issue Date, (c) the Asset Management Agreement between Topaz Power Management, LP and Raven Power Holdings LLC, dated as of November 30, 2012, as amended as of the Issue Date, (d) the Asset
Management Agreement between Topaz Power Management, LP and Raven BargeCo Holdings LLC, dated as of November 30, 2012, as amended as of the Issue Date, (e) any agreements replacing the agreements set forth in clauses (a) through
(d) of this definition, so long as such agreements are on substantially similar economic terms and without duplication of the services provided; (f) any expense reimbursement agreement to which the Company or any Subsidiary of the Company
is a party, in each case, related to the agreements set forth in clauses (a) through (e) of this definition and in effect on the Issue Date (or replacements thereof on substantially similar economic terms). 

“Asset Sale” means: 

(1) the sale, lease, conveyance or other disposition of any assets or rights (including by way of a sale and leaseback
transaction); provided that, the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole shall be governed by Article Eight and/or Section 1010 of
this Indenture and not by Section 1015 of this Indenture; and 
 (2) the issuance of Equity Interests in any of the
Company’s Restricted Subsidiaries (other than directors’ qualifying shares) or the sale of Equity Interests held by the Company or its Subsidiaries in any of its Subsidiaries. 

Notwithstanding the preceding, none of the following items shall be deemed to be an Asset Sale: 

(1) any single transaction or series of related transactions that involves assets having a Fair Market Value of less than $20.0
million; 
 (2) a transfer of assets between or among the Company and its Restricted Subsidiaries; 

(3) an issuance of Equity Interests by a Restricted Subsidiary to the Company or to a Restricted Subsidiary; 

(4) the sale, lease or other disposition of equipment, inventory, products, services, accounts receivable or other assets in
the ordinary course of business, including in connection with any compromise, settlement or collection of accounts receivable, and any sale or other disposition of damaged, worn-out or obsolete assets or assets that are no longer useful in the
conduct of the business of the Company and its 

  
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Restricted Subsidiaries and any sale of energy, fuel, capacity, ancillary services, transmission or transportation rights, water rights, supplies (including gypsum coal and ash), commodities or
emissions credits in the ordinary course of business or any contracts for any of the foregoing; 
 (5) the sale or other
disposition of cash or Cash Equivalents; 
 (6) a Restricted Payment that does not violate Section 1012 of this
Indenture, including the issuance or sale of Equity Interests or the sale, lease or other disposition of products, services, equipment, inventory, accounts receivable or other assets pursuant to any such Restricted Payment; 

(7) a Permitted Investment, including the issuance or sale of Equity Interests or the sale, lease or other disposition of
products, services, equipment, inventory, accounts receivable or other assets pursuant to any such Permitted Investment; 

(8) the creation or perfection of a Lien or the enforcement of a Lien permitted under this Indenture; 

(9) the sale or licensing or sublicensing of intellectual property and other general intangibles, in each case, in the ordinary
course of business and which do not materially interfere with the business of the Company and its Restricted Subsidiaries; 

(10)(i) any loss or destruction of or damage to any property or asset or receipt of insurance proceeds in connection therewith
or (ii) any institution of a proceeding for, or actual condemnation, appropriation, seizure or taking, including by deed in lieu of condemnation, by exercise of the power of eminent domain or otherwise of such property or asset, or confiscation
of such property or asset or the requisition of the use of such property or asset or settlement in lieu of the foregoing; 

(11) surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any
kind, including settlement or unwinding of any Hedging Obligations; and 
 (12) any trade or exchange by the Company or any
Restricted Subsidiary of properties or assets used or useful in a Related Business for other properties or assets used or useful in a Related Business owned or held by another Person (including Capital Stock of a Person engaged in a Related Business
that is or becomes a Restricted Subsidiary), including any cash or Cash Equivalents necessary in order to achieve an exchange of equivalent value, provided that, the Fair Market Value of the properties or assets traded or exchanged by the
Company or such Restricted Subsidiary (including any cash or Cash Equivalents to be delivered by the Company or such Restricted Subsidiary) is reasonably equivalent to the Fair Market Value of the properties or assets (together with any cash or Cash
Equivalents) to be received by the Company or such Restricted Subsidiary, and provided further, that any cash received in the transaction must be applied in accordance with Section 1015 of this Indenture as if such transaction were an
Asset Sale. 
 “Asset Sale Offer” has the meaning set forth in Section 1015 of this Indenture. 

“Attributable Debt” in respect of a sale/leaseback transaction means, at the time of determination, the present value of the
obligation of the lessee for net rental payments during the remaining term of the lease included in such sale/leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended. Such
present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP; provided, however, that if such sale/leaseback transaction results in a Capital
Lease Obligation, the amount of Indebtedness represented thereby shall be determined in accordance with the definition of “Capital Lease Obligation.” 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 614 of this Indenture to act on
behalf of the Trustee to authenticate Notes. 

  
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 “Automatic Exchange” has the meaning set forth in Section 305(d) of this
Indenture. 
 “Automatic Exchange Date” has the meaning set forth in Section 305(d) of this Indenture. 

“Automatic Exchange Notice” has the meaning set forth in Section 305(d) of this Indenture. 

“Automatic Exchange Notice Date” has the meaning set forth in Section 305(d) of this Indenture. 

“Bankruptcy Law” means any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law. 

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in
calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to have beneficial ownership of all securities that such
“person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time or upon the occurrence of a subsequent condition. The terms
“Beneficially Owns” and “Beneficially Owned” shall each have a corresponding meaning. 
 “Board of
Directors” means: 
 (1) with respect to a corporation, the board of directors of the corporation or any committee
thereof duly authorized to act on behalf of such board; 
 (2) with respect to a partnership, the board of directors of the
general partner of the partnership; 
 (3) with respect to a limited liability company, the managers or managing member or
members of such limited liability company (as applicable) or any duly authorized committee of managers or managing members (as applicable) thereof, or, with respect to the Company for as long as it is a limited liability company, the Board of
Directors of its managing member; and 
 (4) with respect to any other Person, the board of directors or duly authorized
committee of such Person serving a similar function. 
 “Board Resolution” means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company or a Guarantor, the principal financial officer of the Company or a Guarantor, any other authorized officer of the Company or a Guarantor, or a person duly authorized by any of them, in each case as
applicable, to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. Where any provision of this Indenture refers to action to be taken pursuant to a
Board Resolution, such action may be taken by any committee, officer or employee of the Company or a Guarantor, as applicable, authorized to take such action by the Board of Directors as evidenced by a Board Resolution. 

“Business Day” means any day other than a Legal Holiday. 

“Calculation Date” has the meaning set forth in the definition of “Fixed Charge Coverage Ratio.” 

 “Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of
a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP as in effect on the Issue Date, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due
under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 

  
 -5- 

 “Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company, partnership interests (whether general or
limited) or membership interests; and 
 (4) any other interest or participation that confers on a Person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing Person, 
 but excluding from all of the foregoing any debt securities convertible into
Capital Stock, regardless of whether such debt securities include any right of participation with Capital Stock. 
 “Cash
Equivalents” means: 
 (1) United States dollars; 

(2) Government Securities having maturities of not more than one year from the date of acquisition; 

(3) marketable general obligations issued by any state of the United States of America or any political subdivision of any such state or any
public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition thereof, having a credit rating of “A” or better from either S&P or Moody’s; 

(4) certificates of deposit, time deposits accounts, term deposit accounts, money market deposit accounts, demand deposit accounts and
eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any United States commercial bank or United
States branch of a foreign bank, in each case having capital and surplus in excess of $250.0 million and a Thomson Bank Watch Rating of “B” or better; 

(5) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (2),
(3) and (4) of this definition entered into with any financial institution meeting the qualifications specified in clause (4) of this definition; 

(6) commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within one year
after the date of acquisition; 
 (7) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds
described in clauses (1) through (6) of this definition; and 
 (8) deposits in any currency available for withdrawal on demand
with any commercial bank in the United States; provided that all such deposits are made in such accounts in the ordinary course of business. 

“Change of Control” means: 

(1) any “person” or “group” of related persons (as such terms are used in Section 13(d) of the Exchange Act) other
than a Permitted Holder is or becomes a Beneficial Owner, directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company (or its successor by merger, consolidation or purchase of all or substantially all of its
properties or assets) 

  
 -6- 

 
(for the purposes of this clause, such person or group shall be deemed to Beneficially Own any Voting Stock of the Company held by an entity, if such person or group Beneficially Owns, directly
or indirectly, more than 50% of the voting power of the Voting Stock of such entity); provided that, a Change of Control shall be deemed not to have occurred solely as a result of the Company becoming a Subsidiary of any Person so long as,
immediately following such transaction, the “persons” (as such term is used in Section 13(d) of the Exchange Act) who Beneficially Owned 100% of the total voting power of the Voting Stock of the Company immediately prior to such
transaction Beneficially Own, directly or indirectly through one or more intermediaries, 50% or more of the total voting power of the Voting Stock of such Person of whom the Company has become a Subsidiary or any Parent thereof and no
“person” or “group” of related persons (other than Permitted Holders) Beneficially Owns more than 50% of the total voting power of the Voting Stock of such Person or Parent, as applicable; 

(2) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries taken as a whole to any “person” (as such term is used in Section 13(d) of the Exchange Act) other
than a Permitted Holder or a Restricted Subsidiary; or 
 (3) the adoption or approval by the stockholders of the Company of a plan for the
liquidation or dissolution of the Company; 
 provided that neither the consummation of the Merger Event nor the consummation of any of the
transactions contemplated by the Transaction Agreement shall constitute a Change of Control. 
 “Change of Control Offer”
has the meaning set forth in Section 1010 of this Indenture. 
 “Change of Control Payment” has the meaning set forth
in Section 1010 of this Indenture. 
 “Change of Control Payment Date” has the meaning set forth in Section 1010
of this Indenture. 
 “Clearstream” means Clearstream Banking S.A. and any successor thereto. 

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

“Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor or
resulting Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor or resulting Person. 

“Company Request” or “Company Order” means, in the case of the Company, a written request or order signed in
the name of the Company by its Chairman of the Board, its Chief Executive Officer, its President, any of its Vice Presidents or any other duly authorized Officer of the Company or any person duly authorized by any of them, and delivered to the
Trustee and, in the case of a Guarantor, a written request or order signed in the name of such Guarantor by its Chairman of the Board, its Chief Executive Officer, its President, any of its Vice Presidents or any other duly authorized Officer of
such Guarantor or any person duly authorized by any of them, and delivered to the Trustee. 
 “Confidential Information”
has the meaning set forth in Section 615 of this Indenture. 
 “Consolidated Cash Flow” means, with respect to any
specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication: 
 (1)
provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; 

  
 -7- 

 (2) the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the
extent that such Fixed Charges were deducted in computing such Consolidated Net Income; 
 (3) depreciation, amortization, accretion of asset
retirement obligations (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period), impairment, other non-cash expenses and other non-cash items (excluding any such other non-cash
expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the
extent that such depreciation, accretion, amortization, impairment and other non-cash expenses were deducted in computing such Consolidated Net Income; 

(4) cash restructuring charges (to the extent that such charges would not be required to be capitalized on a balance sheet prepared in
accordance with GAAP), including all cash transaction and restructuring costs incurred during such period in connection with any acquisition and any severance payments made to former employees; provided that, the aggregate amount added back
pursuant to this clause (4) for any four quarter period shall not, prior to giving effect thereto, exceed 5.0% of Consolidated Cash Flow of the Company for such period; 

(5) any non-recurring fees, expense or charges related to any public offering of Equity Interests, Permitted Investments, acquisitions or
Indebtedness permitted to be incurred by this Indenture (in each case, whether or not successful), to the extent that such fees, expenses and charges were deducted in computing Consolidated Net Income; 

(6) the amount of any management, monitoring, consulting, transaction and advisory fees and related expenses paid to the Sponsor or its
Affiliates or Related Parties (or any accruals relating to such fees and related expenses) during such period to the extent otherwise permitted by clauses (12) or (14) of the second paragraph of Section 1012 of this Indenture; 

(7) the amount of any loss attributable to a new plant or facility until the date that is 12 months after completing construction of or
acquiring such plant or facility, as the case may be; provided that, (A) such losses are reasonably identifiable and factually supportable and certified by a responsible officer of the Company and (B) losses attributable to such
plant or facility after 12 months from the date of completing construction of or acquisition of such plant or facility, as the case may be, shall not be included in this clause (7); and 

(8) expenditures relating to costs (other than administrative costs and costs incurred in connection with the normal maintenance of plants or
facilities) incurred by such Person and its Restricted Subsidiaries in accordance with generally accepted and reasonable electric generating industry practices, methods, procedures and standards for any overhaul of, or major maintenance procedure
for, a plant or facility or any part thereof which requires significant disassembly or shutdown of such plant or facility (excluding any such costs that are paid by other Persons under warranty or similar agreements or insurance policies) including
costs incurred in connection with long term service agreements, hot gas path agreements or parts or service agreements; minus 
 (9)
non-cash items increasing such Consolidated Net Income for such period, other than revenue and other items that were accrued in the ordinary course of business or reversals of accruals of or reserves for cash expenses; 

in each case, on a consolidated basis and determined in accordance with GAAP. 

“Consolidated Leverage Ratio” means, with respect to any specified Person, on any date of determination, the ratio of
(i) the outstanding aggregate principal amount (or accreted value, as the case may be) of Indebtedness of such Person and its Restricted Subsidiaries that would be classified as debt on a balance sheet of such Person and its Restricted
Subsidiaries as of such date, on a consolidated basis, 

  
 -8- 

 
prepared on the basis of GAAP, to (ii) the Consolidated Cash Flow of such Person for the most recent four full fiscal quarters for which financial statements are available immediately
preceding the date of such calculation, in each case calculated with the pro forma adjustments as are consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio.” 

“Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of the net income before
deduction of preferred stock dividends of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 

(1) the net income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting
shall be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

(2) the net income of any Restricted Subsidiary (other than a Guarantor) shall be excluded to the extent that the declaration or payment of
dividends or similar distributions by that Restricted Subsidiary of that net income is not at the date of determination permitted, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree,
order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, members or partners; 
 (3) the
cumulative effect of a change in accounting principles shall be excluded; 
 (4) any after tax effect of gains (losses) realized upon the
sale or other disposition of any property, plant or equipment of such Person or its consolidated Restricted Subsidiaries (including pursuant to any sale or leaseback transaction) that is not sold or otherwise disposed of in the ordinary course of
business and any gain (loss) realized upon the sale or other disposition of any Capital Stock of any Person shall be excluded; 
 (5) any
impairment charges or asset write-offs, in each case pursuant to GAAP, the amortization of intangibles arising pursuant to GAAP, and any impairment charges, asset write-offs or write-downs under GAAP shall be excluded; 

(6) any non-cash mark-to-market adjustments to assets or liabilities resulting in unrealized gains or losses in respect of Hedging Obligations
shall be excluded; 
 (7) to the extent deducted in the calculation of net income, any non-cash or other charges associated with any premium
or penalty paid, write-off of deferred financing costs or other financial recapitalization charges in connection with redeeming or retiring any Indebtedness, and any termination payments, legal fees and other expenses related to termination of
Hedging Obligations, shall be excluded; 
 (8) any after-tax effect of extraordinary, non-recurring or unusual gains, losses or charges
(including fees and expenses relating thereto) or expenses shall be excluded; 
 (9) any (i) non-cash compensation expense recorded from
grants of stock appreciation or similar rights, phantom equity, stock options, restricted stock or other rights to officers, directors, managers or employees and (ii) non-cash income (loss) attributable to deferred compensation plans or trusts,
shall be excluded; 
 (10) the effects of any purchase accounting adjustments resulting from the application of purchase accounting under
GAAP or the amortization or write-off of any amounts thereof, net of taxes, shall be excluded; 

  
 -9- 

 (11) any unrealized currency translation gains and losses related to currency remeasurements of
Indebtedness shall be excluded; 
 (12) (i) to the extent covered by insurance or any third party contractual reimbursement or
indemnity provision and actually reimbursed, or, so long as such Person has made a determination that there exists reasonable evidence that such amount shall in fact be reimbursed by the insurer or applicable third party and only to the extent that
such amount is (a) not denied by the applicable carrier or applicable third party in writing within 180 days and (b) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the
extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption shall be excluded, and (ii) amounts estimated in good faith to be received, based on reasonable evidence that such amounts
shall in fact be received, from insurance in respect of lost revenues or earnings in respect of liability or casualty events or business interruption shall be included (with a deduction for amounts actually received up to such estimated amount to
the extent included in net income in a future period); 
 (13) costs or expenses in connection with the offering of the Initial Notes and the
transactions described under “Summary—Formation transactions” in the Offering Memorandum shall be excluded; and 
 (14)
non-cash charges for deferred tax asset valuation allowances (except to the extent reversing a previously recognized increase to net income) shall be excluded. 

“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business in
relation to this Indenture shall be principally administered, which office at the date of the execution of this instrument is located at 101 Barclay Street, 7E, New York, New York 10286, Attention: Corporate Trust; Administration/RJS Power Holdings
LLC, or such other address as the Trustee may designate from time to time by notice to the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by
notice to the Company). 
 “Covenant Defeasance” has the meaning set forth in Section 1303 of this Indenture. 

“Covenant Suspension Event” has the meaning set forth in Section 1019 of this Indenture. 

“Credit Agreement” means the credit agreement among the Company, the guarantors named therein, JP Morgan Chase Bank, N.A., as
administrative agent and the other lenders party thereto, to be in effect on or about the Issue Date, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise),
restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the indebtedness under
such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof. 

“Credit Facilities” means, with respect to the Company or any Restricted Subsidiary, one or more debt facilities (including
the Credit Agreement), commercial paper facilities or Debt Issuances providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to any lenders, other financiers or to special purpose entities
formed to borrow from (or sell such receivables to) any lenders or other financiers against such receivables), letters of credit, bankers’ acceptances, other borrowings or Debt Issuances, in each case, as amended, restated, modified, renewed,
extended, refunded, replaced or refinanced (in each case, without limitation as to amount), in whole or in part, from time to time (including through one or more Debt Issuances). 

  
 -10- 

 “Currency Agreement” means in respect of a Person any foreign exchange contract,
currency swap agreement, currency option, currency exchange or other similar agreement as to which such Person is a party or a beneficiary. 

“CUSIP” means the Committee on Uniform Securities Identification Procedures. 

“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

“Debt Issuances” means, with respect to the Company or any Restricted Subsidiary, one or more issuances after the Issue Date
of Indebtedness evidenced by notes, debentures, bonds or other similar securities or instruments. 
 “Default” means any
event which is, or after notice or passage of time or both would be, an Event of Default. 
 “Defaulted Interest” has the
meaning set forth in Section 308 of this Indenture. 
 “Defeasance” has the meaning set forth in Section 1302 of
this Indenture. 
 “Definitive Notes” means certificated Notes that are not Global Notes. 

“Depositary” means, with respect to Notes issued in whole or in part in the form of one or more Global Notes, DTC or any
other clearing agency registered under the Exchange Act that is designated to act as successor Depositary for such Notes. 

“Designated Non-Cash Consideration” means the Fair Market Value of non-cash consideration received by the Company or
one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an Officers’ Certificate, less the amount of cash or Cash Equivalents received in connection with a
subsequent payment, redemption, retirement, sale or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration shall no longer be considered to be outstanding when and to the extent it has
been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with Section 1015 of this Indenture. 

“Disinterested Member” means, with respect to any transaction, a member of the Company’s Board of Directors who does not
have any material direct or indirect financial interest (other than as an owner of Equity Interests in the Company or as an officer, manager or employee of the Company or any Restricted Subsidiary) in or with respect to such transaction and is not
an Affiliate, or an officer, director, member of a supervisory, executive or management board or employee of any Person (other than the Company or a Restricted Subsidiary), who has any direct or indirect financial interest in or with respect to such
transaction. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which
it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or
redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature, in each case other than in exchange for Capital Stock (other than Disqualified
Stock). Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase or redeem such Capital Stock upon the
occurrence of a “change of control” or an “asset sale” shall not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such
provisions unless such repurchase or redemption complies with Section 1012 of this Indenture. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture shall be the maximum amount that the Company and
its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 

  
 -11- 

 “DTC” means The Depository Trust Company. 

“Electronic Methods” has the meaning set forth in Section 105 of this Indenture. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means (1) an
offering for cash by the Company of its Capital Stock (other than Disqualified Stock), or options, warrants or rights with respect to its Capital Stock or (2) a cash contribution to the Company’s common equity capital from any Person. 

“Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear systems, and any successor thereto. 

“Event of Default” has the meaning set forth in Section 501 of this Indenture. 

“Excess Proceeds” has the meaning set forth in Section 1015 of this Indenture. 

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

“Excluded Contribution” means net cash proceeds, property or assets received by the Company as capital contributions
to the equity (other than through the issuance of Disqualified Stock) of the Company after the Issue Date or from the issuance or sale (other than to a Restricted Subsidiary or an employee stock ownership plan or trust established by the Company or
any Subsidiary of the Company for the benefit of their employees to the extent funded by the Company or any Restricted Subsidiary) of Capital Stock (other than Disqualified Stock) of the Company, in each case, to the extent designated as an Excluded
Contribution pursuant to an Officers’ Certificate of the Company. 
 “Excluded Subsidiaries” means any
Subsidiary of the Company that is a guarantor under the Credit Agreement on the Issue Date (other than Intermediate Holdco). 

“Existing Indebtedness” means Indebtedness of the Company and its Subsidiaries (other than Indebtedness under the Credit
Agreement, the Notes and the Guarantees) in existence on the Issue Date, until such amounts are repaid. 
 “Expiration
Date” has the meaning set forth in Section 104 of this Indenture. 
 “Fair Market Value” means the price that
would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party. Fair Market Value of an asset or property in excess of $35.0 million shall be determined by the Board of
Directors of the Company acting in good faith, whose determination shall be conclusive and evidenced by a resolution of such Board of Directors, and any lesser Fair Market Value may be determined by an officer of the Company acting in good faith.

 “Fixed Charge Coverage Ratio” means with respect to any specified Person for any four-quarter reference period, the
ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that: the specified Person or any Restricted Subsidiary incurs, assumes, guarantees, repays, repurchases, redeems,
defeases or otherwise discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being
calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge 

  
 -12- 

 
Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption,
guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the
applicable four-quarter reference period. 
 In addition, for purposes of calculating the Fixed Charge Coverage Ratio: 

(1) acquisitions that have been made by (i) the specified Person or any Restricted Subsidiary, including through mergers, consolidations
or otherwise (including acquisitions of assets used or useful in a Related Business), or (ii) any Person or any Restricted Subsidiary acquired by the specified Person or any Restricted Subsidiary, including through mergers, consolidations or
otherwise, and including in each case any related financing transactions and increases in ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date
shall be given pro forma effect as if they had occurred on the first day of the four-quarter reference period, and any Consolidated Cash Flow for such period shall be calculated giving pro forma effect to any operating improvements or
cost savings that have occurred or are reasonably expected to occur in the reasonable judgment of the principal accounting officer or Chief Financial Officer of the Company (regardless of whether those operating improvements or cost savings could
then be reflected in pro forma financial statements prepared in accordance with Regulation S-X under the Securities Act or any other regulation or policy of the SEC related thereto); 

(2) the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses
(and ownership interests therein) disposed of prior to the Calculation Date (i) of the specified Person or any of its Restricted Subsidiaries, or (ii) of any Person or any of its Restricted Subsidiaries that is acquired by the specified
Person or any of its Restricted Subsidiaries during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date, shall be excluded; 

(3) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and
ownership interests therein) disposed of prior to the Calculation Date (i) of the specified Person or any of its Restricted Subsidiaries, or (ii) of any Person or any of its Restricted Subsidiaries that is acquired by the specified Person
or any of its Restricted Subsidiaries during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date, shall be excluded, but only to the extent that the obligations giving rise to such Fixed
Charges shall not be obligations of the specified Person or any Restricted Subsidiary following the Calculation Date; 
 (4) any Person that
is a Restricted Subsidiary on the Calculation Date shall be deemed to have been a Restricted Subsidiary at all times during such four-quarter period; 

(5) any Person that is not a Restricted Subsidiary on the Calculation Date shall be deemed not to have been a Restricted Subsidiary at any time
during such four-quarter period; 
 (6) if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness
shall be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to such Indebtedness, but if the remaining term of such Hedging Obligation
is less than 12 months, then such Hedging Obligation shall only be taken into account for that portion of the period equal to the remaining term thereof); and 

(7) for any relevant amounts denominated in a foreign currency, the dollar-equivalent amount of such amount shall be calculated based on the
relevant currency exchange rate in effect immediately prior to the Calculation Date. 

  
 -13- 

 “Fixed Charges” means, with respect to any specified Person for any period, the
sum, without duplication, of: 
 (1) the consolidated interest expense of such Person and its Restricted Subsidiaries for such period,
whether paid or accrued (excluding (i) write-off of deferred financing costs and (ii) accretion of interest charges on future retirement benefits and other obligations that do not constitute Indebtedness, but including amortization of debt
issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations (but no other leases), commissions,
discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings), and net of the effect of all payments made or received pursuant to Interest Rate Agreements; plus 

(2) the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus 

(3) any interest on Indebtedness of another Person that is guaranteed by the specified Person or one or more of its Restricted Subsidiaries or
secured by a Lien on assets of such specified Person or one or more of its Restricted Subsidiaries, regardless of whether such guarantee or Lien is called upon; plus 

(4) all dividends, whether paid or accrued and regardless of whether in cash, on any series of Disqualified Stock of such specified Person or a
Restricted Subsidiary of such Person or Preferred Stock of a Restricted Subsidiary of such Person, other than dividends to the extent payable or paid in Equity Interests of such specified Person (other than Disqualified Stock) or to such specified
Person or any of its Restricted Subsidiaries, 
 in each case, on a consolidated basis and determined in accordance with GAAP. 

“Funding Guarantor” has the meaning set forth in Section 1505 of this Indenture. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time,
including those set forth in: 
 (1) the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants; 
 (2) statements and pronouncements of the Financial Accounting Standards Board;
and 
 (3) such other statements by such other entity as approved by a significant segment of the accounting profession. 

“Global Note” means a Note issued to the Depositary or its nominee that evidences all or part of the Notes and bears the
applicable legends set forth in Section 202(2) of this Indenture. 
 “Government Securities” means direct obligations
of, or obligations guaranteed by, the United States of America or any agency of the United States of America, and the payment for which the United States pledges its full faith and credit. 

“guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of
business, direct or indirect, in any manner including by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any indebtedness (whether arising by virtue of partnership
arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services or to take or pay or to maintain financial statement conditions or otherwise), or entered into for purposes of assuring in any other manner the obligee of
such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part). “guarantee” used as a verb has a correlative meaning. 

  
 14 

 “Guarantee” means any guarantee of the Notes by any Guarantor in accordance with
Section 1501 of this Indenture. 
 “Guarantor” means, initially, Intermediate Holdco, and each Restricted Subsidiary
that in the future provides a Guarantee with respect to the Notes in accordance with the terms of the guarantee provisions of this Indenture, but, in each case, only until the Guarantee of such Restricted Subsidiary is released pursuant to the terms
of this Indenture. 
 “Hedging Obligations” of any Person means the obligations of such Person pursuant to any Interest
Rate and Currency Hedges, or commodity swap agreements or forward purchase or sale agreements, netting arrangements, congestion contracts, power purchase and sale agreements, energy management or similar agreements relating to the scheduling or
dispatch of power plants, fuel purchase and sale agreements, emissions credit purchase and sale agreements, transportation, transmission or distribution or storage capacity agreements or swaps, options (including heat rate options), or collars or
similar agreements relating to the foregoing, or any other similar agreements that are intended to protect such Person against or manage such Person’s exposure to commodity prices, emissions credits, transportation, transmission, distribution
or storage pricing or availability, interest rates or currency exchange rates either generally or under specific contingencies, or agreements or arrangements, and in each case, whether settled financially or physically. 

“Holder” means a Person in whose name a Note is registered on the Security Registrar’s books. 

“Indebtedness” means, with respect to any specified Person, without duplication, any indebtedness of such Person,
regardless of whether contingent: 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, credit agreements, debentures or similar instruments or letters of credit (or reimbursement agreements in
respect thereof); 
 (3) in respect of bankers’ acceptances; 

(4) representing Capital Lease Obligations or Attributable Debt; 

(5) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property
is acquired or such services are completed, except any such balance that constitutes an accrued expense or a trade payable; 
 (6)
representing net obligations under Interest Rate and Currency Hedges; or 
 (7) all obligations of such Person with respect to the
redemption, repayment or other repurchase of any Disqualified Stock or, with respect to any Restricted Subsidiary, any preferred stock (but excluding, in each case, any accrued dividends); 

if and to the extent any of the preceding items (other than letters of credit and Interest Rate and Currency Hedges) would appear as a liability upon a
balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes: (a) all Indebtedness of any other Person, of the types described in clauses (1) through (7) of this
definition, secured by a Lien on any asset of the specified Person (regardless of whether such Indebtedness is assumed by the specified Person); provided that, the amount of such Indebtedness shall be the lesser of (i) the Fair Market
Value of such asset at such date of determination, and (ii) the amount of such Indebtedness of such other Person, and (b) to the extent not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person,
of the 

  
 15 

 
types described in clauses (1) through (7) of this definition. Furthermore, the amount of any Indebtedness outstanding as of any date shall be the accreted value thereof, in the case of
any Indebtedness issued with original issue discount; and the principal amount thereof, together with any interest thereon that is more than 30 days past due, in the case of any other Indebtedness. 

Notwithstanding the foregoing, the following shall not constitute “Indebtedness”: 

(1) accrued expenses, royalties and trade accounts payable arising in the ordinary course of business; 

(2) any indebtedness which has been defeased in accordance with GAAP or defeased pursuant to the deposit of cash or Government Securities (in
an amount sufficient to satisfy all such indebtedness obligations at maturity or redemption, as applicable, and all payments of interest and premium, if any) in a trust or account created or pledged for the sole benefit of the holders of such
indebtedness; 
 (3) any unrealized losses or charges in respect of Hedging Obligations; 

(4) any obligations in respect of (a) bid, performance, completion, surety, appeal and similar bonds, (b) obligations in respect of
bankers’ acceptances, (c) insurance obligations or bonds and other similar bonds and obligations and (d) any guarantees or letters of credit functioning as or supporting any of the foregoing bonds or obligations; provided,
however, that such bonds or obligations mentioned in subclause (a), (b), (c) or (d) of this clause (4), are incurred in the ordinary course of the business of the Company and its Restricted Subsidiaries and do not relate to
obligations for borrowed money; 
 (5) any Capital Stock (other than Disqualified Stock); or 

(6) any obligation arising from any agreement providing for indemnities, guarantees, purchase price adjustments, holdbacks, contingency payment
obligations based on the performance of the acquired or disposed assets or similar obligations (other than guarantees of Indebtedness) incurred by any Person in connection with the acquisition or disposition of assets. 

“Indenture” has the meaning set forth in the first paragraph of this Indenture. 

“Initial Lien” has the meaning set forth in Section 1013 of this Indenture. 

“Initial Notes” has the meaning set forth in the recitals to this Indenture. 

“Interest Payment Date,” when used with respect to any Note, means the Stated Maturity of an installment of interest on such
Note. 
 “Interest Rate Agreement” means, with respect to any Person any interest rate protection agreement, interest rate
future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement as to which such Person is party or
a beneficiary. 
 “Interest Rate and Currency Hedges” of any Person means the obligations of such Person pursuant to any
Interest Rate Agreement or Currency Agreement. 
 “Intermediate Holdco” means RJS Power LLC, a Delaware limited liability
company. 
 “Investment Grade Rating” means a rating equal to or higher than: (1) Baa3 (or the equivalent) by
Moody’s; or (2) BBB- (or the equivalent) by S&P or, if either such entity ceases to rate the Notes for reasons outside of the control of the Company, the equivalent investment grade credit rating from any other Rating Agency. 

  
 16 

 “Investments” means, with respect to any Person, all direct or indirect
investments by such Person in other Persons (including Affiliates) in the forms of loans (including guarantees or other obligations, advances or capital contributions (excluding (i) endorsements of negotiable instruments and documents in the
ordinary course of business, and commission, travel and similar advances to officers, employees and consultants made in the ordinary course of business and (ii) extensions of credit or advances to customers or advances, loans, extensions of
credit, deposits or payments to or with suppliers, lessors or utilities or for workers’ compensation, in each case, that are incurred in the ordinary course of business and recorded as accounts receivable, prepaid expenses or deposits on the
balance sheet of such Person prepared in accordance with GAAP and endorsements for collections or deposits arising in the ordinary course of business)), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other
securities, together with all items that are or would be classified as investments on a balance sheet of such Person prepared in accordance with GAAP. The acquisition by the Company or any Subsidiary of the Company of a Person that holds an
Investment in a third Person shall be deemed to be an Investment by the Company or such Subsidiary in such third Person in an amount equal to the Fair Market Value of the investments held by the acquired Person in such third Person in an amount
determined as provided in the third paragraph of Section 1012 of this Indenture. Except as otherwise provided in this Indenture, the amount of an Investment shall be determined at the time the Investment is made and without giving effect to
subsequent changes in value. 
 “Issue Date” means the first date on which Notes (other than any Additional Notes) are
issued under this Indenture. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the
City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. 
 “Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, regardless of whether filed, recorded or otherwise perfected under applicable law, including any conditional
sale or other title retention agreement, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction other than a precautionary financing statement respecting a lease not intended as a security agreement. 

“Maturity,” when used with respect to any Note, means the date on which the principal of such Note or an installment of
principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“Merger Event” means the first to occur of any of the following no later than the second anniversary of the Issue Date, in
each case in connection with or after consummation of the transactions contemplated by the Transaction Agreement: 
 (1) the
merger or consolidation of the Company with or into PPL Energy Supply in compliance with Article Eight of this Indenture; provided that, immediately after such Merger Event, the issuer of the Notes is the same entity as the issuer of the then
outstanding PPL Energy Supply Debt Securities; 
 (2) PPL Energy Supply otherwise becomes the successor to the Company in
accordance with Article Eight of this Indenture; provided that, immediately after such Merger Event, the issuer of the Notes is the same entity as the issuer of the then outstanding PPL Energy Supply Debt Securities; or 

(3) any other combination of substantially all of the businesses and operations of the Company and PPL Energy Supply and their
respective Subsidiaries in accordance with Article Eight of this Indenture, as a result of which any Person becomes the successor issuer of the Notes for purposes of this Indenture and the successor issuer of the then outstanding PPL Energy Supply
Debt Securities; 

  
 17 

 and in each case delivery of an Officers’ Certificate to the Trustee certifying that one of the foregoing
has occurred. 
 “Merger Ratings Event” means, on the date of the occurrence of the Merger Event or, if after such date, on
the date that the Rating Agencies first publicly issue corporate ratings with respect to the successor issuer of the Notes, the corporate rating of such successor issuer is either (i) at least Ba2 from Moody’s and at least BB- from
S&P, or (ii) at least Ba3 from Moody’s and at least BB from S&P, in each case with a stable or better outlook, or, if either such entity does not issue such ratings for reasons outside of the control of the Company, the equivalent
rating and outlook from any other Rating Agency. 
 “Moody’s” means Moody’s Investors Service, Inc. or any
successor to the rating agency business thereof. 
 “Net Proceeds” means the aggregate cash proceeds received by the
Company or any Restricted Subsidiary in respect of any Asset Sale (including any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of: 

(1) all legal, accounting, investment banking, title and recording tax expenses, commissions and other fees and expense incurred, and all
federal, state, foreign and local taxes required to be paid or accrued as a liability under GAAP (after taking into account any available tax credits or deductions and any tax sharing agreements), as a consequence of such Asset Sale; 

(2) all payments made on any Indebtedness which is secured by any assets subject to such Asset Sale, in accordance with the terms of such
Indebtedness, or which must by its terms, or in order to obtain a necessary consent to such Asset Sale, or by applicable law be repaid out of the proceeds from such Asset Sale; 

(3) all distributions and other payments required to be made to holders of minority interests in Subsidiaries or joint ventures as a result of
such Asset Sale; and 
 (4) the deduction of appropriate amounts to be provided by the seller as a reserve, in accordance with GAAP, or held
in escrow, in either case for adjustment in respect of the sale price or for any liabilities associated with the assets disposed of in such Asset Sale and retained by the Company or any Restricted Subsidiary after such Asset Sale. 

“Non-Recourse Debt” means Indebtedness: 

(1) as to which neither the Company nor any Restricted Subsidiary (a) provides any guarantee or credit support of any kind (including any
undertaking, guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable (as a guarantor or otherwise), in each case other than Liens on and pledges of the Equity Interests of any
Unrestricted Subsidiary or any joint venture owned by the Company or any Restricted Subsidiary to the extent securing otherwise Non-Recourse Debt of such Unrestricted Subsidiary or joint ventures; and 

(2) the explicit terms of which provide there is no recourse against any of the assets of the Company or its Restricted Subsidiaries, except
for any Equity Interests referred to in clause (1) of this definition. 
 “Non-U.S. Person” means a Person who is not
a U.S. Person (as defined in Regulation S). 

  
 18 

 “Note Obligations” means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under the Indenture and the Notes. 
 “Notes” has
the meaning set forth in the recitals of this Indenture. 
 “Notes Custodian” means the custodian with respect to the
Global Notes (as appointed by DTC), or any successor Person thereto and shall initially be the Security Registrar. 
 “Notice of
Default” means a written notice of the kind set forth in Section 501(4) or (5) of this Indenture. 

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities
payable under the documentation governing any Indebtedness. 
 “Offer Amount” has the meaning set forth in
Section 1015 of this Indenture. 
 “Offer Period” has the meaning set forth in Section 1015 of this Indenture.

 “Offering Memorandum” means the Offering Memorandum, dated July 2, 2014, relating to the sale of the Initial Notes.

 “Officer” means, in the case of the Company, the Chairman of the Board, the Chief Executive Officer, the President, the
Chief Financial Officer, the General Counsel, any Vice President, the Treasurer or the Secretary of the Company (or, if the Company has no such officers, corresponding officers of its managing member) and, in the case of any Guarantor, the Chairman
of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, the General Counsel, any Vice President, the Treasurer or the Secretary of such Guarantor. 

“Officers’ Certificate” means a certificate signed by two Officers or by an Officer and either an Assistant Treasurer or
an Assistant Secretary of the Company. 
 “Opinion of Counsel” means a written opinion reasonably acceptable to the Trustee
from legal counsel that meets the requirements of Section 102 of this Indenture. The counsel may be an employee of or counsel to the Company or a Guarantor. 

“Outstanding” when used with respect to the Notes, means, as of the date of determination, all Notes theretofore
authenticated and delivered under this Indenture, except: 
 (1) Notes theretofore cancelled by the Trustee or delivered to the
Trustee for cancellation; 
 (2) Notes for whose payment or redemption money in the necessary amount has been theretofore deposited with the
Trustee or any Paying Agent (other than the Company or a Restricted Subsidiary) in trust or set aside and segregated in trust by the Company (if the Company or a Restricted Subsidiary of the Company shall act as its own Paying Agent) for the Holders
of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(3) Notes as to which Defeasance has been effected pursuant to Section 1302 of this Indenture; and 

(4) Notes which have been paid pursuant to this Indenture or in exchange for or in lieu of which other Notes have been authenticated and
delivered pursuant to Section 307 of this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are held by a protected purchaser in whose hands such
Notes are valid obligations of the Company; 

  
 19 

 provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Notes have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other Act hereunder as of any date, Notes owned by the Company, a Guarantor or any other obligor upon the Notes or any Affiliate of
the Company or a Guarantor or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other Act, only Notes which a Responsible Officer of the Trustee has been notified in writing to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company, a Guarantor or any other obligor upon the Notes or any Affiliate of the Company, a
Guarantor or of such other obligor. 
 “Parent” means, with respect to any Person, any other Person of which such Person is
a direct or indirect Subsidiary. 
 “Parent Expenses” means: 

(1) costs (including all professional fees and expenses) incurred by any Parent in connection with reporting obligations under
or otherwise incurred in connection with compliance with applicable laws, rules or regulations of any governmental, regulatory or self-regulatory body or stock exchange, this Indenture or any other agreement or instrument relating to Indebtedness of
the Company or any Restricted Subsidiary, including in respect of any reports filed with respect to the Securities Act, Exchange Act or the respective rules and regulations promulgated thereunder; 

(2) customary indemnification obligations of any Parent owing to directors, officers, employees or other Persons under its
charter or by-laws or pursuant to written agreements with any such Person to the extent relating to the Company and its Subsidiaries; 

(3) obligations of any Parent in respect of director and officer insurance (including premiums therefor) to the extent relating
to the Company and its Subsidiaries; 
 (4) general corporate overhead expenses, including professional fees and expenses and
other operational expenses of any Parent, related to the ownership or operation of the business of the Company or any of the Restricted Subsidiaries; and 

(5) expenses incurred by any Parent in connection with any public offering or other sale of Capital Stock or Indebtedness: 

(a) where the net proceeds of such offering or sale are intended to be received by or contributed to the Company or a
Restricted Subsidiary, 
 (b) in a pro-rated amount of such expenses in proportion to the amount of such net proceeds
intended to be so received or contributed, or 
 (c) otherwise on an interim basis prior to completion of such offering so
long as any Parent shall cause the amount of such expenses to be repaid to the Company or the relevant Restricted Subsidiary out of the proceeds of such offering promptly if completed. 

“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 

  
 20 

 “Paying Agent” means any Person authorized by the Company to pay the principal
of or any premium or interest on any Notes on behalf of the Company. 
 “Payment Default” has the meaning set forth in
Section 501 of this Indenture. 
 “Permanent Regulation S Global Note” has the meaning set forth in Section 201
of this Indenture. 
 “Permitted Acquisition Indebtedness” means (1) Indebtedness assumed or incurred in connection with
the acquisition of a Related Business or an asset used or useful in a Related Business (including by merger, consolidation or otherwise) (provided that, any such assumed Indebtedness meets the requirements set forth in the definition of
Acquired Debt) and (2) Disqualified Stock assumed by the Company or preferred stock assumed by its Restricted Subsidiaries in connection with the acquisition of a Related Business to the extent that such Disqualified Stock or preferred stock, as the
case may be, of any other Person existed at the time such other Person is consolidated or merged with or into or became a Subsidiary of such specified Person (provided such Disqualified Stock or preferred stock, as the case may be, is not
issued in connection with, or in contemplation of, or to finance, such other Person consolidating or merging with or into, or becoming a Subsidiary of, such specified Person); provided that such Permitted Acquisition Indebtedness may be
assumed or incurred so long as, on a pro forma basis after giving effect to such transactions, either 
 (a) the Company would
be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 1011 of this Indenture, or 

(b) the Fixed Charge Coverage Ratio for the Company would be no less than the Fixed Charge Coverage Ratio for the Company immediately prior to
such transaction. 
 “Permitted Debt” has the meaning set forth in Section 1011 of this Indenture. 

“Permitted Holders” means (i) the Sponsor or any Affiliate or Related Party thereof or (ii) Raven Power Holdings
LLC, C/R Energy Jade LLC or Sapphire Power Holdings LLC or any Affiliate thereof, so long as such entities are controlled or managed by or under common control with the Sponsor or any Affiliate or Related Party thereof. 

“Permitted Investments” means: 

(1) any Investment in the Company or in a Restricted Subsidiary; 

(2) any Investment in Cash Equivalents; 

(3) any Investment by the Company or any Restricted Subsidiary in a Person, if as a result of such Investment: 

(a) such Person becomes a Restricted Subsidiary; or 

(b) such Person is merged, consolidated or otherwise combined with or into, or transfers or conveys all or substantially all of its properties
or assets to, or is liquidated into, the Company or a Restricted Subsidiary; 
 (4) any Investment made as a result of the
receipt of non-cash consideration from an Asset Sale (or disposition of assets excluded from the definition thereof) that was made pursuant to and in compliance with Section 1015 of this Indenture; 

(5) any Investments received in compromise or resolution of (a) obligations of trade creditors or customers that were
incurred in the ordinary course of business of the Company or any Restricted Subsidiary, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer, or (b) bona
fide litigation, arbitration or other disputes with any Person; 

  
 -21- 

 (6) Investments represented by Hedging Obligations; 

(7) advances to or reimbursements of employees for moving, entertainment and travel expenses, drawing accounts and similar
expenditures in the ordinary course of business, in each case to the extent they constitute Investments; 
 (8) loans or
advances to employees, officers and directors in the ordinary course of business or consistent with past practice, in each case to the extent they constitute Investments; 

(9) advances and prepayments for asset purchases in the ordinary course of business in a Related Business of the Company or any
Restricted Subsidiary; 
 (10) receivables owing to the Company or any Restricted Subsidiary created or acquired in the
ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary
deems reasonable under the circumstances, and any Investment acquired by the Company and its Restricted Subsidiaries in exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with
or as a result of a bankruptcy, insolvency, workout, reorganization or recapitalization of a Person or the good faith settlement, compromise or resolution of delinquent obligations of a Person; 

(11) deposits, bid bonds, surety and performance bonds and workers’ compensation, utility, lease, tax, performance and
similar deposits, negotiable instruments held for collection, endorsements for collection or deposit and prepaid expenses, in each case, arising in the ordinary course of business; 

(12) guarantees by the Company or any Restricted Subsidiary of obligations of the Company or a Restricted Subsidiary permitted
under this Indenture; 
 (13) Investments held by a Person at the time such Person becomes a Restricted Subsidiary or is
merged or consolidated with or into, or transfers or conveys all or substantially all of its assets to, the Company or a Restricted Subsidiary in accordance with Article Eight or Section 1506 of this Indenture (as applicable) to the extent that
such Investments were not made in contemplation of or in connection with such Person becoming a Restricted Subsidiary or such acquisition, merger, consolidation, transfer or conveyance and were in existence on, as applicable, the date such Person
became a Restricted Subsidiary or the date of such acquisition, merger, consolidation, transfer or conveyance; 
 (14)
Investments received as a result of a foreclosure by the Company or any Restricted Subsidiary with respect to any secured Investment in default; 

(15) Investments existing on the Issue Date, and any extension, modification or renewal of any such Investments existing on the
Issue Date, but only to the extent not involving additional advances, contributions or other Investments of cash or other assets or other increases of such Investments (other than as a result of the accrual or accretion of interest or original issue
discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of such Investments as in effect on the Issue Date); 

(16) guarantees otherwise permitted by the terms of this Indenture; 

(17) repurchases of Notes; 

  
 -22- 

 (18) investments consisting of purchases and acquisitions of inventory, supplies,
materials and equipment or purchases of contract rights or licenses or leases of intellectual property, in each case in the ordinary course of business; 

(19) lease deposits and other similar deposits in the ordinary course of business; 

(20) investments made in exchange for Capital Stock of the Company (other than Disqualified Stock); and 

(21) other Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made
and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (21) that are at the time outstanding not to exceed the greater of (a) 3.5% of Total Assets of the
Company determined at the time of the initial investment and (b) $75.0 million; provided, however, that if any Investment pursuant to this clause (21) is made in a Person that is not a Restricted Subsidiary of the Company at
the date of the making of such Investment and such Person becomes a Restricted Subsidiary of the Company after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) of this definition and shall cease to
have been made pursuant to this clause (21) for so long as such Person continues to be a Restricted Subsidiary. 
 “Permitted
Liens” means, with respect to any Person: 
 (1) Liens securing Indebtedness and other Obligations incurred or
permitted under Credit Facilities pursuant to clause (1) of the second paragraph of Section 1011 of this Indenture; provided that the aggregate amount of such Indebtedness does not exceed the aggregate amount that would be allowed
under such clause (1); 
 (2) Liens to secure Indebtedness (including Capital Lease Obligations) permitted by clause
(4) of the second paragraph of Section 1011 of this Indenture covering only the assets acquired with or financed by such Indebtedness, and any interest or title of a lessor under a Capital Lease Obligation or an operating lease; 

(3) Liens incurred or pledges or deposits by such Person under workers’ compensation laws, unemployment insurance laws,
social security and employee health and disability benefits laws or similar legislation, or casualty or liability insurance or self-insurance including any Lien securing letters of credit or bankers’ acceptances issued in the ordinary course of
business in connection therewith, or good-faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of
such Person or deposits or cash or Government Securities to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import or customs duties or for the payment of rent, in each case incurred in
the ordinary course of business; 
 (4) landlords’, carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s, operators’ or similar Liens arising by statute or common law in the ordinary course of business and with respect to amounts which are not yet delinquent or are being contested in good faith by appropriate
proceedings; 
 (5) Liens for taxes, assessments or other governmental charges or which are being contested in good faith by
appropriate proceedings; provided that, appropriate reserves have been made in respect thereof to the extent required pursuant to GAAP; 

(6) Liens in favor of the issuers of surety or performance bonds or bankers’ acceptances issued pursuant to the request of
and for the account of such Person in the ordinary course of its business, Liens over cash collateral provided in connection with any performance bonds or letters of credit issued to any government department or regulatory authority or similar party
in accordance with any laws, 

  
 -23- 

 
regulations or conditions applying to any real property, permits, licenses or rights held by the Company or any Restricted Subsidiary or other obligations of a like nature incurred in the
ordinary course of business, or Liens or deposits to secure the performance of statutory or regulatory obligations, surety or appeal bonds, performance or indemnity bonds, supply bonds, construction bonds, warranty and contractual requirements; 

(7) encumbrances, easements or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines,
telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which do not in the
aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

(8) leases and subleases of real property which do not materially interfere with the ordinary conduct of the business of the
Company and its Restricted Subsidiaries, taken as a whole; 
 (9) any attachment or judgment Liens not giving rise to an
Event of Default and notices of lis pendens and associated rights related to litigation; 
 (10) Liens for the purpose of
securing Indebtedness in order to finance the payment of all or a part of the purchase price of, or Capital Lease Obligations or Attributable Debt with respect to, or the repair, improvement or construction cost of, assets or property acquired or
repaired, improved or constructed in the ordinary course of business; provided that: 
 (a) the aggregate principal
amount of Indebtedness secured by such Liens is otherwise permitted to be incurred under this Indenture and does not exceed the cost of the assets or property so acquired or repaired, improved or constructed plus fees and expenses in connection
therewith; and 
 (b) such Liens are created within 180 days of repair, improvement or construction or acquisition of such
assets or property and do not encumber any other assets or property of the Company or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto (including improvements); 

(11) Liens arising solely by virtue of any statutory or common law provisions relating to bankers’ Liens, rights of
set-off or similar rights and remedies as to deposit accounts or other funds maintained or deposited with a depositary institution; 

(12) Liens arising from Uniform Commercial Code financing statement filings (or similar filings in other applicable
jurisdictions) regarding operating leases entered into by the Company and its Restricted Subsidiaries in the ordinary course of business or otherwise not arising in connection with security for Indebtedness; 

(13) Liens existing on the Issue Date; 

(14) Liens on property at the time the Company or a Restricted Subsidiary acquired the property, including any acquisition by
means of a merger, consolidation or other business combination transaction with or into the Company or a Restricted Subsidiary; provided, however, that such Liens are not created, incurred or assumed in connection with, or in
contemplation of, such acquisition; provided further, however, that such Liens may not extend to any other property owned by the Company or any Restricted Subsidiary other than those of the Person merged, consolidated or
otherwise combined with or into the Company or such Restricted Subsidiary, plus improvements, replacements, accessions, proceeds or dividends or distributions in respect thereof; 

(15) Liens on property or Capital Stock of a Person at the time of acquisition thereof by the Company or a Restricted
Subsidiary or such Person becomes a Restricted Subsidiary; provided, however, 

  
 -24- 

 
that such Liens are not created, incurred or assumed in connection with, or in contemplation of, such other Person becoming a Restricted Subsidiary; provided further, however, that
such Liens may not extend to any other property owned by the Company or any Restricted Subsidiary, plus improvements, accessions, proceeds, replacements or dividends or distributions in respect thereof; 

(16) Liens securing Indebtedness or other obligations of the Company or a Restricted Subsidiary owing to the Company or a
Guarantor; 
 (17) Liens securing the Notes (including any Additional Notes to the extent that the Notes issued on the Issue
Date are ratably secured with such Additional Notes), the Guarantees and other obligations arising under this Indenture; 

(18) Liens securing Indebtedness of the Company or a Restricted Subsidiary incurred to refinance Indebtedness of the Company or
a Restricted Subsidiary that was previously so secured by a Lien incurred or permitted to exist pursuant to clauses (10), (13), (14), (15) or this clause (18) of this definition in an amount not greater than the outstanding principal
amount of the Indebtedness being refinanced, plus an amount necessary to pay any expenses and premiums incurred in connection with such refinancing; provided that, any such Lien is limited to all or part of the same property or assets
(plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could secure) the Indebtedness being refinanced or is in respect
of property or assets that is the security for a Permitted Lien hereunder; 
 (19) Liens arising under this Indenture in
favor of the Trustee for its own benefit and similar Liens in favor of other trustees, agents and representatives arising under instruments governing Indebtedness permitted to be incurred under this Indenture; provided that such Liens are
solely for the benefit of the trustees, agents or representatives in their capacities as such and not for the benefit of the holders of the Indebtedness; 

(20) Liens securing obligations of the Company and its Restricted Subsidiaries under Hedging Obligations or letters of credit
issued with respect thereto; 
 (21) Liens securing any insurance premium financing under customary terms and conditions;
provided that, no such Lien extends to or covers any assets or property other than the insurance being acquired with such financing, the proceeds thereof and any unearned or refunded insurance premiums relating thereto; 

(22) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations
in respect of bankers’ acceptances or commercial letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods; 

(23) Liens on and pledges of the Equity Interests of any Unrestricted Subsidiary or any joint venture owned by the Company or
any Restricted Subsidiary to the extent securing Non-Recourse Debt of such Unrestricted Subsidiary or joint venture; 
 (24)
survey exceptions, easements or reservations of, or rights of others for or pursuant to leases, licenses, rights-of-way, air or water rights, sewers, electric lines, telegraph and telephone lines and other utility lines, pipelines, service, lines,
railroad lines, improvements and structures located on, over or under any property, drains, drainage ditches, culverts, electric power or gas generating or co-generation, storage and transmission facilities and other similar purposes, or zoning or
other restrictions as to the use of real property that were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the
business of such Person; and covenants restricting or prohibiting access to or from real property abutting on controlled access highways, which covenants do not adversely impair in any material respect the use of the real property concerned in the
operation of the business conducted on such real property; 

  
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 (25) Liens in favor of collecting or payor banks having a right of setoff,
revocation, refund or chargeback with respect to money or instruments of the Company or any Restricted Subsidiary thereof on deposit with or in possession of such bank; 

(26) any option, contract or other agreement to sell an asset; 

(27) any netting or set-off arrangement entered into by the Company or any Restricted Subsidiary in the ordinary course of
business for the purpose of netting debit and credit balances; 
 (28) any conditional sale, title retention, consignment or
similar arrangements entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business on the supplier’s usual terms of sale; 

(29) Liens encumbering customary initial deposits and margin deposits and similar encumbrances attaching to commodity trading
accounts or other brokerage accounts incurred in the ordinary course of business; and 
 (30) Liens securing Indebtedness and
other Obligations incurred or permitted under clause (15) of the second paragraph of Section 1011 of this Indenture (including all Permitted Refinancing Indebtedness incurred pursuant to clause (5) thereof to extend, renew, refund,
refinance, replace, defease, discharge or otherwise retire for value any Indebtedness incurred pursuant to such clause (15)). 

“Permitted Refinancing Indebtedness” means any indebtedness of the Company or any Restricted Subsidiary, any Disqualified
Stock of the Company or any preferred stock of any Restricted Subsidiary (1) issued in exchange for, or the net proceeds of which are used to extend, renew, refund, refinance, replace, defease, discharge or otherwise retire for value, in whole
or in part, or (2) constituting an amendment, modification or supplement to or a deferral or renewal of ((1) and (2) above, collectively, a “Refinancing,” and the term “Refinanced” has a corresponding
meaning), any other Indebtedness of the Company or any Restricted Subsidiary (other than intercompany Indebtedness), any Disqualified Stock of the Company or any preferred stock of a Restricted Subsidiary in a principal amount (or accreted amount in
the case of Indebtedness issued at a discount) or, in the case of Disqualified Stock of the Company or preferred stock of a Restricted Subsidiary, liquidation preference, not to exceed (after deduction of reasonable and customary fees and expenses
incurred in connection with the Refinancing) the sum of: 
 (A) the principal amount or, in the case of Disqualified Stock or preferred
stock, liquidation preference, of the Indebtedness, Disqualified Stock or preferred stock so Refinanced, and 
 (B) all accrued interest or
dividends on the Indebtedness, Disqualified Stock or preferred stock and the amount of all fees and expenses, including premiums, incurred in connection therewith. 

Notwithstanding the preceding, no Indebtedness, Disqualified Stock or preferred stock shall be deemed to be Permitted Refinancing
Indebtedness, unless: 
 (1) such Indebtedness, Disqualified Stock or preferred stock either (a) has a final maturity date no earlier
than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness, Disqualified Stock or preferred stock being Refinanced, or (b) has a final
maturity date and Weighted Average Life to Maturity at least 91 days after the maturity date of the Notes; 
 (2) if the Indebtedness,
Disqualified Stock or preferred stock being Refinanced is contractually subordinated or otherwise junior in right of payment to the Notes, such Indebtedness, Disqualified Stock or preferred stock is contractually subordinated or otherwise junior in
right of payment to, the Notes, on terms at least as favorable to the Holders as those contained in the documentation governing the Indebtedness, Disqualified Stock or preferred stock being Refinanced at the time of the Refinancing; and 

  
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 (3) such Indebtedness or Disqualified Stock is incurred or issued by the Company or such
Indebtedness, Disqualified Stock or preferred stock is incurred or issued by the Restricted Subsidiary that is the obligor on the Indebtedness being Refinanced or the issuer of the Disqualified Stock or preferred stock being Refinanced;
provided that, a Restricted Subsidiary that is also a Guarantor may guarantee Permitted Refinancing Indebtedness incurred by the Company or a Guarantor, regardless of whether such Restricted Subsidiary was an obligor or guarantor of the
Indebtedness being Refinanced. 
 “Permitted Tax Distributions” means for any calendar year or portion thereof during which
the Company (or, prior to the Issue Date, the entities that will become Subsidiaries of the Company on the Issue Date) is a pass-through entity for U.S. federal income tax purposes, payments and distributions to the members or partners of the
Company, on or prior to each estimated tax payment date as well as each other applicable due date, in an amount not to exceed the product of (i) the total aggregate taxable income of the Company and its Subsidiaries which is allocable to its
members or partners as a result of the operations or activities of the Company and its Subsidiaries during the relevant period, multiplied by (ii) the highest combined marginal federal, state and local income tax rates applicable to any member
or partner of the Company (or, if any of them are themselves a pass-through entity for U.S. federal income tax purposes, their members or partners). 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company, government or any agency or political subdivision thereof or any other entity. 

“Place of Payment,” when used with respect to the Notes, means the place or places where the principal of and any premium and
interest on the Notes are payable as specified in Section 1002 of this Indenture. 
 “PPL Energy Supply” means PPL
Energy Supply, LLC, a Delaware limited liability company, and its successors. 
 “PPL Energy Supply Debt Securities” means
the 5.40% senior notes due 2014, the 6.50% senior notes due 2018, the 4.60% senior notes due 2021, the 5.70% REset Put Notes due 2035 and the 6.00% senior notes due 2036, in each case, of PPL Energy Supply, and any refinancings thereof by PPL Energy
Supply. 
 “Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt
as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 307 of this Indenture in exchange for or in lieu of a mutilated, destroyed, lost or stolen Note shall be
deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Note. 
 “Purchase Date” has the meaning set
forth in Section 1015 of this Indenture. 
 “QIB” means any “qualified institutional buyer” as such term is
defined in Rule 144A. 
 “Qualified Public Offering” means an underwritten primary public offering of the common stock of
the Company or any Person that owns, directly or indirectly, 100% of the issued and outstanding Capital Stock of the Company (provided the net proceeds thereof are received by the Company) pursuant to an effective registration statement filed
with the SEC in accordance with the Securities Act, in each case whether alone or in conjunction with a secondary public offering, other than, in any case, public offerings with respect of common stock registered on Form S-4 or Form S-8. 

  
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 “Rating Agency” means each of S&P and Moody’s, or if (and only if)
S&P or Moody’s or both shall not issue a publicly available rating on the Notes, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company, which shall be substituted for S&P or
Moody’s, or both, as the case may be. 
 “Raven BargeCo Agreements” means, collectively, 

(a) the Marine Transportation Services Agreement between Raven Power BargeCo LLC and Raven Power Fort Smallwood LLC, dated as of
November 30, 2012, as amended, 
 (b) the Shoreside Services Agreement between Raven Power BargeCo LLC and Raven Power Group LLC, dated
as of November 30, 2012, as amended, and 
 (c) any amendment to the agreements referenced in clauses (a) and (b) of this
definition and each agreement between Raven Power BargeCo LLC and any Subsidiary of the Company that, in each case, is entered into pursuant to Section 2.07(e) of the Transaction Agreement or to amend or waive any change of control provisions
contained therein. 
 “Redemption Date,” when used with respect to any Note to be redeemed, means the date fixed for such
redemption by or pursuant to this Indenture. 
 “Redemption Price,” when used with respect to any Note to be redeemed,
means the price at which it is to be redeemed pursuant to this Indenture. 
 “Regular Record Date” for the interest payable
on any Interest Payment Date on the Notes means the date specified for that purpose as contemplated by Section 308 of this Indenture. 

“Regulation S” means Regulation S under the Securities Act. 

“Regulation S Global Note” has the meaning set forth in Section 201 of this Indenture. 

“Regulation S Notes” has the meaning set forth in Section 201 of this Indenture. 

“Related Business” means any business which is the same as or related, ancillary or complementary to, or which constitutes a
reasonable extension, development or expansion of, any of the businesses of the Company and its Restricted Subsidiaries on the Issue Date. 

“Related Party” means, with respect to any Person: 

(1) any controlling stockholder, controlling member, general partner, Subsidiary, or spouse, descendent or immediate family member (in the case
of an individual), of such Person; 
 (2) any estate, trust, corporation, partnership or other entity, the beneficiaries, stockholders,
partners or owners of which consist solely of one or more Permitted Holders and/or such other Persons referred to in the immediately preceding clause (1); or 

(3) any executor, administrator, trustee, manager, director, officer or other similar fiduciary of any Person referred to in the immediately
preceding clauses (1) and (2), acting solely in such capacity. 
 “Related Taxes” means: 

(1) any Taxes, including sales, use, transfer, rental, ad valorem, value added, stamp, property, consumption, franchise, license, capital,
registration, business, customs, net worth, gross receipts, excise, occupancy, intangibles or similar Taxes (other than (x) Taxes measured by income and (y)

  
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withholding imposed on payments made by any Parent), required to be paid (provided such Taxes are in fact paid) by any Parent by virtue of its: 

(x) being organized or having Capital Stock outstanding (but not by virtue of owning stock or other equity interests of any
corporation or other entity other than, directly or indirectly, the Company or any of the Company’s Subsidiaries); 

(y) being a holding company parent, directly or indirectly, of the Company or any of the Company’s Subsidiaries; 

(z) receiving dividends from or other distributions in respect of the Capital Stock of, directly or indirectly, the Company or
any of the Company’s Subsidiaries; or having made any payment with respect to any of the items for which the Company is permitted to make payments to any Parent pursuant to Section 1012 of this Indenture; or 

(2) if and for so long as the Company is a member of a group filing a consolidated or combined tax return with any Parent, any Taxes measured
by income for which such Parent is liable up to an amount not to exceed with respect to such Taxes the amount of any such Taxes that the Company or its Subsidiaries would have been required to pay on a separate company basis or on a consolidated
basis if the Company and its Subsidiaries had paid Taxes on a consolidated, combined, group, affiliated or unitary basis on behalf of an affiliated group consisting only of the Company and its Subsidiaries. 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Department of the
Trustee (or any successor division or unit of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers, in each case having direct responsibility for the
administration of this Indenture. 
 “Restricted Global Note” has the meaning set forth in Section 305(d) of this
Indenture. 
 “Restricted Investment” means any Investment other than a Permitted Investment. 

“Restricted Notes” means Initial Notes and Additional Notes bearing one of the restrictive legends described in
Section 202 of this Indenture. 
 “Restricted Notes Legend” means the legends set forth in Section 202(1) of this
Indenture. 
 “Restricted Payment” has the meaning set forth in Section 1012 of this Indenture. 

“Restricted Period” has the meaning set forth in Section 201 of this Indenture. 

“Restricted Subsidiary” means any Subsidiary of the Company other than an Unrestricted Subsidiary. 

“Reversion Date” has the meaning set forth in Section 1019 of this Indenture. 

“RJS Transition Services Agreement” means any transition services agreement entered into by Topaz Power Management, LP for
purposes of providing services to or for the benefit of the Company and/or any of its Subsidiaries in accordance with the terms of the Transaction Agreement. 

“Rule 144” means Rule 144 under the Securities Act. 

“Rule 144A” means Rule 144A under the Securities Act. 

“Rule 144A Global Note” has the meaning set forth in Section 201 of this Indenture. 

  
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 “Rule 144A Notes” has the meaning set forth in Section 201 of this
Indenture. 
 “S&P” means Standard & Poor’s Ratings Services, a division of McGraw Hill Financial, Inc.

 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Security Register” and “Security Registrar” have the respective meanings set forth in Section 306 of
this Indenture. 
 “Significant Subsidiary” means any Restricted Subsidiary that would be a “significant
subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X under the Securities Act, as such regulation is in effect on the Issue Date. 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Company pursuant to
Section 308 of this Indenture. 
 “Sponsor” means Riverstone Holdings LLC. 

“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on
which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of its issue date, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal
prior to the date originally scheduled for the payment thereof. 
 “Step-Down Date” has the meaning set forth in
Section 301 of this Indenture. 
 “Subordinated Debt” means Indebtedness of the Company or a Guarantor that is
contractually subordinated in right of payment (by its terms or the terms of any document or instrument relating thereto), to the Notes or the Guarantee of such Guarantor, as applicable. 

“Subsidiary” means, with respect to any specified Person: 

(1) any corporation, association or other business entity (other than a partnership) of which more than 50% of the total voting power of its
Voting Stock is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or
(b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 

“Taxes” means all present and future taxes, levies, imposts, deductions, charges, duties and withholdings and any charges of
a similar nature (including interest, penalties and other liabilities with respect thereto) that are imposed by any government or other taxing authority. 

“Temporary Regulation S Global Note” has the meaning set forth in Section 201 of this Indenture. 

“Total Assets” means the total assets of the Company and the Restricted Subsidiaries on a consolidated basis, as shown on the
most recent consolidated balance sheet of the Company or such other Person as may be expressly stated, as the case may be. 

“Transaction Agreement” means the Transaction Agreement dated as of June 9, 2014 among PPL Corporation, Talen Energy
Holdings, Inc., Talen Energy Corporation, PPL Energy Supply, LLC, Talen 

  
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Energy Merger Sub, Inc., C/R Energy Jade, LLC, Sapphire Power Holdings LLC and Raven Power Holdings LLC, including the Separation Agreement referred to therein and any ancillary documents, in
each case as amended. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which
this instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust
Indenture Act of 1939 as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph
of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time
there is more than one such Person, “Trustee” as used with respect to the Notes shall mean the Trustee with respect to the Notes. 

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

“Unrestricted Global Note” has the meaning set forth in Section 305(d) of this Indenture. 

“Unrestricted Subsidiary” means: 

(1) any Subsidiary of the Company that at the time of determination is an Unrestricted Subsidiary (as designated by the Board of Directors of
the Company in the manner provided by Section 1018 of this Indenture); and 
 (2) any Subsidiary of an Unrestricted Subsidiary. 

“Vice President,” when used with respect to the Company, a Guarantor or the Trustee, means any vice president, whether or not
designated by a number or a word or words added before or after the title “vice president.” 
 “Voting Stock” of
any specified Person as of any date means the Capital Stock of such Person that is at the time entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that
effectively transfers voting power) to vote in the election of the Board of Directors of such Person. 
 “Weighted Average
Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: 
 (1) the
sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by
(b) the number of years (calculated to the nearest one-twelfth) that shall elapse between such date and the making of such payment; by 

(2) the then-outstanding principal amount of such Indebtedness. 

Section 102.    Compliance Certificates and Opinions. 

Upon any application or request by the Company to the Trustee to take or refrain from taking any action under any provision of this Indenture,
the Company shall furnish to the Trustee such certificates and opinions as may be required hereunder. Each such certificate or opinion shall be given in the form of an Officers’ Certificate, if to be given by an Officer of the Company, or an
Opinion of Counsel, if to be given by counsel, and shall comply with the requirements set forth in this Indenture. 

  
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 Every certificate or opinion with respect to compliance with a condition or covenant provided for
in this Indenture shall include, 
 (1) a statement that each individual signing such certificate or opinion has read such covenant or
condition and the definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the
opinion of each such individual, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

Section 103.    Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such person, or that they be so certified or covered by only one document, but one such person may certify or give an opinion with respect to some matters and one or more other
such persons as to other matters, and any such person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an Officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such Officer knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an Officer or Officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any
Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Section 104.    Acts of Holders; Record Dates. 

Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed (either physically or by means of a facsimile or an electronic transmission; provided that, such electronic
transmission is transmitted through the facilities of a Depositary) by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company or the Guarantors. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the
Trustee and the Company and, if applicable, the Guarantors, if made in the manner provided in this Section 104. 
 The fact and date of
the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer 

  
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authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a
signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the
Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
 The ownership, principal amount and
serial numbers of Notes held by any Holder, and the date of commencement of such Holder’s holding of same, shall be proved by the Security Register. 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder shall bind every future Holder and the
Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company or, if applicable, the Guarantors in reliance
thereon, whether or not notation of such action is made upon such Note. 
 The Company may set any day as a record date for the purpose of
determining the Holders of Outstanding Notes entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other Act provided or permitted by this Indenture to be given, made or taken by Holders;
provided that the Company may not set a record date for, and this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record date is set
pursuant to this paragraph, the Holders of Outstanding Notes on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that, no such
action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Notes on such record date. Nothing in this paragraph shall be construed to prevent the Company
from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect),
and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Notes on the date such action is taken. Promptly after any record date is set pursuant to this
paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder in the manner set forth in
Section 106 of this Indenture. 
 The Trustee may set any day as a record date for the purpose of determining the Holders entitled to
join in the giving or making of (1) any Notice of Default, (2) any declaration of acceleration referred to in Section 502 of this Indenture, (3) any request to institute proceedings referred to in Section 507(2) of this
Indenture, or (4) any direction referred to in Section 512 of this Indenture. If any record date is set pursuant to this paragraph, the Holders of Outstanding Notes on such record date, and no other Holders, shall be entitled to join in
such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that, no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by
Holders of the requisite principal amount of Outstanding Notes on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set
pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by
Holders of the requisite principal amount of Outstanding Notes on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date,
the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder in the manner set forth in Section 106 of this Indenture. 

With respect to any record date set pursuant to this Section 104, the party hereto which sets such record date may designate any day as
the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that, no such change shall be effective unless notice of the proposed new Expiration Date is given to each other
party hereto in writing, and to each Holder in the manner set forth in Section 106 of this Indenture, on or prior to the existing Expiration Date. If an 

  
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Expiration Date is not designated with respect to any record date set pursuant to this Section 104, the party hereto which set such record date shall be deemed to have initially designated
the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day
after the applicable record date. 
 Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to
the Notes may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 

Section 105.    Notices, Etc., to Trustee and Company. 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder or by the Company or by any
Guarantor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing in the English language to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust; Administration/RJS Power Holdings LLC,
or 
 (2) the Company or the Guarantors by the Trustee or by any Holder shall be sufficient for every purpose hereunder
(unless otherwise herein expressly provided) if in writing in the English language and mailed, first-class postage prepaid, addressed to the Company at the address of its principal office specified in the first paragraph of this instrument or at any
other address previously furnished in writing to the Trustee by the Company or the Guarantors. 
 The Trustee may rely upon and comply with
instructions and directions sent by email, facsimile and other similar unsecured electronic methods (“Electronic Methods”). The Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions
or directions is, in fact, a person authorized to give such instructions or directions. Trustee shall have no liability for any losses, liabilities, costs or expenses incurred or sustained by the Company, the Holders or the Guarantors as a result of
such reliance upon or compliance with such instructions or directions given by Electronic Methods; provided, however, that such losses have not arisen from negligence or willful misconduct of the Trustee, it being understood that the
failure of the Trustee to verify or confirm that the person delivering the unsecured facsimile or email transmission in which the instructions or direction, are contained is, in fact, authorized to deliver such unsecured facsimile or email
transmission does not constitute negligence or willful misconduct. 
 Section 106.    Notice to Holders; Waiver. 

Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing in the English language and mailed, first-class postage prepaid, to each Holder affected by such event, at such Holder’s address as it appears in the Security Register, not later than the latest date (if any), and not
earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall
affect the sufficiency of such notice with respect to other Holders. If notice is mailed to Holders in the manner provided in this Section 106, it is duly given, whether or not the addressee receives it. Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

  
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 When the Notes are not Global Notes, in case by reason of the suspension of regular mail service
or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

Notwithstanding anything in this Indenture to the contrary, notices with respect to Global Notes shall be sufficient if given in accordance
with the rules and procedures of the Depositary. 
 Section 107.    Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 108.    Successors and Assigns. 

All covenants and agreements in this Indenture by the Company, the Guarantors or the Trustee shall bind their respective successors and
assigns, whether so expressed or not. 
 Section 109.    Severability Clause. 

In case any provision in this Indenture (including the Guarantees) or the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 110.    Benefits of Indenture. 

Nothing in this Indenture (including the Guarantees) or the Notes, express or implied, shall give to any Person, other than the parties hereto
and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 111.    Governing Law. 

This Indenture, the Notes and the Guarantees shall be governed by and construed in accordance with the laws of the State of New
York. 
 Section 112.    Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date, purchase date or Stated Maturity of any Note shall not be a Business Day at any
Place of Payment, then (notwithstanding any other provision of this Indenture or of the Notes (other than a provision of any Note which specifically states that such provision shall apply in lieu of this Section 112)) payment of interest or
principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption
Date or purchase date, or at the Stated Maturity and no interest shall accrue on account of such delay. 
 Section 113.    No
Personal Liability of Directors, Officers, Employees and Stockholders. 
 No director, officer, employee, incorporator, stockholder,
member, manager or partner of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Guarantees or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

  
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 Section 114.    No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 115.    U.S.A.
PATRIOT Act. 
 The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)), the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person
or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they shall provide the Trustee with such information within their possession or control as it may reasonably request in
order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act. 
 Section 116.    Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances. 
 Section 117.    Submission to Jurisdictions; Waiver of Immunities; Waiver of
Jury Trial. 
 By the execution and delivery of this Indenture, the Company and each Guarantor (i) irrevocably submits to the
non-exclusive jurisdiction of any federal or New York state court located in the Borough of Manhattan in the City of New York, and any appellate court from any thereof, in any suit or proceeding arising out of or relating to the Notes, the
Guarantees or the Indenture, and (ii) agrees that service of process upon the Company (mailed or delivered to the Company in accordance with Section 106 of this Indenture, attention: General Counsel, at its principal office at 2901 Via
Fortuna Drive, Building 6, Suite 650, Austin, TX 78746), shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. 

To the extent that the Company or any Guarantor has or hereafter may acquire any immunity from jurisdiction of any court or from any legal
process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, it hereby irrevocably waives such immunity in respect of its obligations under
this Indenture and the Note or Guarantees, as applicable, to the fullest extent permitted by law. 
 The Company and each Guarantor
irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any such action, suit or proceeding in any such court or any appellate court with respect
thereto. The Company and each Guarantor irrevocably waives, to the fullest extent permitted by law, the defense of any inconvenient forum to the maintenance of such action, suit or proceeding in any such court. 

The Company and the Guarantors agree that final judgment in any such action, suit or proceeding brought in any such court shall be conclusive
and binding upon the Company or the Guarantors, as the case may be, and may be enforced in any court to the jurisdiction of which the Company or the Guarantors, as the case may be, are subject by a suit upon such judgment. 

  
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 EACH PARTY HERETO, AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE, THE
NOTES OR THE GUARANTEES AND FOR ANY COUNTERCLAIM THEREIN. 
 Section 118.    Counterpart Originals. 

The parties may sign any number of copies of this Indenture, and each party hereto may sign any number of separate copies of this Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

ARTICLE TWO 
 NOTE FORMS

 Section 201.    Forms Generally. 

The Notes and the Trustee’s certificate of authentication shall be in substantially the respective forms set forth in Annex A hereto, and
the notations of Guarantee shall be in substantially the form set forth in Annex B hereto. The Notes may have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by
the officers executing such Notes as evidenced by their execution thereof. 
 Notwithstanding anything to the contrary contained herein, the
Company may not issue any Additional Notes, unless such issuance is in compliance with Section 1011 of this Indenture. 
 With respect
to any Additional Notes, the Company shall set forth in an Officers’ Certificate the following information: 
 (A) the
aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 
 (B) the
issue price and the issue date of such Additional Notes, including the date from which interest shall accrue; and 
 (C)
whether such Additional Notes shall be Restricted Notes. 
 In authenticating and delivering Additional Notes, the Trustee shall be provided
with and shall be fully protected in relying upon, in addition to the Opinion of Counsel and Officers’ Certificate required by Section 102 of this Indenture, an Opinion of Counsel as to the due authorization, execution, delivery, validity
and enforceability of such Additional Notes. 
 The Initial Notes and the Additional Notes shall be considered collectively as a single
class for all purposes of this Indenture; provided that, Additional Notes shall not be issued with the same CUSIP or ISIN, as applicable, as existing Notes unless such Additional Notes are fungible with the existing Notes for U.S. federal
income tax purposes and otherwise. Holders of the Initial Notes and the Additional Notes shall vote and consent together on all matters to which such Holders are entitled to vote or consent as one class, and none of the Holders of the Initial Notes
or the Additional Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled to vote or consent. 

  
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 The Initial Notes are being offered and sold by the Company pursuant to a purchase agreement,
dated July 2, 2014, among the Company, the initial Guarantor and J.P. Morgan Securities LLC, as representative of the initial purchasers specified therein. The Initial Notes and any Additional Notes (if issued as Restricted Notes) (the
“Additional Restricted Notes”) shall be resold initially only to (A) QIBs in reliance on Rule 144A and (B) Non-U.S. Persons in reliance on Regulation S. Such Initial Notes and Additional Restricted Notes may thereafter be
transferred to, among others, QIBs in reliance on Rule 144A and purchasers in reliance on Regulation S, in each case in accordance with the procedure described herein. Additional Notes offered after the date hereof may be offered and sold by the
Company from time to time pursuant to one or more purchase agreements in accordance with applicable law. 
 Initial Notes and
Additional Restricted Notes offered and sold to QIBs in the United States of America in reliance on Rule 144A (the “Rule 144A Notes”) shall be issued in the form of a permanent global Note substantially in the form of Annex A, which
is hereby incorporated by reference and made a part of this Indenture, including appropriate legends as set forth in Section 202 of this Indenture (the “Rule 144A Global Note”), deposited with, or on behalf of, the Notes
Custodian, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The Rule 144A Global Note may be represented by more than one certificate, if so required by the Depositary’s rules regarding the maximum
principal amount to be represented by a single certificate. The aggregate principal amount of the Rule 144A Global Note may from time to time be increased or decreased by adjustments made on the records of the Security Registrar, as custodian for
the Depositary or its nominee, as hereinafter provided. 
 Initial Notes and any Additional Restricted Notes offered and sold
outside the United States of America in reliance on Regulation S (the “Regulation S Notes”) shall be initially issued in the form of a temporary global Note substantially in the form of Annex A, including appropriate legends as set
forth in Section 202 of this Indenture (the “Temporary Regulation S Global Note”), deposited with, or on behalf of, the Notes Custodian, duly executed by the Company and authenticated by the Trustee as hereinafter provided.
Within a reasonable period after the termination of the Restricted Period (defined below) and upon the certifications substantially in the form of Annex F, beneficial interests in the Temporary Regulation S Global Note may be exchanged for
beneficial interests in a permanent global Note substantially in the form of Annex A, including appropriate legends as set forth in such Section 202 of this Indenture (the, “Permanent Regulation S Global Note” and, together
with the Temporary Regulation S Global Note, each a “Regulation S Global Note”) deposited with, or on behalf of, the Notes Custodian, duly executed by the Company and authenticated by the Trustee as hereinafter provided.
Simultaneously with the authentication of the Permanent Regulation S Global Note, the Trustee shall cancel the Temporary Regulation S Global Note. The Temporary Regulation S Global Note and the Permanent Regulation S Global Note may be represented
by more than one certificate, if so required by the Depositary’s rules regarding the maximum principal amount to be represented by a single certificate. The aggregate principal amount of the Temporary Regulation S Global Note and the Permanent
Regulation S Global Note may from time to time be increased or decreased by adjustments made on the records of the Security Registrar, as custodian for the Depositary or its nominee, as hereinafter provided. Prior to the 40th day after the Issue
Date (such period through and including such 40th day, the “Restricted Period”), interests in the Temporary Regulation S Global Note may only be transferred to Non-U.S. persons pursuant to Regulation S and to QIBs under Rule 144A in
a Global Note in accordance with the transfer and certification requirements described herein. 
 Investors may hold their
interests in the Regulation S Global Note through organizations other than Euroclear or Clearstream that are participants in the Depositary’s system or directly through Euroclear or Clearstream, if they are participants in such systems, or
indirectly through organizations which are participants in such systems. If such interests are held through Euroclear or Clearstream, Euroclear and Clearstream shall hold such interests in the applicable Regulation S Global Note on behalf of their
participants through customers’ securities accounts in their respective names on the books of their respective depositaries. Such depositaries, in turn, shall hold such interests in the applicable Regulation S Global Note in customers’
securities accounts in the depositaries’ names on the books of the Depositary. 

  
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 To the extent CUSIP or ISIN numbers are issued pursuant to Section 312 of
this Indenture, the Rule 144A Global Note and the Temporary Regulation S Global Note shall each be issued with separate CUSIP or ISIN numbers, as applicable. 

The Company shall execute and the Trustee shall, in accordance with this Section 201, authenticate and deliver the Global Notes that
(i) shall be registered in the name of the Depositary or the nominee of the Depositary and (ii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions or held by the Notes Custodian for the
Depositary. 
 The Definitive Notes shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other
manner, all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

Section 202.    Form of Legends for Notes. 

(1) Unless and until (a) an Initial Note or an Additional Note is sold under an effective registration statement or (b) the Trustee
receives an Opinion of Counsel reasonably satisfactory to the Company and the Trustee to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the Securities Act, every Note
authenticated and delivered under this Indenture shall bear a legend in substantially the following form: 
 THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN
BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES:
ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED
IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE
SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING
OF REGULATION S UNDER THE SECURITIES ACT OR (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR 

  
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(7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE
IN A MINIMUM $250,000 PRINCIPAL AMOUNT OF SECURITIES OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSES (C), (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND SHALL BE REMOVED UPON THE WRITTEN REQUEST OF THE
HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE CASE OF TEMPORARY REGULATION S GLOBAL NOTES: THIS SECURITY IS A TEMPORARY GLOBAL NOTE. BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL NOTES OTHER THAN A PERMANENT GLOBAL
NOTE IN ACCORDANCE WITH THE TERMS OF THE INDENTURE.] [IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 
 (2) Each Global Note, whether or not
an Initial Note, shall bear the following legend on the face thereof: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

(3) All Notes authenticated and delivered under this Indenture shall bear a legend in substantially the following form: 

THIS NOTE IS TREATED AS A “CONTINGENT PAYMENT DEBT INSTRUMENT” SUBJECT TO THE PROVISIONS OF U.S. TREASURY REGULATION SECTION
1.1275-4 (THE “CONTINGENT DEBT REGULATIONS”), AND ALL INTEREST PAYABLE UNDER THE NOTE IS TREATED AS ORIGINAL ISSUE DISCOUNT (“OID”) FOR U.S. FEDERAL INCOME TAX PURPOSES. BY PURCHASING A NOTE, THE HOLDER AGREES TO TREAT THE NOTE
FOR U.S. FEDERAL INCOME TAX PURPOSES AS INDEBTEDNESS SUBJECT TO THE CONTINGENT DEBT REGULATIONS AND TO BE BOUND BY THE COMPANY’S DETERMINATION OF THE COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE. FOR U.S. FEDERAL INCOME TAX PURPOSES, THE
HOLDER MUST USE THE COMPARABLE 

  
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YIELD AND THE SCHEDULE OF PROJECTED PAYMENTS IN DETERMINING OID ACCRUALS, AND THE ADJUSTMENTS THERETO IN RESPECT OF THE NOTE. THE HOLDER MAY OBTAIN INFORMATION REGARDING THE COMPARABLE YIELD AND
THE PROJECTED PAYMENT SCHEDULE SUBMITTING A WRITTEN REQUEST FOR IT TO THE COMPANY AT 2901 VIA FORTUNA DRIVE, BUILDING 6, SUITE 650, AUSTIN, TX 78746. 

Section 203.    Book-Entry Provisions. 

(i) This Section 203 shall apply only to Global Notes. 

(1) Each Global Note initially shall (x) be registered in the name of DTC or the nominee of DTC, (y) be delivered to
DTC or to the Notes Custodian for DTC and (z) bear legends as set forth in Section 202 of this Indenture. Transfers of a Global Note (but not a beneficial interest therein) shall be limited to transfers thereof in whole, but not in part,
to DTC, its successors or its respective nominees (except as set forth in Section 204 of this Indenture). 
 (2)
Interests of beneficial owners in a Global Note may be transferred in accordance with Section 305 of this Indenture and the rules and procedures of the Depositary. If a beneficial interest in a Global Note is transferred or exchanged for a
beneficial interest in another Global Note, the Notes Custodian shall (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such transfer or exchange and (y) record
a like increase in the principal amount of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the form of an interest in another Global Note, or exchanged for an interest in
another Global Note, shall, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, shall thereafter be subject to all transfer and exchange restrictions, if any, and
other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest. 

(3) Members of, or participants in, DTC (“Agent Members”) shall have no rights under this Indenture with respect to
any Global Note held on their behalf by DTC or by the Notes Custodian as the custodian of DTC or under such Global Note, and DTC may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such
Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization
furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary practices of DTC governing the exercise of the rights of a holder of a beneficial interest in any Global Note. 

(4) In connection with the transfer of an entire Global Note to beneficial owners pursuant to Section 204 of this
Indenture, such Global Note shall be deemed to be surrendered to the Security Registrar for cancellation, and the Company shall execute, and the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by DTC
in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. At such time all beneficial interests in Global Notes have been redeemed, repurchased or cancelled, all
Global Notes shall be returned to or retained and cancelled by the Trustee in accordance with Section 310 of this Indenture. 
 The
registered Holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or
the Notes. 
 Any Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such
Global Note may be effected only through a book-entry system maintained by (i) the Holder of such Global Note (or its agent) or (ii) any holder of a beneficial interest in such Global Note, and that ownership of a beneficial interest in
such Global Note shall be required to be reflected in a book entry. 

  
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 Section 204.    Definitive Notes. 

Except as provided in this Section 204, owners of beneficial interests in Global Notes shall not be entitled to receive Definitive Notes.
Definitive Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Note if (A) DTC notifies the Company that it is unwilling or unable to continue as depositary for such Global Note or DTC
ceases to be a clearing agency registered under the Exchange Act, at a time when DTC is required to be so registered in order to act as depositary, and in each case a successor depositary is not appointed by the Company within 90 days of such
notice, (B) the Company in their sole discretion executes and delivers to the Trustee and Security Registrar an Officer’s Certificate stating that such Global Note shall be so exchangeable; provided Regulation S Global Notes may not be
exchanged prior to (1) the expiration of the Restricted Period and (2) the receipt of certifications required under Regulation S) or (C) a Default or an Event of Default has occurred and is continuing and the Trustee and the Security
Registrar has received a written request from DTC. In the event of the occurrence of any of the events specified in clause (A), (B) or (C) of the preceding sentence, the Company shall promptly make available to the Trustee or the
Authenticating Agent a reasonable supply of Definitive Notes. 
 (1) Any Definitive Note delivered in exchange for an
interest in a Global Note pursuant to clause (2) of this Section 204 shall, except as otherwise provided by Section 305(c) of this Indenture, bear the applicable legend regarding transfer restrictions applicable to the Global Note set
forth such Section 202. 
 (2) If a Definitive Note is transferred or exchanged for a beneficial interest in a Global
Note, the Security Registrar shall (x) cancel such Definitive Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (z) in the event that such transfer
or exchange involves less than the entire principal amount of the canceled Definitive Note, the Company shall execute, and the Trustee shall authenticate and make available for delivery, to the transferring Holder a new Definitive Note representing
the principal amount not so transferred. 
 (3) If a Definitive Note is transferred or exchanged for another Definitive Note,
(x) the Security Registrar shall cancel the Definitive Note being transferred or exchanged, (y) the Company shall execute, and the Trustee shall authenticate and make available for delivery, one or more new Definitive Notes in authorized
denominations having an aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Definitive Note (in the case of an exchange), registered in the
name of such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the canceled Definitive Note, the Company shall execute, and the Trustee shall authenticate and make
available for delivery to the Holder thereof, one or more Definitive Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Definitive Notes, registered in the name of
the Holder thereof. 
 (4) Notwithstanding anything to the contrary in this Indenture, in no event shall a Definitive Note be
delivered upon exchange or transfer of a beneficial interest in the Regulation S Global Note prior to (x) the end of the Restricted Period and (y) the receipt of certifications required under Regulation S. 

  
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 ARTICLE THREE 

THE NOTES 

Section 301.    Title and Terms. 

The Notes shall be entitled the “5.125% Senior Notes due 2019.” The Trustee shall authenticate the Notes to be authenticated and
delivered under this Indenture on the Issue Date in an aggregate amount equal to $1,250,000,000, upon delivery of a Company Order. The Trustee shall authenticate Additional Notes thereafter from time to time in unlimited amount for original issue
upon receipt of a Company Order (subject to compliance by the Company with Sections 201 and 1011 of this Indenture). Any such Company Order shall also specify the date on which the original issue of Notes is to be authenticated and, in relation to
any Additional Notes, it shall also specify the principal amount thereof to be issued and shall certify that such issuance is not prohibited by such Section 1011. 

The Notes shall mature on July 15, 2019. Interest on the Notes shall accrue (i) until the first Interest Payment Date following
delivery by the Company to the Trustee of an Officers’ Certificate certifying that a Merger Ratings Event has occurred (such interest payment date, the “Step-Down Date”) at the rate of 5.125% per annum, and (ii) from
and after the Step-Down Date, at the rate of 4.625% per annum, and shall be payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2015. Interest on the Notes shall accrue from the date
of original issuance or, if interest has already been paid, from the date it was most recently paid or duly provided for. 
 The Notes shall
be redeemable as provided in Article Eleven and Annex A of this Indenture and subject to Defeasance and Covenant Defeasance as provided in Article Thirteen. The Notes shall have such other terms as are indicated in Annex A. 

Section 302.    Denominations. 

The Notes shall be issuable only in fully registered form without coupons and only in denominations of $2,000 and any integral multiple of
$1,000 in excess thereof. 
 Section 303.    Execution, Authentication, Delivery and Dating. 

The Notes shall be executed on behalf of the Company by an Officer thereof. The signature of any such Officer on the Notes may be manual or
facsimile. 
 Notes bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall
bind the Company, notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 

At any time and from time to time after the execution and delivery of this Indenture and as provided in Section 301 of this Indenture,
the Company may deliver Notes executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with the Company Order shall authenticate and
deliver such Notes. 
 Each Note shall be dated the date of its authentication. 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for in Annex A, signed manually in the name of the Trustee by an authorized signatory, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such
Note has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Note to the
Trustee for cancellation as provided in Section 310 of this Indenture, for all purposes of this Indenture such Note shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this
Indenture. 

  
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 Section 304.    Temporary Notes. 

Pending the preparation of Definitive Notes, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver,
temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the Definitive Notes in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the Officers executing such Notes may determine, as evidenced by their execution of such Notes. 

If temporary Notes are issued, the Company shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of
Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Notes, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more Definitive Notes of any authorized denominations and of like tenor and aggregate principal
amount. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

Section 305.    Transfer and Exchange. 

(a) Transfers of Rule 144A Notes. The following provisions shall apply with respect to any proposed registration of transfer of a Rule
144A Note prior to the date which is one year after the later of the date of its original issue, the original issue date of the issuance of any Additional Notes and the last date on which the Company or any Affiliate of the Company was the owner of
such Notes (or any predecessor thereto): 
 (1) a registration of transfer of a Rule 144A Note or a beneficial interest
therein to a QIB shall be made upon the representation of the transferee in the form as set forth on the reverse of the Note that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and
that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the
Company as it has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by
Rule 144A; provided that no such written representation or other written certification shall be required in connection with the transfer of a beneficial interest in the Rule 144A Global Note to a transferee in the form of a beneficial
interest in that Rule 144A Global Note in accordance with this Indenture and the applicable procedures of DTC. 
 (2) a
registration of transfer of a Rule 144A Note or a beneficial interest therein to a Non-U.S. Person shall be made upon receipt by the Company and the Security Registrar or its agent of an assignment substantially in the form set forth in Annex A from
the proposed transferee and the delivery of an Opinion of Counsel, certification in the form of Annex D hereto and/or other information satisfactory to the Company. 

(b) Transfers of Regulation S Notes. The following provisions shall apply with respect to any proposed transfer of a Regulation S Note
prior to the expiration of the Restricted Period: 
 (1) a transfer of a Regulation S Note or a beneficial interest therein
to a QIB shall be made upon the representation of the transferee, in the form of assignment on the reverse of the certificate, that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional 

  
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buyer” within the meaning of Rule 144A, is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as it
has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A; and

 (2) a transfer of a Regulation S Note or a beneficial interest therein to a Non-U.S. Person shall be made upon receipt by
the Company and the Security Registrar or its agent of an assignment substantially in the form set forth in Annex A hereof from the proposed transferee and receipt by the Security Registrar or its agent of an Opinion of Counsel, certification in the
form of Annex E hereto and/or other information satisfactory to the Company. 
 After the expiration of the Restricted Period, interests in
the Regulation S Note may be transferred in accordance with applicable law without requiring any additional certification. 
 (c)
Restricted Notes Legends. Upon the transfer, exchange or replacement of Notes not bearing Restricted Notes Legends, the Security Registrar shall deliver Notes that do not bear such Restricted Notes Legends. Upon the transfer, exchange or
replacement of Notes bearing Restricted Notes Legends, the Security Registrar shall deliver only Notes that bear Restricted Notes Legends unless (a) Initial Notes are being exchanged for Notes that do not bear a Restricted Notes Legend in
accordance with paragraph (d) of this Section 305 or (b) there is delivered to the Security Registrar an Opinion of Counsel reasonably satisfactory to the Company and the Security Registrar to the effect that the applicable legend nor
the related restrictions on transfer are required in order to maintain compliance with the Securities Act. Any Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legends. 

(d) Automatic Exchange from Global Note Bearing Restricted Notes Legend to Global Note Not Bearing Restricted Notes Legend. Upon the
Company’s satisfaction that the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities Act, beneficial interests in a Global Note bearing the Restricted Notes Legend (a “Restricted Global
Note”) may be automatically exchanged into beneficial interests in a Global Note not bearing the Restricted Notes Legend (an “Unrestricted Global Note”) without any action required by or on behalf of the Holder (the
“Automatic Exchange”) at any time on or after the date that is the 366th calendar day after (1) with respect to the Notes issued on the Issue Date, the Issue Date (if no Additional Notes have been issued with the same CUSIP or
ISIN numbers as the Notes issued on the Issue Date) or (2) with respect to Additional Notes, if any (or with respect to Notes issued on the Issue Date if Additional Notes were issued with the same CUSIP number), the issue date of such
Additional Notes, or, in each case, if such day is not a Business Day, on the next succeeding Business Day (the “Automatic Exchange Date”). Upon the Company’s satisfaction that the Restricted Notes Legend shall no longer be
required in order to maintain compliance with the Securities Act, the Company may, at its option, (i) provide written notice to DTC and the Trustee and Security Registrar at least fifteen calendar days prior to the Automatic Exchange Date,
instructing DTC to exchange all of the outstanding beneficial interests in a particular Restricted Global Note to the Unrestricted Global Note, which the Company shall have previously otherwise made eligible for exchange with DTC, (ii) provide
prior written notice (the “Automatic Exchange Notice”) to each Holder at such Holder’s address appearing in the register of Holders at least fifteen calendar days prior to the Automatic Exchange Date (the “Automatic
Exchange Notice Date”), which notice must include (w) the Automatic Exchange Date, (x) the section of this Indenture pursuant to which the Automatic Exchange shall occur, (y) the “CUSIP” or “ISIN” number
of the Restricted Global Note from which such Holder’s beneficial interests shall be transferred and (z) the “CUSIP” or “ISIN” number of the Unrestricted Global Note into which such Holder’s beneficial interests
shall be transferred, and (iii) on or prior to the Automatic Exchange Date, deliver to the Trustee for authentication one or more Unrestricted Global Notes, duly executed by the Company and a Company Order requesting the Trustee to
authenticate, in an aggregate principal amount equal to the aggregate principal amount of Restricted Global Notes to be exchanged into such Unrestricted Global Notes. At the Company’s written request on no less than five Business Days’
notice prior to the Automatic Exchange Notice Date, the Trustee shall deliver, in the Company’s names and at their expense, the Automatic Exchange Notice to each Holder at such Holder’s address appearing in the register of Holders;
provided that the Company has delivered to the Trustee the information required to be included in such Automatic Exchange Notice. 

  
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 Notwithstanding anything to the contrary in this Section 305(d), during the fifteen calendar
day period prior to the Automatic Exchange Date, no transfers or exchanges other than pursuant to this Section 305(d) shall be permitted without the prior written consent of the Company. Upon such exchange of beneficial interests pursuant to
this Section 305(d), the aggregate principal amount of the Global Notes shall be increased or decreased by adjustments made on the records of the Notes Custodian, to reflect the relevant increase or decrease in the principal amount of such
Global Note resulting from the applicable exchange. The Restricted Global Note from which beneficial interests are transferred pursuant to an Automatic Exchange shall be cancelled following the Automatic Exchange. 

(e) Retention of Written Communications. The Security Registrar shall retain in accordance with its normal trust procedures and the
requirements of law copies of all letters, notices and other written communications received pursuant to Section 201 or Section 204 of this Indenture or this Section 305. The Company shall have the right to inspect and make copies of
all such letters, notices or other written communications at any reasonable time during normal business hours upon the giving of reasonable prior written notice to the Security Registrar. 

(f) No Obligation of the Company and the Trustee. (1) None of the Company, the Guarantors, the Trustee nor the Security Registrar
shall have any responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in, DTC or other Person with respect to the accuracy of the records of DTC or its nominee or of any participant or member thereof,
with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than DTC) of any notice (including any notice of redemption or purchase) or the payment of any
amount or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only
to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through DTC subject to the applicable rules and procedures of
DTC. The Company, the Guarantors and the Trustee may rely and shall be fully protected in relying upon information furnished by DTC with respect to its members, participants and any beneficial owners. 

Neither the Trustee nor the Security Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among DTC participants, members or beneficial owners in any Global Note) other
than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof. Neither the Trustee, the Security Registrar nor any of their respective agents shall have any responsibility for any actions taken or not taken by DTC. 

Section 306.    Registration of Transfer and Exchange; Paying Agent 

The Company shall cause to be kept at the office or agency of the Company in a Place of Payment a register (the register maintained in such
office or agency being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes.
The Trustee is hereby appointed (i) “Security Registrar” for the purpose of registering Notes and transfers of Notes as herein provided and (ii) “Paying Agent” for purposes of accepting Notes presented for
payment, and its Corporate Trust Office is the initial office or agency where the Securities Register shall be maintained. Without prior notice to the Holders, but upon written notice to such Security Registrar or Paying Agent and to the Trustee,
the Company may at any time replace such Security Registrar or Paying Agent, change such office or agency, or act as its own Security Registrar or Paying Agent; provided, however, that there shall be only one Security Register. The
Company shall give prompt written notice to the Trustee of any change of the Security Registrar or of the location of such office or agency. 

  
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 The Notes shall be issued in registered form and shall be transferable only upon the surrender of
a Note for registration of transfer. When a Note is presented to the Security Registrar or a co-registrar with a request to register a transfer, the Security Registrar shall register the transfer as requested if the requirements of this Indenture
and Section 8-401(a) of the Uniform Commercial Code are met. When Notes are presented to the Security Registrar or a co-registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Security
Registrar shall make the exchange as requested if the same requirements are met. 
 Prior to the due presentation for registration of
transfer of any Note, the Company, the Trustee, the Paying Agent or the Security Registrar may deem and treat the person in whose name a Note is registered as the owner of such Note for the purpose of receiving payment of principal of, premium, if
any, and interest on such Note and for all other purposes whatsoever, including without limitation the transfer or exchange of such Note, whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent or the Security
Registrar shall be affected by notice to the contrary. 
 Upon surrender for registration of transfer of any Note at the office of the
Security Registrar, the Company shall execute and the Trustee shall authenticate and deliver, subject to the other terms and conditions of this Article, in the name of the designated transferee or transferees, one or more Definitive Notes or Global
Notes at the Company’s and Security Registrar’s written request, of any authorized denominations and of like tenor and aggregate principal amount. 

All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Company evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

Every Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or its attorney duly authorized in writing. 

No service charge shall be made for any registration of transfer or exchange of Notes, but the Company may require payment of a sum sufficient
to cover any transfer tax or other governmental taxes and fees that may be required by law or imposed by this Indenture in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 304, 906,
1010, 1015 or 1108 of this Indenture not involving any transfer. 
 If the Notes are to be redeemed in part, the Company shall not be
required (1) to register the transfer of or exchange any Notes during a period of 15 days before a selection of Notes for redemption under this Indenture, or (2) to register the transfer of or exchange any Note so selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 Section 307.    Mutilated, Destroyed,
Lost and Stolen Notes. 
 If any mutilated Note is surrendered to the Trustee, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Company and the Trustee (1) evidence to their satisfaction of the destruction, loss or theft of any
Note and (2) such security or indemnity as may be required by each of them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Note has been acquired by a
protected purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount and bearing a number not contemporaneously outstanding.

  
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 In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due
and payable, the Company in its discretion may, instead of issuing a new Note, pay such Note. 
 Upon the issuance of any new Note under
this Section 307, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith. 
 Every new Note issued pursuant to this Section 307 in lieu of any destroyed, lost or stolen Note shall constitute an
original additional contractual obligation of the Company whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any
and all other Notes duly issued hereunder. 
 This Section 307 is exclusive and shall preclude (to the extent lawful) all other rights
and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 308.    Payment of Interest; Interest Rights Preserved. 

Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Holder
in whose name that Note (or one or more Predecessor Notes) is registered on the Regular Record Date for such interest. Interest on overdue principal, premium, if any, and interest shall accrue at the applicable interest rate on the Notes to the
extent lawful. The Company shall make each interest payment to the Persons who are registered Holders on the January 1 and July 1 (whether or not a Business Day) immediately preceding the applicable Interest Payment Date (such date, the
“Regular Record Date”). Interest on the Notes shall accrue from the date of original issuance or, if interest has already been paid, from the date it was most recently paid or duly provided for. If a payment date is a Legal Holiday
at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 

Any interest on any Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called
“Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case,
as provided in clause (1) or (2) of this Section 308: 
 (1) The Company may elect to make payment of any Defaulted
Interest to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The
Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Company shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days
prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Company shall promptly notify the Trustee of such Special Record Date and, in the name and at the expense
of the Company, the Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder in the manner set forth in Section 106 of this Indenture, not less than 10 days
prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so sent, such Defaulted Interest shall be paid to the Persons in whose names the Notes (or their respective
Predecessor Notes) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). 

  
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 (2) The Company may make payment of any Defaulted Interest on the Notes in any
other lawful manner not inconsistent with the requirements of any securities exchange on which such Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed
payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Subject to this Section 308,
each Note delivered under this Indenture upon registration of transfer of, or in exchange for or in lieu of, any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

Section 309.    Persons Deemed Owners. 

Prior to due presentment of a Note for registration of transfer, the Company, the Guarantors, the Trustee and any agent of the Company, the
Guarantors or the Trustee may treat the Person in whose name such Note is registered as the owner of such Note for the purpose of receiving payment of principal of and any premium and (subject to Section 308 of this Indenture) any interest on
such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Company, the Guarantors, the Trustee nor any of their respective agents shall be affected by notice to the contrary. 

Section 310.    Cancellation. 

All Notes surrendered for payment, redemption, purchase, registration of transfer or exchange shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in any
manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Notes previously authenticated hereunder which the Company has not issued and sold, and all Notes so delivered shall be
promptly cancelled by the Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section 310, except as expressly permitted by this Indenture. All cancelled Notes held by the Trustee shall
be disposed of in accordance with the Trustee’s standard provisions or as directed by a Company Order. 

Section 311.    Computation of Interest. 

Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months, and with respect to any period less than a
full calendar month, on the basis of the actual number of days lapsed during the period. 
 Section 312.    CUSIP or ISIN
Numbers. 
 The Company in issuing the Notes may use “CUSIP” or “ISIN” numbers (if then generally in use, and in
addition to the other identification numbers printed on the Notes), and, if so, the Trustee shall use “CUSIP” or “ISIN” numbers in notices of redemption as a convenience to Holders; provided, however, that any such
notice may state that no representation is made as to the correctness of such “CUSIP” or “ISIN” numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the
other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such “CUSIP” or “ISIN” numbers. 

  
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 ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

Section 401.    Satisfaction and Discharge of Indenture. 

This Indenture shall be discharged and shall cease to be of further effect as to all Notes issued hereunder, and the Trustee, at the expense
of the Company upon Company Request, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when 

(1) either 

(a) all Notes theretofore authenticated (other than (i) Notes which have been lost, stolen or destroyed and which have
been replaced or paid as provided in Section 307 of this Indenture and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or
discharged from such trust, as provided in Section 1003 of this Indenture), have been delivered to the Trustee for cancellation; or 

(b) all such Notes not theretofore delivered to the Trustee for cancellation 

(i) have become due and payable, or 

(ii) shall become due and payable at their Stated Maturity within one year, or 

(iii) shall become due and payable within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company or any Guarantor in the case of (i),
(ii) or (iii) of subclause (b) of this Section 401(1), has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars,
non-callable Government Securities, or a combination thereof in such amounts as shall be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on such Notes not delivered to the Trustee for
cancellation, for principal, premium, if any, and accrued interest to the date of such deposit (in the case of Notes which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

(2) the Company or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture, the Notes and the
Guarantees, including all amounts payable to the Trustee; 
 (3) the Company has delivered irrevocable instructions to the
Trustee to apply the deposited money toward the payment of the Notes at their Stated Maturity or on the Redemption Date, as the case may be; and 

(4) the Company has delivered to the Trustee (i) an Officers’ Certificate, stating that all conditions precedent set
forth in clauses (1) through (3) of this paragraph have been satisfied and (ii) an Opinion of Counsel, stating that all conditions precedent set forth in clause (3) of this paragraph have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture in respect of the Notes, the obligations of the Company and the Guarantors to
the Holders under Sections 305 and 306 of this Indenture, the obligations of the Company and the Guarantors to the Trustee under Section 607 of this Indenture, the obligations of the Trustee to any Authenticating Agent under Section 614 of
this Indenture and, if cash or U.S. dollar-denominated Government Securities shall have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section 401, the obligations of the Trustee under Section 402
of this Indenture and the last paragraph of Section 1003 of this Indenture shall survive such satisfaction and discharge. 

  
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 Section 402.    Application of Trust Money. 

Subject to the last paragraph of Section 1003 of this Indenture, all cash and Government Securities (including the proceeds thereof)
deposited with the Trustee pursuant to Section 401 of this Indenture shall be held in trust and applied by it, in accordance with the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company
or its Restricted Subsidiary acting as the Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such cash and Government Securities (including the proceeds
thereof) have been deposited with the Trustee. 
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with Section 401 of this Indenture by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s
and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to such Section 401; provided that if the Company has made any payment of principal of,
premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the
Trustee or Paying Agent. 
 ARTICLE FIVE 

REMEDIES 

Section 501.    Events of Default. 

An “Event of Default,” wherever used herein, means any one of the following events in relation to the Notes (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body): 
 (1) default in the payment of any interest upon any Note when it becomes due and payable, and continuance of such
default for a period of 30 days; 
 (2) default in the payment when due of the principal of, or premium, if any, on any Note;

 (3) failure by the Company to comply with its obligations under Article Eight of this Indenture or to consummate a
purchase of Notes when required pursuant to Section 1010 or Section 1015 of this Indenture; 
 (4) failure by the
Company or any Restricted Subsidiary for 30 days after receipt of a written notice (specifying such failure, requiring it to be remedied and stating that such notice is a “Notice of Default” under this Indenture) from the Trustee or the
Holders of at least 25% in aggregate principal amount of the Outstanding Notes (which notice from Holders shall also be given by the Holders to the Trustee) to comply with Section 1011 or Section 1012 of this Indenture or to comply with
Section 1010 or Section 1015 of this Indenture to the extent not described in clause (3) of this Section 501; 

(5) failure by the Company or any Restricted Subsidiary for 60 days after receipt of a written notice (specifying such failure,
requiring it to be remedied and stating that such notice is a “Notice of Default” under this Indenture) from the Trustee or the Holders of at least 25% in aggregate principal amount of the Outstanding Notes (which notice from Holders shall
also be given by the Holders to the Trustee) to comply with any of the other agreements in this Indenture or the Notes; 

  
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 (6) default under any mortgage, indenture or instrument under which there is
issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Company or any Restricted Subsidiary (or the payment of which is guaranteed by the Company or any Restricted Subsidiary), whether such Indebtedness or
guarantee now exists, or is created after the Issue Date, if that default: 
 (a) is caused by a failure to pay principal of,
or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness (a “Payment Default”); or 

(b) results in the acceleration of such Indebtedness prior to its Stated Maturity; 

and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which
there has been a Payment Default or the maturity of which has been so accelerated, aggregates $35.0 million or more; 
 (7)
failure by the Company or any Significant Subsidiary or group of the Company’s Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would
constitute a Significant Subsidiary to pay final judgments aggregating in excess of $35.0 million (net of any amounts covered by a reputable and creditworthy insurance company that has not disclaimed coverage), which judgments are not paid,
discharged or stayed for a period of 60 days; 
 (8) except as permitted by this Indenture, (A) the Guarantee of
Intermediate Holdco or (B) any Guarantee of a Guarantor that is Significant Subsidiary or group of Guarantors that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries),
would constitute a Significant Subsidiary, is held in a judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, or any such Guarantor, or any Person acting on behalf of any such Guarantor, denies
or disaffirms its obligations under its Guarantee; 
 (9) the Company or Intermediate Holdco or any Significant Subsidiary or
any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary, pursuant to or within the meaning of
Bankruptcy Law: 
 (a) commences a voluntary case; 

(b) consents to the entry of an order for relief against it in an involuntary case; 

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

(d) generally is not paying its debts as they become due; or 

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

(a) is for relief against the Company or Intermediate Holdco or any Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary, in an involuntary case; 

(b) appoints a Custodian of the Company or Intermediate Holdco or any Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute 

  
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a Significant Subsidiary, or for all or substantially all of the property of the Company or Intermediate Holdco or any Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary; or 

(c) orders the liquidation of the Company or Intermediate Holdco or any Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary; 

and, in each case, the order or decree remains unstayed and in effect for 60 consecutive days. 

From and after the occurrence of the Merger Event, this Section 501 shall no longer apply. 

Section 502.    Acceleration of Maturity; Rescission and Annulment. 

In the case of an Event of Default specified in Section 501(9) or 501(10) of this Indenture, a declaration of acceleration shall be
deemed to occur and all Outstanding Notes shall become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of
the Outstanding Notes may declare all of the Notes to be due and payable immediately by notice in writing to the Company (which notice from Holders shall also be given by the Holders to the Trustee) specifying the respective Event of Default and
stating that such notice is a “Notice of Acceleration” under this Indenture. Upon any such declaration, the Notes shall become due and payable immediately. 

At any time after such a declaration of acceleration with respect to the Notes has been made, the Holders of at least a majority in aggregate
principal amount of the Outstanding Notes, by written notice to the Company and the Trustee, may, on behalf of all of the Holders, rescind and annul such declaration and its consequences if 

(1) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction; 

(2) the Company has paid or deposited with the Trustee a sum sufficient to pay 

(a) all overdue interest on all the Notes, 

(b) the principal of (and premium, if any, on) any Notes which have become due otherwise than by such declaration of
acceleration and any interest thereon at the rate or rates prescribed therefor in such Notes, 
 (c) to the extent that
payment of such interest is lawful, interest upon overdue interest at the rate prescribed therefor in such Notes, and 
 (d)
all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 

(3) all Events of Default with respect to the Notes, other than the non-payment of the principal of, premium, if any, and
interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513 of this Indenture. 

Notwithstanding the foregoing, if an Event of Default specified in Section 501(6) of this Indenture shall have occurred and be
continuing, such Event of Default and any consequential acceleration (to the extent not in violation of any applicable law or in conflict with any judgment or decree of a court of competent jurisdiction) shall be automatically rescinded and annulled
if (1)(a) the Indebtedness that is the 

  
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subject of such Event of Default has been repaid or (b) the default relating to such Indebtedness is waived by the holders of such Indebtedness or cured and if such Indebtedness has been
accelerated, then the holders thereof have rescinded their declaration of acceleration in respect of such Indebtedness, in each case, within 30 days after the declaration of acceleration with respect thereto, and (2) any other existing Events
of Default, except nonpayment of principal, premium, if any, or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived as provided in Section 513 of this Indenture. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

From and after the occurrence of the Merger Event, this Section 502 shall no longer apply. 

Section 503.    Collection of Indebtedness and Suits for Enforcement by Trustee. 

If an Event of Default occurs and is continuing, the Trustee, in its own name and as trustee of an express trust, shall be entitled and
empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid or enforce the performance of any provision of the Notes or this Indenture, and may prosecute any such action or proceedings to
judgment or final decree, and may enforce any such judgment or final decree against the Guarantors or the Company or any other obligor upon the Notes (and collect in the manner provided by law out of the property of the Guarantors or the Company or
any other obligor upon the Notes wherever situated the moneys adjudged or decreed to be payable). 
 Section 504.    Trustee May
File Proofs of Claim. 
 In case of any judicial proceeding relative to the Company, the Guarantors or any other obligor upon the Notes,
or the property or creditors of the Company, the Guarantors or such other obligor, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions in order to have claims of the Holders and
the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607 of this
Indenture. 
 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding;
provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

Section 505.    Trustee May Enforce Claims Without Possession of Notes. 

All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession of any
of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the
payment of the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment has been recovered. 

  
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 Section 506.    Application of Money Collected. 

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

FIRST: To the payment of all amounts due the Trustee under Section 607 of this Indenture; 

SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest on the Notes, ratably,
without preference or priority of any kind, according to the amounts due and payable on such Notes for principal and any premium and interest, respectively; and 

THIRD: The remainder, if any, shall be paid to the Guarantors or the Company, as applicable, or as a court of competent
jurisdiction shall direct in a final, non-appealable order or other writing. 
 Section 507.    Limitation on Suits. 

Subject to Section 508 of this Indenture, no Holder shall have any right to institute any proceeding, judicial or otherwise, with respect
to this Indenture or the Notes, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless: 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default; 

(2) the Holders of at least 25% in aggregate principal amount of the Outstanding Notes shall have made a written request to the
Trustee to pursue the remedy; 
 (3) such Holders have offered to the Trustee security or indemnity satisfactory to the
Trustee against any loss, liability or expense; 
 (4) the Trustee has not complied with such request within 60 days after
the receipt of such notice, request and offer of security or indemnity; and 
 (5) the Holders of at least a majority in
aggregate principal amount of the Outstanding Notes have not waived such Event of Default or otherwise given the Trustee a direction that, in the opinion of the Trustee, is inconsistent with such request within such 60-day period; 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of such Holders. 
 Section 508.    Unconditional Right of
Holders to Receive Principal, Premium and Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Notes
shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 308 of this Indenture) interest on such Notes when due, and to institute suit for the enforcement of any
such payment, and such rights shall not be impaired without the consent of such Holder. 

  
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 Section 509.    Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Guarantors, the Trustee and the Holders shall
be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

Section 510.    Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in the last paragraph of
Section 307 of this Indenture, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 511.    Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such
right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be. 
 Section 512.    Control by Holders. 

Subject to Section 603(4) of this Indenture, the Holders of at least a majority in aggregate principal amount of the Outstanding Notes
shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Notes; provided that 

(1) the Trustee may refuse to follow any direction that conflicts with any rule of law or with this Indenture or that the
Trustee determines is unduly prejudicial to the rights of any other Holder not joining in the giving of such direction or that would involve the Trustee in personal liability or expense for which the Trustee has not been offered an indemnity or
security satisfactory to it, and 
 (2) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction received from Holders. 
 Section 513.    Waiver of Past Defaults. 

The Holders of at least a majority in aggregate principal amount of the Outstanding Notes may on behalf of the Holders of all the Notes waive
any past default hereunder and its consequences or compliance with any covenant or provision hereof, except a default 
 (1)
in the payment of the principal of or any premium or interest on the Notes (other than amounts that have become due solely because of an acceleration that has been rescinded), or 

(2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of
the Holder of each Outstanding Note affected. 

  
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 Upon any such waiver with respect to a past default, such default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 514.    Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered
or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, including reasonable attorneys’ fees and expenses, and may assess costs against any such party litigant in
the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant; provided that this Section 514 shall not be deemed to authorize any court to require such an undertaking or to make such an
assessment in any suit instituted by the Company, the Trustee, a suit by a Holder pursuant to Section 508 of this Indenture or a suit by Holders of more than 10% in principal amount of the Outstanding Notes. 

Section 515.    Waiver of Usury, Stay or Extension Laws. 

Each of the Company and the Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or
plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the
Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer
and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE SIX 

THE TRUSTEE 

Section 601.    Certain Duties and Responsibilities. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in its exercise as a prudent Person would exercise in the conduct of such Person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad
faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates, opinions or orders furnished to the Trustee and conforming to the requirements of this
Indenture or the Notes, as the case may be. However, in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such certificates and opinions
to determine whether or not they conform to the requirements of this Indenture or the Notes, as the case may be (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee may not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to act or its own
willful misconduct, except that: 
 (1) this paragraph does not limit the effect of clause (b) of this Section 601;

  
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 (2) the Trustee shall not be liable for any error of judgment made in good faith
by a Responsible Officer; 
 (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good
faith in accordance with a direction received by it pursuant to Section 512 of this Indenture; and 
 (4) no provision
of this Indenture or the Notes shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or powers, if it
shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this
Section 601 of this Indenture. 
 The Trustee shall not be liable for interest on any money received by it except as the Trustee may
agree in writing with the Company. 
 Money held in trust by the Trustee need not be segregated from other funds except to the extent
required by law. 
 Section 602.    Notice of Defaults. 

Within 90 days after the occurrence of any Default with respect to the Notes and is deemed to be known to the Trustee, the Trustee shall send
to all Holders, as their names and addresses appear in the Security Register, notice of such Default, unless such Default shall have been cured or waived; provided, however, that, except in the case of a Default in the payment of the
principal of or any premium or interest with respect to any Note, the Trustee may withhold from Holders notice of any continuing Default or Event of Default if the Trustee in good faith determines that the withholding of such notice is in the
interest of the Holders; and, provided further, that (1) in the case of any Default of the character specified in Section 501(4) of this Indenture, no such notice to Holders shall be given until at least 30 days after the occurrence
thereof, and (2) in the case of any Default of the character specified in Section 501(5) of this Indenture, no such notice to Holders shall be given until at least 60 days after the occurrence thereof. 

Section 603.    Certain Rights of Trustee. 

Subject to Section 601 of this Indenture: 

(1) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any
resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 
 (2) whenever in the administration of this
Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith
on its part, rely upon an Officers’ Certificate; 
 (3) the Trustee may consult with counsel and the advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(4) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with
such request or direction; 

  
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 (5) the Trustee shall not be bound to make any investigation into the facts or matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation; 

(6) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(7) the Trustee may request that the Company and, if applicable, the Guarantors deliver an Officers’ Certificate setting forth the names
of individuals or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded; 
 (8) the Trustee shall not be deemed to have
notice or be charged with actual or constructive knowledge of any Default or Event of Default unless a Responsible Officer of the Trustee has received written notice of any event that is in fact such a Default or Event of Default at the Corporate
Trust Office of the Trustee, and such notice references the Notes and this Indenture; 
 (9) the Trustee shall not be liable for any action
taken, suffered, or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

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

(11) in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including
but not limited to loss of profit), even if the Trustee has been advised as to the likelihood of such loss or damage and regardless of the form of action; 

(12) delivery of information, reports or certificates or any annual reports, information, documents and other reports to the Trustee is for
informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information therein or determinable from information contained therein, including the Company’s compliance with any of its
covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates); and 
 (13) the permissive
rights of the Trustee to perform any discretionary act enumerated in this Indenture shall not be treated as a duty. 

Section 604.    Not Responsible for Recitals or Issuance of Notes. 

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of
the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the Company of Notes or the proceeds thereof. 

  
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 Section 605.    May Hold Notes. 

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any
other capacity, may become the owner or pledgee of Notes and, subject to Sections 608 and 613 of this Indenture, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent,
Security Registrar or such other agent. 
 Section 606.    Money Held in Trust. 

Money and Government Securities held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required
by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 

Section 607.    Compensation and Reimbursement; Payments to Trustee. 

(1) The Company and the Guarantors agree jointly and severally 

(a) to pay to the Trustee from time to time compensation for all services rendered by it hereunder (which compensation shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
 (b) to reimburse
the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its
agents and counsel), except any such expense, disbursement or advance as shall be determined to have been caused by its own gross negligence or willful misconduct; and 

(c) to fully indemnify the Trustee and its directors, officers, employees and agents for, and to hold it harmless against, any
loss, claim, liability or expense incurred without gross negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of
defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. When the Trustee incurs expenses or renders services after the occurrence of an Event of Default specified in
paragraph (9) or (10) of Section 501 of this Indenture, such expenses and the compensation for such services are intended to constitute expenses of administration under any applicable Bankruptcy Law. 

(2) The obligations of the Company and the Guarantors under this Section 607 shall survive the satisfaction and discharge of this
Indenture and resignation or removal of the Trustee. 
 (3) To secure the Company’s payment obligations in this Section 607, the
Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this
Indenture. 
 (4) “Trustee” for purposes of this Section 607 shall include any predecessor Trustee; provided,
however, that the negligence or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 
 (5)
All amounts payable by the Company or any Guarantor to the Trustee in respect of (a) the principal, premium, if any and interest on the Notes or (b) any other amounts payable to the Trustee hereunder, including pursuant to this
Section 607, shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

  
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 Section 608.    Conflicting Interests. 

If the Trustee has or shall acquire a conflicting interest (as defined in the Trust Indenture Act) after a Default has occurred and is
continuing, the Trustee shall either eliminate such conflict within 90 days or resign. 
 Section 609.    Corporate Trustee
Required; Eligibility. 
 There shall at all times be one (and only one) Trustee hereunder with respect to the Notes. Each Trustee shall
be a Person that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or
examination by federal or state authorities and has a combined capital and surplus of at least $50,000,000. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining
authority, then for the purposes of this Section 609, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the
Trustee with respect to the Notes shall cease to be eligible in accordance with this Section 609, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

Section 610.    Resignation and Removal; Appointment of Successor. 

No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611 of this Indenture. 

The Trustee may resign at any time with respect to the Notes by giving written notice thereof to the Company. If the instrument of acceptance
by a successor Trustee required by Section 611 of this Indenture shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition at the expense of the Company any
court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes. 
 The Trustee may be removed at any
time by Act of the Holders of at least a majority in aggregate principal amount of the Outstanding Notes, delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee required by Section 611 of this
Indenture shall not have been delivered to the Trustee within 30 days after the delivery of such Act, the removed Trustee may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Notes. 
 If at any time: 

(1) the Trustee shall fail to comply with Section 608 of this Indenture after written request therefor by the Company or
by any Holder who has been a bona fide Holder of a Note for at least six months, or 
 (2) the Trustee shall cease to be
eligible under Section 609 of this Indenture and shall fail to resign after written request therefor by the Company or by any such Holder, or 

(3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or
of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

  
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 then, in any such case, (a) the Company by a Board Resolution may remove the Trustee, or (b) subject to
Section 514 of this Indenture, any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee
with respect to all Notes and the appointment of a successor Trustee or Trustees. 
 If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Notes, the Company, by a Board Resolution, shall within 60 days appoint a successor Trustee with respect to the Notes and shall comply with
the applicable requirements of Section 611 of this Indenture. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Notes shall be appointed by Act of the
Holders of at least a majority in aggregate principal amount of the Outstanding Notes delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with
the applicable requirements of such Section 611, become the successor Trustee with respect to the Notes and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Notes shall have
been so appointed by the Company or the Holders and accepted appointment in the manner required by such Section 611, any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly
situated and subject to Section 514 of this Indenture, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes. 

The Company shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to all Holders
in the manner provided in Section 106 of this Indenture. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office. 

Section 611.    Acceptance of Appointment by Successor. 

In case of the appointment hereunder of a successor Trustee, every such successor Trustee so appointed shall execute, acknowledge and deliver
to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of all amounts due and owed to it, execute and deliver
an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 

Upon request of any such successor Trustee, the Company and the Guarantors shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first paragraph of this Section 611. 

No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article. 
 Section 612.    Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder; provided such
corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes shall have been authenticated, but not delivered,
by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself
authenticated such Notes. 

  
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 Section 613.    Preferential Collection of Claims Against Company. 

If and when the Trustee shall be or become a creditor of the Company or any other obligor upon the Notes, the Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against the Company or any such other obligation. 

Section 614.    Appointment of Authenticating Agent. 

The Trustee or the Company may appoint an Authenticating Agent or Agents which shall be authorized to act on behalf of the Trustee to
authenticate Notes issued upon original issue and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 306 of this Indenture, and Notes so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Notes by the Trustee or the Trustee’s certificate of
authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to
act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 614, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with this Section 614, such Authenticating Agent shall resign immediately in the manner and with
the effect specified in this Section 614. 
 Any corporation into which an Authenticating Agent may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an
Authenticating Agent, shall continue to be an Authenticating Agent; provided that, such corporation shall be otherwise eligible under this Section 614, without the execution or filing of any paper or any further act on the part of the
Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and
to the Company. The Trustee or the Company may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent. Upon receiving such a notice of resignation or upon such a termination, or in
case at any time such Authenticating Agent shall cease to be eligible in accordance with this Section 614, the Trustee or the Company may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of
such appointment in the manner provided in Section 106 of this Indenture to all Holders with respect to which such Authenticating Agent shall serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under this Section 614. 

The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 614.

 If an appointment is made pursuant to this Section 614, the Notes may have endorsed thereon, in addition to the Trustee’s
certificate of authentication, an alternative certificate of authentication in the following form: 

  
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 This is one of the 5.125% Senior Notes due 2019 referred to in the within-mentioned Indenture.

  

			
	 THE BANK OF NEW YORK MELLON,

         as Trustee

		
	By:	 	 
		 	As Authenticating Agent
		
	 Dated:
	 	

 Section 615.    Confidentiality. 

The Trustee shall maintain the confidentiality of all Confidential Information in accordance with its internal procedures; provided
that, the Trustee may deliver or disclose Confidential Information to: (i) the Trustee’s directors, trustees, officers, auditors, employees, agents, attorneys, professional advisors and affiliates to the extent such disclosure is
reasonably required for the administration of this Indenture; (ii) any Holder of the Notes; (iii) any Person of the type that would be, to the Trustee’s knowledge, permitted to acquire Notes; (iv) any Federal or state or other
regulatory, governmental or judicial authority having jurisdiction over the Trustee; or (v) any other Person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation or
order applicable to the Trustee, (B) in response to any subpoena or other legal process, (C) in connection with any litigation to which the Trustee is a party or (D) if an Event of Default has occurred and is continuing, to the extent
the Trustee may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Notes or this Indenture; provided that, (A) in the case of
clause (i) of this paragraph, any such Person agrees to keep such informational confidential on the same terms as are set forth in this Section 615 and (B) in the case of clauses (ii) and (iii) of this paragraph, such Person
shall be deemed by accepting such information or by accepting the Notes to have agreed to keep such information confidential; and, provided further, in the case of clauses (iv) and (v)(A), (B) and (C) of this paragraph,
(i) the Trustee shall provide the Company prompt notice so that the Company may, at its own expense, seek a protective order or other appropriate remedy and (ii) the Trustee shall disclose only such portion of the Confidential Information
that it reasonably believes is required under the circumstances. 
 Notwithstanding the foregoing, the Trustee (and each of its respective
employees, representatives or other agents) may disclose to any and all Persons, without limitation of any kind, the U.S. federal, state and local income tax treatment of the Company and the transactions contemplated by this Indenture and all
materials of any kind (including opinions or other tax analyses) that are provided to them relating to such U.S. federal, state and local income tax treatment. The Trustee shall initially make such disclosure by directing any such Person to the tax
sections of the Offering Memorandum. 
 For the purposes of this Section 615, “Confidential Information” means
information delivered to the Trustee by or on behalf of the Company in connection with and relating to the transactions contemplated by or otherwise pursuant to this Indenture, including without limitation the reports and other information furnished
by the Company in accordance with Section 1006 of this Indenture; provided that such term does not include information that: (i) was publicly known or otherwise known to the Trustee prior to the time of such disclosure;
(ii) subsequently becomes publicly known through no act or omission by the Trustee; (iii) otherwise is known or becomes known to the Trustee other than through disclosure by the Company; or (iv) is allowed to be treated as
non-confidential by written consent of the Company. 
 The confidentiality provisions of this Section 615 shall terminate and be of no
further force and effect upon the earlier of (i) the date no Notes are Outstanding under this Indenture and (ii) the date the Company files a registration statement under the Securities Act or the Exchange Act and is required to file
information and reports with the SEC. 

  
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 Section 616.    Certain U.S. Tax Matters. 

Notwithstanding anything to the contrary contained in this Indenture, the Company and any Paying Agent may, to the extent it is required to do
so by law, deduct or withhold income or other similar taxes imposed by the United States of America from principal or interest payments hereunder. 

The Company, the Trustee and the Paying Agent shall cooperate with each other and shall provide each other with reasonable access to, and
copies of, documents or information necessary for each of the Company, the Trustee and the Paying Agent to comply with any withholding tax or tax information reporting obligations imposed on any of them, including any obligations imposed pursuant to
an agreement with a governmental authority. 
 ARTICLE SEVEN 

HOLDERS’ LISTS 

Section 701.    Company to Furnish Trustee Names and Addresses of Holders. 

If at any time the Trustee is not the Security Registrar, the Company shall furnish or cause to be furnished to the Trustee: 

(1) semi-annually, not later than one Business Day before each Interest Payment Date for the Notes in each year, a list, in
such form as the Trustee may reasonably require, of the names and addresses of the Holders as of the preceding Regular Record Date, and 

(2) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such
request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished. 

Section 702.    Preservation of Information; Communications to Holders. 

The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in Section 701 of this Indenture and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in
such Section 701 upon receipt of a new list so furnished. 
 ARTICLE EIGHT 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 

Section 801.    Company May Consolidate, Etc., Only on Certain Terms. 

The Company shall not (i) consolidate or merge with or into another Person (regardless of whether the Company is the surviving Person);
or (ii) directly or indirectly, sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to another Person, unless: 

(1) either: (a) the Company is the surviving Person; or (b) the Person formed by or surviving any such consolidation
or merger (if other than the Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition has been made is a corporation, limited liability company or limited partnership organized or existing under the laws of the
United States, any state of the United States or the District of Columbia; 

  
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 (2) the Person formed by or surviving any such consolidation or merger (if other
than the Company) or the Person to which such sale, assignment, transfer, lease, conveyance or other disposition has been made assumes all the obligations of the Company under the Notes and this Indenture pursuant to a supplemental indenture in form
reasonably satisfactory to the Trustee; 
 (3) immediately after such transaction or transactions, no Default or Event of
Default exists; 
 (4) the Company or the Person formed by or surviving any such consolidation or merger (if other than the
Company), or to which such sale, assignment, transfer, lease, conveyance or other disposition has been made, would (on the date of such transaction after giving pro forma effect thereto and to any related financing transactions as if the same
had occurred at the beginning of the applicable four-quarter period) either: 
 (a) be permitted to incur at least $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 1011 of this Indenture; or 

(b) have a Fixed Charge Coverage Ratio that is not less than the Fixed Charge Coverage Ratio of the Company and its Restricted
Subsidiaries immediately before such transaction; and 
 (5) the Company shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture (if any) comply with this Article ; 

provided that, clauses (3) and (4) of this paragraph shall not apply to the Merger Event or any of the transactions contemplated by the
Transaction Agreement. 
 For purposes of this Section 801, the sale, assignment, transfer, lease, conveyance or other disposition of
all or substantially all of the properties or assets of one or more Subsidiaries of the Company, which properties or assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties or assets
of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties or assets of the Company. 

The surviving entity shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and
the predecessor Company shall be discharged and released from all obligations under this Indenture and the Notes; provided, however, that the Company shall not be released from the obligation to pay the principal of, premium, if any,
and interest on the Notes in the case of a lease of all or substantially all of the Company’s properties or assets in a transaction that is subject to, and that complies with, this Section 801. 

Notwithstanding the restrictions described in clauses (3) and (4) of this Section 801, (i) any Restricted Subsidiary may
consolidate or merge with or into or dispose of all or part of its properties or assets to the Company, (ii) any Restricted Subsidiary may consolidate or merge with or into or dispose of all or part of its properties or assets to another
Restricted Subsidiary and (iii) the Company may consolidate or merge with a newly incorporated or organized Affiliate solely for the purposes of reincorporating or reorganizing the Company in another U.S. jurisdiction or changing its
organizational form. 
 From and after the occurrence of the Merger Event, this Section 801 shall no longer apply. 

Section 802.    Successor Substituted. 

Upon any consolidation, merger or combination or any sale, assignment, transfer, lease, conveyance or other disposition of all or
substantially all of the properties or assets of the Company in a transaction that is subject to, and that complies with, Section 801 of this Indenture, the successor Person formed by such consolidation or into or with which the Company is
merged or combined or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be 

  
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substituted for the Company (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture
referring to the “Company” shall refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as if such successor Person had been named as
the Company herein and the predecessor Company shall be discharged and released from all obligations under this Indenture and the Notes; provided, however, that the predecessor Company shall not be relieved from the obligation to pay
the principal of and interest on the Notes in the case of a lease of all or substantially all of the Company’s properties or assets in a transaction that is subject to, and that complies with, such Section 801. 

From and after the occurrence of the Merger Event, this Section 802 shall no longer apply. 

ARTICLE NINE 

SUPPLEMENTAL INDENTURES 

Section 901.    Supplemental Indentures Without Consent of Holders. 

Without the consent of any Holder, the Company, the Guarantors (if any) and the Trustee may amend or supplement this Indenture or the Notes or
the Guarantees to: 
 (1) cure any ambiguity, omission, mistake or defect or to correct or supplement any provision herein
that may be inconsistent with any other provision herein; 
 (2) evidence the succession of another Person to the Company and
the assumption by any such successor of the covenants of the Company herein and, to the extent applicable, to the Notes; 

(3) provide for uncertificated Notes in addition to or in place of certificated Notes; 

(4) add a Guarantee and cause any Person to become a Guarantor or otherwise provide a guarantee with respect to the Notes,
and/or to evidence the succession of another Person to a Guarantor, and the assumption by any such successor of the Guarantee of such Guarantor herein or to release a Guarantor in compliance with this Indenture; 

(5) secure the Notes or the Guarantees; 

(6) add to the covenants of the Company such further covenants, restrictions, conditions or provisions as the Company shall
consider to be appropriate for the benefit of the Holders or to surrender any right or power herein conferred upon the Company or to make the occurrence, or the occurrence and continuance, of a Default in any such additional covenants, restrictions,
conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as set forth herein; provided that, in respect of any such additional covenant, restriction, condition or
provision, such supplemental indenture may provide for a particular period of grace after Default (which period may be shorter or longer than that allowed in the case of other Defaults) or may provide for an immediate enforcement upon such an Event
of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of at least a majority in aggregate principal amount of the Notes to waive such an Event of Default; 

(7) make any change to any provision of this Indenture that would provide any additional rights or benefits to the Holders or
that does not adversely affect the rights or interests of any such Holder; 
 (8) provide for the issuance of Additional
Notes in accordance with the provisions set forth in this Indenture on the date of this Indenture; 

  
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 (9) add any additional Defaults or Events of Default in respect of the Notes;

 (10) evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes and
to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611 of this Indenture;

 (11) conform the text of this Indenture (and/or any supplemental indenture), Notes or the Guarantees to any provision of
the “Description of Notes” section of the Offering Memorandum pursuant to which the Notes were offered to the extent that such description was intended to be a verbatim recitation of a provision of this Indenture (and/or any supplemental
indenture), the Notes or Guarantees as determined by an Officer of the Company; 
 (12) to make any amendment to the
provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including to facilitate the issuance and administration of the Notes or, if incurred in compliance with this Indenture, Additional Notes;
provided, however, that (A) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any other applicable securities laws and regulations and (B) such
amendment does not materially and adversely affect the rights of Holders to transfer Notes; or 
 (13) modify, eliminate or
add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the Trust Indenture Act, or under any similar federal statute subsequently enacted, and to add to this Indenture such
other provisions as may be expressly required under the Trust Indenture Act. 
 Upon the request of the Company, and upon receipt by the
Trustee of the documents described in Section 903 of this Indenture, the Trustee shall join with the Company and any Guarantor in the execution of any such supplemental indenture, and is authorized to make any further appropriate agreements and
stipulations that may be therein contained and to accept the conveyance, transfer, assignment, mortgage, charge or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects
the Trustee’s own rights, duties, indemnities or immunities under this Indenture or otherwise. 

Section 902.    Supplemental Indentures with Consent of Holders. 

The Company, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes or any Guarantee with the consent of the Holders
of at least a majority in aggregate principal amount of the Outstanding Notes (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes) and, subject to Section 508 and Section 513 of this
Indenture, any existing Default or Event of Default or compliance with any provision of this Indenture or the Notes or any Guarantee may be waived with the consent of the Holders of at least a majority in aggregate principal amount of the
Outstanding Notes (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, debt securities). 

Upon the request of the Company, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as
aforesaid, and upon receipt by the Trustee of the documents described in Section 903 of this Indenture, the Trustee shall join with the Company and the Guarantors in the execution of such amended or supplemental indenture unless such amended or
supplemental indenture affects the Trustee’s own rights, duties, indemnities or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or
supplemental Indenture. 

  
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 The consent of the Holders is not necessary under this Section 902 to approve the particular
form of any proposed amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof. 
 After an
amendment, supplement or waiver under this Section 902 becomes effective, the Company shall send to the Holders a notice briefly describing such amendment, supplement or waiver. However, the failure to give such notice to all such Holders, or
any defect therein, shall not impair or affect the validity of the applicable amendment, supplement or waiver. 
 Without the consent of
each Holder affected thereby, an amendment, supplement or waiver under this Section 902 may not: 
 (1) change the
Stated Maturity of the principal of, or any installment of principal of or interest on, any Note, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof (it being understood that any
purchase or repurchase of Notes in connection with an Asset Sale Offer or a Change of Control Offer shall not be deemed a redemption of Notes), or reduce the amount of the principal that would be due and payable upon a declaration of acceleration of
the Maturity thereof pursuant to Section 502 of this Indenture, or change the coin or currency in which, any Note or any premium (other than any premium payable upon a purchase or repurchase of Notes in connection with a Change of Control) or
the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date therefor); 

(2) reduce the percentage in aggregate principal amount of the Outstanding Notes, the consent of whose Holders is required for
any such amendment, supplement or waiver; 
 (3) modify any of the provisions of Section 508 or Section 513 of this
Indenture, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of each Holder of each Outstanding Note affected thereby; 

(4) waive a redemption payment with respect to any Note; provided, however, that any purchase or repurchase of
Notes shall not be deemed a redemption of the Notes; 
 (5) release any Guarantor from any of its obligations under its
Guarantee or this Indenture, except in accordance with the terms of this Indenture (as supplemented by any supplemental indenture); or 

(6) make any change in the foregoing amendment and waiver provisions of this Indenture. 

Section 903.    Execution of Supplemental Indentures. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be provided with, and shall be fully protected in relying upon, an Officers’ Certificate and Opinion of Counsel each stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture and each including the statements required to be included in such certificate and opinion as set forth in Section 102 of this Indenture. 

Section 904.    Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

  
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 Section 905.    Reference in Notes to Supplemental Indentures. 

Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the
Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company and such new Notes may be authenticated and delivered by the Trustee in exchange for Outstanding Notes. 

Section 906.    Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every
subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. An amendment, supplement or waiver becomes effective in accordance with its
terms and thereafter binds every Holder. 
 ARTICLE TEN 

COVENANTS 

Section 1001.    Payment of Principal, Premium and Interest. 

The Company covenants and agrees for the benefit of the Notes that it shall duly and punctually pay the principal of and any premium and
interest on the Notes in accordance with the terms of the Notes and this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if a Paying Agent, if other than the Company or a Restricted Subsidiary, holds as
of 11:00 a.m., New York City time, on the due date money deposited in U.S. dollars by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 

The Company shall pay interest (including post-petition interest in any proceeding under any applicable Bankruptcy Law) on overdue principal
and premium, if any, at the interest rate specified in the Notes to the extent lawful; and it shall pay interest (including post-petition interest in any proceeding under any applicable Bankruptcy Law) on overdue installments of interest (without
regard to any applicable grace period) at the same rate to the extent lawful. 
 Section 1002.    Maintenance of Office or
Agency. 
 The Company shall maintain, in the United States, an office or agency where Notes may be presented or surrendered for
payment, and it shall maintain an office or agency in the United States where Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be
served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands. The Company hereby initially appoints The Bank of New York Mellon at its corporate trust office in the City of New York, which, at the date hereof, is located at 101 Barclay Street, 7E, New York, New
York 10286, Attn: Corporate Trust; Administration/RJS Power Holdings LLC, as the Company’s office or agency where the Notes may be presented or surrendered for payment. 

The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

  
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 Section 1003.    Money for Notes Payments to Be Held in Trust. 

If the Company shall at any time act as its own Paying Agent, it shall, before 11:00 a.m., New York City time, on each due date of the
principal of or any premium or interest on any of the Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid
to such Persons or otherwise disposed of as herein provided and shall promptly notify the Trustee of its action or failure so to act. 

Whenever the Company shall have one or more Paying Agents for the Notes, it shall, prior to 11:00 a.m., New York City time, on each due
date of the principal of or any premium or interest on the Notes, deposit with a Paying Agent a sum in U.S. dollars in immediately available funds sufficient to pay such amount, and (unless such Paying Agent is the Trustee) the Company shall
promptly notify the Trustee of its action or failure so to act. 
 The Company shall cause each Paying Agent other than the Trustee to
execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to this Section 1003, that such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by such
Paying Agent for the payment of principal of, premium, if any, or interest on the Notes (whether such assets have been distributed to it by the Company or other obligors on the Notes), shall notify the Trustee in writing of any default by the
Company or any Guarantor in making any such payment and shall during the continuance of any default by the Company or any other obligor upon the Notes in the making of any payment in respect of the Notes, upon the written request of the Trustee,
forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Notes. 
 The Company may at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such
sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further
liability with respect to such money. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for
the payment of the principal of or any premium or interest on the Notes and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall, subject to relevant escheat laws, be paid to the Company on
Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Notes shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that, if there are then outstanding any Notes not in global form, the Trustee or such
Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in
the City and State of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining shall be
repaid to the Company. 
 Section 1004.    Annual Compliance Certificate; Statement by Officers as to Default. 

The Company shall deliver to the Trustee within 150 days after the end of each fiscal year of the Company (which currently ends on
December 31) ending after the Issue Date an Officers’ Certificate signed by the principal executive officer, the principal accounting officer or the principal financial officer of the Company, stating that a review of the activities of the
Company and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether each of the Company and the Guarantors has performed its obligations under this
Indenture, and further stating whether or not the signers know of any Default or Event of Default that 

  
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occurred during such period. If they do, the certificate shall describe such Default or Event of Default, its status and what action the Company is taking or proposes to take with respect
thereto. 
 The Company shall, so long as any Note is Outstanding, deliver to the Trustee within 30 calendar days after becoming aware of
the occurrence of any Default or Event of Default, written notice (which need not be an Officers’ Certificate) setting forth the details of such Default or Event of Default, and what action the Company is taking or proposing to take with
respect thereto. 
 Section 1005.    Existence. 

Subject to Article Eight or, following the Merger Event, Section 1608 of this Indenture, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect the existence, rights (charter and statutory) and franchises of the Company; provided, however, that the Company shall not be required to preserve any such right or
franchise if it shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole. 

Section 1006.    Reports. 

So long as any Notes are Outstanding, the Company shall furnish to the Trustee: 

(1) within 120 days (135 days in the case of the first two fiscal years ending after the Issue Date) after the end of each
fiscal year ending after the Issue Date, an annual report of the Company containing substantially all of the financial information that would have been required to be contained in an Annual Report on Form 10-K under the Exchange Act if the Company
had been a non-accelerated filer under the Exchange Act (but only to the extent similar information was included in the Offering Memorandum), including (A) “Management’s Discussion and Analysis of Financial Condition and Results of
Operations,” (B) audited financial statements prepared in accordance with GAAP and (C) a report on the annual financial statements by the Company’s certified independent accountants; 

(2) within 60 days (75 days in the case of the first three fiscal quarters ending after the Issue Date) after the end of each
of the first three fiscal quarters of each fiscal year beginning with the fiscal quarter ended June 30, 2014, quarterly reports of the Company containing substantially all of the financial information that would have been required to be
contained in a Quarterly Report on Form 10-Q under the Exchange Act if the Company had been a non-accelerated filer under the Exchange Act (but only to the extent similar information was included in the Offering Memorandum), including
(A) “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and (B) unaudited quarterly financial statements prepared in accordance with GAAP; and 

(3) within ten Business Days after the occurrence of the relevant event requiring disclosure, all Current Reports that would be
required to be filed with the SEC on Form 8-K pursuant to Items 1.01 (Entry into a Material Definitive Agreement), 1.02 (Termination of a Material Definitive Agreement), 1.03 (Bankruptcy or Receivership), 2.01 (Completion of Acquisition or
Disposition of Assets), 2.03 (Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement), 2.04 (Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement), 4.01 (Changes in Registrant’s Certifying Accountant), 4.02 (Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review) or 5.01 (Changes in Control of Registrant) if the
Company were required to file such reports; provided, however, that no such current report shall be required to be furnished if the Company determines in its good-faith judgment that such event is not material to Holders or the business, assets,
operations, financial positions or prospects of the Company and the Restricted Subsidiaries, taken as a whole; provided that, any such information or reports (if any) in this paragraph filed with the EDGAR system of the SEC (or any successor system)
shall be deemed to be furnished to the Trustee; 

  
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 provided further, that such reports referenced in clauses (1), (2) and (3) of
this Section 1006 (A) shall not be required to comply with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K promulgated by the SEC, or Item 302 of Regulation S-K or
Item 10(e) of Regulation S-K (with respect to any non-GAAP financial measures contained therein), (B) shall not be required to contain (i) the separate financial information for Guarantors or Subsidiaries the shares of which are
pledged to secure the Notes or any Guarantee or any non-consolidating entity that would be required by Rule 3-10, Rule 3-16 or Rule 3-09 of Regulation S-X, respectively, promulgated by the SEC, and (ii) the condensed consolidating audited
financial information footnote contemplated by Rule 3-10 of Regulation S-X, and (C) shall not be required to include any exhibits. 

At any time that any of the Subsidiaries of the Company are Unrestricted Subsidiaries, if such Unrestricted Subsidiaries, individually or
taken together, would constitute a Significant Subsidiary, then the quarterly and annual reports required by the first paragraph of this Section 1006 shall include a reasonably detailed presentation, either on the face of the financial
statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” or other comparable section, of the financial condition and results of operations of the Company
and the Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company. 

So long as any Notes are Outstanding, the Company shall also: 

(1) maintain a website or online data room (which may be password protected) to which Holders, prospective investors,
broker-dealers and securities analysts are given access and to which all of the reports and press releases required by this Section 1006 are posted; 

(2) within 10 Business Days after furnishing to the Trustee the annual and quarterly reports required by clauses (1) and
(2) of the first paragraph of this Section 1006, hold a conference call (which may be password protected) to discuss such reports and the results of operations for the relevant reporting period; and 

(3) post an announcement to the website described in clause (1) of this paragraph, no fewer than three Business Days prior
to the date of the conference call required to be held in accordance with this paragraph, of the time and date of such conference call and either including all information necessary to access the call or directing Holders, prospective investors,
broker-dealers and securities analysts to contact the appropriate person at the Company to obtain such information. 
 In addition, to the
extent not satisfied by the foregoing, the Company shall furnish to Holders, prospective investors, broker-dealers and securities analysts, upon their request, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act so long as the Notes are not freely transferable under the Securities Act. 
 In the event that any Parent of the Company becomes a
guarantor of the Notes, this Indenture shall permit the Company to satisfy its obligations in this Section 1006 with respect to financial information relating to the Company by furnishing financial information relating to such Parent;
provided that, the same is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such Parent, on the one hand, and the information relating to the Company and the
Restricted Subsidiaries on a standalone basis, on the other hand. 
 Delivery of the reports and documents described in this
Section 1006 to the Trustee is for informational purposes only, and the Trustee’s receipt of such reports and documents shall not constitute notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officers’ Certificate). 

  
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 The Company shall provide the reports and other documents required by this Section 1006 to
the Trustee by facsimile, email or mail (first class postage prepaid) to the Corporate Trust Office. 
 From and after the occurrence of the
Merger Event, this Section 1006 shall no longer apply. 
 Section 1007.    Payment of Taxes. 

The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, any material taxes, assessments, and
governmental levies except such as are contested in good faith by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the ability of the Company to make payments when due on the Notes. 

Section 1008.    [Reserved]. 

Section 1009.    [Reserved]. 

Section 1010.    Repurchase of Notes Upon a Change of Control. 

If a Change of Control occurs, each Holder shall have the right to require the Company to repurchase all or any part (equal to $2,000
or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to an offer (a “Change of Control Offer”) on the terms set forth in this Section 1010. In the Change of Control Offer, the Company shall
offer a payment in cash (the “Change of Control Payment”) equal to not less than 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased to but excluding
the date of purchase (the “Change of Control Payment Date”), subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date. Not later than 30 days following any Change of
Control, unless the Company has exercised its right to redeem all of the Notes under Section 5 of the Notes, the Company shall send a notice to each Holder with a copy to the Trustee describing the transaction or transactions that constitute
the Change of Control and stating: 
 (1) that the Change of Control Offer is being made pursuant to this
Section 1010 and that all Notes tendered shall be accepted for payment; 
 (2) the purchase price and the Change of
Control Payment Date, which shall be no earlier than 30 days and no later than 60 days from the date such notice is sent; 

(3) that any Note not tendered shall continue to accrue interest; 

(4) that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant
to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date; 
 (5) that Holders
electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer the Notes by
book-entry transfer, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

(6) that Holders shall be entitled to withdraw their election if the Paying Agent receives, not later than the close of
business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that
such Holder is withdrawing his election to have the Notes purchased; and 

  
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 (7) that Holders whose Notes are being purchased only in part shall be issued new
Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer), which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof.

 The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict with this
Section 1010, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 1010 by virtue of such compliance. 

On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 

(2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes
properly tendered; and 
 (3) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 
 The
Paying Agent shall promptly pay (to the extent funded by the Company) to each Holder properly tendered the Change of Control Payment for such Notes (or, if all the Notes are then in global form, make such payment through the facilities of the
Depositary), and the Trustee shall promptly authenticate and deliver (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that,
each such new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. Any Note so accepted for payment shall cease to accrue interest on and after the Change of Control Payment Date unless the Company
defaults in making the Change of Control Payment. 
 The Company shall publicly announce the results of the Change of Control Offer on or as
soon as practicable after the Change of Control Payment Date. 
 Notwithstanding anything to the contrary in this Section 1010, the
Company shall not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the price, at the times and otherwise in compliance with the requirements set
forth in this Section 1010 applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer, (2) notice of redemption has been given pursuant to
Section 5 of the Notes unless and until there is a default in payment of the applicable redemption price, or (3) in connection with or in contemplation of any publicly announced Change of Control, the Company or a third party has made any
offer to purchase (an “Alternate Offer”) any and all Notes validly tendered at a cash price equal to or higher than the Change of Control Payment and has purchased all Notes properly tendered in accordance with the terms of the
Alternate Offer. 
 A Change of Control Offer may be made in advance of a Change of Control and conditioned upon the occurrence of such
Change of Control if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. Notes repurchased by the Company pursuant to a Change of Control Offer shall have the status of Notes issued but not
Outstanding or shall be retired and cancelled, at the Company’s option. Notes purchased by a third party pursuant to the sixth paragraph of this Section 1010 shall have the status of Notes issued and Outstanding. 

  
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 In the event that Holders of at least 90% of the aggregate principal amount of the Outstanding
Notes accept a Change of Control Offer or Alternate Offer and the Company (or any third party making such Change of Control Offer or Alternate Offer, in lieu of the Company, as described in the sixth paragraph of this Section 1010) purchases
all of the Notes held by such Holders, the Company shall have the right, upon not less than 30 nor more than 60 days’ prior notice to the Holders (with a copy to the Trustee), given not more than 30 days following a Change of Control Payment
Date, to redeem all, but not less than all, of the Notes that remain Outstanding at a Redemption Price equal to the Change of Control Payment or the price specified in the Alternate Offer, as applicable, plus, to the extent not included in
the Change of Control Payment or the payment to be made with respect to the Alternate Offer, accrued and unpaid interest, if any, on the Notes that remain Outstanding, to but excluding the Redemption Date (subject to the right of Holders on the
relevant record date to receive interest due on the relevant Interest Payment Date). 
 From and after the occurrence of the Merger Event,
this Section 1010 shall no longer apply. 
 Section 1011.    Incurrence of Indebtedness and Issuance of Preferred
Stock. 
 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly create, incur,
issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”; with “incurrence” having a correlative meaning) any Indebtedness
(including Acquired Debt), and the Company shall not issue any Disqualified Stock and shall not permit any of its Restricted Subsidiaries to issue any preferred stock; provided, however, that the Company may incur Indebtedness
(including Acquired Debt) and issue Disqualified Stock, and Guarantors may incur Indebtedness (including Acquired Debt) and issue preferred stock, if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal
quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or preferred stock is issued, as the case may be, would have been at least 2.0
to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Stock or preferred stock had been issued, as the case
may be, at the beginning of such four-quarter period. 
 Notwithstanding the foregoing, the preceding paragraph of this
Section 1011 shall not prohibit the incurrence or issuance of any of the following items of Indebtedness, Disqualified Stock or preferred stock (collectively, “Permitted Debt”): 

(1) the incurrence by the Company or any Restricted Subsidiary of Indebtedness under one or more Credit Facilities in an
aggregate principal amount at any one time outstanding under this clause (1) (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) not
to exceed the sum of (a) $150.0 million and (b) 7.5% of the Total Assets of the Company, determined as of the date of the incurrence of such Indebtedness after giving pro forma effect to such incurrence and the application of the
proceeds therefrom; 
 (2) the incurrence by the Company or any Restricted Subsidiary of Existing Indebtedness; 

(3) the incurrence by the Company of Indebtedness represented by the Notes to be issued on the Issue Date and any Guarantees of
the Notes; 
 (4) the incurrence by the Company or any Restricted Subsidiary of Indebtedness represented by Capital Lease
Obligations or Attributable Debt, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design, construction, installation, improvement, deployment,
refurbishment or modification of property, plant or equipment or furniture, fixtures and equipment, in each case, used in the business of the Company or any Restricted Subsidiary, in an aggregate principal amount at any time outstanding, including
all Permitted Refinancing Indebtedness incurred to extend, renew, refund, refinance, replace, defease, discharge or otherwise retire for value any Indebtedness incurred 

  
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pursuant to this clause (4), not to exceed the greater of (a) $50.0 million and (b) 2.5% of the Total Assets of the Company, determined as of the date of the incurrence of such
Indebtedness; 
 (5) the incurrence or issuance by the Company or any Restricted Subsidiary of Permitted Refinancing
Indebtedness in exchange for, or the net proceeds of which are used to extend, renew, refund, refinance, replace, defease, discharge or otherwise retire for value any Indebtedness (other than intercompany Indebtedness) or Disqualified Stock of the
Company, or Indebtedness (other than intercompany Indebtedness) or preferred stock of any Restricted Subsidiary, in each case that was permitted by this Indenture to be incurred or issued under the first paragraph of this Section 1011 or clause
(2), (3), (4), (10) or (15) of this paragraph or this clause (5); 
 (6) the incurrence by the Company or any
Restricted Subsidiary of intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries; provided, however, that, (a) if the Company or any Guarantor is the obligor on such Indebtedness and the payee
is not the Company or a Guarantor, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all obligations then due with respect to the Notes, in the case of the Company, or the Guarantee, in the case of a Guarantor;
and (b)(i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary and (ii) any sale or other transfer of any such Indebtedness
to a Person that is not either the Company or a Restricted Subsidiary shall be deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this
clause (6); 
 (7) the issuance by any Restricted Subsidiary to the Company or to any Restricted Subsidiary of any preferred
stock; provided, however, that: 
 (a) any subsequent issuance or transfer of Equity Interests that results in
any such preferred stock being held by a Person other than the Company or a Restricted Subsidiary; and 
 (b) any sale or
other transfer of any such preferred stock to a Person that is not either the Company or a Restricted Subsidiary, 
 shall be deemed, in each
case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by this clause (7); 

(8) the incurrence of obligations of the Company or any Restricted Subsidiary pursuant to Hedging Obligations, in each case
entered into for non-speculative purposes; 
 (9) the guarantee by the Company or any Restricted Subsidiary of Indebtedness
of the Company or a Restricted Subsidiary that was permitted to be incurred by another provision of this Section 1011; provided that, if such Restricted Subsidiary is not a Guarantor, the Indebtedness guaranteed could have been incurred
by a Restricted Subsidiary that is not a Guarantor; provided further that, if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then the guarantee shall be subordinated or pari passu, as
applicable, to the same extent as the Indebtedness guaranteed; 
 (10) the incurrence by the Company or any Guarantor of
Permitted Acquisition Indebtedness or the Incurrence by the Company or any Restricted Subsidiary of Permitted Acquisition Indebtedness that is Acquired Debt; 

(11) the incurrence by the Company or any Restricted Subsidiary of Indebtedness arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument drawn against insufficient funds, so long as such Indebtedness is covered within five Business Days; 

  
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 (12) the incurrence by the Company or any Restricted Subsidiary of Indebtedness
consisting of the financing of insurance premiums in customary amounts consistent with the operations and business of the Company and its Restricted Subsidiaries; 

(13) the incurrence by the Company or any Restricted Subsidiary of Indebtedness constituting reimbursement obligations with
respect to letters of credit; provided that, upon the drawing of such letters of credit, such obligations are reimbursed within 30 days following such drawing; 

(14) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness (A) in respect of workers’
compensation claims, payment obligations in connection with health or other types of social security benefits, unemployment or other insurance or self-insurance obligations, bankers’ acceptances, performance, completion and surety and appeal
bonds and completion guarantees and similar obligations in the ordinary course of business, (B) in respect of performance bonds, bank guarantees or similar obligations for or in connection with pledges, deposits or payments made or given in
relation to such performance bonds, bank guarantees or similar instruments in the ordinary course of business in connection with or to secure statutory, regulatory or similar obligations, and (C) arising from guarantees to suppliers, lessors,
licensees, contractors, franchises or customer obligations (other than Indebtedness) incurred in the ordinary course of business; and 

(15) the incurrence by the Company or any Restricted Subsidiary of Indebtedness or the issuance of Disqualified Stock by the
Company or preferred stock of a Restricted Subsidiary in an aggregate principal amount (or liquidation preference in the case of Disqualified Stock or preferred stock) that, when taken together with all other Indebtedness (or Disqualified Stock or
preferred stock, as applicable) of the Company and its Restricted Subsidiaries outstanding on the date of such incurrence and incurred pursuant to this clause (15), including all Permitted Refinancing Indebtedness incurred to extend, renew, refund,
refinance, replace, defease, discharge or otherwise retire for value any Indebtedness incurred pursuant to this clause (15), does not exceed the greater of (a) $150.0 million and (b) 7.5% of the Total Assets of the Company, determined as
of the date of the incurrence of such Indebtedness, Disqualified Stock or preferred stock, as applicable, after giving pro forma effect to such incurrence and the application of the proceeds therefrom. 

For purposes of determining compliance with this Section 1011, (a) in the event that an item of proposed Indebtedness, Disqualified
Stock or preferred stock meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (15) of the second paragraph of this Section 1011, or is entitled to be incurred or issued pursuant to
the first paragraph of this Section 1011, the Company shall be permitted to divide and classify such item, in whole or in part, on the date of its incurrence or issuance, or later divide and reclassify all or a portion of such item, in any
manner that complies with this Section 1011 and (b) all Indebtedness outstanding on the Issue Date or committed to on or prior to the Issue Date when borrowed, in each case, under the Credit Agreement shall be deemed incurred on the Issue
Date under clause (1) of the second paragraph of this Section 1011 and may not be reclassified at any time. The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in
the form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change in accounting principles, fluctuations in the termination value of Hedging Obligations and the payment of dividends on
Disqualified Stock or preferred stock in the form of additional Disqualified Stock or preferred stock of the same class shall be deemed not to be an incurrence of Indebtedness or an issuance of Disqualified Stock or preferred stock for purposes of
this Section 1011. The amount of any Indebtedness outstanding as of any date shall be (a) the accreted value thereof in the case of any Indebtedness issued with original issue discount and (b) the principal amount or liquidation
preference thereof, in the case of any other Indebtedness. If obligations in respect of letters of credit are incurred pursuant to a Credit Facility and are being treated as incurred pursuant to clause (1) of the second paragraph of this
Section 1011 and the letters of credit relate to other Indebtedness, then such other Indebtedness shall not be included. 
 From and
after the occurrence of the Merger Event, this Section 1011 shall no longer apply. 

  
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 Section 1012. Restricted Payments. 

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(1) declare or pay any dividend or make any other payment or distribution on account of the Company’s or any Restricted
Subsidiary’s Equity Interests (including any payment by the Company or any Restricted Subsidiary in connection with any merger or consolidation involving the Company or any Restricted Subsidiary) or to the direct or indirect holders of the
Company’s or any Restricted Subsidiary’s Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company and other than dividends or distributions
payable to the Company or any Restricted Subsidiary); 
 (2) purchase, redeem or otherwise acquire or retire for value
(including any such purchase, redemption, acquisition or retirement made in connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect Parent of the Company held by Persons other
than the Company or a Restricted Subsidiary; 
 (3) make any payment on or with respect to, or purchase, redeem, defease or
otherwise acquire or retire for value any Subordinated Debt except a payment of interest or principal at the Stated Maturity thereof (excluding (a) any intercompany Indebtedness between or among the Company and any of its Restricted
Subsidiaries or (b) the purchase or other acquisition of Subordinated Debt acquired in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such purchase
or other acquisition); or 
 (4) make any Restricted Investment; 

(all such payments and other actions set forth in clauses (1) through (4) above in this paragraph being collectively referred to as
“Restricted Payments”), unless, at the time of and after giving effect to such Restricted Payment: 
 (1) no
Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment; 
 (2)
the Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least
$1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 1011 of this Indenture; and 

(3) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its
Restricted Subsidiaries since the Issue Date (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6), (7), (8), (9), (10), (11), (12), (14), (15), (16), (17) and (18) of the next succeeding paragraph of this
Section 1012), is equal to or less than the sum, without duplication, of: 
 (a) 50% of the Consolidated Net Income of
the Company for the period (taken as one accounting period) beginning on July 1, 2014 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted
Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus 
 (b)
100% of, without duplication, (i)(A) the aggregate net cash proceeds and (B) the Fair Market Value of (x) marketable securities (other than marketable securities of the Company or an 

  
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Affiliate of the Company), (y) Capital Stock of a Person (other than the Company or an Affiliate of the Company) engaged primarily in any Related Business and (z) other assets used or
useful in any Related Business, in each case received by the Company or a Restricted Subsidiary since the Issue Date as a contribution to the Company’s common equity capital or from the issue or sale of Equity Interests of the Company (other
than Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company since the Issue Date that have been converted into or exchanged for such Equity
Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Company), (ii) with respect to Indebtedness that is incurred on or after the Issue Date, the amount by which such Indebtedness of the
Company or any Restricted Subsidiary is reduced on the Company’s consolidated balance sheet upon the conversion or exchange after the Issue Date of any such Indebtedness into or for Equity Interests of the Company (other than Disqualified
Stock) (less the amount of any cash, or the fair value of any other property, distributed by the Company upon such conversion or exchange); provided, however, that the foregoing amount shall not exceed the net cash proceeds received by the
Company or any Restricted Subsidiary from the sale of such Indebtedness (excluding net cash proceeds from sales to a Subsidiary of the Company or to an employee stock ownership plan or a trust established by the Company or any of its Subsidiaries
for the benefit of their employees), and (iii) the aggregate net cash proceeds, if any, received by the Company or any Restricted Subsidiary upon any conversion or exchange described in clause (i) or (ii) of this paragraph;
plus 
 (c) with respect to Restricted Investments made by the Company and its Restricted Subsidiaries after the Issue
Date, an amount equal to the sum, without duplication, of (i) the net reduction in such Restricted Investments in any Person resulting from (A) repayments of loans or advances, or other transfers of assets, in each case to the Company or
any Restricted Subsidiary, (B) other repurchases, repayments or redemptions of such Restricted Investments, (C) the sale of any such Restricted Investment to a purchaser other than the Company or a Subsidiary of the Company or (D) the
release of any guarantee (except to the extent any amounts are paid under such Guarantee) that constituted a Restricted Investment plus (ii) with respect to any Unrestricted Subsidiary designated as such after the Issue Date that is
redesignated as a Restricted Subsidiary after the Issue Date, or has been merged or consolidated with or into, or transfers or conveys its assets substantially as an entirety to the Company or a Restricted Subsidiary in each case after the Issue
Date, the lesser of (A) the Fair Market Value of the Company’s Investment in such Subsidiary held by the Company or any Restricted Subsidiary at the time of such redesignation, combination or transfer and (B) the aggregate amount of
Investments made by the Company or any Restricted Subsidiary in such Subsidiary upon or after designation of such Subsidiary as an Unrestricted Subsidiary and prior to the redesignation of such Subsidiary as a Restricted Subsidiary; provided,
however, that the foregoing sum shall not exceed, in the case of any such Person or Unrestricted Subsidiary, the amount of Restricted Investments previously made (and treated as a Restricted Payment) by the Company or any Restricted
Subsidiary in such Person or Unrestricted Subsidiary; plus 
 (d) 100% of any dividends received by the Company or a
Restricted Subsidiary after the Issue Date from an Unrestricted Subsidiary (other than to the extent such Investment constituted a Permitted Investment and only up to the Fair Market Value of such Investment as of the date it was first made), to the
extent such dividends were not otherwise included in the Consolidated Net Income of the Company for such period. 
 The preceding paragraph
of this Section 1012 shall not prohibit: 
 (1) the payment of any dividend or distribution or the consummation of an irrevocable
redemption within 60 days after the date of declaration of the dividend or distribution or giving of notice of the redemption if, at the date of declaration or notice, such dividend or distribution or redemption would have complied with the
provisions of this Indenture (assuming in the case of a redemption payment, the giving of such notice would have been deemed a Restricted Payment at such time and such deemed Restricted Payment would have been permitted at such time); 

  
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 (2) the making of any Restricted Payment in exchange for, or out of the net cash proceeds from
the substantially concurrent sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock and other than Equity Interests issued or sold to an employee stock ownership plan, option plan or
similar trust to the extent such sale to an employee stock ownership plan, option plan or similar trust is financed by loans from or guaranteed by the Company or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to
the date of determination) or from the substantially concurrent contribution of common equity capital to the Company; provided that, the amount of any such net cash proceeds that are utilized for any such Restricted Payment shall be excluded
from clause (3)(b) of the immediately preceding paragraph of this Section 1012 and clause (6)(b) of this paragraph of this Section 1012; 

(3) the purchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Debt (including the payment of any
required premium and any fees and expenses incurred in connection with such purchase, redemption, defeasance or other acquisition or retirement) with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing
Indebtedness; 
 (4) repurchases or other acquisitions for value of Equity Interests deemed to occur upon the vesting, exercise or exchange
of restricted stock awards or stock options, warrants or other convertible securities or phantom stock, if such Equity Interests represent a portion or all of the purchase, exercise or exchange price thereof or made in lieu of withholding taxes in
connection with any such vesting, exercise or exchange; 
 (5) payments to fund the purchase, redemption or other acquisition or retirement
for value by the Company of fractional Equity Interests arising out of stock dividends, splits or combinations, business combinations or other transactions permitted by this Indenture; 

(6) as long as no Default has occurred and is continuing or would be caused thereby, the purchase, redemption or other acquisition or
retirement for value of any Equity Interests of the Company or any Restricted Subsidiary held by any of the Company’s (or any Restricted Subsidiary’s) current or former directors, officers, employees or consultants (or their transferees,
estates or beneficiaries under their estates) or distributions to any Permitted Holder for purposes of repurchasing or redeeming participation interests or Equity Interests held by any current or former employee or other Person who provides or
provided services to the Company or any of its Restricted Subsidiaries, including current or former employees of, or current or former service providers to, Topaz Power Management, LP (or the transferees, estates or beneficiaries under the estates
of any of the foregoing); provided that, the aggregate price paid for all such purchased, redeemed, acquired or retired Equity Interests or other interests may not exceed the sum of: 

(a) $5.0 million in any fiscal year, with unused amounts in any fiscal year to be carried over to succeeding fiscal years;
plus 
 (b) the aggregate amount of cash proceeds received by the Company from the sale of the Company’s Equity
Interests (other than Disqualified Stock) to any such directors, officers, employees or consultants that occurs after the Issue Date; provided that, the amount of such cash proceeds utilized for any such purchase, redemption or other
acquisition or retirement shall be excluded from clause (3)(b) of the immediately preceding paragraph of this Section 1012 and clause (2) of this paragraph; plus 

(c) the cash proceeds of key man life insurance policies received by the Company and any Restricted Subsidiary after the Issue
Date; 
 (7) as long as no Default has occurred and is continuing or would be caused thereby, the declaration and payment of regularly
scheduled or accrued dividends to holders of any class or series of Disqualified Stock of the Company or any class or series of preferred stock of any 

  
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Restricted Subsidiary issued on or after the Issue Date in accordance with the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 1011 of this Indenture; 

(8) the payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by a Restricted
Subsidiary to the holders of Equity Interests (other than Disqualified Stock) of such Restricted Subsidiary; provided that, such dividend or similar distribution is paid to all holders of such Equity Interests on a pro rata basis (or
on a basis more favorable to the Company and its Restricted Subsidiaries) based on their respective holdings of such Equity Interests; 
 (9)
the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Debt or Disqualified Stock (i) at a purchase price not greater than 101% of (a) the principal amount of such Subordinated
Debt, plus accrued interest, or (b) in the case of Disqualified Stock, the liquidation value, plus accrued dividends, in each case, in the event of a Change of Control or (ii) at a purchase price not greater than 100% of
(a) the principal amount of such Subordinated Debt, plus accrued interest, or (b) in the case of Disqualified Stock, the liquidation value, plus accrued dividends, in each case, in the event of an Asset Sale in connection
with any change of control offer or asset sale offer required by the terms of such Subordinated Debt or Disqualified Stock, but only if: 

(a) in the case of a Change of Control, the Company has first complied or is simultaneously complying with and fully satisfied its obligations
under Section 1010 of this Indenture; or 
 (b) in the case of an Asset Sale, the Company has complied with and fully satisfied its
obligations under Section 1015 of this Indenture; 
 (10) payments or distributions to dissenting stockholders pursuant to applicable
law in connection with a merger, consolidation or transfer of all or substantially all of the assets of the Company that complies with Article Eight of this Indenture; 

(11) Restricted Payments in an amount that does not exceed the amount of Excluded Contributions made since the Issue Date; 

(12) as long as no Default has occurred and is continuing or would be caused thereby, payment of (and related expense reimbursement
arrangements between or among the Company and its Subsidiaries in respect of) management and advisory fees to the Sponsor or its Affiliates or Related Parties in an amount not to exceed $2.0 million per fiscal year; 

(13) as long as no Default has occurred and is continuing or would be caused thereby, the declaration and payment of dividends on the
Company’s common stock (or the payment of dividends to any Parent of the Company to allow it to pay dividends on such entity’s common stock) of up to 6% per annum of the net cash proceeds received by or contributed to the Company in
or from a Qualified Public Offering of such common stock of the Company or any Parent of the Company; 
 (14) dividends, loans, advances or
distributions to any Parent or other payments by the Company or any Restricted Subsidiary in amounts equal to (without duplication): 
 (a)
the amounts required for any Parent to pay any Parent Expenses or any Related Taxes; or 
 (b) amounts constituting or to be used for
purposes of making payments to the extent specified in clauses (1), (4), (7) and (8) of the second paragraph under Section 1016 of this Indenture; 

  
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 (15) Permitted Tax Distributions; 

(16) any payments for costs or services pursuant to the terms of the agreements or arrangements described in clauses (9) or (14) of
the second paragraph under Section 1016 of this Indenture; 
 (17) dividends or other distributions described under
“Summary—Our business—Formation transactions” in the Offering Memorandum; 
 (18) other Restricted Payments since the
Issue Date in an aggregate amount at any time outstanding not to exceed $125.0 million; and 
 (19) any additional Restricted Payments so
long as, immediately after giving pro forma effect to the making of such Restricted Payment, the Company’s Consolidated Leverage Ratio is no greater than 2.5 to 1.00; provided, however, that at the time of, and after giving effect
to, any Restricted Payment permitted under this clause (19), no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof. 

The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of such Restricted Payment, of the
Restricted Investment proposed to be made or the asset(s) or securities proposed to be paid, transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment (without giving effect to any
changes in Fair Market Value thereafter), except that the Fair Market Value of any non-cash dividend made within 60 days after the date of declaration shall be determined as of such date. The Fair Market Value of any cash Restricted Payment shall be
its face amount, and the Fair Market Value of any non-cash Restricted Payment shall be determined in accordance with the definition of that term. 

For purposes of determining compliance with this Section 1012, in the event that a Restricted Payment (or payment or other transaction
that, except for being a Permitted Investment, would constitute a Restricted Payment) meets the criteria of more than one of the categories of Restricted Payments described in clauses (1) through (19) of the second paragraph of this
Section 1012, or is permitted pursuant to the first paragraph of this Section 1012 or is a Permitted Investment, the Company shall be permitted to classify (or later classify or reclassify in whole or in part in its sole discretion) such
Restricted Payment or other such transaction (or portion thereof) on the date made or later reclassify such Restricted Payment or other such transaction (or portion thereof) in any manner that complies with this Section 1012. 

From and after the occurrence of the Merger Event, this Section 1012 shall no longer apply. 

Section 1013.    Limitation on Liens. 

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur or permit to
exist any Lien (the “Initial Lien”), other than Permitted Liens, upon any of its property or assets (including Capital Stock and Indebtedness of any Subsidiaries of the Company and including any income or profits from such property
or assets), whether owned on the Issue Date or thereafter acquired, which Lien secures any Indebtedness of the Company or a Guarantor, unless: 

(1) in the case of Liens securing Subordinated Debt of the Company or a Guarantor, the Notes or Guarantee, as applicable, are
secured by a Lien on such property or assets on a senior basis to the Subordinated Debt so secured with the same priority as the Notes or such Guarantee, as applicable, has to such Subordinated Debt until such time as such Subordinated Debt is no
longer so secured by a Lien; and 
 (2) in the case of Liens securing other Indebtedness of the Company or a Guarantor, the
Notes or Guarantees, as applicable, are secured by a Lien on such property or assets on an equal and 

  
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ratable basis with the other Indebtedness so secured until such time as such other Indebtedness is no longer so secured by a Lien. 

Any Lien securing the Notes or Guarantees created pursuant to the preceding paragraph of this Section 1013 shall provide by its terms
that such Lien shall be automatically and unconditionally released and discharged upon the unconditional release and discharge of the Initial Lien. 

From and after the occurrence of the Merger Event, this Section 1013 shall no longer apply. 

Section 1014.    Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (1) pay dividends or
make any other distributions on its Capital Stock to the Company or any Restricted Subsidiary, or pay any Indebtedness owed to the Company or any Restricted Subsidiary; 

(2) make loans or advances to the Company or any Restricted Subsidiary; or 

(3) sell, lease or transfer any of its properties or assets to the Company or any Restricted Subsidiary. 

However, the preceding restrictions in the first paragraph of this Section 1014 shall not apply to encumbrances or restrictions existing
under, by reason of or with respect to: 
 (1) the Credit Agreement, any Existing Indebtedness, Capital Stock or any other agreements or
instruments, in each case in effect on the Issue Date and any amendments, restatements, modifications, renewals, extensions, supplements, refundings, replacements or refinancings thereof; provided that, the encumbrances and restrictions in
any such amendments, restatements, modifications, renewals, extensions, supplements, refundings, replacements or refinancings are, in the reasonable good faith judgment of an Officer of the Company, not materially more restrictive, taken as a whole,
than those contained in the applicable agreements or instruments as in effect on the Issue Date; 
 (2) this Indenture, the Notes and the
Guarantees; 
 (3) any applicable law, rule, regulation, order, approval, permit or similar restriction, including any rule, policy or
requirements of an independent system operator or regional transmission organization; 
 (4) any instrument governing Indebtedness or Capital
Stock of a Person acquired by the Company or any Restricted Subsidiary as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such acquisition),
which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired and any amendments, restatements, modifications, renewals,
extensions, supplements, refundings, replacements or refinancings thereof; provided that, the encumbrances and restrictions in any such amendments, restatements, modifications, renewals, extensions, supplements, refundings, replacements or
refinancings are, in the reasonable good faith judgment of an Officer of the Company, not materially more restrictive, taken as a whole, than those in effect on the date of the acquisition; provided further, that, in the case of
Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred; 

  
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 (5) customary non-assignment provisions in contracts, leases, licenses and sublicenses (including
licenses of intellectual property) of the Company or any Restricted Subsidiary; 
 (6) any agreement for the sale or other disposition of the
Equity Interests in, or all or substantially all of the properties or assets of, a Restricted Subsidiary, that restricts distributions or loans by the applicable Restricted Subsidiary pending the sale or other disposition; 

(7) Permitted Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing
Indebtedness are not in the reasonable good-faith judgment of an Officer of the Company materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 

(8) Liens permitted to be incurred under Section 1013 of this Indenture that limit the right of the debtor to dispose of the assets
subject to such Liens and the security documents relating thereto; 
 (9) the issuance of preferred stock by a Restricted Subsidiary or the
payment of dividends thereon in accordance with the terms thereof; provided that, issuance of such preferred stock is permitted pursuant to Section 1011 of this Indenture and the terms of such preferred stock do not expressly restrict
the ability of a Restricted Subsidiary to pay dividends or make any other distributions on its Capital Stock (other than requirements to pay dividends or liquidation preferences on such preferred stock prior to paying any dividends or making any
other distributions on such other Capital Stock); 
 (10) other Indebtedness of the Company or any Restricted Subsidiary permitted to be
incurred pursuant to an agreement entered into subsequent to the Issue Date in accordance with Section 1011 of this Indenture; provided that, the provisions relating to such encumbrance or restriction contained in such Indebtedness are
not materially less favorable to the Company and its Restricted Subsidiaries, taken as a whole, in the reasonable good-faith judgment of an Officer of the Company, than the provisions contained in the Credit Agreement or any other agreement
described in clause (1) of this paragraph as in effect on the Issue Date; 
 (11) Indebtedness incurred or Capital Stock issued by any
Restricted Subsidiary; provided that, the restrictions contained in the agreements or instruments governing such Indebtedness or Capital Stock (a) apply only in the event of a payment default or a default with respect to a financial
covenant in such agreement or instrument or (b) shall not materially affect the Company’s ability to pay all principal, interest and premium, if any, on the Notes, in the reasonable good-faith judgment of an Officer of the Company; 

(12) Hedging Obligations permitted from time to time under this Indenture; 

(13) restrictions on cash, Cash Equivalents or other deposits or net worth or similar requirements imposed by customers, suppliers and
landlords or surety, insurance or bonding companies; 
 (14) any agreement or other instrument of an Unrestricted Subsidiary that is
designated a Restricted Subsidiary, in each case that is in existence at the time of such designation (but not created in contemplation of or in connection thereof); 

(15) customary encumbrances and restrictions imposed on the transfer of, or in licenses related to, copyrights, patents or other intellectual
property and contained in agreements entered into the ordinary course of business; 
 (16) Capital Lease Obligations, security agreements,
mortgages, purchase money agreements or similar instruments to the extent such encumbrance or restriction restricts the transfer of the 

  
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property (including Capital Stock) subject to such Capital Lease Obligations, security agreements, mortgages, purchase money agreements or similar instruments; and 

(17) any encumbrances or restrictions contained in any amendments, modifications, restatements, renewals, supplements, refundings, replacements
or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (16) of this paragraph; provided that, the encumbrances or restrictions in such amendments, modifications, restatements, renewals,
supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, in the reasonable good-faith judgment of an Officer of the Company, than the encumbrances or restrictions prior to such amendment,
modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 
 From and after the occurrence of the
Merger Event, this Section 1014 shall no longer apply. 
 Section 1015.    Asset Sales. 

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 

(1) the Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of such Asset Sale at
least equal to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Sale) of the assets or Equity Interests issued or sold or otherwise disposed of; and 

(2) at least 75% of the aggregate consideration received in respect of such Asset Sale by the Company and its Restricted
Subsidiaries is in the form of cash or Cash Equivalents (or a combination thereof); provided that, for purposes of this provision, each of the following shall be deemed to be cash: 

(a) any liabilities, as shown on the Company’s most recent consolidated balance sheet, of the Company or any Restricted
Subsidiary (other than contingent liabilities, Subordinated Debt and any obligations in respect of preferred stock) that are assumed by the transferee of any such assets or Equity Interests pursuant to customary agreements (or other legal
documentation with the same effect) that includes a full release of the Company or such Restricted Subsidiary from any and all liability therefor; 

(b) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee
that are converted by the Company or such Restricted Subsidiary into cash within 90 days after the date of the Asset Sale, to the extent of the cash received in that conversion; and 

(c) any Designated Non-Cash Consideration received by the Company or any Restricted Subsidiary in such Asset Sale having an
aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this covenant that is at that time outstanding, not to exceed the greater of $75.0 million and 3.5% of Total Assets (measured at the
time of receipt and without giving effect to subsequent changes in value). 
 Within 365 days after the receipt of any Net Proceeds from an
Asset Sale, the Company or any Restricted Subsidiary may apply such Net Proceeds, at its option: 
 (1) to repay, prepay,
redeem or purchase (w) Indebtedness and other Obligations under a secured Credit Facility, (x) any Indebtedness and other Obligations that were secured by the assets sold in such Asset Sale, (y) any Indebtedness of a Restricted
Subsidiary that is not a Guarantor (other than Indebtedness owed to the Company or an Affiliate of the Company) or (z) other Indebtedness (other than Subordinated Debt and Indebtedness owed to the Company or an Affiliate of the Company) and
Obligations with respect thereto; 

  
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 (2) to invest in or acquire Additional Assets; or 

(3) to make capital expenditures in respect of a Related Business of the Company or any Restricted Subsidiary or settle or
satisfy Hedging Obligations; 
 provided that, the Company and its Restricted Subsidiaries shall be deemed to have complied with this paragraph if
and to the extent that, within 365 days after the Asset Sale that generated the Net Proceeds, the Company or such Restricted Subsidiary has entered into and not abandoned or rejected a binding agreement to consummate any expenditure contemplated by
clauses (2) or (3) of this paragraph of this Section 1015 with the good-faith expectation that such Net Proceeds shall be applied to satisfy such commitment within 180 days after the end of such 365-day period; provided
further, that if such commitment is later cancelled or terminated before such Net Proceeds are applied or otherwise not applied within such 180-day period, then such Net Proceeds shall constitute Excess Proceeds as described in the following
paragraph. 
 However, pending application or investment of such Net Proceeds as provided in clauses (1) through (3) of the
immediately preceding paragraph, such Net Proceeds may be applied to temporarily reduce revolving credit Indebtedness or otherwise invested in any manner that is not prohibited by this Indenture. An amount equal to any Net Proceeds from Asset Sales
that are not applied or invested as provided in clauses (1) through (3) of the immediately preceding paragraph within the time periods provided for in the immediately preceding paragraph shall constitute “Excess Proceeds.”

 Within ten Business Days after the aggregate amount of Excess Proceeds exceeds $50.0 million, or earlier at the Company’s election,
the Company shall make an offer (an “Asset Sale Offer”) to all Holders and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to
offers to purchase or redeem with the proceeds of sales of assets, to purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price for the Notes in any
Asset Sale Offer shall be equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the date of purchase, and shall be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale
Offer, the Company or any Restricted Subsidiary may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and other pari passu Indebtedness tendered into such Asset
Sale Offer exceeds the amount of Excess Proceeds, the Company shall use the Excess Proceeds to purchase the Notes and such other pari passu Indebtedness on a pro rata basis based on the aggregate principal amount of Notes and such
other pari passu Indebtedness tendered by the holders thereof. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 

Notwithstanding the foregoing, the sale, conveyance or other disposition of all or substantially all of the properties or assets of the
Company and its Restricted Subsidiaries, taken as a whole, shall be governed by Article Eight and/or Section 1010 of this Indenture, as applicable, and not by this Section 1015. 

The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 1015, or
compliance with this Section 1015 would constitute a violation of any such laws or regulations, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this
Section 1015 by virtue of such compliance. 
 In the event that, pursuant to this Section 1015, the Company is required to
commence an Asset Sale Offer, it shall follow the procedures specified in this paragraph: 
 (1) The Asset Sale Offer shall
be made to all Holders and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Section 1015. The Asset Sale Offer shall remain open for a period of at least 20
Business Days following 

  
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its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than three Business
Days after the termination of the Offer Period (the “Purchase Date”), the Company shall apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other pari passu Indebtedness (on a
pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the same manner as interest
payments are made. 
 (2) If the Purchase Date is on or after an interest record date and on or before the related Interest
Payment Date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Asset
Sale Offer. 
 (3) Upon the commencement of an Asset Sale Offer, the Company shall send a notice to the Trustee and each of
the Holders. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which shall govern the terms of the Asset Sale Offer, shall state: 

(a) that the Asset Sale Offer is being made pursuant to this Section 1015 and the length of time the Asset Sale Offer
shall remain open; 
 (b) the Offer Amount, the purchase price and the Purchase Date; 

(c) that any Note not tendered or accepted for payment shall continue to accrue interest; 

(d) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer
shall cease to accrue interest after the Purchase Date; 
 (e) that Holders electing to have a Note purchased pursuant to an
Asset Sale Offer may elect to have Notes purchased in denominations of $2,000 and integral multiples of $1,000 in excess thereof only; 

(f) that Holders electing to have Notes purchased pursuant to any Asset Sale Offer shall be required to surrender the Notes,
with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book entry transfer, to the Company, a depositary, if appointed by the Company, or a Paying Agent at the address specified in the
notice prior to the close of business on the third Business Day preceding the Purchase Date; 
 (g) that Holders shall be
entitled to withdraw their election if the Company, the depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of
the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(h) that, if the aggregate principal amount of Notes and other pari passu Indebtedness surrendered by Holders or
holders, as applicable, thereof exceeds the Offer Amount, the Company shall select the Notes and other pari passu Indebtedness to be purchased on a pro rata basis based on the principal amount of Notes and such other pari passu
Indebtedness surrendered (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or an integral multiple of $1,000 in excess thereof, shall be purchased); and 

(i) that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered (or transferred by book-entry transfer), which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. 

  
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 (3) On or before the Purchase Date, the Company shall, to the extent lawful,
accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and shall
deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this
Section 1015. The Company, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price
of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Note, and the Trustee, upon written request from the Company, shall authenticate and mail or deliver (or cause to be
transferred by book entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company
shall publicly announce the results of the Asset Sale Offer on the Purchase Date. 
 From and after the occurrence of the Merger Event, this
Section 1015 shall no longer apply. 
 Section 1016.    Transactions with Affiliates. 

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the
Company (each, an “Affiliate Transaction”) involving aggregate consideration to or from the Company or a Restricted Subsidiary in excess of $5.0 million, unless: 

(1) the Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than
those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with a Person that is not an Affiliate of the Company; and 

(2) the Company delivers to the Trustee: 

(a) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of $20.0 million to or from the Company or a Restricted Subsidiary, an Officers’ Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with this Section 1016; and 

(b) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration to
or from the Company or a Restricted Subsidiary in excess of $50.0 million, the Board of Directors, including a majority of the Disinterested Members of the Board of Directors, if any (or, if there is only one Disinterested Member, such Disinterested
Member), have determined that the criteria set forth in clause (1) of this paragraph are satisfied with respect to such Affiliate Transaction(s) and have approved such Affiliate Transaction(s), as evidenced by a resolution of the Company’s
Board of Directors delivered to the Trustee. 
 The following items shall not be deemed to be Affiliate Transactions and, therefore, shall
not be subject to the provisions of the prior paragraph of this Section 1016: 
 (1) any employment, consulting,
severance, expense reimbursement, termination or similar agreement or arrangement, stock option or stock ownership plan, employee benefit plan, officer or director compensation or indemnification agreement, restricted stock agreement, severance
agreement or other compensation plan or arrangement entered into by the Company or any Restricted Subsidiary in the ordinary course of business and payments, awards, grants or issuances of securities pursuant thereto; 

  
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 (2) transactions between or among the Company and/or its Restricted Subsidiaries
and the issuance of guarantees for the benefit of the Company or a Restricted Subsidiary; 
 (3) transactions with a Person
(other than an Unrestricted Subsidiary) that is an Affiliate of the Company solely because the Company owns, directly or through a Subsidiary, an Equity Interest in, or controls, such Person; 

(4) fees and expenses and compensation paid to, and indemnification or insurance provided on behalf of, officers, directors or
employees of the Company or any Restricted Subsidiary or any Parent thereof; 
 (5) any issuance of Equity Interests (other
than Disqualified Stock) of the Company to, or receipt of a capital contribution from, Affiliates of the Company or an officer, director or employee of the Company or any of its Restricted Subsidiaries; 

(6) Restricted Payments that do not violate Section 1012 of this Indenture and any Permitted Investments; 

(7) loans or advances to officers, directors and employees in the ordinary course of business or consistent with past practice;

 (8) advances to or reimbursements of employees for moving, entertainment and travel expenses, drawing accounts and similar
expenditures in the ordinary course of business; 
 (9) any agreement or arrangement, and the performance of obligations of
the Company or any Restricted Subsidiary thereunder, to which the Company or any Restricted Subsidiary was a party on the Issue Date, including after giving effect to any assignment or assumptions of such agreements on their then current terms and
conditions by the Company or any of its Affiliates, as these agreements or arrangements may be replaced, amended, modified or supplemented from time to time; provided, however, that any future replacement, amendment, modification or
supplement entered into after the Issue Date shall be permitted to the extent it is on substantially similar economic terms and its terms do not otherwise materially and adversely affect the rights of any Holders (as determined in good faith by an
Officer of the Company) as compared to the terms of the agreements in effect on the Issue Date; 
 (10)(a) guarantees of
performance by the Company and its Restricted Subsidiaries of Unrestricted Subsidiaries in the ordinary course of business, except for guarantees of Indebtedness in respect of borrowed money, and (b) pledges of Equity Interests of Unrestricted
Subsidiaries for the benefit of lenders of Unrestricted Subsidiaries; 
 (11) transactions between the Company or any
Restricted Subsidiary and any Person, a director of which is also a director of the Company or any Parent of the Company and such director is the sole cause for such Person to be deemed an Affiliate of the Company or any Restricted Subsidiary;
provided, however, that such director abstains from voting as director of the Company or such Parent of the Company, as the case may be, on any matter involving such other Person; 

(12) transactions with customers, clients, suppliers, or purchasers or sellers of assets or services, in each case, entered
into in the ordinary course of business and otherwise in compliance with the terms of this Indenture; provided that, in the reasonable determination of the Board of Directors of the Company or an Officer of the Company, such transactions are
on terms not materially less favorable to the Company or the relevant Restricted Subsidiary than those that could reasonably be expected to be obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not
an Affiliate of the Company; 

  
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 (13)(a) payments of Parent Expenses and Related Taxes and (b) payments
of (and related expense reimbursement arrangements between or among the Company and its Subsidiaries in respect of) management or advisory fees to the Sponsor or its Affiliates or Related Parties in an amount not to exceed $2.0 million per fiscal
year; 
 (14)(a) the Asset Management Agreements, (b) the Raven BargeCo Agreements and (c) the RJS Transition
Services Agreement, including after giving effect to any assignments or assumptions of such agreements on their then current terms and conditions by the Company or any of its Affiliates, as such agreements may be amended, modified or supplemented
from time to time; provided, however, that any such future amendment, modification or supplement entered into after the Issue Date shall be permitted to the extent it is on substantially similar economic terms and its terms do not
otherwise materially and adversely affect the rights of any Holders (as determined in good faith by an Officer of the Company) as compared to the terms of the agreements in effect on the Issue Date; 

(15) the termination of any agreements referred to in this paragraph in connection with and related to the consummation of the
transactions contemplated by the Transaction Agreement; and 
 (16) transactions as to which the Company or any Restricted
Subsidiary delivers to the Trustee a letter from a qualified investment banking, appraisal or accounting firm stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or stating that the terms
are not materially less favorable than those that might reasonably have been obtained by the Company or such Restricted Subsidiary in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate. 

From and after the occurrence of the Merger Event, this Section 1016 shall no longer apply. 

Section 1017.    Future Guarantees. 

The Company shall cause each Restricted Subsidiary (other than the Excluded Subsidiaries) that guarantees any Indebtedness of the Company in
respect of borrowed money (including under Credit Facilities, which for the avoidance of doubt includes debt securities) to become a Guarantor by executing and delivering a supplemental indenture, substantially in the form provided for in Annex C of
this Indenture, to the Trustee within 30 days of the date on which it provides such guarantee. 
 Each Guarantee shall be subject to the
terms and limitations, including the release provisions, set forth in Article 15 of this Indenture. 
 From and after the occurrence of the
Merger Event, this Section 1017 shall no longer apply. 
 Section 1018.    Designation of Restricted and Unrestricted
Subsidiaries. 
 The Board of Directors of the Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that
designation would not cause a Default and only if: 
 (1) such Subsidiary of the Company or any of its Subsidiaries does not
own any Capital Stock or Indebtedness of, or own or hold any Lien on any property or assets of, the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted
Subsidiary; 
 (2) such designation and the Investment of the Company in such Subsidiary complies with Section 1012 of
this Indenture; and 
 (3) each of: 

  
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 (a) the Subsidiary to be so designated; and 

(b) its Subsidiaries have not at the time of designation, and do not thereafter, create, incur, assume, guarantee or otherwise
become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any Restricted Subsidiary (other than Capital Stock in the Unrestricted Subsidiary). 

If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned
by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary shall be deemed to be an Investment made as of the time of the designation and shall reduce the amount available for Restricted Payments under
Section 1012 of this Indenture or under one or more clauses of the definition of Permitted Investments, as determined by the Company. That designation shall only be permitted if the Investment would be permitted at that time and if the
Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 
 Any designation of a Subsidiary as an Unrestricted
Subsidiary shall be evidenced to the Trustee by filing with the Trustee a certified copy of a Board Resolution of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complies with the
preceding conditions. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any
Indebtedness of such Subsidiary and any Liens on assets of such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 1011 of
this Indenture, or the Lien is not permitted under Section 1013 of this Indenture, the Company shall be in Default of such covenant. 

The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided
that, such designation shall be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary and an incurrence of any Liens by a Restricted Subsidiary of any Liens on property
or assets of such Unrestricted Subsidiary, and such designation shall only be permitted if (1)(A) such Indebtedness is permitted under Section 1011 of this Indenture, calculated on a pro forma basis as if such designation had
occurred at the beginning of the applicable reference period and (B) such Liens are permitted under Section 1013 of this Indenture; and (2) no Default or Event of Default would be in existence following such designation. Any such
designation by the Board of Directors of the Company shall be evidenced to the Trustee by filing with the Trustee a certified copy of a Board Resolution of the Company giving effect to such designation and an Officers’ Certificate certifying
that such designation complies with the preceding conditions. 
 From and after the occurrence of the Merger Event, this Section 1018
shall no longer apply. 
 Section 1019.    Suspension of Certain Covenants. 

If (i) the Notes have Investment Grade Ratings from both Rating Agencies and (ii) no Default or Event of Default has occurred and is
continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), then upon notice by the Company to the Trustee
to the foregoing effect, the Company and the Restricted Subsidiaries shall not be subject to clause (4) of Section 801 and Sections 1011, 1012, 1014, 1015, 1016 and 1017 of this Indenture (collectively, the “Suspended
Covenants”). 
 Upon the occurrence of a Covenant Suspension Event (the date of such occurrence, the “Suspension
Date”), the amount of Excess Proceeds from Net Proceeds shall be set at zero under this Indenture. In the event that the Company and the Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result
of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraws its Investment Grade Rating or downgrades the rating assigned to the Notes below an Investment Grade Rating, then the
Company and the Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants with respect to future events under this 

  
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Indenture. The period of time between the Suspension Date and the Reversion Date is referred to in this description as the “Suspension Period.” Notwithstanding that the Suspended
Covenants may be reinstated, no Default, Event of Default or breach of any kind shall be deemed to exist under this Indenture, the Notes or the Guarantees with respect to the Suspended Covenants, and none of the Company or any of its Restricted
Subsidiaries shall bear any liability for any actions taken or events occurring during the Suspension Period, or any actions taken at any time pursuant to any contractual obligation arising prior to the Reversion Date, as a result of a failure to
comply with the Suspended Covenants during the Suspension Period (or upon termination of the Suspension Period or after that time based solely on events that occurred during the Suspension Period). 

On the Reversion Date, all Indebtedness incurred during the Suspension Period shall be classified to have been incurred or issued pursuant to
clause (2) of the second paragraph of Section 1011 of this Indenture. Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 1012 of this Indenture shall be made as though
the covenant described under such Section 1012 had been in effect since the Issue Date and throughout the applicable Suspension Period. Accordingly, Restricted Payments made during a Suspension Period shall reduce the amount available to be
made as Restricted Payments under the first paragraph of such Section 1012. No Subsidiaries shall be designated as Unrestricted Subsidiaries during any Suspension Period. 

During the Suspension Period, any reference in the definition of “Permitted Liens” to Section 1011 of this Indenture or any
provision thereof shall be construed as if such covenant were in effect during the Suspension Period. 
 For purposes of Section 1014
of this Indenture, on the Reversion Date, any contractual encumbrances or restrictions of the type specified in clauses (1), (2) or (3) of the first paragraph of such Section 1014 entered into during the Suspension Period shall be
deemed to have been in effect on the Issue Date, so that they are permitted under clause (1) of the second paragraph of such Section 1014. 

For purposes of the covenant described under Section 1012 of this Indenture, on the Reversion Date, any Restricted Investments made
during the Suspension Period shall be deemed to have been in effect on the Issue Date, so that they are permitted under clause (15) of the definition of “Permitted Investment.” 

For purposes of the covenant described under Section 1015 of this Indenture, on the Reversion Date, the unutilized Excess Proceeds amount
shall be reset to zero. 
 For purposes of the covenant described under Section 1016 of this Indenture, any contract, agreement, loan,
advance or guarantee or other transaction with or for the benefit of any Affiliate of the Company entered into during the Suspension Period shall be deemed to have been in effect as of the Issue Date for purposes of clause (9) of the second
paragraph of such Section 1016. 
 The Company shall provide the Trustee with prompt written notice of any Covenant Suspension Event
and any Reversion Date and the Trustee shall have no liability for any failure by (and in any case no later than 15 Business Days after a Suspension Date or Reversion Date) the Company to provide such notice. 

From and after the occurrence of the Merger Event, this Section 1019 shall no longer apply. 

ARTICLE ELEVEN 

REDEMPTION OF NOTES 

Section 1101.    Applicability of Article. 

The Notes shall be redeemable at the election of the Company in accordance with their terms and in accordance with this Article. 

  
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 Section 1102.    Election to Redeem; Notice to Trustee. 

In case of any redemption of less than all Notes, the Company shall, at least five Business Days prior to the giving of notice of such
redemption (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of the Redemption Date and of the principal amount of Notes to be redeemed. In the case of any redemption of Notes (1) prior to the
expiration of any restriction on such redemption provided in the terms of the Notes or elsewhere in this Indenture or (2) pursuant to an election of the Company that is subject to a condition specified in the terms of the Notes or elsewhere in
this Indenture, the Company shall furnish the Trustee, prior to giving notice of such redemption, with an Officers’ Certificate evidencing compliance with such restriction or condition. Any optional redemption may be cancelled by the Company at
any time prior to notice of redemption being sent to any Holder and thereafter shall be null and void. 

Section 1103.    Optional Redemption. 

At its option, the Company may redeem the Notes, in whole or in part, in principal amounts of $2,000 or any integral multiple of $1,000 in
excess thereof, at any time or from time to time, at the applicable Redemption Prices determined as set forth in the form of Note attached as Annex A hereto, in accordance with the terms set forth in the Notes, and in accordance with this Article.

 Section 1104.    Selection by Trustee of Notes to Be Redeemed. 

If less than all of the Notes are to be redeemed at any time, Notes for redemption shall be selected in accordance with the procedures of the
Depositary or by such method as the Trustee shall deem appropriate; provided that if the Notes are represented by one or more Global Notes, interests in such Notes shall be selected for redemption by the Depositary in accordance with its
standard procedures therefor. 
 No Notes in amounts of $2,000 or less shall be redeemed in part. Notes and portions of Notes selected shall
be in amounts of $2,000 and integral multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed, the entire Outstanding amount of Notes held by such Holder, even if less than $2,000 and/or a non-multiple of
$1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 

Section 1105.    Notice of Redemption. 

Subject to the final paragraph of this Section 1105, at least 30 days but not more than 60 days before a Redemption Date, the Company
shall send a notice of redemption to each Holder whose Notes are to be redeemed at its registered address; provided, however, that (notwithstanding the foregoing) notices of redemption may be sent more than 60 days prior to a
Redemption Date if such notice is issued in connection with a Defeasance or Covenant Defeasance of the Notes or the satisfaction and discharge of this Indenture. 

The notice shall identify the Notes to be redeemed (including the CUSIP or ISIN numbers) and shall state: 

(1) the Redemption Date; 

(2) the Redemption Price, or if not then ascertainable, the manner of calculation thereof; 

(3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
Redemption Date upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion of the original Note shall be issued in the name of the Holder thereof upon cancellation of the original Note, and in the case of a Global
Note, an appropriate notation shall be made on such Note to decrease the principal amount thereof to an amount equal to the unredeemed portion thereof; 

  
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 (4) the name and address of the Paying Agent; 

(5) that Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price and become due on
the date fixed for redemption, unless the redemption is subject to a condition precedent that is not satisfied or waived; 

(6) that, unless the Company defaults in making such redemption payment, interest, if any, on Notes called for redemption
ceases to accrue on and after the Redemption Date; 
 (7) the paragraph of the Notes and/or Section of this Indenture
pursuant to which the Notes called for redemption are being redeemed; 
 (8) that no representation is made as to the
correctness or accuracy of the CUSIP or ISIN number, if any, listed in such notice or printed on the Notes; and 
 (9) any
conditions that must be satisfied prior to the Company becoming obligated to consummate such redemption. 
 At the Company’s request,
the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense; provided, however, that the Company shall have delivered to the Trustee, at least five Business Days prior to sending of
notice of the redemption (or such shorter period of time as may be acceptable to the Trustee), a Company Request that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph.

 Notwithstanding the preceding provisions of this Section 1105, notice of any redemption with the cash proceeds of one or more Equity
Offerings may be given prior to the completion of the related Equity Offering, and in the case of a redemption upon a Change of Control, may be given prior to the Change of Control being consummated, and any such redemption or notice may at the
Company’s discretion be subject to one or more conditions precedent, including but not limited to completion of the related Equity Offering. 

Section 1106.    Deposit of Redemption Price. 

Prior to 11:00 a.m., New York City time, on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003 of this Indenture) an amount of money in U.S. dollars in immediately available funds sufficient to pay the Redemption Price of, and (except if
the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Notes which are to be redeemed on that date. 

Section 1107.    Notes Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Notes so to be redeemed shall, unless the redemption is subject to a condition
specified in the notice of redemption that is not satisfied or waived, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest) such Notes shall cease to bear interest. Upon surrender of any such Notes for redemption in accordance with said notice, such Notes shall be paid by the Company at the Redemption Price, together with accrued
interest to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Notes, or one or more Predecessor Notes, registered
as such at the close of business on the relevant record dates according to their terms and Section 308 of this Indenture. 

  
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 If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the
principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Note. 

ARTICLE TWELVE 

[INTENTIONALLY DELETED] 

ARTICLE THIRTEEN 

DEFEASANCE AND COVENANT DEFEASANCE 

Section 1301.    Company’s Option to Effect Defeasance or Covenant Defeasance. 

The Company may elect, at its option at any time, to have Section 1302 or Section 1303 of this Indenture applied to the Notes, upon
compliance with the conditions set forth in this Article. Any such election shall be evidenced in a Board Resolution set forth in an Officers’ Certificate delivered to the Trustee. 

Section 1302.    Defeasance and Discharge. 

Upon the Company’s exercise of its option to have this Section 1302 applied to the Notes, the Company shall be deemed to have been
discharged from its obligations with respect to such Notes as provided in this Section 1302 on and after the date the conditions set forth in Section 1304 of this Indenture are satisfied (hereinafter called “Defeasance”).
For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Notes and to have satisfied all its other obligations under such Notes and this Indenture insofar as the
Notes are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following, which shall survive until otherwise terminated or discharged hereunder: (1) the rights of
Holders of such Notes to receive payments in respect of the principal of, or interest or premium, if any, on such Notes when such payments are due solely from the trust fund described in Section 1304 of this Indenture and as more fully set
forth in such Section 1304; (2) the Company’s obligations with respect to such Notes under Sections 304, 305, 306, 307, 1002 and 1003 of this Indenture; (3) the rights, powers, trusts, duties and immunities of the Trustee
hereunder and the Company’s and the Guarantors’ obligations in connection therewith; and (4) this Article. If the Company exercises its defeasance option pursuant to this Section 1302, the Guarantees shall terminate with respect
to the Notes, and payment of the Notes may not be accelerated pursuant to Section 502 of this Indenture (or, after the occurrence of the Merger Event, Section 1610 of this Indenture) because of an Event of Default. Subject to compliance
with this Article, the Company may exercise its option to have this Section 1302 applied to any Notes notwithstanding the prior exercise of its option to have Section 1303 of this Indenture applied to such Notes. 

Section 1303.    Covenant Defeasance. 

Upon the Company’s exercise of its option to have this Section 1303 applied to the Notes, (1) the Company shall be released
from its obligations under Section 801(4), Section 1006, Sections 1010 through 1018, inclusive, of this Indenture (or, after the occurrence of the Merger Event, Section 1605 and Section 1606 of this Indenture); (2) the
occurrence of any event specified in Sections 501(3) (with respect only to the obligations under Section 801(4) and Sections 1010 and 1015), 501(4), 501(5) (with respect to those covenants that are subject to Covenant Defeasance), 501(6),
501(7), 501(9) (with respect only to Subsidiaries) or 501(10) (with respect only to Subsidiaries) of this Indenture (or, after the occurrence of the Merger Event, Sections 1609(3) and (6) of this Indenture), shall be deemed not to be or to
result in an Event of Default and (3) the Guarantees shall be automatically released, in each case with respect to such Notes as provided in this Section 1303 on and after the date the conditions set forth in Section 1304 of this
Indenture are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Notes, the Company may omit to comply with and shall have no liability in respect of any
term, condition or limitation set forth in any such specified Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or Article or by reason of any reference in any such Section or Article to any
other provision herein or in any other document, but the remainder of this Indenture and such Notes shall be unaffected thereby. 

  
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 Section 1304.    Conditions to Defeasance or Covenant Defeasance. 

The following shall be the conditions to the application of Section 1302 or Section 1303 of this Indenture to any Notes: 

(1) the Company must irrevocably deposit with the Trustee (or another trustee that satisfies the requirements of and agrees to
comply with this Article applicable to it), in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable U.S. dollar-denominated Government Securities, or a combination of cash in U.S. dollars and non-callable U.S. dollar-denominated
Government Securities, in amounts as shall be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants to pay the principal of, or interest and premium, if any, on the
Outstanding Notes on the stated date for payment thereof or on the applicable Redemption Date, as the case may be, and the Company must specify whether the Notes are being defeased to such stated date for payment or to a particular Redemption Date;

 (2) in the case of an election under Section 1302 of this Indenture, the Company must deliver to the Trustee an
Opinion of Counsel confirming that: 
 (a) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling; or 
 (b) since the Issue Date, there has been a change in the applicable U.S. federal income tax
law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders shall not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such Defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Defeasance had
not occurred; 
 (3) in the case of an election under Section 1303 of this Indenture, the Company must deliver to the
Trustee an Opinion of Counsel confirming that the Holders shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and shall be subject to U.S. federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (4) no
Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit or the grant of Liens securing such borrowing); 

(5) such Defeasance or Covenant Defeasance and the related deposit shall not result in a breach or violation of, or constitute
a default under, any material agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 

(6) the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; 

(7) the Company must deliver to the Trustee an Officers’ Certificate, stating that all conditions precedent set forth in
clauses (1) through (6) of this Section 1304 have been complied with; and 

  
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 (8) the Company must deliver to the Trustee an Opinion of Counsel, stating that
all conditions precedent set forth in clause (5) of this Section 1304 has been complied with. 

Section 1305.    Deposited Money and Government Securities to be Held in Trust; Miscellaneous Provisions. 

Subject to the last paragraph of Section 1003 of this Indenture, all money and Government Securities (including the proceeds thereof)
deposited with the Trustee or other qualifying trustee (solely for purposes of this Section 1305 and Section 1306 of this Indenture, the Trustee and any such other trustee are referred to collectively as the “Trustee”)
pursuant to Section 1304 of this Indenture in respect of any Notes shall be held in trust and applied by the Trustee, in accordance with such Notes and this Indenture, to the payment, either directly or through any such Paying Agent (including
the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Notes, of all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in trust need not be segregated
from other funds except to the extent required by law. 
 The Company shall pay and indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against the Government Securities deposited pursuant to Section 1304 of this Indenture or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of Outstanding Notes. 
 Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay
to the Company from time to time upon Company Request any money or Government Securities held by it as provided in Section 1304 of this Indenture with respect to any Notes which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee), are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with
respect to such Notes. 
 Section 1306.    Reinstatement. 

If the Trustee or any Paying Agent is unable to apply any money in accordance with this Article with respect to any Notes by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such Notes from which the Company and any Guarantors have been discharged or
released pursuant to Section 1302 or 1303 of this Indenture shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Notes, until such time as the Trustee or Paying Agent is permitted to
apply all money held in trust pursuant to Section 1305 of this Indenture with respect to such Notes in accordance with this Article; provided, however, that if the Company makes any payment of principal of or any premium or
interest on any such Note following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Notes to receive such payment from the money so held in trust. 

ARTICLE FOURTEEN 

[INTENTIONALLY DELETED] 

ARTICLE FIFTEEN 

SUBSIDIARY GUARANTEES 

Section 1501.    Unconditional Guarantee. 

For value received, each of the Guarantors hereby fully and unconditionally guarantees (the “Guarantee”) to the Holders and
to the Trustee the due and punctual payment of the Note Obligations, when and as such principal, premium, if any, and interest shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or
otherwise, according to the terms of the Notes and this Indenture, subject to the limitations set forth in Section 1503 of this Indenture. 

  
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 Failing payment when due of any amount guaranteed pursuant to its Guarantee, for whatever reason,
each of the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantee hereunder is intended to be a general, unsecured, senior obligation of each of the Guarantors and shall rank pari passu in right of
payment with all debt of such Guarantor that is not, by its terms, expressly subordinated in right of payment to the Guarantee. Each of the Guarantors hereby agrees that its obligations hereunder shall be full, unconditional and absolute,
irrespective of the validity, regularity or enforceability of the Notes, the Guarantee of any other Guarantor or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any
provisions hereof or thereof, the recovery of any judgment against the Company or any other Guarantor, or any action to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of the
Guarantors. Each of the Guarantors hereby agrees that in the event of a default in payment of the principal of, or premium, if any, or interest on the Notes, whether at the Stated Maturity or by declaration of acceleration, call for redemption or
otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to Section 507 of this Indenture, by the Holders, on the terms and conditions set forth in this Indenture, directly against such Guarantor to
enforce its Guarantee without first proceeding against the Company or any other Guarantor. 
 The obligations of each of the Guarantors
under this Article shall be as aforesaid full and unconditional and shall not be impaired, modified, released or limited by any occurrence or condition whatsoever, including, without limitation, (1) any compromise, settlement, release, waiver,
renewal, extension, indulgence or modification of, or any change in, any of the obligations and liabilities of the Company or any of the other Guarantors contained in the Notes or this Indenture, (2) any impairment, modification, release or
limitation of the liability of the Company, any of the other Guarantors or any of their estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the operation of any present or future provision of any applicable bankruptcy
law, or other statute or from the decision of any court, (3) the assertion or exercise by the Company, any of the other Guarantors or the Trustee of any rights or remedies under the Notes or this Indenture or their delay in or failure to assert
or exercise any such rights or remedies, (4) the assignment or the purported assignment of any property as security for the Notes, including all or any part of the rights of the Company or any of the other Guarantors under this Indenture,
(5) the extension of the time for payment by the Company or any of the other Guarantors of any payments or other sums or any part thereof owing or payable under any of the terms and provisions of the Notes or this Indenture or of the time for
performance by the Company or any of the other Guarantors of any other obligations under or arising out of any such terms and provisions or the extension or the renewal of any thereof, (6) the modification or amendment (whether material or
otherwise) of any duty, agreement or obligation of the Company or any of the other Guarantors set forth in this Indenture, (7) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the
assets, marshaling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of or other similar proceeding affecting, the Company or any of the
other Guarantors or any of their respective assets, or the disaffirmance of the Notes, the Guarantee or this Indenture in any such proceeding, (8) the release or discharge of the Company or any of the other Guarantors from the performance or
observance of any agreement, covenant, term or condition contained in any of such instruments by operation of law, (9) the unenforceability of the Notes or this Indenture or (10) any other circumstances (other than payment in full or
discharge of all amounts guaranteed pursuant to the Guarantees) which might otherwise constitute a legal or equitable discharge of a surety or guarantor. 

Each of the Guarantors hereby (1) waives diligence, presentment, demand of payment, filing of claims with a court in the event of the
merger, insolvency or bankruptcy of the Company or any of the Guarantors, and all demands whatsoever, (2) acknowledges that any agreement, instrument or document evidencing its Guarantee may be transferred and that the benefit of its
obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantee without notice to it and (3) covenants that its Guarantee shall not be discharged except by complete performance of the
Guarantee or the payment in full of the Notes Obligations. Each of the Guarantors further agrees that if at any time all or any part of any payment theretofore applied by any Person to its Guarantee is, or must be, rescinded or returned for any
reason whatsoever, including without limitation, the insolvency, bankruptcy or reorganization of the Company or any of the Guarantors, the Guarantee shall, to the extent that such 

  
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payment is or must be rescinded or returned, be deemed, to the fullest extent permitted by law, to have continued in existence notwithstanding such application, and the Guarantee shall, to the
fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, as though such application had not been made. 

Each of the Guarantors shall be subrogated to all rights of the Holders and the Trustee against the Company in respect of any amounts paid by
such Guarantor pursuant to the provisions of this Indenture; provided, however, that such Guarantor, shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation until all of the
Notes and the Guarantees shall have been paid in full or discharged. 
 Section 1502.    Execution and Delivery of Notation of
Guarantee. 
 To further evidence its Guarantee set forth in Section 1501 of this Indenture, each of the Guarantors hereby agrees
that a notation relating to such Guarantee, substantially in the form attached hereto as Annex B, shall be endorsed on each Note entitled to the benefits of the Guarantee authenticated and delivered by the Trustee and executed by either manual or
facsimile signature of an Officer of such Guarantor, or in the case of a Guarantor that is a limited partnership, an Officer of the general partner of each Guarantor. Each of the Guarantors hereby agrees that the Guarantee set forth in such
Section 1501 shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation relating to its Guarantee and that a notation of a Guarantee of a Guarantor shall not be required with respect to Notes issued and
authenticated prior to such Guarantor becoming a Guarantor. If any Officer of the Guarantor, or in the case of a Guarantor that is a limited partnership, any Officer of the general partner of the Guarantor, whose signature is on this Indenture or a
Note no longer holds that office at the time the Trustee authenticates such Note or at any time thereafter, the Guarantee of such Note shall be valid nevertheless. The delivery of any Note by the Trustee, after the authentication thereof hereunder,
shall constitute due delivery of the Guarantees set forth in this Indenture on behalf of the Guarantors. 

Section 1503.    Limitation on Guarantors’ Liability. 

Each Guarantor and by its acceptance hereof each Holder of a Note entitled to the benefits of the Guarantee hereby confirm that it is the
intention of all such parties that the guarantee by such Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any U.S. federal or state law. To effectuate the foregoing intention, the Holders of a
Note entitled to the benefits of the Guarantees and the Guarantors hereby irrevocably agree that the obligations of each Guarantor under its Guarantee shall be limited to the maximum amount as shall, after giving effect to such maximum amount and
all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of
such other Guarantor under its Guarantee, result in the obligations of such Guarantor under the Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable U.S. federal or state law. 

Section 1504.    Release of Guarantors from Guarantee. 

Each Guarantor shall be released and relieved of any obligations under its Guarantee and the Guarantee of a Guarantor shall also be
automatically and unconditionally released immediately: 
 (1) upon any sale or other disposition of all or substantially all
of the properties or assets of such Guarantor (including by way of merger, consolidation or otherwise) to a Person that is not (either before or after giving effect to such transaction) the Company or a Guarantor, if the sale or other disposition at
the date thereof does not violate Section 1015 of this Indenture; 
 (2) upon any sale or other disposition (including
by way of merger, consolidation or otherwise) of Capital Stock of such Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Guarantor, if the sale or other disposition at the date thereof does
not violate Section 1015 of this Indenture and such Guarantor no longer qualifies as a Restricted Subsidiary of the Company as a result of such disposition; 

  
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 (3) upon designation of such Guarantor as an Unrestricted Subsidiary in
accordance with Section 1018 of this Indenture; 
 (4) upon Defeasance or Covenant Defeasance in accordance with Article
Thirteen or satisfaction and discharge of this Indenture in accordance with Article Four; 
 (5) upon the liquidation or
dissolution of such Guarantor; provided no Default or Event of Default occurs as a result thereof or shall have occurred or is continuing; 

(6) in the case of Intermediate Holdco, upon the release or discharge in full from its guarantee of the Indebtedness of the
Company under the Credit Agreement, so long as it would not be required to guarantee the Notes pursuant to Section 1017 of this Indenture; 

(7) in the case of any Restricted Subsidiary other than Intermediate Holdco which after the Issue Date is required to guarantee
the Notes pursuant to Section 1017 of this Indenture, upon the release or discharge in full from its guarantee of the Indebtedness which resulted in such Restricted Subsidiary’s obligation to guarantee the Notes; or 

(8) upon the occurrence of the Merger Event (after which the other provisions of this Article shall no longer apply). 

The Trustee shall deliver an appropriate instrument evidencing any release of a Guarantor from the Guarantee upon receipt of a Company Request
accompanied by an Officers’ Certificate and an Opinion of Counsel that the Guarantor is entitled to such release in accordance with the provisions of this Indenture. 

Any Guarantor not released in accordance with the provisions of this Indenture shall remain liable for the full amount of principal of (and
premium, if any, on) and interest on the Notes as provided in this Article, subject to the limitations of Section 1503 of this Indenture. 

Section 1505.    Guarantor Contribution. 

In order to provide for just and equitable contribution among the Guarantors, the Guarantors hereby agree, inter se, that in the event any
payment or distribution is made by any Guarantor (a “Funding Guarantor”) under its Guarantee, such Funding Guarantor shall be entitled to a contribution from each other Guarantor (if any) in a pro rata amount based on the net
assets of each Guarantor (including the Funding Guarantor) for all payments, damages and expenses incurred by that Funding Guarantor in discharging the Company’s Note Obligations or any other Guarantor’s obligations with respect to its
Guarantee. 
 Section 1506.    Guarantors May Consolidate, etc., on Certain Terms. 

A Guarantor may not sell or otherwise dispose of all or substantially all of its properties or assets to, or consolidate or merge with or into
(regardless of whether such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor, unless: 

(1) immediately after giving effect to such transaction, no Default or Event of Default exists; and 

(2) either: 

(a)(i) such Guarantor is the surviving Person or (ii) the Person acquiring the properties or assets in any such sale or other
disposition or the Person 

  
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formed by or surviving any such consolidation or merger (if other than such Guarantor) assumes all the obligations of such Guarantor under this Indenture (including its Guarantee) pursuant to a
supplemental indenture in form satisfactory to the Trustee; or 
 (b) such transaction at the date thereof does not violate
Section 1015 of this Indenture. 
 In case of any such consolidation, merger, sale or other disposition and upon the assumption by the
successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Guarantee of such Guarantor and the due and punctual performance of all of the covenants and conditions of this
Indenture to be performed by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or
all of the Guarantee notations to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by such Guarantor and delivered to the Trustee. All the Guarantees so issued shall in all respects have the same
legal rank and benefit under this Indenture as the Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Guarantees had been issued at the date of the execution hereof. 

ARTICLE SIXTEEN 
 AFTER
THE MERGER EVENT 
 Section 1601.    Effect of Merger Event. 

Upon the occurrence of the Merger Event, the terms of the Notes and this Indenture shall be modified as set forth in this Article. 

Section 1602.    Certain Definitions. 

From and after the Merger Event, the following terms shall have the meaning set forth in this Section 1602: 

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

“Asset Sale” shall mean any sale of any assets of the Company or its Subsidiaries, including by way of the sale by the
Company or any of its Subsidiaries of equity interests in such Subsidiaries.  
 “Authorized Officer” means
the President, any Vice President, the Treasurer, or any other Person duly authorized by the Company to act in respect of matters relating to this Indenture. 

“Debt,” with respect to any Person, means:  

(a) indebtedness of such Person for borrowed money evidenced by a bond, debenture, note or other similar written instrument or agreement
by which such Person is obligated to repay such borrowed money; and 
 (b) any guaranty by such Person of any such indebtedness of another
Person. 
 “Debt” does not include, among other things, 

  
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 (1) indebtedness of such Person under any installment sale or conditional sale
agreement or any other agreement relating to indebtedness for the deferred purchase price of property or services, 
 (2) any
trade obligations (including obligations under agreements relating to the purchase and sale of any commodity, including power purchase or sale agreements, and any commodity hedges or derivatives regardless of whether such transaction is a
“financial” or physical transaction) or other obligations of such Person in the ordinary course of business, 
 (3)
obligations of such Person under any lease agreement (including any lease intended as security), whether or not such obligations are required to be capitalized on the balance sheet of such Person under generally accepted accounting principles, or

 (4) liabilities secured by any Lien on any property owned by such Person if and to the extent that such Person has not
assumed or otherwise become liable for the payment thereof. 
 “Event of Default” has the meaning specified in
Section 1609 of this Indenture. 
 “Lien” means any lien, mortgage, deed of trust, pledge or security interest,
in each case, intended to secure the repayment of Debt, except for any Permitted Lien.  
 “Material
Subsidiary” means PPL EnergyPlus, LLC, a Delaware limited liability company, PPL Generation, LLC, a Delaware limited liability company or RJS Power LLC, a Delaware limited liability company. 

“Moody’s” means Moody’s Investors Service, Inc. and its successors and assigns, or absent a successor, or if
such entity ceases to rate the Notes, such other nationally recognized statistical rating organization as the Company may designate by notice to the Trustee.  

“Officer’s Certificate” means a certificate signed by an Authorized Officer of the Company and delivered to the Trustee.

 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company and who shall be
acceptable to the Trustee.  
 “Permitted Business” means a business that is the same or similar to the
business of the Company or any Subsidiary of the Company as of the date of the Merger Event, or any business reasonably related thereto. 

“Permitted Liens” means, with respect to any Person: 

(1) any Liens existing on the Issue Date; 

(2) any vendors’ Liens, purchase money Liens and other Liens on property at the time of acquisition thereof by the Company and Liens to
secure or provide for the construction or improvement of property; provided that, no such Lien shall extend to or cover any other property of the Company; 

(3) any Liens on cash or securities (other than limited liability company interests issued by any Material Subsidiary), including any cash or
securities on hand or in banks or other financial institutions, deposit accounts and interests in general or limited partnerships; 
 (4) any
Liens on the equity interest of any Subsidiary of the Company that is not a Material Subsidiary; 

  
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 (5) any Liens on property or shares of capital stock, or arising out of any Debt of any entity
existing at the time the entity becomes or is merged into or consolidated with the Company; 
 (6) any Liens in connection with the issuance
of tax-exempt industrial development or pollution control bonds or other similar bonds issued pursuant to Section 103(b) of the Internal Revenue Code of 1986, as amended (or any successor provision), to finance all or any part of the purchase
price of or the cost of constructing, equipping or improving property; provided that, such Liens are limited to the property acquired or constructed or improved and to substantially unimproved real property on which such construction or
improvement is located; provided further, that the Company may further secure all or any part of such purchase price or the cost of construction or improvement by an interest on additional property of the Company only to the extent necessary
for the construction, maintenance and operation of, and access to, such property so acquired or constructed or such improvement; 
 (7) any
Liens on contracts, leases and other agreements of whatsoever kind and nature; any Liens on contract rights, bills, notes and other instruments; any Liens on revenues, income and earnings, accounts, accounts receivable and unbilled revenues, claims,
credits, demands and judgments; any Liens on governmental and other licenses, permits, franchises, consents and allowances; and any Liens on patents, patent licenses and other patent rights, patent applications, trade names, trademarks, copyrights,
claims, credits, choses in action and other intangible property and general intangibles including, but not limited to, computer software; 

(8) any Liens securing Debt which matures less than one year from the date of issuance or incurrence thereof and is not extendible at the
option of the issuer, and any refundings, refinancings and/or replacements of any such Debt by or with similar secured Debt; 
 (9) any Liens
on automobiles, buses, trucks and other similar vehicles and movable equipment; vessels, boats, barges and other marine equipment; airplanes, helicopters, aircraft engines and other flight equipment; parts, accessories and supplies used in
connection with any of the foregoing; 
 (10) any Liens on furniture and furnishings, and computers, data processing, data storage, data
transmission, telecommunications and other equipment and facilities, equipment and apparatus, which, in any case, are used primarily for administrative or clerical purposes; 

(11) any Liens on property which is the subject of a lease agreement designating the Company as lessee and all right, title and interest of the
Company in and to such property and in, to and under such lease agreement, whether or not such lease agreement is intended as security; 

(12) other Liens securing Debt the principal amount of which does not exceed 10% of the total assets of the Company and its consolidated
Subsidiaries as shown on the Company’s most recent audited consolidated balance sheet; and 
 (13) any Liens granted in connection with
extending, renewing, replacing or refinancing, in whole or in part, the Debt secured by liens described in the foregoing clauses (1) through (12), to the extent of such Debt so extended, renewed, replaced or refinanced. 

  
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 “Person” means any individual, corporation, association, company, joint
stock company, limited liability company, partnership, limited liability partnership, joint venture, trust or unincorporated organization or any government or any political subdivision, instrumentality or agency thereof. 

“Secured Obligations” has the meaning specified in Section 1606 of this Indenture. 

“S&P” means Standard & Poor’s Ratings Services, a division of McGraw Hill Financial, Inc. and its
successors and assigns, or absent a successor, or if such entity ceases to rate the Notes, such other nationally recognized statistical rating organization as the Company may designate by notice to the Trustee. 

“Stated Maturity” when used with respect to the Notes or any obligation or any installment of principal thereof or
interest thereon, means the date on which the principal of such obligation or such installment of principal or interest is stated to be due and payable (without regard to any provisions for redemption, prepayment, acceleration, purchase or
extension). 
 “Subsidiary” means any corporation, association, company, joint stock company, limited
liability company or business trust a majority of the outstanding Voting Stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries of the Company.  

“Voting Stock” means stock (or other interests) of a corporation, association, company, joint stock company, limited
liability company or business trust having voting power for the election of directors, managers or trustees thereof, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency.  

Section 1603.    Release of Guarantees 

Upon the occurrence of the Merger Event, the Guarantees described in Article Fifteen shall be automatically and unconditionally released and
thereafter the Notes shall not be guaranteed by any Subsidiary of the Company. 
 Section 1604.    Modification of Covenants and
Definitions 
 From and after occurrence of the Merger Event, Article Eight and Sections 1006, 1007, 1010, 1011, 1012, 1013, 1014, 1015,
1016, 1017, 1018 and 1019 of this Indenture (together with any definitions that are used solely in such provisions or that are otherwise defined in this Article) shall no longer apply, and in lieu thereof the covenants set forth in Sections 1605,
1606, 1607 and 1608 of this Article and the definitions set forth in Section 1602 of this Article shall apply. 

Section 1605.    Asset Sales 

From and after the occurrence of the Merger Event, the Company agrees that for so long as any Notes shall remain Outstanding, and except for
the sale of the properties and assets of the Company substantially as an entirety pursuant to Section 1608 of this Indenture, and other than assets required to be sold to conform with governmental requirements, the Company shall not, and shall
not permit any of its Subsidiaries to, consummate any Asset Sale, if the aggregate net book value of all such Asset Sales consummated during the four calendar quarters immediately preceding any date of determination would exceed 15% of the
consolidated assets of the Company and its consolidated Subsidiaries as of the beginning of the Company’s most recently ended full fiscal quarter; provided, however, that any such Asset Sale shall be disregarded for purposes of
the 15% limitation specified in this paragraph: 
 (i) if any such Asset Sale is in the ordinary course of business,

 (ii) to the extent that such assets are worn out or are no longer useful or necessary in connection with the
operation of the business of the Company or its Subsidiaries, 

  
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 (iii) to the extent such assets are being transferred to a wholly-owned
Subsidiary of the Company, 
 (iv) to the extent any such assets subject to any such Asset Sale involve transfers of
assets of or equity interests in connection with (a) the formation of any joint venture between the Company or any of its Subsidiaries and any other entity, or (b) any project development and acquisition activities, and 

(v) if the proceeds thereof (a) are, within 12 months of such Asset Sale, invested or reinvested by the Company or
any Subsidiary in a Permitted Business, (b) are used by the Company or a Subsidiary to repay Debt of the Company or such Subsidiary, or (c) are retained by the Company or its Subsidiaries. 

Additionally, if prior to any Asset Sale that otherwise would cause the 15% limitation to be exceeded, Moody’s and S&P confirm the then-current long
term debt rating of the Notes after giving effect to such Asset Sale, such Asset Sale shall also be disregarded for purposes of the foregoing limitations. 

Section 1606.    Limitation on Liens 

From and after the occurrence of the Merger Event, the Company agrees that for so long as any Notes shall remain Outstanding, without consent
of the Holders of a majority in principal amount of the Outstanding Notes of such series, the Company shall not create, incur or assume any Lien (other than Permitted Liens) upon any property of the Company, whether now owned or hereafter acquired,
in order to secure any Debt of the Company. The foregoing agreement shall not restrict the ability of Subsidiaries or Affiliates of the Company to create, incur or assume any Lien upon their properties or assets. 

The first paragraph of this Section 1606 shall not prohibit the creation, issuance, incurrence or assumption of any Lien if either: 

(A) the Company shall make effective provision whereby all Notes then Outstanding shall be secured equally and ratably with all
other Debt then outstanding under such Lien; or 
 (B) the Company shall deliver to the Trustee bonds, notes or other
evidences of indebtedness secured by the Lien which secures such Debt (hereinafter called “Secured Obligations”) 

(i) in an aggregate principal amount equal to the aggregate principal amount of the Notes then Outstanding, 

(ii) maturing (or being subject to mandatory redemption) on such dates and in such principal amounts that, at each Stated
Maturity of the Notes, there shall mature (or be redeemed) Secured Obligations equal in principal amount to the Notes then to mature, and 

(iii) containing, in addition to any mandatory redemption provisions applicable to all Secured Obligations outstanding under
such Lien and any mandatory redemption provisions contained therein pursuant to clause (ii) of this paragraph, mandatory redemption provisions correlative to the provisions, if any, for the mandatory redemption (pursuant to a sinking fund or
otherwise) of the Notes or for the redemption thereof at the option of the Holder, as well as a provision for mandatory redemption upon an acceleration of the maturity of all Outstanding Notes following an Event of Default (such mandatory redemption
to be rescinded upon the rescission of such acceleration); it being expressly understood that such Secured Obligations (x) may, but need not, bear interest, (y) may, but need not, contain provisions for the redemption thereof at the option
of the issuer, any such redemption to be made at a redemption price or prices not less than the principal amount thereof and (z) shall be held by the Trustee for the benefit of the Holders of all Notes from time to time Outstanding subject to
such terms and conditions relating to surrender to the Company, transfer restrictions, voting, application of payments of principal and interest and other matters as shall be set forth in an indenture supplemental hereto specifically providing for
the delivery to the Trustee of such Secured Obligations. 

  
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 Section 1607.    Delivery of Supplemental Indenture, Officer’s Certificate and
Opinion of Counsel 
 If the Company shall elect either of the alternatives described in the second paragraph of Section 1606 of
this Indenture, the Company shall deliver to the Trustee: 
 (A) an indenture supplemental to this Indenture
(i) together with any appropriate intercreditor arrangements, whereby such Notes then Outstanding shall be secured by the Lien referred to in the second paragraph of Section 1606 of this Indenture equally and ratably with all other
indebtedness secured by such Lien or (ii) providing for the delivery to the Trustee of Secured Obligations; 
 (B) an
Officer’s Certificate (i) stating that, to the knowledge of the signer, (1) no Event of Default has occurred and is continuing and (2) no event has occurred and is continuing which entitles the secured party under such Lien to
accelerate the maturity of the indebtedness outstanding thereunder and (ii) stating the aggregate principal amount of indebtedness issuable, and then proposed to be issued, under and secured by such Lien; and 

(C) an Opinion of Counsel (i) if the Notes then Outstanding are to be secured by such Lien, to the effect that all such
Notes then Outstanding are entitled to the benefit of such Lien equally and ratably with all other indebtedness outstanding under such Lien or (ii) if Secured Obligations are to be delivered to the Trustee, to the effect that such Secured
Obligations have been duly issued under such Lien and constitute valid obligations, entitled to the benefit of such Lien equally and ratably with all other indebtedness then outstanding under such Lien. 

Section 1608.    Consolidation, Merger, Conveyance or Other Transfer 

From and after the occurrence of the Merger Event, the Company shall not consolidate with or merge into any other Person or convey, transfer
or lease its properties and assets substantially as an entirety to any Person, unless: 
 (a) the Person formed by such
consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company, substantially as an entirety shall be a corporation or limited liability company
organized and existing under the laws of the United States, any State thereof or the District of Columbia, and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee,
the due and punctual payment of the principal of and premium, if any, and interest, if any, on all Outstanding Notes and the performance of every covenant of this Indenture on the part of the Company to be performed or observed; 

(b) immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time
or both, would become an Event of Default, shall have occurred and be continuing; and 
 (c) the Company shall have delivered
to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance or other transfer or lease and such indenture supplemental hereto complies with this Section 1608 and that all
conditions precedent herein provided for relating to such transactions have been complied with. 
 Upon any consolidation by the Company
with or merger by the Company into any other Person or any conveyance or other transfer or lease of the properties and assets of the Company substantially as an entirety in accordance with this Section 1608, the successor Person formed by such
consolidation or into which the Company is merged or the Person to which such conveyance, or other transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with
the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of and released from all obligations and covenants under this Indenture and the
Notes Outstanding hereunder (unless the Company shall have delivered to the Trustee an instrument waiving such relief and release), and the Trustee shall acknowledge in writing that the Company has been so relieved and released. 

  
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 For purposes of clarification and not in limitation of this Section 1608 nothing in this
Indenture shall be deemed to prevent or restrict: 
  

	 	(1)	any consolidation or merger after the consummation of which the Company would be the surviving or resulting Person, or 

  

	 	(2)	any conveyance or other transfer, or lease of any part of the properties of the Company which does not constitute the entirety, or substantially the entirety, thereof, or 

 

	 	(3)	the approval by the Company of, or the consent by the Company to, any consolidation or merger of any direct or indirect subsidiary or affiliate of the Company, or any conveyance, transfer or lease by any such subsidiary
or affiliate of any of its assets. 

 Section 1609.    Events of Default 

From and after the occurrence of the Merger Event, the Events of Default described under the first paragraph of Section 501 of this
Indenture shall no longer constitute Events of Default, and in lieu thereof this Section 1609 shall apply. 
 “Event of
Default” wherever used herein with respect to the Notes, means any one of the following events: 
  

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

 

	 	(2)	default in the payment of the principal of or premium, if any, on any Note when it becomes due and payable; 

  

	 	(3)	default in the performance of, or breach of, any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in the performance of which or breach of which is elsewhere in this
Section 1609 specifically dealt with) and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders
of at least 25% in principal amount of the Outstanding Notes (which notice from Holders shall also be given by the Holders to the Trustee), a written notice specifying such default or breach and requiring it to be remedied and stating that such
notice is a “Notice of Default” hereunder, unless the Trustee, or the Trustee and the Holders of a principal amount of Notes not less than the principal amount of Notes the Holders of which gave such notice, as the case may be, shall agree
in writing to an extension of such period prior to its expiration; provided, however, that the Trustee, or the Trustee and the Holders of such principal amount of Notes, as the case may be, shall be deemed to have agreed to an
extension of such period if corrective action is initiated by the Company within such period and is being diligently pursued; or 

  

	 	(4)	the entry by a court having jurisdiction in the premises of (1) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy,
insolvency, reorganization or other similar law or (2) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition by one or more Persons other than the Company seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official for the Company or for any substantial
part of its property, or ordering the winding up or liquidation of its affairs, and any such decree or order for relief or any such other decree or order shall have remained unstayed and in effect for a period of 60 consecutive days; or

  

	 	(5)	 the commencement by the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or
other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by the Company to the entry of 

  
 -108- 

	 	
a decree or order for relief in respect of the Company in a case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against the Company, or the filing by the Company of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by the
Company to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or of any substantial part of its property, or the making
by the Company of an assignment for the benefit of creditors, or the admission by the Company in writing of its inability to pay its debts generally as they become due, or the authorization of such action by the Board of Directors of the Company; or

  

	 	(6)	the occurrence of a matured event of default, as defined in any instrument of the Company under which there may be issued or evidenced any Debt of the Company, that has resulted in the acceleration of such Debt in
excess of $25,000,000, or any default in payment of Debt in excess of $25,000,000 at final maturity, after the expiration of any applicable grace or cure periods; provided, however, that the waiver or cure of any such default under any such
instrument or Debt shall constitute a waiver and cure of the corresponding Event of Default under this Indenture and the rescission and annulment of the consequences thereof shall constitute a rescission and annulment of the corresponding
consequences under this Indenture. 

 Section 1610.    Acceleration of Maturity, Rescission and Annulment 

From and after the occurrence of the Merger Event, Section 502 of this Indenture shall no longer apply, and in lieu thereof this Section 1610 shall
apply: 
 If an Event of Default shall have occurred and be continuing with respect to Notes at the time Outstanding, then in every such
case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal amount of all of the Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if
given by Holders), and upon receipt by the Company of notice of such declaration such principal amount (or specified amount) shall become immediately due and payable. 

At any time after such a declaration of acceleration with respect to Notes shall have been made and before a judgment or decree for payment of
the money due shall have been obtained by the Trustee provided in this Indenture, such declaration and its consequences shall, without further act, be deemed to have been rescinded and annulled, if: 

(a) the Company shall have paid or deposited with the Trustee a sum sufficient to pay: 

(1) all overdue interest, if any, on all Notes then Outstanding; 

(2) the principal of and premium, if any, on any Notes then Outstanding which have become due otherwise than by such
declaration of acceleration and interest thereon at the rate or rates prescribed therefor in the Notes; 
 (3) to the extent
that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Notes; 

(4) all amounts due to the Trustee under Section 607 of this Indenture; and 

(b) all Events of Default with respect to the Notes, other than the non payment of the principal of Notes which shall have
become due solely by such declaration of acceleration, shall have been cured or waived as provided in Section 513 of this Indenture. 

  
 -109- 

 No such rescission shall affect any subsequent Event of Default or impair any right consequent
thereon. 
 The Trustee hereby accepts the trusts in this Indenture upon the terms and conditions herein set forth. 

[Signature Page Follows] 

  
 -110- 

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

			
	RJS POWER HOLDINGS LLC
		
	By:	 	/s/ Charles C. Cook
		 	 Name:  Charles C. Cook

Title:    President and Chief Executive Officer

	
	RJS POWER LLC
		
	By:	 	/s/ Charles C. Cook
		 	 Name:  Charles C. Cook

Title:    President and Chief Executive Officer

	
	 THE BANK OF NEW YORK MELLON,

as Trustee

		
	By:	 	/s/ Francine Kincaid
		 	 Name:  Francine Kincaid

Title:    Vice President

 ANNEX A 

CUSIP [            ] 

ISIN [            ] 

[Form of Face of Note] 

[Legend(s) applicable pursuant to the provisions of the Indenture] 

RJS POWER HOLDINGS LLC 

5.125% Senior Note due 2019 
  

	 No. 
	US$        

 RJS Power Holdings LLC, a Delaware limited liability
company (herein called the “Company,” which term includes any successor Person under this Indenture hereinafter referred to), for value received, hereby promises to pay to
                            , or registered assigns, the principal sum of
                     U.S. Dollars on July 15, 2019 or such greater or lesser amount as may be indicated on the Schedule of Exchanges of
Interests in the Global Note attached hereto. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

  
 A-1 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by its undersigned
officer. 
  

			
	RJS POWER HOLDINGS LLC
		
	By:	 	 

 Trustee’s Certificate of Authentication 

This is one of the 5.125% Senior Notes due 2019 referred to in the within-mentioned Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON,

as Trustee

		
	By:	 	 
		 	Authorized Signatory

 Dated:
                                     

  
 A-2 

 [Form of Reverse of Note] 

5.125% Senior Note due 2019 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. To the extent
that any of the terms and provisions of this Note conflict with the express provisions of the Indenture, the terms and provisions of the Indenture shall govern and be controlling. 

(1) INTEREST. Interest on the Notes shall accrue (i) until the first Interest Payment Date following delivery by
the Company to the Trustee of an Officers’ Certificate certifying that a Merger Ratings Event has occurred (such Interest Payment Date, the “Step-Down Date”) at the rate of 5.125% per annum, and (ii) from and after
the Step-Down Date, at the rate of 4.625% per annum, and shall be payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2015. Interest on the Notes shall accrue from the date of
original issuance or, if interest has already been paid, from the date it was most recently paid or duly provided for. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months, and with respect to any period less
than a full calendar month, on the basis of the actual number of days elapsed during the period. If a payment date is a Legal Holiday at a Place of Payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue on such payment for the intervening period. The Company shall pay interest (including post-petition interest in any proceeding under any applicable Bankruptcy Law) on overdue principal and premium, if any, at the
applicable interest rate on the Notes to the extent lawful; and it shall pay interest (including post-petition interest in any proceeding under any applicable Bankruptcy Law) on overdue installments of interest (without regard to any applicable
grace period) at the same rate to the extent lawful. 
 (2) METHOD OF PAYMENT. The Company shall pay interest on the
Notes (except Defaulted Interest) to the Persons who are registered Holders on the January 1 or July 1 (whether or not a Business Day) immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date
and on or before such Interest Payment Date, except as provided in Section 308 of the Indenture with respect to Defaulted Interest. Holders must surrender Notes to the Paying Agent to collect payments of principal and premium, if any, due at
Maturity. The Notes shall be payable as to principal, premium, if any, and interest at the office of the Paying Agent or Security Registrar or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their
addresses set forth in the Security Register; provided that, payment by wire transfer of immediately available funds shall be required with respect to principal of and interest and premium, if any, on, all Global Notes and all other Notes the
Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent at least 15 days prior to the applicable payment date, subject to surrender of the Note at the office of the Paying Agent in case of payments of
principal or premium. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

(3) PAYING AGENT AND SECURITY REGISTRAR. Initially, The Bank of New York Mellon, the Trustee under the Indenture, shall
act as Paying Agent and Security Registrar. The Company may change any Paying Agent or Security Registrar without prior notice to any Holder. The Company or any of its Restricted Subsidiaries may act in any such capacity. 

(4) INDENTURE. The Notes are issued by the Company under an Indenture, dated as of July 10, 2014, by and among the
Company, the Guarantors parties thereto and the Trustee, and designated as the “5.125% Senior Notes due 2019.” The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred
to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of
the Company. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder. 

  
 A-3 

 (5) OPTIONAL REDEMPTION PRIOR TO THE OCCURRENCE OF THE MERGER EVENT. This
Section 5 applies to the Notes only prior to the occurrence of the Merger Event. 
 Except as described herein and in Section 1010
of the Indenture, the Notes are not redeemable until July 15, 2016. On and after July 15, 2016, the Company may redeem all or a part of the Notes, from time to time, at the following Redemption Prices (expressed as a percentage of
principal amount) plus accrued and unpaid interest on the Notes redeemed, if any, up to but excluding the Redemption Date (subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment
Date), if redeemed during the twelve-month period beginning on July 15 of the years indicated below: 
  

					
	Year	  	 Redemption

Price
	 
	  
	 
	 2016
	  	 	102.563	% 
	 2017
	  	 	101.281	% 
	 2018 and thereafter
	  	 	100.000	% 

 At any time or from time to time prior to July 15, 2016, the Company may also redeem all or a part of the
Notes, at a Redemption Price equal to the Make-Whole Price. 
 “Make-Whole Price” means, with respect to any Notes to be
redeemed, an amount equal to the greater of: 
 (1) 100% of the principal amount of such Notes; and 

(2) the sum of the present values of (a) the Redemption Price of such Notes at July 15, 2016 (as set forth in the
table above) and (b) the remaining scheduled payments of interest from the Redemption Date to (but not including) July 15, 2016 (not including any portion of such payments of interest accrued as of the Redemption Date) discounted back to
the Redemption Date on a semi-annual basis (assuming a 360 day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 50 basis points, 

plus, in the case of both (1) and (2), accrued and unpaid interest on the Notes redeemed, if any, up to but excluding the Redemption Date, subject
to the rights of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 “Treasury
Rate” means, with respect to any Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical
Release H.15 (519) that has become publicly available at least two Business Days prior to such Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to
the period from such Redemption Date to July 15, 2016; provided, however, that if the period from such Redemption Date to July 15, 2016 is not equal to the constant maturity of a United States Treasury security for which a weekly
average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given; provided
further that if the period from the Redemption Date to July 15, 2016 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. The
Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 
 The notice of redemption with respect to the
foregoing redemption need not set forth the Make-Whole Price but only the manner of calculation thereof. The Company shall notify the Trustee of the Make-Whole Price with respect to any redemption promptly after the calculation thereof, and the
Trustee shall not be responsible for such calculation. 

  
 A-4 

 Prior to July 15, 2016, the Company may on any one or more occasions redeem up to 35% of the
principal amount of the Notes, in an amount not greater than the net cash proceeds of one or more Equity Offerings at a Redemption Price equal to 105.125% of the principal amount thereof, plus accrued and unpaid interest on the Notes
redeemed, if any, up to but excluding the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date); provided that: 

(1) at least 65% of the aggregate principal amount of the Notes (including Additional Notes, if any, and excluding Notes held by the Company
and its Subsidiaries) remains Outstanding after each such redemption; and 
 (2) the redemption occurs within 90 days after the closing of
such Equity Offering. 
 In addition to the foregoing, the Notes shall be redeemable in the circumstances set forth in the penultimate
paragraph of Section 1010 of the Indenture. 
 Any redemption pursuant to this Section 5 shall be subject to Article Eleven of the
Indenture. 
 (6) OPTIONAL REDEMPTION FROM AND AFTER THE OCCURRENCE OF THE MERGER EVENT. From and after the occurrence
of the Merger Event, the provisions of paragraph 5 of this Note shall no longer apply to the Notes, and in lieu thereof, the following provisions shall apply with respect to redemption of the Notes. 

At any time or from time to time prior to April 15, 2019, the Company may redeem all or a part of the Notes, at a redemption price equal to the
Make-Whole Price. 
 “Make-Whole Price” with respect to any Notes to be redeemed, means an amount equal to the greater of: 

 

	(1)	100% of the principal amount of such Notes; and 

  

	(2)	the sum of the present values of (a) the principal amount of such Notes and (b) the remaining scheduled payments of interest from the Redemption Date to (but not including) the Stated Maturity Date of the
Notes (not including any portion of such payments of interest accrued as of the Redemption Date) discounted back to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as
defined below) plus 50 basis points, 

 plus, in the case of both (1) and (2), accrued and unpaid interest on the Notes
redeemed, if any, up to but excluding the Redemption Date, subject to the rights of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

“Comparable Treasury Issue” means, with respect to Notes to be redeemed, the U.S. Treasury security selected by an Independent Investment
Banker as having a maturity most nearly equal to the period from the Redemption Date to the Stated Maturity Date of the Notes that would be utilized at the time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of a comparable maturity; provided that, if such period is less than one year, then the U.S. Treasury security having a maturity of one year shall be used. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations for
such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
Reference Treasury Dealer Quotations. 

  
 A-5 

 “Independent Investment Banker” means J.P. Morgan Securities LLC or one of its successors, or,
if such firm or its successors, if any, as the case may be, are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

“Reference Treasury Dealer” means each of J.P. Morgan Securities LLC, a primary Government Securities dealer in New York City (each a
“Primary Treasury Dealer”) designated by J.P. Morgan Securities LLC and two additional Primary Treasury Dealers selected by the Company, and their respective successors; provided, however, that if any such firm or any such
successor, as the case may be, shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 “Treasury Rate” means, with
respect to any redemption date, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15 (519)” or any successor
publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Stated Maturity, yields for the two published maturities most closely corresponding to the Comparable
Treasury Issue shall be determined, and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during
the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 

The notice of redemption with respect to the foregoing redemption need not set forth the Make-Whole Price but only the manner of calculation thereof. The
Company shall notify the trustee of the Make-Whole Price with respect to any redemption promptly after the calculation, and the Trustee shall not be responsible for such calculation. 

On or after April 15, 2019, the Company may redeem all or part of the Notes at a redemption price equal to 100% of the principal amount of the Notes to
be so redeemed, plus accrued and unpaid interest to the Redemption Date, subject to the rights of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

Any redemption pursuant to this Section 6 shall be subject to Article Eleven of the Indenture. 

(7) NOTE PURCHASES; MANDATORY REDEMPTION. The Company may at any time and from time to time purchase Notes in the open
market, by tender offer or exchange offer, in negotiated transactions or otherwise. For the avoidance of doubt, any such tender offer, exchange offer or other acquisition may be coupled with an exit consent pursuant to which Holders in tendering
their Notes consent to an amendment to the Indenture to eliminate, among other things, substantially all of the obligations of the Company and the Guarantors under the covenants described under Article Ten, the obligation to make Change of Control
Offers and Asset Sale Offers and the Events of Default described in clauses 3, 4 and 5 of the first paragraph of Section 501 of the Indenture. The Company is not required to make mandatory redemption or sinking fund payments with respect to the
Notes. However, under certain circumstances, the Company may be required to offer to purchase Notes pursuant to Section 1010 or 1015 of the Indenture. 

  
 A-6 

 (8) REPURCHASE AT THE OPTION OF HOLDER. 

(a) Prior to the occurrence of the Merger Event, if a Change of Control occurs, each Holder shall have the right to require the Company to
repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to an offer (a “Change of Control Offer”) at a purchase price in cash equal to not less than 101%
of the aggregate principal amount thereof plus accrued and unpaid interest, if any, thereon to but excluding the date of purchase (the “Change of Control Payment”), subject to the rights of Holders on the relevant record date
to receive interest due on the relevant Interest Payment Date. Not later than 30 days following any Change of Control, unless the Company has exercised its right to redeem all of the Notes as described under Section (5), the Company shall send a
notice to each Holder (with a copy to the Trustee) setting forth the procedures governing the Change of Control Offer as required by the Indenture. Holders that are the subject of an offer to purchase shall receive notice of a Change of Control
Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes. 

From and after the occurrence of the Merger Event, this provision shall no longer apply to the Notes. 

(b) Prior to the occurrence of the Merger Event, if the Company or a Restricted Subsidiary of the Company consummates an Asset Sale, the
Company may be required to make an offer (an “Asset Sale Offer”) to all Holders and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in the Indenture with
respect to offers to purchase or redeem with the proceeds of sales of assets pursuant to Section 1015 of the Indenture to purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may be purchased out of
the Excess Proceeds. The offer price in any Asset Sale shall be equal to 100% of the principal amount plus accrued and unpaid interest, if any, to (but not including) the date of purchase, and shall be payable in cash. Holders that are the
subject of an offer to purchase shall receive notice of an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase”
attached to the Notes. From and after the occurrence of the Merger Event, this provision shall no longer apply to the Notes. 

(9) NOTICE OF REDEMPTION. Notice of redemption shall be sent at least 30 days but not more than 60 days before the
Redemption Date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be sent more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Notes or
a satisfaction and discharge of the Indenture. Any notice of redemption may at the Company’s discretion be subject to one or more conditions precedent. Notes in denominations larger than $2,000 may be redeemed in part but only in whole
multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. 
 (10) DENOMINATIONS, TRANSFER,
EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Security Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents in connection with a transfer of its Notes, and the Company may require a Holder to pay any taxes and fees
required by law or permitted by the Indenture. The Company and the Trustee need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the portion of the note not selected for redemption. The
Company and the Trustee need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the portion of any Note not selected for redemption. Also, the Company and the Trustee need not exchange or
register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

(11) PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

  
 A-7 

 (12) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the
Indenture, the Notes or any Guarantee thereof may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then Outstanding (including consents obtained in connection with a
purchase of, or tender offer or exchange offer for, Notes) and any existing Default or Event of Default or compliance with any provision of the Indenture or the Notes or any Guarantee thereof may be waived with the consent of the Holders of at least
a majority in aggregate principal amount of the Notes then Outstanding (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). Without the consent of any Holder of a Note, the Indenture or the
Notes may be amended or supplemented to, among other things, cure any ambiguity, defect or inconsistency, or make any change that does not adversely affect the rights or interests of any such Holder. 

(13) DEFAULTS AND REMEDIES. 

(a) Prior to the occurrence of the Merger Event, in the case of an Event of Default arising from events of bankruptcy or insolvency specified
in clause (9) or (10) of Section 501 of the Indenture, all Outstanding Notes shall become due and payable immediately without further action or notice . If any other Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in aggregate principal amount of the then Outstanding Notes may declare all of the Notes to be due and payable immediately by notice in writing to the Company and, in the case of notice by Holders, also to the Trustee
specifying the respective Event of Default and that it is a notice of acceleration. 
 (b) From and after the occurrence of the Merger
Event, if an Event of Default as specified in Section 1609 of the Indenture shall have occurred and be continuing with respect to Notes at the time Outstanding, then in every such case the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Notes may declare the principal amount of all of the Securities of such series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon receipt by
the Company of notice of such declaration such principal amount (or specified amount) shall become immediately due and payable. 
 In the
case of both (a) and (b) above, Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may withhold from Holders notice of any Default or Event of Default (except a Default or Event of Default
relating to the payment of principal, premium or interest) if and so long as the Trustee in good faith determines that withholding the notice is in the interests of the Holders. The Company is required to deliver to the Trustee annually an
Officers’ Certificate regarding the compliance with the Indenture, and the Company is required, within 30 calendar days after becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or
Event of Default. The Holders of at least a majority in aggregate principal amount of the Outstanding Notes may on behalf of the Holders of all of the Notes waive any past default and its consequences under the Indenture, except a default in the
payment of interest or any premium on, or the principal of, the Notes (other than amounts that have become due solely because of an acceleration that has been rescinded) and except as provided in Section 513(2) of the Indenture. The Holders of
at least a majority in aggregate principal amount of the Outstanding Notes shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee with respect to the Notes. However, the Trustee
may refuse to follow any direction that conflicts with law or the Indenture, or that may involve the Trustee in personal liability, and may take any other action it deems proper that is not inconsistent with any such direction received from Holders.

 (14) TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to,
accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 

(15) NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator, stockholder, member, manager or partner
of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or any Guarantor under the Notes, the Indenture or the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or
their creation. 

  
 A-8 

 
Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

(16) AUTHENTICATION. This Note shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. 
 (17) ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), IT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

(18) CUSIP AND ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

(19) GOVERNING LAW. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE AND ENFORCE THE INDENTURE AND
THIS NOTE. 
 The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture and any amendment or
supplement thereto. Requests may be made to: 
 RJS Power Holdings LLC 

2901 Via Fortuna Drive, Building 6, Suite 650 

Austin, TX 78746 

Attention: General Counsel 

  
 A-9 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	 	 
		 	(Insert assignee’s legal name)

			
	
	  

			
	(Insert assignee’s soc. sec. or tax I.D. no.)

			
	
	  

			
	
	  

			
	
	  

			
	(Print or type assignee’s name, address and zip code)

			
		
	and irrevocably appoint	 	 

 to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

 

			
		
	Date:	 	 

  

			
		
	Your Signature:	 	 
		 	 (Sign exactly as your name appears
 on the
face of this Note)

  

			
		
	Signature Guarantee*:	 	 

  
  

*Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor 

acceptable to the Trustee). 

  
 A-10 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Company pursuant to Section 1010 or Section 1015 of the Indenture, check the
appropriate box below: 
  

			
	q Section 1010	 	q Section 1015

 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 1010 or
Section 1015 of the Indenture, state the amount you elect to have purchased: 
  

			
	US$
                                    

  

											
						
	Date:	 	 	 		 		 	Your Signature:	 	 
		 		 		 		 		 	 (Sign exactly as your name appears
 on the face
of this Note)

						
		 		 		 		 	 Tax Identification No.:
	 	 

  

			
		
	Signature Guarantee*:	 	 

  
  

*Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-11 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
NOTE* 
 The following exchanges of a part of this Global Note for other Notes have
been made: 
  

									
	 Date of Exchange
	  	
Amount of decrease in
Principal Amount of this
Global Note
	  	
Amount of increase in
Principal Amount of this
Global Note
	  	 Principal Amount of

this Global Note

following such decrease

(or increase)
	  	 Signature of authorized
signatory of Trustee
or
Custodian

  
  

*This schedule should be included only if the Note is issued in global form. 

  
 A-12 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to: 
  

 
 (Print or type assignee’s name,
address and zip code) 
  
  

(Insert assignee’s social security or tax I.D. No.) 

and irrevocably appoint
                                 agent to transfer this Note on the books of the
Company. The agent may substitute another to act for him. 
  

							
	Date:                                     
    	 		 	Your Signature:	 	 

 Signature 

Guarantee:                        
                                         
   
 (Signature must be guaranteed) 
  

 
 Sign exactly as your name appears on the
other side of this Note. 
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 
 The undersigned hereby
certifies that it  ̈ is / ̈ is not an Affiliate of the Company and that, to its knowledge, the proposed transferee
 ̈ is / ̈ is not an Affiliate of the Company. 

In connection with any transfer or exchange of any of the Notes evidenced by this certificate occurring prior to the date that is one year
after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Company or any Affiliate of the Company, the undersigned confirms that such Notes are being: 

CHECK ONE BOX BELOW: 
  

					
	                (1)                	  	         ̈                	    	acquired for the undersigned’s own account, without transfer;
			
	(2)	  	         ̈                	    	transferred to the Company;
			
	(3)	  	         ̈                	    	transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);
			
	(4)	  	         ̈                	    	transferred pursuant to and in compliance with Regulation S under the Securities Act (provided that the transferee has furnished to the Trustee a signed letter containing certain representations and agreements satisfactory to
the Company); or

  
 A-13 

					
			
	                (5)                	  	         ̈                	    	transferred pursuant to another available exemption from the registration requirements of the Securities Act.

 Unless one of the boxes is checked, the Trustee shall refuse to register any of the Notes evidenced by this certificate
in the name of any person other than the registered Holder thereof; provided, however, that if box (4) or (5) is checked, the Company may require, prior to registering any such transfer of the Notes, in its sole discretion,
such legal opinions, certifications and other information as the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act of 1933, as amended. 
  

					
		  		 	  

		  		 	Signature
			
	Signature Guarantee:	  		 	
			
	  
	  		 	  

	(Signature must be guaranteed)	  		 	Signature

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 
 TO BE COMPLETED BY PURCHASER IF
BOX (1) OR (3) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Note for its own account or
an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that
the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it
is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

					
		  		 	  

			
		  		 	Dated:

 TO BE COMPLETED BY PURCHASER IF BOX (4) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is not a U.S. person (as defined in Regulation S under the Securities Act) or purchasing for the account or benefit of a U.S. person, other than a distributor, and is purchasing the Notes
in an offshore transaction in accordance with Regulation S and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Regulation S. 

 

					
		  		 	  

			
		  		 	Dated:

  
 A-14 

 ANNEX B 

NOTATION OF GUARANTEE 

Each of the Guarantors (which term includes any successor Person under the Indenture (as defined below)), has fully and unconditionally
guaranteed, to the extent set forth in Article Fifteen of the Indenture dated as of July 10, 2014, by and among RJS Power Holdings LLC, as issuer, the Guarantors and The Bank of New York Mellon, as Trustee (the “Indenture”),
and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Notes and all other amounts due and payable under the Indenture and the Notes by the Company. 

The obligations of the Guarantors to the Holders and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in
Article Fifteen of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee and the conditions upon which it may be released. 

IN WITNESS WHEREOF, each of the Guarantors has caused this notation to be duly executed. 

 

			
	[Name of Guarantor(s)]
		
	By:	 	 
		 	Name:
		 	Title:

  
 B-1 

 ANNEX C 

FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY FUTURE SUBSIDIARY GUARANTORS 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of , 20__, among [Name of Future Subsidiary Guarantor] (the
“New Subsidiary Guarantor”), a subsidiary of RJS Power Holdings LLC, a Delaware limited liability company [or its permitted successor] (the “Company”), the existing Guarantors (as defined in the Indenture referred
to herein), the Company, and The Bank of New York Mellon, as trustee under the Indenture referred to herein (the “Trustee”). The New Subsidiary Guarantor and the existing Subsidiary Guarantors are sometimes referred to collectively
herein as the “Subsidiary Guarantors,” or individually as a “Subsidiary Guarantor.” 
 W I T N E S S E T
H 
 WHEREAS, the Company and the existing Subsidiary Guarantors have heretofore executed and delivered to the Trustee an Indenture,
dated as of July 10, 2014, relating to the 5.125% Senior Notes due 2019 (the “Securities”) of the Company; 
 WHEREAS,
Section 1017 of the Indenture obligates the Company to cause its Restricted Subsidiaries to become Subsidiary Guarantors by executing a supplemental Indenture as provided in such Section 1017; and 

WHEREAS, pursuant to Section 901 of the Indenture, the Company, the Subsidiary Guarantors and the Trustee are authorized to execute and
deliver this Supplemental Indenture to amend or supplement the Indenture without the consent of any Holder; 
 NOW THEREFORE, to comply with
the provisions of the Indenture and in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Subsidiary Guarantor, the other Subsidiary Guarantors, the Company and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Securities as follows: 
 1.
CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2. AGREEMENT TO SUBSIDIARY GUARANTEE. The New Subsidiary Guarantor hereby agrees,
jointly and severally, with all other Subsidiary Guarantors, to fully and unconditionally Guarantee to each Holder and to the Trustee the Note Obligations, to the extent set forth in Article Fifteen of the Indenture and subject to the provisions
thereof. The obligations of the Subsidiary Guarantors to the Holders of Securities and to the Trustee pursuant to the Subsidiary Guarantees and the Indenture are expressly set forth in Article Fifteen of the Indenture and reference is hereby made to
such Article for the precise terms of the Subsidiary Guarantees. 
 3. NEW YORK LAW
TO GOVERN. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE AND ENFORCE THIS SUPPLEMENTAL INDENTURE. 

4. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 This Supplemental Indenture may be executed in multiple counterparts
which, when taken together, shall constitute one instrument. 
 5. EFFECT OF HEADINGS. The
Section headings herein are for convenience only and shall not affect the construction hereof. 

  
 C-1 

 6. THE TRUSTEE. Except as otherwise expressly provided herein, no
duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and
conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. The Trustee is not responsible or liable for the validity or
sufficiency of this Supplemental Indenture. All of the recitals contained herein are those of the Company and the Guarantors. 

[Remainder of Page Intentionally Left Blank. Signature Page Follows.] 

  
 C-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
 Dated:
                , 20 
  

			
	[NEW SUBSIDIARY GUARANTOR]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	[OTHER SUBSIDIARY GUARANTORS]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	RJS POWER HOLDINGS LLC
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	 
		 	Authorized Signatory

  
 C-3 

 ANNEX D 

[FORM OF CERTIFICATE TO BE DELIVERED 

IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A] 

RJS Power Holdings LLC 
 2901 Via Fortuna Drive, Building 6,
Suite 650 
 Austin, TX 78746 
 Attention: General Counsel 

The Bank of New York Mellon 
 101 Barclay Street, 7E 

New York, New York 10286 
 Attention: Corporate Trust;
Administration/RJS Power Holdings LLC 
  

	 	Re:	RJS Power Holdings LLC (the “Company”) 5.125% Senior Notes due 2019 (the “Notes”) 

Ladies and Gentlemen: 
 In connection with our
proposed sale of $____________ aggregate principal amount at maturity of the Notes (CUSIP No. _____________), we hereby certify that such transfer is being effected pursuant to and in accordance with Rule 144A (“Rule 144A”) under
the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we hereby further certify that the Notes are being transferred to a person that we reasonably believe is purchasing the Notes for its own
account, or for one or more accounts with respect to which such person exercises sole investment discretion, and such person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction
meeting the requirements of Rule 144A, and such Notes are being transferred in compliance with any applicable blue sky securities laws of any state of the United States. 

The Company and you are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	Very truly yours,
	
	 
	[Name of Transferor]
		
	By:	 	 
		 	 Authorized Signature

  
 D-1 

 ANNEX E 

[FORM OF CERTIFICATE TO BE DELIVERED 

IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S] 

RJS Power Holdings LLC 
 2901 Via Fortuna Drive, Building 6,
Suite 650 
 Austin, TX 78746 
 Attention: General Counsel 

The Bank of New York Mellon 
 101 Barclay Street, 7E 

New York, New York 10286 
 Attention: Corporate Trust;
Administration/RJS Power Holdings LLC 
  

	 	Re:	RJS Power Holdings LLC (the “Company”) 5.125% Senior Notes due 2019 (the “Notes”) 

Ladies and Gentlemen: 
 In connection with our
proposed sale of $______________ aggregate principal amount of the Notes (CUSIP No._______________), we confirm that such sale has been effected pursuant to and in accordance with Regulation S (“Regulation S”) under the U.S.
Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 
 (1) the offer of the
Notes was not made to a person in the United States; 
 (2) either (a) at the time the buy order was originated, the transferee was
outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated off-shore securities
market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

(3) no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S, as applicable; and 
 (4) the transaction is not part of a plan or scheme to evade the registration requirements of the
Securities Act. 
 In addition, if the sale is made during a restricted period and the provisions of Rule 903(b) or Rule 904(b) of
Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b) or Rule 904(b), as the case may be. 

The Company and you are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 

 

			
	Very truly yours,
	
	 
	[Name of Transferor]
		
	By:	 	 

  
 E-1 

 ANNEX F 

[Date] 
 RJS Power Holdings
LLC 
 2901 Via Fortuna Drive, Building 6, Suite 650 
 Austin,
TX 78746 
 Attention: General Counsel 
  

	 	Re:	RJS Power Holdings LLC (the “Company”) 5.125% Senior Notes due 2019 (the “Notes”) 

Ladies and Gentlemen: 
 This letter
relates to Notes represented by a temporary global note (a “Temporary Regulation S Global Note”). Pursuant to Section 201 of the Indenture dated as of July 10, 2014 relating to the Notes (as amended or supplemented, the
“Indenture”), we hereby certify that the persons who are the beneficial owners of $[            ] principal amount of Notes represented by the Temporary Regulation S
Global Note are persons outside the United States to whom beneficial interests in such Notes could be transferred in accordance with Rule 904 of Regulation S promulgated under the Securities Act of 1933, as amended. Accordingly, you are hereby
requested to issue a Permanent Regulation S Global Note (as defined in this Indenture) representing the undersigned’s interest in the principal amount of Notes represented by the Temporary Regulation S Global Note, all in the manner provided by
this Indenture. We certify that we [are][are not] an Affiliate (as defined in the Indenture) of the Issuer. 
 The Trustee and the
Issuer are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.
Terms used, but not defined, in this letter have the meanings set forth in Regulation S under the Securities Act of 1933, as amended. 
  

			
	Very truly yours,
	
	
	[Name of Transferor]
		
	By:	 	 
		 	 Authorized Signatory

  
 F-1EX-10.1

 Exhibit 10.1 

CREDIT AGREEMENT 
 dated as of

 October 31, 2014 
 among

 SSTI PREFERRED INVESTOR, LLC, as Borrower 

and 
 The Lenders Party Hereto

 and 
 KEYBANK, NATIONAL
ASSOCIATION, 
 as Administrative Agent 

KEYBANC CAPITAL MARKETS, LLC, 
 as
Sole Book Runner and Sole Lead Arranger 
  
  

 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I Definitions
	  	 	1	  
		
	 SECTION 1.01 Defined Terms
	  	 	1	  
	 SECTION 1.02 Classification of Loans and Borrowings
	  	 	20	  
	 SECTION 1.03 Terms Generally
	  	 	21	  
	 SECTION 1.04 Accounting Terms; GAAP
	  	 	21	  
		
	 ARTICLE II The Loans
	  	 	21	  
		
	 SECTION 2.01 Commitments
	  	 	21	  
	 SECTION 2.02 Loans and Borrowings
	  	 	22	  
	 SECTION 2.03 Requests for Borrowings
	  	 	22	  
	 SECTION 2.04 Intentionally Omitted
	  	 	23	  
	 SECTION 2.05 Curtailment
	  	 	23	  
	 SECTION 2.06 Funding of Borrowings
	  	 	24	  
	 SECTION 2.07 Interest Elections
	  	 	25	  
	 SECTION 2.08 Intentionally Omitted
	  	 	26	  
	 SECTION 2.09 Repayment of Loans; Evidence of Debt
	  	 	26	  
	 SECTION 2.10 Prepayment of Loans
	  	 	27	  
	 SECTION 2.11 Fees
	  	 	28	  
	 SECTION 2.12 Interest
	  	 	28	  
	 SECTION 2.13 Alternate Rate of Interest
	  	 	29	  
	 SECTION 2.14 Increased Costs
	  	 	29	  
	 SECTION 2.15 Break Funding Payments
	  	 	30	  
	 SECTION 2.16 Taxes
	  	 	31	  
	 SECTION 2.17 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	32	  
	 SECTION 2.18 Defaulting Lenders
	  	 	33	  
	 SECTION 2.19 Mitigation Obligations; Replacement of Lenders
	  	 	35	  
	 SECTION 2.20 Extension
	  	 	36	  
		
	 ARTICLE III Representations and Warranties
	  	 	37	  
		
	 SECTION 3.01 Organization; Powers; Title
	  	 	37	  
	 SECTION 3.02 Authorization; Enforceability
	  	 	37	  
	 SECTION 3.03 Governmental Approvals; No Conflicts
	  	 	38	  
	 SECTION 3.04 Financial Condition; No Material Adverse Change
	  	 	38	  
	 SECTION 3.05 Intentionally Omitted
	  	 	38	  
	 SECTION 3.06 Intellectual Property
	  	 	38	  
	 SECTION 3.07 Litigation
	  	 	38	  
	 SECTION 3.08 Compliance with Laws and Agreements
	  	 	39	  
	 SECTION 3.09 Investment and Holding Company Status
	  	 	39	  
	 SECTION 3.10 Taxes
	  	 	39	  
	 SECTION 3.11 ERISA
	  	 	39	  
	 SECTION 3.12 Disclosure
	  	 	39	  
	 SECTION 3.13 Intentionally Omitted
	  	 	39	  

  
 i 

					
	 SECTION 3.14 Margin Regulations
	  	 	40	  
	 SECTION 3.15 Subsidiaries; REIT Qualification
	  	 	40	  
	 SECTION 3.16 Pledged Collateral
	  	 	40	  
	 SECTION 3.17
	  	 	40	  
		
	 ARTICLE IV Conditions
	  	 	40	  
		
	 SECTION 4.01 Effective Date
	  	 	40	  
	 SECTION 4.02 Each Credit Event
	  	 	41	  
		
	 ARTICLE V Affirmative Covenants
	  	 	42	  
		
	 SECTION 5.01 Financial Statements; Ratings Change and Other Information
	  	 	42	  
	 SECTION 5.02 Financial Tests
	  	 	43	  
	 SECTION 5.03 Notices of Material Events
	  	 	44	  
	 SECTION 5.04 Existence; Conduct of Business
	  	 	44	  
	 SECTION 5.05 Payment of Obligations
	  	 	44	  
	 SECTION 5.06 Intentionally Omitted
	  	 	44	  
	 SECTION 5.07 Books and Records; Inspection Rights
	  	 	45	  
	 SECTION 5.08 Compliance with Laws
	  	 	45	  
	 SECTION 5.09 Use of Proceeds
	  	 	45	  
	 SECTION 5.10 Fiscal Year
	  	 	45	  
	 SECTION 5.11 Environmental Matters
	  	 	45	  
	 SECTION 5.12 Intentionally Omitted
	  	 	46	  
	 SECTION 5.13 Further Assurances
	  	 	46	  
	 SECTION 5.14 Parent Covenants
	  	 	46	  
	 SECTION 5.15 Intentionally Omitted
	  	 	46	  
	 SECTION 5.16 OFAC
	  	 	46	  
	 SECTION 5.17 Qualified ECP Party
	  	 	46	  
		
	 ARTICLE VI Negative Covenants
	  	 	47	  
		
	 SECTION 6.01 Liens
	  	 	47	  
	 SECTION 6.02 Fundamental Changes
	  	 	47	  
	 SECTION 6.03 Investments, Loans, Advances and Acquisitions
	  	 	47	  
	 SECTION 6.04 Hedging Agreements
	  	 	48	  
	 SECTION 6.05 Restricted Payments
	  	 	48	  
	 SECTION 6.06 Transactions with Affiliates
	  	 	49	  
	 SECTION 6.07 Parent Negative Covenants
	  	 	49	  
	 SECTION 6.08 Restrictive Agreements
	  	 	49	  
	 SECTION 6.09 Indebtedness
	  	 	49	  
	 SECTION 6.10 Management Fees
	  	 	50	  
		
	 ARTICLE VII Events of Default
	  	 	50	  
		
	 ARTICLE VIII The Administrative Agent
	  	 	52	  
		
	 ARTICLE IX Miscellaneous
	  	 	55	  
		
	 SECTION 9.01 Notices
	  	 	55	  
	 SECTION 9.02 Waivers; Amendments
	  	 	55	  

  
 ii 

					
	 SECTION 9.03 Expenses; Indemnity; Damage Waiver
	  	 	57	  
	 SECTION 9.04 Successors and Assigns
	  	 	58	  
	 SECTION 9.05 Survival
	  	 	61	  
	 SECTION 9.06 Counterparts; Integration; Effectiveness; Joint and Several
	  	 	62	  
	 SECTION 9.07 Severability
	  	 	63	  
	 SECTION 9.08 Right of Setoff
	  	 	63	  
	 SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	63	  
	 SECTION 9.10 WAIVER OF JURY TRIAL
	  	 	64	  
	 SECTION 9.11 Headings
	  	 	64	  
	 SECTION 9.12 Confidentiality
	  	 	64	  
	 SECTION 9.13 Interest Rate Limitation
	  	 	65	  
	 SECTION 9.14 USA PATRIOT Act
	  	 	65	  

  
 iii 

 SCHEDULES: 
  

			
	Schedule 2.01 –	  	Commitments
	Schedule 3.05(e)	  	Earthquake or Seismic Area
	Schedule 3.07	  	Litigation Disclosure
	Schedule 3.15 –	  	Subsidiaries

 EXHIBITS: 
  

					
	Exhibit A	  	–	  	Form of Assignment and Acceptance
	Exhibit B	  	–	  	Form of Compliance Certificate
	Exhibit C	  	–	  	Form of Guaranty
	Exhibit D	  	–	  	Form of Note
	Exhibit E	  	–	  	Form of Borrowing Request/Interest Rate Election
	Exhibit F	  	–	  	Form of Pledge Agreement

  
 iv 

 CREDIT AGREEMENT 

THIS CREDIT AGREEMENT (this “Agreement”) dated as of the 31st day of
October, 2014 by and among Borrower (as defined herein), the Lenders (as defined herein) and KeyBank as Administrative Agent (as defined herein). 

W I T N E S S E T H 

WHEREAS, at the request of the Borrower, the Administrative Agent and the Lenders have agreed to make available to the Borrower a loan
facility in the amount of EIGHTY MILLION and 00/100 DOLLARS ($80,000,000.00), in accordance with the terms and conditions contained herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the
parties hereto agree as follows: 
 ARTICLE I 

Definitions 

SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“ABR” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Adjusted EBITDA” means, for a given
testing period, EBITDA less the Capital Expenditure Reserve. 
 “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. 

“Administrative Agent” means KeyBank, National Association, 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. 

  
 1 

 “Allocated Guarantee Amount” for purposes of calculating the Indebtedness of a
Person with respect to a Guarantee by such Person of the first mortgage security Indebtedness of an entity in which such Person owns less than 100% of the ownership rights, means thirty percent (30%) of the positive result obtained by
subtracting (i) the total amount of such first mortgage secured Indebtedness multiplied by such Person’s Equity Percentage in such entity, from (ii) the amount of such first mortgage secured Indebtedness that is guaranteed by such
Person. 
 “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, or (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including
the effective date of such change in the Prime Rate or the Federal Funds Effective Rate. 
 “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 Bridge Loan Credit
Exposure most recently in effect, giving effect to any assignments. 
 “Applicable Rate” means for any Eurodollar
Borrowing, 650 basis points, and for any ABR Borrowing, 550 basis points 
 “Approved Fund” has the meaning set forth in
Section 9.04(b). 
 “Assignment and Acceptance” means an assignment and acceptance entered into by a Lender and
an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Availability Period” means the period from and including the Effective Date through and including March 31, 2015. 

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

“Borrower” means SSTI PREFERRED INVESTOR, LLC, a Delaware limited liability company. 

“Borrowing” means 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 Borrowing
in accordance with Section 2.03. 
 “Bridge Loan Credit Exposure” means, with respect to any Lender at any
time, the sum of the outstanding principal amount of such Lender’s Loans. 

  
 2 

 “Business Day” means any day that is not a Saturday, Sunday or other day on
which commercial banks in Boston, Massachusetts or New York, New York 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. 
 “Canadian
Properties” shall mean the real properties and improvements thereon located at (i) 8 Brewster Road, Brampton, Ontario, Canada, (ii) 4548 Dufferin Street, Toronto, Ontario, Canada, (iii) 515 Centennial Road, Scarborough,
Ontario, Canada, (iv) 600 Granite Court, Pickering, Ontario, Canada and (v) 3136 Mavis Road, Mississauga, Ontario, Canada. 

“Capital Expenditure Reserve” means, on an annual basis, an amount equal to $0.15 per square foot for each property owned by
the Parent (or a Subsidiary thereof). 
 “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. 

“Change in Control” means an event or series of events by which: 

(a) any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan)
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all Equity Interests that such
person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of fifty percent (50%) or more of the Equity
Interests of Parent or either OP Parent entitled to vote for members of the board of directors or equivalent governing body of Parent or either OP Parent on a fully-diluted basis (and taking into account all such Equity Interests that such person or
group has the right to acquire pursuant to any option right); 
 (b) during any period of twelve (12) consecutive
months, a majority of the members of the board of directors or other equivalent governing body of Parent or either OP Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of
such period (the “Incumbent Board”), (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination
at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting
at the time of such election 

  
 3 

 
or nomination at least a majority of that board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for,
or assumption of office as, a member of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than
a solicitation for the election of one or more directors by or on behalf of the board of directors); provided, however, that any individual who becomes a member of the board of directors subsequent to the date of this Agreement whose election, or
nomination for election by the Parent stockholders, was approved by a vote of at least a majority of those individuals who are members of the board of directors and who were also members of the Incumbent Board (or deemed to be such pursuant to this
provision) shall be considered as though such individual were a member of the Incumbent Board; or 
 (c) SSOP shall cease to
own, directly or indirectly, one hundred percent (100%) of the Equity Interests of Borrower; or 
 (d) Parent shall
cease to (i) either be the sole general partner of, or wholly own and control the general partner of, SSOP or (ii) own, directly or indirectly, greater than fifty percent (50%) of the Equity Interests of SSOP; or 

(e) Strategic Storage Trust II, Inc. shall cease to (i) either be the sole general partner of, or wholly own and control
the general partner of, SSOP II or (ii) own, directly or indirectly, greater than fifty percent (50%) of the Equity Interests of SSOP II (exclusive of any Preferred Equity Interests); or 

(f) Strategic Storage Growth Trust, Inc. shall cease to (i) either be the sole general partner of, or wholly own and
control the general partner of, SS Growth or (ii) own, directly or indirectly, greater than fifty percent (50%) of the Equity Interests of SS Growth (exclusive of any Preferred Equity Interests). 

“Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement by any
Governmental Authority, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of
Section 2.14(b), by any lending office of such Lender or by such Lender’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. Without limiting the foregoing, Change in Law shall include the Dodd-Frank Act, Public Law 111-203, 12 U.S.C. §5301 et seq., enacted July 21, 2010, as well as 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,
regardless of the date enacted, adopted or issued. 
 “Code” means the Internal Revenue Code of 1986, as amended from time
to time. 

  
 4 

 “Collateral” means (i) the “Collateral” as defined in the Pledge
of Equity Interests; and (ii) all other property, tangible or intangible, real, personal or mixed, now or hereafter subject to the liens and security interests of the Loan Documents, or intended so to be under the Loan Documents, which
Collateral shall secure the Obligations and the Hedging Obligations on a pari passu basis. 
 “Commitment” means, with
respect to each Lender, the commitment of such Lender to make Loans hereunder, expressed as an amount representing the maximum aggregate amount of Bridge Loan Credit Exposure which such Lender may from time to time have outstanding hereunder, as
such Commitment may be reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04, or reduced pursuant to Section 2.05(b)-(c). The initial amount of each Lender’s
Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment, as applicable. The initial aggregate amount of the Lenders’ Commitments is EIGHTY MILLION and
00/100 DOLLARS ($80,000,000.00) and is subject to reduction in accordance with the provisions of Section 2.05(b)-(c). 

“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 
 “Compliance Certificate” has the meaning set forth in Section 5.01(d) hereof and a form of
which is attached hereto as Exhibit B. 
 “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, which includes the customary powers of a managing member of any limited liability company,
any general partner of any limited partnership, or any board of directors of a corporation. “Controlling” and “Controlled” have meanings correlative thereto. 

“Credit Party” means Borrower and Guarantor. 

“Curtailment Date” means the earlier to occur of (a) the last day of the second month following the acquisition of the
last Portfolio Property by an Operating Partnership, or (b) May 31, 2015. 
 “Debtor Relief Laws” means any
applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, insolvency, fraudulent conveyance, reorganization, or similar laws affecting the rights, remedies, or recourse of creditors generally, including without limitation the
United States Bankruptcy Code and all amendments thereto, as are in effect from time to time during the term of this Agreement. 

“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. 
 “Default Rate” has the meaning set forth in
Section 2.12(d) hereof. 

  
 5 

 “Defaulting Lender” means any Lender that: (a) has failed to perform any of
its funding obligations hereunder, including in respect of its Commitment, within two (2) Business Days of the date required to be funded by it hereunder; (b) has notified the Borrower or Administrative Agent that it does not intend to
comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder (unless such notification or public statement relates to such Lender’s obligation to fund a Loan and indicates
that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular Default, if any) to funding a Loan is not or cannot be satisfied) or under other agreements
in which it commits to extend credit; (c) has failed, within two (2) Business Days after written request by the Administrative Agent or a Borrower (and the Administrative Agent has received a copy of such request), to confirm in a manner
satisfactory to the Administrative Agent that it will comply with its funding obligations hereunder; or (d) has, or has a direct or indirect parent company that has: (i) become the subject of a proceeding under any Debtor Relief Law;
(ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it; or (iii) in the good faith
determination of the Administrative Agent, taken any material action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority; provided, further, that such ownership interest does not result
in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made by such Lender. 
 “Dollars” or “$” refers to lawful
money of the United States of America. 
 “EBITDA” means an amount derived from (a) net income, plus
(b) to the extent included in the determination of net income, depreciation, amortization, interest expense and income taxes, plus (c) asset management and property management fees in excess of three percent (3%) of gross
revenue, plus (d) property acquisition fees and expenses, plus (e) self-administration and listing fees, plus or minus (f) to the extent included in the determination of net income, any extraordinary losses
or gains, such as those resulting from sales or payment of Indebtedness, in each case, as determined on a consolidated basis in accordance with GAAP, and including (without duplication) the Equity Percentage of EBITDA for the Borrower’s
Unconsolidated Affiliates. 
 “Effective Date” means the date on which the conditions specified in Section 4.01
are satisfied (or waived in accordance with Section 9.02). 
 “Environmental Laws” means all applicable laws,
rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, 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 and includes (without limitation) the 

  
 6 

 
Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), 42 U.S.C. §9601 et seq., the Hazardous Materials Transportation Act, 49
U.S.C. §1801 et seq., the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. §136 et seq., the Resource Conservation and Recovery Act (“RCRA”), 42 U.S.C. §6901 et
seq., the Toxic Substances Control Act, 15 U.S.C. §2601 et seq., the Clean Air Act, 42 U.S.C. §7401 et seq., the Clean Water Act, 33 U.S.C. §1251 et seq., the Occupational Safety and
Health Act, 29 U.S.C. §651 et seq., (to the extent the same relates to any Hazardous Materials), and the Oil Pollution Act of 1990, 33 U.S.C. §2701 et seq., as such laws have been amended or supplemented, and
the regulations promulgated pursuant thereto, and all analogous state and local statutes. 
 “Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon
(a) violation of any Environmental Law, (b) exposure to any Hazardous Materials in violation of any Environmental Law, (c) the Release or threatened Release of any Hazardous Materials into the environment in violation of any
Environmental Law or (d) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit
interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other
ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of
determination. 
 “Equity Issuance” means the issuance and sale after the Effective Date by the Parent of any equity
securities of the Parent to any Person who is not the Parent or one of its Subsidiaries, including, without limitation, pursuant to the exercise of options or warrants or pursuant to the conversion of any debt securities to equity. 

“Equity Percentage” means the aggregate ownership percentage of the Parent, or its Subsidiary, in each Unconsolidated
Affiliate, which shall be calculated as Parent’s or such Subsidiary’s, nominal capital ownership interest in the Unconsolidated Affiliate as set forth in the Unconsolidated Affiliate’s organizational documents. 

“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. 

  
 7 

 “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. 

“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. 
 “Excess Amount” means the amount by which the Total Aggregate Asset
Value attributable to the Parent’s Equity Percentage of non-wholly owned Subsidiaries exceeds twenty percent (20%) of the Total Aggregate Asset Value. 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made
by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such recipient is organized
or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other
jurisdiction in which the Borrower is located, (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.18(b)), any withholding tax that is imposed on amounts payable to such
Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with Section 2.16(e), except to the extent that such
Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.16(a),
and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 
 “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) and any current or future regulations or official interpretations thereof 

  
 8 

 “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. 
 “Fee Letter” means the
letter agreement, dated October 31, 2014, between Borrower and the Administrative Agent. 
 “Financial Officer” means
the chief financial officer or the chief accounting officer of the Parent. 
 “Financing Statements” means all such Uniform
Commercial Code financing statements as the Administrative Agent shall reasonably require, duly authorized by the Borrower and/or Parent to give notice of and to perfect or continue perfection of the Lenders’ security interest in all
Collateral. 
 “Fixed Charge Coverage Ratio” shall mean the ratio of (a) the sum of the Parent’s Adjusted EBITDA
for the immediately preceding calendar quarter; to (b) all of the scheduled principal due and payable (excluding principal due at maturity and principal payments paid on the Loan) and principal paid on the Parent’s Indebtedness (including
scheduled payments on Capital Lease Obligations), plus all of the Parent’s Interest Expense, plus the aggregate of all cash dividends payable on the preferred stock of the Parent or any of its Subsidiaries, in each case for the period used to
calculate Adjusted EBITDA, all of the foregoing calculated without duplication, and based (as applicable) on the Parent’s Equity Percentage of any Unconsolidated Affiliate. 

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is
organized. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“GAAP” means generally accepted accounting principles in the United States of America, subject to the provisions of
Section 1.04. 
 “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. 

  
 9 

 “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 the Parent, and any other Person who from time to time has executed a Guaranty as required by the terms of
this Agreement. 
 “Guaranty” means a guaranty in the form of Exhibit C attached hereto. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances or
wastes, 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; provided, that Hazardous Materials shall not include any such substances or wastes utilized or maintained at the Real Property in the ordinary course of business and in accordance with all applicable Environmental Laws. 

“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. 
 “Hedging
Obligations” means, with respect to the Parent, Borrower or any Subsidiary of the Parent or a Borrower, any obligations arising under any Hedging Agreement entered into with the Administrative Agent. 

“Indebtedness” means, for any Person, 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, including mandatorily redeemable preferred stock; (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 others secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed; (g) all Guarantees by such Person of

  
 10 

 
Indebtedness of others other than customary non-recourse carveout guarantees and standard environmental indemnitees until such time as a carveout guarantee becomes a recourse obligation, except
that, for any Guarantees of the Indebtedness of an entity in which the Person owns less than 100% of the ownership rights of such entity, which Indebtedness is secured by a first mortgage lien on existing real properties, the amount for purposes of
this clause (g) shall be equal to the Allocated Guarantee Amount; (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 entity (including any partnership in which
such Person is a general partner) to the extent such Person is liable therefore 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. Indebtedness shall be calculated on a consolidated basis in accordance with GAAP, unless otherwise indicated herein, and including (without duplication) the Equity Percentage of Indebtedness for the Parent’s
Unconsolidated Affiliates. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Interest Coverage Ratio” shall mean the ratio of (a) the Parent’s Adjusted EBITDA for the immediately preceding
calendar quarter to (b) all Interest Expense of the Parent for such period. 
 “Interest Election Request”
means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.07. 
 “Interest
Expense” shall mean all of the Parent’s paid, accrued or capitalized interest expense on the Parent’s Indebtedness (whether direct, indirect or contingent, and including, without limitation, interest on all convertible debt), and
including (without duplication) the Equity Percentage of Interest Expense for the Parent’s Unconsolidated Affiliates. 

“Interest Payment Date” means the first Business Day of each calendar month. 

“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 or three months thereafter; provided, that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to
the immediately succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such immediately succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business
Day and (b) any Interest Period 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 Borrowing, thereafter shall
be the effective date of the most recent conversion or continuation of such Borrowing. 

  
 11 

 “KeyBank” means KeyBank, National Association, in its individual capacity. 

“Legal Requirement” means any law, statute, ordinance, decree, requirement, order, judgment, rule, regulation (or
interpretation of any of the foregoing) of, and the terms of any license or permit issued by, any Governmental Authority. 

“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 Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance. 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, a rate per annum equal to the rate for
U.S. dollar deposits for the subject Interest Period as shown on Reuters LIBOR01 Page or any successor service in Dow Jones Markets (formerly Telerate Page 3750) as of 11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period; provided, however, that if such rate does not then appear on Reuters LIBOR01 Page or any successor service, the “London Interbank Offered Rate” applicable to a particular Interest Period shall mean a rate per annum
equal to the rate at which U.S. dollar deposits in an amount approximately equal to the subject loan, and with maturities of equal to such Interest Period, are offered in immediately available funds in the London Interbank Market to the London
office of the Administrative Agent by leading banks in the Eurodollar market at 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 

“Lien” means, with respect to an asset, (a) any mortgage, deed of trust, lien (statutory or other), pledge,
hypothecation, negative pledge, collateral assignment, encumbrance, deposit arrangement, 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; (c) the filing under the Uniform Commercial Code or comparable law of any jurisdiction of any financing
statement naming the owner of the asset to which such Lien relates as debtor; (d) any other preferential arrangement of any kind or nature whatsoever intended to assure payment of any Indebtedness or other obligation; and (e) in the case
of securities, any purchase option, call or similar right of a third party with respect to such securities, including any dividend reinvestment or redemption plans. 

“Listing Debt” means indebtedness incurred by the Guarantor or an Affiliate of the Guarantor to repurchase outstanding common
stock shares in connection with a listing of Guarantor’s common stock on a publicly recognized equity exchange, provided that, (x) such debt does not exceed ten percent (10%) of the value of the total outstanding common stock
shares; (y) the sum of the Principal Debt and any remaining unfunded Commitments (reduced, if any, in accordance with Section 2.05 below) plus the amount of the debt incurred by Guarantor or such Affiliate to repurchase outstanding
common stock shares is less than One Hundred Million Dollars ($100,000,000.00); and (y) the financial and operating covenants of the Guarantor contained in any loan documents evidencing or executed in connection with the debt incurred by
Guarantor or such Affiliate to repurchase the outstanding common stock shares are no more restrictive than those contained in this Agreement. 

  
 12 

 “Loan” means the loan made by the Lenders to the Borrower pursuant to this
Agreement. 
 “Loan Documents” means this Agreement, the Notes, the Guaranty, the Financing Statements, the Pledge
of Equity Interests, the Subordination of Management Fees (to the extent applicable), the Fee Letter, all Hedging Agreements entered into with the Administrative Agent or any Lender in connection with the Loan, and all other instruments, agreements
and written obligations executed and delivered by any of the Credit Parties in connection with the transactions contemplated hereby. 

“Malibu Property” means that certain Real Property located at 4866 East Russell Road, Las Vegas, Nevada 89120. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations, or condition,
financial or otherwise, of the Parent and the Borrower and their respective Subsidiaries, taken as a whole, (b) the ability of any of the Credit Parties to perform their obligations under the Loan Documents or (c) the rights of or benefits
available to the Administrative Agent or the Lenders under the Loan Documents. 
 “Material Contract” means any contract or
other arrangement (other than Loan Documents), whether written or oral, to which any Credit Party is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a
Material Adverse Effect. 
 “Maturity Date” means October 30, 2015, subject to extension pursuant to
Section 2.20. 
 “Maximum Loan Amount” means, on any date, an amount equal to the lesser of (i) the
aggregate Commitments adjusted, if at all, in accordance with Section 2.05, or (ii) the amounts specified below: 
 (a) EIGHTY
MILLION and 00/100 DOLLARS ($80,000,000.00), from and after the date hereof until the Curtailment Date 
 (b) SEVENTY SEVEN MILLION and
00/100 DOLLARS ($77,000,000.00), from and after the Curtailment Date through the period ending two (2) months after the Curtailment Date; 

(c) SEVENTY ONE MILLION and 00/100 DOLLARS ($71,000,000.00), from and after the last day of the period referenced in (b) above through
the period ending four (4) months after the Curtailment Date; 
 (d) SIXTY-ONE MILLION and 00/100 DOLLARS ($61,000,000.00), from and
after the last day of the period referenced in (c) above through the period ending six (6) months after the Curtailment Date; 

(e) FORTY NINE MILLION and 00/100 DOLLARS ($49,000,000.00), from and after the last day of the period referenced in (d) above through the
period ending eight (8) months after the Curtailment Date; 

  
 13 

 (f) THIRTY SEVEN MILLION and 00/100 DOLLARS ($37,000,000.00), from and after the last day of the
period referenced in (e) above through the period ending ten (10) months after the Curtailment Date, 
 (g) TWENTY FIVE MILLION
and 00/100 DOLLARS ($25,000,000.00), from and after the last day of the period referenced in (f) above through the period ending twelve (12) months after the Curtailment Date; and 

(h) ELEVEN MILLION and 00/100 DOLLARS ($11,000,000.00), from and after the last day of the period referenced in (g) above through the
period until the Maturity Date. 
 “Maximum Rate” shall have the meaning set forth in Section 9.13. 

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

“Net Operating Income” shall mean, for any operating Real Property, the difference between (a) any rentals, proceeds and
other income received from such property, less (b) an amount equal to all costs and expenses (excluding Interest Expense, depreciation and amortization expense, acquisition fees and expenses, self-administration and listing fees and any
expenditures that are capitalized in accordance with GAAP) incurred as a result of, or in connection with, or properly allocated to, the operation or leasing of such property during the determination period (excluding, however, asset management fees
and property management fees above three percent (3%) of gross revenue), less (c) the Capital Expenditure Reserve. Net Operating Income shall be calculated based on the immediately preceding calendar quarter unless the Real Property has
not been owned by the Parent or its Subsidiaries for the entirety of such calendar quarter, in which event Net Operating Income shall be grossed up for such ownership period and may be adjusted as reasonably approved by the Administrative Agent.

 “Note” means a promissory note in the form attached hereto as Exhibit D payable to a Lender evidencing certain of
the obligations of the Borrower to such Lender and executed by Borrower, as the same may be amended, supplemented, modified or restated from time to time; “Notes” means, collectively, all of such Notes outstanding at any given time.

 “Obligations” means all liabilities, obligations, covenants and duties of any Credit Party to the Administrative Agent
and/or any Lender arising under or otherwise with respect to any Loan Document, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including
interest and fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof of any proceeding under any bankruptcy or other insolvency proceeding naming such person as the debtor in such proceeding, regardless of
whether such interest and fees are allowed claims in such proceedings. 
 “OP Parent” means each of Strategic Storage
Growth Trust, Inc., a Maryland corporation, and Strategic Storage Trust II, Inc., a Maryland corporation. 
 “Operating
Partnership(s)” means each of (a) SS Growth and/or (b) SSOP II. 

  
 14 

 “Other Taxes” means any and all present or future stamp or documentary taxes or
any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement, and not including the Excluded Taxes. 

“Parent” means SmartStop Self Storage, Inc., a Maryland corporation. 

“Participant” shall have the meaning set forth in Section 9.04(c). 

“Participant Register” shall have the meaning set forth 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 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) investments in commercial paper maturing within 270 days from the date of acquisition thereof and having an investment
grade credit rating on the date of acquisition; 
 (c) investments in certificates of deposit, banker’s acceptances and
time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, 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; 

(d) fully collateralized repurchase agreements with a term of not more than 90 days for securities described in clause
(a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and 

(e) investments in Subsidiaries and Unconsolidated Affiliates made in accordance with, or not otherwise prohibited by, this
Agreement and the SSOP Revolver Loan Documents. 
 “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. 

  
 15 

 “Pledge of Equity Interests” means a certain Pledge and Security Agreement
executed of even date herewith by Borrower in favor of Administrative Agent for the benefit of itself and other Lenders and substantially in the form of Exhibit F attached hereto. 

“Portfolio Properties” means the Real Properties located at 7211 Arlington Avenue, Riverside, California, 7760 Lorraine
Avenue, Stockton, California, 3850 Airport Road, Colorado Springs, Colorado, 1111 W. Gladstone, Azusa, California, 1001 Toll Gate Road, Elgin, Illinois 1302 Marquette Drive, Romeoville, Illinois, 3937 Santa Rosa Avenue, Santa Rosa,
California, 1401 Enterprise Street, Vallejo, California, 4233 Route 130 South, Beverly, New Jersey, 262 E. Maple Road, Troy, Michigan, 517 N. 8th Street, Lompoc, California, 42557 Van Dyke Avenue, Sterling Heights, Michigan, 10919
Evergreen Way, Everett, Washington, 4747 W Calumet-Sag Road, Crestwood, Illinois, 3757 Norwood Drive, Littleton, Colorado, 4100 Forestville Road, Forestville, Maryland, 27203 Groesbeck Highway, Warren, Michigan, 3860 Benetar Way, Chico,
California, 43745 Sierra Highway, Lancaster, California, 6667 Van Buren Boulevard, Riverside, California, 2998 Rockville Road, Fairfield, California, 240 W. Army Trail Road, Bloomingdale, Illinois, 2234 Arrow Highway, La Verne,
California, 24623 Ryan Road, Warren, Michigan, 10231 S. Colima Road, Whittier, California, 7611 Talbert Avenue, Huntington Beach, California, 580 E Lambert Road, La Habra, California, 404 Potrero Grande, Monterey Park,
California, 435 Airport Boulevard, Aurora, Colorado, 4200 Westminster Avenue, Santa Ana, California, 1571 W Foothill Boulevard, Upland, California, and 8920 Federal Boulevard, Federal Heights, Colorado. 

“Preferred Equity Interests” means the units of preferred limited partnership interests in an Operating Partnership. 

“Preferred Equity Properties” means, (individually and collectively, as the context requires, (i) the Store-4-Less Fort
Pierce Property; (ii) the Malibu Property; (iii) the Storage Direct Property; (iv) the Portfolio Properties; and/or (v) the StorKwik Properties. 

“Prime Rate” means the rate of interest per annum publicly announced from time to time by KeyBank, National Association, as
its prime rate in effect at its principal office in Cleveland, Ohio; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Principal Debt” means the aggregate unpaid principal balance of the Loans at the time in question. 

“Qualified ECP Party” means, in respect of any interest rate cap, swap or other hedging obligation, each Person which is a
Credit Party that has total assets exceeding $10,000,000 at the time such Credit Party’s guarantee, mortgage and/or other credit or collateral support, of such interest rate cap, swap or other hedging obligation secured pursuant to the Pledge
of Equity Interests becomes effective, or otherwise constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder 

  
 16 

 “Real Property” means, collectively, all interest in any land and improvements
located thereon (including direct financing leases of land and improvements owned by a Credit Party), together with all equipment, furniture, materials, supplies and personal property now or hereafter located at or used in connection with the land
and all appurtenances, additions, improvements, renewals, substitutions and replacements thereof. 
 “Register” has the
meaning set forth 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. 

“Release” means any release, spill, emission, leaking, pumping, pouring, dumping, emptying, injection, deposit, disposal,
discharge, dispersal, leaching or migration on or into the indoor or outdoor environment or into or out of any property in violation of applicable Environmental Laws. 

“Remedial Action” means all actions, including without limitation any capital expenditures, required or necessary to
(i) clean up, remove, treat or in any other way address any Hazardous Material; (ii) prevent the Release or threat of Release, or minimize the further Release, of any Hazardous Material so it does not migrate or endanger public health or
the environment; (iii) perform pre-remedial studies and investigations or post-remedial monitoring and care; or (iv) bring facilities on any property owned or leased by the Borrower or any of its Subsidiaries into compliance with all
Environmental Laws. 
 “Required Lenders” means, at any time, Lenders that are not Defaulting Lenders having Bridge Loan
Credit Exposure and unused Commitments representing at least 66-2/3% of the sum of the total Bridge Loan Credit Exposures and unused Commitments (excluding the Bridge Loan Credit Exposures and unused Commitments of such Defaulting Lenders) at such
time. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with
respect to any ownership interests in the Parent or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such ownership interests in the Parent or any of its Subsidiaries, or any option, warrant or other right to acquire any such shares of capital stock of the Parent or any of its Subsidiaries. 

“SS Growth” means SS Growth Operating Partnership, L.P., a Delaware limited partnership. 

“SS Growth Revolver Facility” means a certain revolving loan facility having original aggregate Commitments of
$20,000,000.00 and evidenced by, among other things, a certain Credit Agreement of even date herewith by and between SS Growth and certain of its Subsidiaries, collectively, as Borrowers, and KeyBank, as Administrative Agent for itself and certain
other Lenders. 

  
 17 

 “SS Growth Revolver Loan Documents” means any agreement, document or
other writing which evidences or otherwise was executed in connection with the SS Growth Revolver Facility. 
 “SSOP” means
SmartStop Self Operating Partnership, L.P., a Delaware limited partnership. 
 “SSOP Revolver Facility” means a certain
revolving loan facility evidenced by, among other things, a certain Credit Agreement dated October 29, 2013 by and between SSOP and certain of its Subsidiaries, collectively, as Borrowers, and KeyBank, as Administrative Agent for itself and
certain other Lenders, as amended by that certain First Amendment to Credit Agreement dated November 13, 2013. 
 “SSOP
Revolver Loan Documents” means any agreement, document or other writing which evidences or otherwise was executed in connection with the SSOP Revolver Facility. 

“SSOP II” means Strategic Storage Operating Partnership II, L.P., a Delaware limited partnership. 

“SSOP II Term Facility” means a certain term loan facility in a maximum principal amount of $71,295,000 to be evidenced by,
among other things, a certain Credit Agreement to be entered into by and between SSOP II and certain of its Subsidiaries, collectively, as Borrowers, and KeyBank, as Administrative Agent for itself and certain other Lenders; 

“SSOP II Term Loan Documents” means any agreement, document or other writing which evidences or otherwise was executed in
connection with the SSOP II Term Facility. 
 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by
the Governmental Authority 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
percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute Eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or
offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve
percentage. 
 “Storage Direct Property” means that certain Real Property located at 4349 S. Jones Boulevard, Las Vegas,
Nevada. 
 “Store-4-Less Fort Pierce Property” means that certain Real Property located at 3252 N US Highway 1, Fort
Pierce, Florida. 

  
 18 

 “StorKwik Properties” means the Real Properties located at (i) 150 Airport
Blvd., Morrisville, North Carolina; (ii) 120 Centrewest Ct., Cary, North Carolina; (iii) 4630 Dick Pond Rd., Myrtle Beach, South Carolina; (iv) 338 Jesse St., Myrtle Beach, South Carolina and (v) 5012 New Bern Ave., Raleigh,
North Carolina. 
 “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 provided, however, that (I) for purposes of Sections 3.03, 3.05, 3.07, 3.09, 3.10, 3.13, 5.04, 5.05, 5.07, 5.08. 5.11, 6.02, 6.03, 6.04, 6.05, 6.06, 6.08 and 6.10 and Subsections (i), (j) and
(p) of Article VII, the term “Subsidiary” shall mean only any corporation, limited liability company, partnership, association or other entity that is Controlled by the Borrower, and (II) the Operating Partnerships will not be deemed
to be Subsidiaries of the Borrower or the Parent. 
 “Tangible Net Worth” shall mean total assets (without deduction for
accumulated depreciation and accumulated amortization of lease intangibles) less (1) all intangible assets and (2) all liabilities (including contingent and indirect liabilities), all determined in accordance with GAAP, unless otherwise
indicated in this definition. The term “intangible assets” shall include, without limitation, (i) deferred charges, and (ii) the aggregate of all amounts appearing on the assets side of any such balance sheet for
franchises, licenses, permits, patents, patent applications, copyrights, trademarks, trade names, goodwill, treasury stock, experimental or organizational expenses and other like intangibles (other than amounts related to the purchase price of a
real property which are allocated to lease intangibles). The term “liabilities” shall include, without limitation, (i) Indebtedness secured by Liens on Property of the Person with respect to which Tangible Net Worth is being
computed whether or not such Person is liable for the payment thereof, (ii) deferred liabilities, and (iii) Capital Lease Obligations. Tangible Net Worth shall be calculated on a consolidated basis in accordance with GAAP, unless otherwise
indicated in this definition. 
 “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions,
charges or withholdings imposed by any Governmental Authority. 
 “Total Aggregate Asset Value” means the sum of (without
duplication) (a) the aggregate Value of all of the Parent’s and its respective Subsidiaries Real Property, plus (b) the amount of any cash and cash equivalents, excluding tenant security and other restricted deposits of the Parent and
its Subsidiaries. For any non-wholly owned Real Properties, Total Aggregate Asset Value shall be adjusted for the Parent’s pro rata ownership. 

“Total Asset Value” means the Total Aggregate Asset Value minus the Excess Amount. 

  
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 “Total Leverage Ratio” shall mean the ratio (expressed as a percentage) of
(a) the sum of the Parent’s Indebtedness, and the Indebtedness of its respective Subsidiaries, to (b) Total Asset Value. 

“Transactions” means the execution, delivery and performance by the Credit Parties of the Loan Documents, the borrowing of
Loans, and the use of the proceeds thereof. 
 “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. 

“Unconsolidated Affiliate” means, without duplication, in respect of any Person, any other Person (other than a Person whose
stock is traded on a national trading exchange) in whom such Person holds a voting equity or ownership interest and whose financial results would not be consolidated under GAAP with the financial results of such Person on the consolidated financial
statements of such Person; notwithstanding the foregoing, the Operating Partnerships will not be deemed to be Unconsolidated Affiliates of the Borrower or the Parent. 

“Value” means the sum of: 

(a) for an existing Real Property that is not in the Pool (as defined and used the SSOP Revolver Loan Documents), (i) during the first
twelve (12) months of the Parent’s or its respective Subsidiaries’ ownership of such Real Property, cost basis and (ii) thereafter, annualized prior quarter Net Operating Income divided by seven and one quarter percent (7.25%);
plus 
 (b) for a Real Property that is under development or redevelopment or is undeveloped land, (i) cost basis
until the date that is twenty-four (24) months after the commencement of operations on such Real Property and (ii) thereafter, annualized prior quarter Net Operating Income divided by seven and one quarter percent (7.25%); plus 

(c) for Real Property that is in the Pool, the aggregate Pool Value (as defined in the SSOP Revolver Loan Documents). 

For Real Property not owned for the entire prior quarter, for purposes of the Value calculation, Net Operating Income shall be grossed up for
such ownership period and may be adjusted as reasonably approved by Administrative Agent. Further, Net Operating Income from Real Property no longer owned at the end of a fiscal quarter in question shall be excluded from the Value calculation. 

“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 Type (e.g., a “Eurodollar Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing”). 

  
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 SECTION 1.03 Terms Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes,” and “including” shall
be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof,” and
“hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.04 Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP (provided that, notwithstanding any provision herein to the contrary, the financial covenants
set forth herein shall be calculated based on the Parent’s Equity Percentage of Subsidiaries which are not wholly owned directly or indirectly by the Parent, notwithstanding that GAAP requires that such Subsidiaries be consolidated), 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. 
 ARTICLE II 

The Loans 
 SECTION 2.01
Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Loans to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in (a) such
Lender’s Bridge Loan Credit Exposure exceeding such Lender’s Commitment or (b) the sum of the total Bridge Loan Credit Exposures exceeding the Maximum Loan Amount; provided however, that no Lender shall be obligated to make a Loan in
excess of such Lender’s Applicable Percentage of the difference between the Maximum Loan Amount and the Bridge Loan Credit Exposure. The Loan is not revolving. Any portion of the Loan repaid (whether voluntarily or involuntarily) may not be

  
 21 

 
reborrowed. The amount of each advance requested by the Borrower shall be subject to the approval of the Lenders. Each advance by the Lenders shall be utilized by the Borrower to fund a portion
of its Preferred Equity Interests in an Operating Partnership, and shall be utilized by the subject Operating Partnership for the acquisition of a Preferred Equity Property. 

SECTION 2.02 Loans and Borrowings. 

(a) Each Loan shall be made as part of a Borrowing consisting of 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 2.13, each 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 Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of $100,000.00 and not less than $1,000,000.00. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000.00 and not less than $1,000,000.00,
provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments. 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 four (4) Eurodollar Borrowings outstanding. 
 (d) Notwithstanding any other provision
of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 

SECTION 2.03 Requests for Borrowings. 

(a) To request a Borrowing, Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar
Borrowing, not later than 12:00 Pacific, Los Angeles, California time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 12:00 Pacific, Los Angeles, California time, one
Business Day before 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 the form
of Exhibit E attached hereto, together with a Compliance Certificate, each signed by 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; 

  
 22 

 (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; 

(iv) in the case of a Eurodollar Borrowing, the Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of the term “Interest Period”; and 
 (v) the location and number of the Borrower’s
account to which funds are to be disbursed, which shall comply with the requirements of Section 2.06. 
 If no election as to
the Type of Borrowing is specified in the Borrowing Request, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have
selected an Interest Period of one month’s duration, in the case of a Eurodollar Borrowing. 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. 
 (b) Notwithstanding anything to the
contrary contained herein, there shall not be more than a maximum of seven (7) Borrowing Requests. Unless otherwise approved by the Administrative Agent and the Lenders, no Borrowing Requests shall be permitted after the termination of the
Availability Period. 
 SECTION 2.04 Intentionally Omitted. 

SECTION 2.05 Curtailment. 

(a) Borrower and Parent shall apply one hundred percent (100%) of the following amounts to reduce the Principal Debt: 

(i) all redemption payments received by Borrower from any Operating Partnership in respect of Borrower’s preferred equity
in such Operating Partnership in accordance with the provisions of the Operating Partnerships’ respective limited partnership agreement; 

(ii) the net proceeds of all asset sales and refinancings (after customary closing costs and repayment of any Indebtedness
secured by such asset) other than net proceeds generated by: 
 (1) refinancing of the Canadian Properties; 

(2) any commercial mortgaged-back securities refinancing of any “Mortgaged Properties” as such term is defined and
used in the SSOP Revolver Loan Documents; 

  
 23 

 (3) any Listing Debt; and 

(4) any debt incurred for the sole purposes of constructing Parent’s corporate headquarters located at 30 Terrace Road,
Ladera Ranch, California. 
 (iii) Net proceeds of Equity Issuances (other than amounts attributable to Parent’s
dividend reinvestment plan) of the Borrower or SSOP (excluding the Net Proceeds of Equity Issuances of SSOP in connection with the acquisition of properties and to officers, employees and board members as compensation for services). 

(b) If at any time the Principal Debt plus the remaining amount of the unfunded Commitments exceeds the then effective Maximum
Loan Amount, then Borrower shall (i) prepay a portion of the Loans; (ii) terminate a portion of the unfunded Commitment (if any); or (iii) take such combination of actions described in clauses (i) and (ii); in any case such that
the sum of the amount of the Loans prepaid plus the amount (if any) of the unfunded portion of the Commitment terminated equals or exceeds the amount by which the Principal Debt plus the remaining amount of the unfunded Commitments exceeds the then
effective Maximum Loan Amount. 
 (i) In the event that Borrower elects to prepay a portion of the Loans, Borrower shall
take such action within five (5) Business Days following the first date upon which the Principal Debt plus the remaining amount of unfunded Commitments exceeded the effective Maximum Loan Amount. Said prepayment shall otherwise be subject to
all of the terms and conditions of Section 2.10. All payments received shall be applied ratably among Lenders in accordance with their respective Commitments. 

(ii) In the event that Borrower elects to terminate a portion of the unfunded Commitments, Borrower shall notify
Administrative Agent of such election and such notice shall specify: (x) an effective date of such termination that is no later than five (5) Business Days following the first date upon which the Principal Debt plus the remaining amount of
the unfunded Commitments exceeded the effective Maximum Loan Amount; and (y) the amount of the terminated portion of the unfunded Commitments. Any notice of the termination of the unfunded portion of the Commitments shall be irrevocable.
Promptly following the receipt of any such notice, Administrative Agent shall advise Lenders of the contents thereof. The termination of a portion of the unfunded Commitments shall be made ratably among the Lenders in accordance with their
respective Commitments. 
 SECTION 2.06 Funding of Borrowings. 

(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 12:00 noon, 

  
 24 

 
Boston, Massachusetts 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 the Borrower maintained with the Administrative Agent in Boston, Massachusetts, or wire transferred to such other account or in such manner as
may be designated by the Borrower in the applicable Borrowing Request. 
 (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, after giving notice to the
Borrower of its intent to advance funds on behalf of a Lender, 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. The Borrower shall have the right to withdraw its request for such Borrowing upon receipt of any such notice from the Administrative Agent. In the event the Administrative Agent does advance funds on behalf of a
Lender, and such 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 the corresponding
Loan made to the Borrower. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 

SECTION 2.07 Interest Elections. 

(a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a
Eurodollar 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
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 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 the form of a Borrowing Request (with proper election made
for an interest rate election only) and signed by the Borrower. 

  
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 (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 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 an Event
of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or
continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 

SECTION 2.08 Intentionally Omitted. 

SECTION 2.09 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 

  
 26 

 
each Loan on the Maturity Date. At the request of each Lender, the Loans made by such Lender shall be evidenced by a Note payable to such Lender in the amount of such Lender’s Commitment.

 (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 (c) or (d) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein, absent manifest error;
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. 
 SECTION 2.10 Prepayment of Loans. 

(a) The Borrower shall have the right at any time and from time to time to prepay, without penalty, any Borrowing in whole or
in part, subject to prior notice in accordance with paragraph (b) of this Section, and subject to Section 2.15, if applicable. 

(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 Borrowing, not later than 11:00 a.m., Los Angeles, California time, three (3) Business Days before the date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing, not later
than 11:00 a.m., Los Angeles, California 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.
Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that is an integral multiple of
$100,000.00 and not less than $500,000.00. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by
Section 2.12. 
 (c) In connection with the prepayment of any Loan prior to the expiration of the Interest Period
applicable thereto, the Borrower shall also pay any applicable expenses pursuant to Section 2.15. 

  
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 SECTION 2.11 Fees. 

(a) Intentionally Omitted. 

(b) The Borrower agrees to pay to the Administrative Agent, for its own account fees payable in the amounts and at the times
separately agreed to upon in the fee letter executed between the Borrower and the Administrative Agent. 
 (c) All fees
payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent. Fees paid under this Agreement shall not be refundable under any circumstances. 

SECTION 2.12 Interest. 

(a) The Loans comprising each ABR Borrowing shall bear interest at the lesser of (x) the Alternate Base Rate plus the
Applicable Rate, or (y) the Maximum Rate. 
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at
the lesser of (a) the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, or (b) the Maximum Rate. 

(c) Notwithstanding the foregoing, (A) 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, after applicable grace periods, 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, the lesser of (x) 4% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section, or (y) the Maximum Rate, or (ii) in the case of any
other amount, the lesser of (x) 4% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section, or (y) the Maximum Rate; and (B) after the occurrence of any Event of Default, at the option of the
Administrative Agent, or if the Administrative Agent is directed in writing by the Required Lenders to do so, the Loan shall bear interest at a rate per annum equal to the lesser of (x) 4% plus the rate otherwise applicable to such Loan as
provided in the preceding paragraphs of this Section, or (y) the Maximum Rate (the foregoing increased interest rate, as applicable, referred to as the “Default Rate”). 

(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon the Maturity
Date; 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 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. 

(e) All interest hereunder shall be computed on the basis of a year of 360 days and twelve (12) 30-day months, 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. 

  
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 SECTION 2.13 Alternate Rate of Interest. If prior to the commencement of any Interest
Period for a Eurodollar Borrowing: 
 (a) the Administrative Agent determines (which determination shall be 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 

(b) the Administrative Agent is advised by the Required Lenders that (i) 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 and (ii) such fact is
generally applicable to its loans of this type to similar borrowers, as evidenced by a certification from such Lenders, 
 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 Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar
Borrowing, such Borrowing shall be made as an ABR Borrowing; 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 2.14 Increased Costs. 

(a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or
for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 

(ii) impose on any Lender or the London interbank market any other condition (other than one relating to Excluded Taxes)
affecting this Agreement or Eurodollar Loans made by such Lender, 
 and the result of any of the foregoing shall be to increase the cost to such Lender of
making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrower
will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

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

(c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company,
as the case may be, as specified in paragraph (a) or (b) of this Section 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 ten (10) days after receipt thereof. 
 (d) Failure or delay on the part of any Lender to demand
compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased
costs or reductions incurred more than 270 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor;
provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.15 Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the
last day of an Interest Period applicable thereto (including as a result of an Event of Default, (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(b)), or (d) the assignment of any Eurodollar Loan other than on the
last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.
In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount 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, 

  
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at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the Eurodollar market. A certificate of any Lender setting forth any amount or
amounts that such Lender is entitled to receive pursuant to this Section 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 ten
(10) days after receipt thereof. 
 SECTION 2.16 Taxes. 

(a) Any and all payments by or on account of any obligation of the Borrower hereunder shall be made free and clear of and
without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such
deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable
law. 
 (c) The Borrower shall indemnify the Administrative Agent and each Lender, within ten (10) days after written
demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder
(including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided that the Borrower receives ten (10) days prior written notice from the Administrative Agent that it intends to pay any
Indemnified Taxes or Other Taxes. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental
Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent. 
 (e) Any Foreign Lender that is entitled to an exemption from
or reduction of withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement 

  
 31 

 
shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by
applicable law or reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate. 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 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 (e), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 
 SECTION 2.17 Payments Generally; Pro Rata Treatment; Sharing of
Set-offs. 
 (a) The Borrower shall make each payment required to be made by it hereunder (whether of principal,
interest, fees or of amounts payable under Sections 2.14, 2.15 or 2.16, or otherwise) prior to 1:00 p.m., Los Angeles, California 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 main offices in Cleveland, Ohio, except that payments pursuant to Sections 2.16, 2.17, 2.18 and 9.03 shall be made directly to the Persons entitled thereto. If the Administrative Agent
receives a payment for the account of a Lender prior to 1:00 p.m., Los Angeles, California time, such payment must be delivered to the Lender on the same day and if it is not so delivered due to the fault of the Administrative Agent, the
Administrative Agent shall pay to the Lender entitled to the payment interest thereon for each day after payment should have been received by the Lender pursuant hereto until the Lender receives payment, at the Federal Funds Effective Rate. 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, 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 then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
principal then due to such parties. 

  
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 (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 resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its 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 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; 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, 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 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 the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender 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 Federal Funds Effective Rate. 

(e) If any Lender shall fail to make any payment required to be made by it pursuant to Sections 2.06(b) or
2.17(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s
obligations under such Sections until all such unsatisfied obligations are fully paid. 
 SECTION 2.18 Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Credit Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 

(i) Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Credit Agreement shall be restricted as set forth in Section 9.02. 
  

  
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 (ii) Reallocation of Payments. Any payment of principal, interest, fees
or other amounts received by Administrative Agent for the account of a Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise, and including any amounts made available to Administrative Agent by
that Defaulting Lender pursuant to Section 9.08), shall be applied at such time or times as may be determined by Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to Administrative
Agent hereunder; second, if so determined by Administrative Agent, to be held as cash collateral for future funding obligations of such Defaulting Lender; third, as the Borrower may request (so long as no Default or Event of Default exists other
than a Default or Event of Default resulting directly from the Defaulting Lender’s breach of its obligations under this Credit Agreement), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion
thereof as required by this Credit Agreement, as determined by Administrative Agent; fourth, if so determined by Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations
of such Defaulting Lender to fund Loans under this Credit Agreement; fifth, to the payment of any amounts owing to the non-Defaulting Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such
Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Credit Agreement; sixth, so long as no Default or Event of Default exists other than a Default or Event of Default resulting directly from the
Defaulting Lender’s breach of its obligations under this Credit Agreement), to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Credit Agreement; and seventh, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if: (x) such payment
is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share; and (y) such Loans were made at a time when the conditions set forth in Section 4.02 were
satisfied or waived, such payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender. Any payments, prepayments or other amounts
paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.18(a)(ii) shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto. 
 (b) Defaulting Lender Cure. If the Borrower and the
Administrative Agent agree in writing in their sole discretion that a Defaulting Lender should no longer be 

  
 34 

 
deemed to be a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth
therein (which may include arrangements with respect to any cash collateral), such Defaulting Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as Administrative Agent
may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages, whereupon such Defaulting Lender will cease to be a Defaulting Lender; provided that no adjustments will
be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no
cessation in status as Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising during the period that such Lender was a Defaulting Lender. 

SECTION 2.19 Mitigation Obligations; Replacement of Lenders. 

(a) Each Lender will notify the Borrower of any event occurring after the date of this Agreement which will entitle such Person
to compensation pursuant to Sections 2.14 and 2.16 as promptly as practicable after it obtains knowledge thereof and determines to request such compensation, provided that such Person shall not be liable for the failure to provide
such notice. If any Lender requests compensation under Section 2.14, or if the Borrower is required to pay any additional amount to any such Person or any Governmental Authority for the account of any Lender pursuant to
Section 2.16, then such Lender shall use reasonable efforts to avoid or minimize the amounts payable, including, without limitation, the designation of a different lending office for funding or booking its Loans hereunder or the
assignment of 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
Section 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay
all reasonable and documented costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) If any Lender requests compensation under Section 2.14, or if the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, or if any Lender defaults in its obligation to fund Loans hereunder, then the Borrower may, at its sole expense and effort, upon
notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations
under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the
Administrative Agent, 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, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder, from the assignee (to the extent of such outstanding 

  
 35 

 
principal and accrued interest and fees) or the Borrower (in the case of all other amounts), and (iii) in the case of any such assignment resulting from a claim for compensation under
Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

SECTION 2.20 Extension. 

(a) So long as no Event of Default or Default shall be in existence on the date on which notice is given in accordance with the
following clause (i) and on the Maturity Date, Borrower may extend the Maturity Date to April 30, 2016, upon satisfaction of the following: (i) delivery of a written request to Administrative Agent at least thirty (30) days, but
no more than ninety (90) days, prior to the Maturity Date; and (ii) payment by Borrower of all fees and expenses to Administrative Agent and the Lenders to the extent then due. Such extension shall be evidenced by delivery of written
confirmation of the same by Administrative Agent to Borrower. 
 (b) Intentionally Omitted. 

(c) Miscellaneous. If the Maturity Date is extended, all of the other terms and conditions of this Agreement and the
other Loan Documents (including interest payment dates and required principal curtailments) shall remain in full force and effect and unmodified, except as expressly provided for herein. The extension of the Maturity Date is subject to the
satisfaction of each of the following additional conditions: 
 (i) the representations and warranties of each Credit Party
set forth in this Agreement or any other Loan Document to which such Credit Party is a signatory shall be true and correct in all material respects on the date that the extension request is given to the Administrative Agent and on the first day of
the extension (except to the extent such representations and warranties relate to a specified date); 
 (ii) no Default or
Event of Default has occurred and is continuing on the date on which the Borrower gives the Administrative Agent the extension request or on the first day of the extension; 

(iii) the Borrower shall be in compliance with all of the financial covenants set forth in Section 5.02 hereof
both on the date on which the extension request is given to the Administrative Agent and on the first day of the extension; 

(iv) the Borrower shall have paid to the Administrative Agent all amounts then due and payable to any of the Lenders, and the
Administrative Agent under the Loan Documents; 

  
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 (v) the Borrower shall pay for any and all reasonable out-of-pocket costs and
expenses, including, reasonable attorneys’ fees and disbursements, incurred by the Administrative Agent in connection with or arising out of the extension of the Maturity Date; 

(vi) the Borrower shall execute and deliver to Administrative Agent such other documents, financial statements, instruments,
certificates, opinions of counsel, reports, or amendments to the Loan Documents as the Administrative Agent shall reasonably request regarding the Credit Parties as shall be necessary to effect the extension; and 

(vii) a written acknowledgement by the Administrative Agent to Borrower indicating that all extension conditions set forth
above have been satisfied. 
 ARTICLE III 

Representations and Warranties 

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

SECTION 3.01 Organization; Powers; Title. 

(a) Each Credit Party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, has all requisite power and authority to carry on its business as now conducted and in the case of Borrower, to own the Collateral, and, except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

(b) Borrower is the sole record and beneficial owner of, and has good indefeasible title to the Collateral, free and clear of
any Lien whatsoever other than the Lien and security interests created by the Loan Documents and no right or option to acquire the Collateral, or agreement assigning the Collateral, exists in favor of any other Person. The Pledge of Equity
Interests, together with the UCC-1 Financing Statements relating to the Collateral when properly filed in the appropriate records will create a valid, perfected first priority security interest in an to the Collateral for which a Lien can be
perfected by a UCC-1 Financing Statement. The Pledge of Equity Interests, together with Borrower’s delivery to Administrative Agent and Administrative Agent’s possession of certificated interests as set forth in the Pledge of Equity
Interests creates a first priority and valid security interest in the Collateral. 
 SECTION 3.02 Authorization; Enforceability. The
Transactions are within the corporate, partnership or limited liability company powers (as applicable) of the respective Credit Parties and have been duly authorized by all necessary corporate, partnership or limited liability company action. This
Agreement and the Loan Documents have been duly executed and delivered by each Credit Party which is a party thereto and constitute the legal, valid and 

  
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binding obligation of each such Person, 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 Transactions (a) to the actual knowledge of the Borrower, 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 or which shall be completed at the appropriate time for such
filings under applicable securities laws, (b) to the actual knowledge of the Borrower, will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of any Credit Party or any order of any
Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Credit Party or their respective assets, or give rise to a right thereunder to require any payment to be
made by any Credit Party, and (d) will not result in the creation or imposition of any Lien on any asset of any Credit Party, except pursuant to the Pledge of Equity Interests. 

SECTION 3.04 Financial Condition; No Material Adverse Change. 

(a) The Parent has heretofore furnished to the Lenders financial statements of the Parent as of and for the period ending
December 31, 2013 reported on by CohnReznick, LLC, independent public accountants, for the Parent, and the internally-prepared financial statements of the Parent as of and for the period ending June 30, 2014. Such financial statements
present fairly, in all material respects, the financial position and results of operations and cash flows of the Parent and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP. 

(b) Since June 30, 2014, no event has occurred which could reasonably be expected to have a Material Adverse Effect. 

SECTION 3.05 Intentionally Omitted. 

SECTION 3.06 Intellectual Property. To the actual knowledge of each Credit Party, such Credit Party owns, or is licensed to use, all
patents and other intellectual property material to its business, and the use thereof by such Credit Party 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 3.07 Litigation. 

(a) As of the date hereof, except as set forth in Schedule 3.07 attached hereto, to the knowledge of the Borrower, there
are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or threatened against or affecting any Credit Party, the Collateral or any of the Preferred Equity Properties 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 or (ii) that involve this Agreement or the
Transactions. 
 (b) Intentionally Omitted. 

  
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 SECTION 3.08 Compliance with Laws and Agreements. Each of the Credit Parties are 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 to its knowledge, 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 3.09 Investment and Holding Company Status. Neither any of the Credit Parties nor any of the their respective Subsidiaries is
(a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding company” as defined in, or subject to regulation under, the Public Utility Holding Company
Act of 1935. 
 SECTION 3.10 Taxes. Each Credit 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 such Person 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 3.11 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 Borrower does not have any Plans as of the date hereof. As to any future Plan 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) will not exceed 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) will not exceed the fair market value of the assets of all such underfunded Plans. 

SECTION 3.12 Disclosure. The Borrower has disclosed or made available to the Lenders all Material Contracts and material corporate or
other restrictions to which it, any other Credit Party, the Collateral or the Preferred Equity Properties are subject, and all other matters known to it, that, 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 Borrower 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) 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 Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 

SECTION 3.13 Intentionally Omitted. 

  
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 SECTION 3.14 Margin Regulations. The Borrower is not engaged in the business of extending
credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board), and no proceeds of any Loan will be used to purchase or carry any margin stock. 

SECTION 3.15 Subsidiaries; REIT Qualification. As of the Effective Date, the Parent’s only direct Subsidiaries are listed on
Schedule 3.15 attached hereto. The Borrower is a Delaware limited liability company wholly owned by SSOP and is treated as a disregarded entity for federal income tax purposes. The Parent is a Maryland corporation duly organized pursuant to articles
of incorporation filed with the Maryland Department of Assessments and Taxation, and is in good standing under the laws of Maryland. The Parent conducts its business in a manner which enables it to qualify as a real estate investment trust under,
and to be entitled to the benefits of, §856 of the Code, and has elected to be treated as and will be entitled to the benefits of a real estate investment trust thereunder. 

SECTION 3.16 Pledged Collateral 

(a) The Collateral has been duly authorized and validly issued and is fully paid and non-assessable and is not subject to any
options to purchase or similar rights of any Person; 
 (b) The Collateral is not subject to any contractual restriction upon
the transfer thereof (except for the restriction contained in the Pledge of Equity Interests and in the limited partnership agreements of each of the Operating Partnerships). 

(c) The chief place of business of Borrower and the office where Borrower keeps its records concerning the Collateral is
located at 111 Corporate Drive, Suite 120, Ladera Ranch, California 92694. 
 ARTICLE IV 

Conditions 
 SECTION 4.01
Effective Date. The obligations of the Lenders to make Loans 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) (the “Effective
Date”): 
 (a) The Administrative Agent (or its counsel) shall have received from each Credit Party either
(i) a counterpart of this Agreement and all other Loan Documents to which it is party 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 each such Loan Document other than the Notes) that such party has signed a counterpart of the Loan Documents, together with copies of all Loan Documents. 

(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 Mastrogiovanni Mersky and Flynn, P.C., counsel for the Borrower and the 

  
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Guarantor, and such other counsel as the Administrative Agent may approve, covering such matters relating to the Credit Parties, the Collateral, the Loan Documents or the Transactions as the
Required Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion. 
 (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 the Credit Parties, the authorization of the
Transactions and any other legal matters relating to the Credit Parties, this Agreement (including each Credit Party’s compliance with Section 9.14 and other customary “know your customer” requirements) or the
Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 
 (d) The
Administrative Agent shall have received a Compliance Certificate, dated the date of this Agreement and signed by a Financial Officer of Parent, in form and substance reasonably satisfactory to the Administrative Agent. 

(e) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date,
including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 

(f) The Administrative Agent shall have received copies of all other Loan Documents. 

The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 

SECTION 4.02 Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing is subject to the
satisfaction of the following conditions: 
 (a) The representations and warranties of each Credit Party set forth in this
Agreement or in any other Loan Document shall be true and correct on and as of the date of such Borrowing. 
 (b) At the time
of and immediately after giving effect to such Borrowing, (i) no Default shall have occurred and be continuing or would result from such increase in the Principal Debt (including on a pro forma basis relative to financial covenant compliance),
and (ii) no default under the SSOP Revolver Loan Documents shall have occurred and be continuing. 
 (c) With respect to
any requested Borrowings after the Initial Borrowing, the Borrower shall have complied with Section 2.03. 
 (d)
The Administrative Agent shall have received a Compliance Certificate signed by a Financial Officer of Borrower. 

  
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 (e) The Principal Debt, taking into account any requested Borrowings and any
remaining unfunded Commitments, shall not exceed the Maximum Loan Amount. 
 (f) If applicable, all conditions precedent for
the funding of a loan(s) under the SSOP II Term Loan Documents and/or the SS Growth Revolver Loan Documents to provide funding to the subject Operating Partnerships’ acquisition of the subject Preferred Equity Property(ies) shall have been met
and such loan(s) shall be simultaneously funded, or if funded by means other than the SSOP II Term Loan Documents and/or the SS Growth Revolver Loan Documents, all conditions precedent for the acquisition of the subject Preferred Equity
Property(ies) shall have been met and such Preferred Equity Property(ies) are being acquired by the subject Operating Partnership(s). 
 Each Borrowing
shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in 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, the Borrower covenants and agrees with the Lenders that: 
 SECTION 5.01 Financial Statements;
Ratings Change and Other Information. The Borrower will furnish to the Administrative Agent and each Lender: 
 (a)
within 120 days after the end of each fiscal year of the Parent, the Parent’s audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, together with
all notes thereto, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by CohnReznick, LLC or other independent public accountants of recognized national standing (without a “going
concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and
results of operations of the Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 

(b) within 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Parent, the
Parent’s 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 Parent on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; 

  
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 (c) concurrently with the delivery thereof, copies of all quarterly and annual
reporting provided to the investors in the Parent; 
 (d) concurrently with any delivery of financial statements under clause
(a) or (b) above, a compliance certificate of a Financial Officer of the Parent (the “Compliance Certificate”) in the form of Exhibit B attached hereto; 

(e) promptly after the same become publicly available for Forms 10-K and 10-Q described below, and upon written request for
items other than Forms 10-K and 10-Q described below, copies of all periodic and other reports, proxy statements and other materials filed by the Parent, the Borrower or any Subsidiary with the Securities and Exchange Commission (including
registration statements and reports on Form 10-K, 10-Q and 8-K (or their equivalents)), or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed by the
Parent or the Borrower to its shareholders generally, as the case may be; and 
 (f) promptly following any request therefor,
such other information regarding the operations, business affairs and financial condition of any Credit Party, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may reasonably request. 

SECTION 5.02 Financial Tests. The Parent and the Borrower shall have and maintain, on a consolidated basis in accordance with
GAAP, tested as of the close of each fiscal quarter: 
 (a) a Total Leverage Ratio no greater than sixty percent (60%); 

(b) a Tangible Net Worth not at any time to be less than $250,000,000.00; 

(c) an Interest Coverage Ratio of not less than 1.85:1.00; 

(d) a Fixed Charge Ratio of not less than 1.60:1.00; and 

(e) a ratio of (i) the Indebtedness that bears interest at a varying rate of interest or that does not have the interest
rate fixed, capped or swapped pursuant to a Hedging Agreement to (ii) the sum of the Indebtedness, not in excess of thirty percent (30%); 

Notwithstanding the foregoing, each of the Parent and the Borrower shall have ten (10) Business Days from the date on which any violation
of the above tests shall occur in which to cure such violation, to the extent such violation can be cured with a cash payment, which 10-day cure period shall be in lieu of, and not in addition to, any other cure period provided for herein that may
affect this Section 5.02. It shall be an Event of Default if Borrower fails to make such a prepayment not later than ten (10) Business Days after notice from the Administrative Agent to the Borrower requesting the payment. 

  
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 SECTION 5.03 Notices of Material Events. The Borrower will furnish to the Administrative
Agent and each Lender written notice of the following promptly after it becomes aware of same (unless specific time is set forth below): 

(a) the occurrence of any Default; 

(b) within five (5) Business Days after the filing or commencement of any action, suit or proceeding by or before any
arbitrator or Governmental Authority against or affecting any Credit Party or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

(c) within five (5) Business Days after 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 Borrower and its respective Subsidiaries in an aggregate amount exceeding $10,000,000.00; and 

(d) any other development that 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 Borrower
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 5.04 Existence; Conduct of Business. Borrower will do or cause to be done all things reasonably 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, except to the extent the failure to do so, individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.02 and shall not apply to the real estate investment trust
status of the Parent until such time as the Parent has made its initial election to be treated as a real estate investment trust under the Code. Borrower must at all times be a wholly owned Subsidiary of SSOP. 

SECTION 5.05 Payment of Obligations. The Borrower 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, (b) the Borrower 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 5.06 Intentionally Omitted. 

  
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 SECTION 5.07 Books and Records; Inspection Rights. 

(a) The Borrower will keep proper books of record and account in which full, true and correct entries are made of all dealings
and transactions in relation to its business and activities. 
 (b) The Borrower 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
independent accountants, all at such reasonable times and as often as reasonably requested. 
 SECTION 5.08 Compliance with Laws. The
Borrower will comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect. 
 SECTION 5.09 Use of Proceeds. The proceeds of the Loans will be used to purchase Preferred Equity
Interests in the Operating Partnerships in order to cause the Operating Partnerships to purchase the Preferred Equity Properties. No part of the proceeds of any Loan will be used, whether directly or indirectly, for financing, funding or completing
the hostile acquisition of publicly traded Persons or for any purpose that entails a violation of any of the Regulations of the Board, including Regulations U and X. 

SECTION 5.10 Fiscal Year. Borrower shall maintain as its fiscal year the twelve (12) month period ending on December 31 of
each year. 
 SECTION 5.11 Environmental Matters. 

(a) Borrower shall comply in all material respects with all applicable Environmental Laws currently or hereafter in effect,
except to the extent noncompliance could not reasonably be expected to have a Material Adverse Effect. 
 (b) If the
Administrative Agent or the Required Lenders at any time have a reasonable basis to believe that there may be a material violation of any Environmental Law related to any Real Property owned or leased by Borrower, or Real Property adjacent to such
Real Property, which could reasonably be expected to have a Material Adverse Effect, then Borrower agrees, upon request from the Administrative Agent (which request may be delivered at the option of Administrative Agent or at the direction of
Required Lenders), to provide the Administrative Agent, at the Borrower’s expense, with such reports, certificates, engineering studies or other written material or data as the Administrative Agent or the Required Lenders may reasonably require
so as to reasonably satisfy the Administrative Agent and the Required Lenders that any Credit Party is in material compliance with all applicable Environmental Laws. 

(c) Borrower shall take such Remedial Action or other action as required by Environmental Law or any Governmental Authority
except to the extent the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

  
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 SECTION 5.12 Intentionally Omitted. 

SECTION 5.13 Further Assurances. At any time upon the request of the Administrative Agent, Borrower will, promptly and at its expense,
execute, acknowledge and deliver such further documents and perform such other acts and things as the Administrative Agent may reasonably request to evidence the Loans made hereunder and interest thereon in accordance with the terms of this
Agreement. 
 SECTION 5.14 Parent Covenants. The Parent will: 

(a) cause SSOP to own all of the membership interests in Borrower; 

(b) maintain management and control of SSOP and the Borrower; 

(c) conduct substantially all of its operations through Borrower, SSOP and/or the Subsidiaries of SSOP; 

(d) comply with all Legal Requirements to maintain, and, after its initial election, will at all times elect, qualify as and
maintain, its status as a real estate investment trust under Section 856(c)(i) of the Code. 
 SECTION 5.15 Intentionally
Omitted, 
 SECTION 5.16 OFAC. 

(a) No Credit Party or is, nor shall any Credit Party be at any time, a Person with whom the Lenders are restricted from doing
business under the regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of Treasury of the United States of America (including, those Persons named on OFAC’s Specially Designated and Blocked Persons list) or
under any statute, executive order (including, the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action. 

(b) No Credit Party is, nor shall any Credit Party be at any time, knowingly engaged in any dealings or transactions or
otherwise be associated with such Persons referenced in clause (a) above. 
 SECTION 5.17 Qualified ECP Party. Borrower and the
Guarantor are both a Qualified ECP Party. 

  
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 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, the Borrower covenants and agrees with the Lenders that: 

SECTION 6.01 Liens. The Borrower will not create, incur, assume or permit to exist any Lien on the Collateral, or assign or sell any
income or revenues (including accounts receivable or distributions payable by any Operating Partnership in respect of the Collateral) or rights in respect of any thereof. 

SECTION 6.02 Fundamental Changes. The Borrower will not: 

(a) 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) all or substantially all of the its assets (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: (x) Default shall have occurred and be continuing; and (y) no “Default,” as such term is defined in used in the Revolver Loan Documents, shall have occurred and be
continuing (i) any Person may merge into, or consolidate with, Borrower in a transaction in which Borrower is the surviving entity. 

(b) sell, transfer, lease or otherwise dispose of any of its assets to a Person other than pursuant to clause (a) above;
or 
 (c) change its name, identity (including its trade name or names), place of organization or formation, or
organizational structure unless Borrower shall have first provided Administrative Agent with notice of such event not less than thirty (30) days prior to the effective date of such change and will not do so without first taking all actions
reasonably required by Administrative Agent for the purposes of perfecting and preserving the Lien and security interests of Administrative Agent in the Collateral. 

SECTION 6.03 Investments, Loans, Advances and Acquisitions. The Borrower’s sole asset will be the Preferred Equity Interests in
each Operating Partnership. Parent will not, purchase, hold or acquire any capital stock, evidences of indebtedness (subject to Section 6.09 below) or other securities (including any option, warrant or other right to acquire any of the
foregoing) of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of
any other Person constituting a business unit, except, solely as to the Parent (made, as to (a) through (f), through SSOP): 
 (a)
Permitted Investments; 

  
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 (b) investments directly or indirectly in Real Property primarily operated as self-storage
facilities; 
 (c) investments directly or indirectly in unimproved land not to exceed five percent (5%) of the Total Asset Value; 

(d) investments directly or indirectly in construction and development projects not to exceed fifteen percent (15%) of the Total Asset
Value; 
 (e) Investments constituting mortgage loans on real estate (directly or indirectly) which are primarily self-storage facilities
not to exceed ten percent (10%) of the Total Asset Value; 
 (f) for investments in real estate (directly or indirectly) which are not
primarily self-storage facilities and which the Parent does not intend to convert to a self-storage facility within twenty-four (24) months, not to exceed ten percent (10%) of the Total Asset Value; 

(g) any purchase or acquisition, directly or indirectly, of any such capital stock, evidence or indebtedness, or other securities of, or other
investment in, a Person which is not a wholly owned Subsidiary of SSOP, or any assets of any other Person constituting a business unit, and any loan or advance to any other Person where the amount of such loan or advance or the value of such
purchase or acquisition does not exceed fifteen percent (15%) of the Total Asset Value immediately before such loan, advance, purchase or acquisition. 

provided that the aggregate value of the investments described in Subsections (c) through (f) above shall not exceed twenty percent (20%) of
the Total Asset Value. 
 SECTION 6.04 Hedging Agreements. The Borrower will not enter into any Hedging Agreement, other than the
existing Hedging Agreement entered into with the Administrative Agent and other Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower is exposed in the conduct of its business or the
management of its liabilities. 
 SECTION 6.05 Restricted Payments. The Parent will not, and will not permit any Subsidiary to,
declare or make, or agree to pay or make, directly or indirectly, during any calendar quarter, any Restricted Payment, except that any of the following Restricted Payments are permitted: (a) Restricted Payments by the Parent required to comply
with Section 5.14(d); (b) provided no Event of Default is in existence, Restricted Payments made by the Parent or SSOP to its equity holders, including in connection with the existing redemption and dividend reinvestment plans; and
(c) Restricted Payments declared and paid ratably by Parent’s Subsidiaries to Parent with respect to their capital stock or equity interest; provided, however, that upon an Event of Default, such Restricted Payments shall not be permitted
after one hundred twenty (120) days following such Event of Default; provided that notwithstanding the foregoing, the Parent may issue warrants, options and other equity securities evidencing ownership interests and rights in the Parent.
Notwithstanding the foregoing, the Borrower shall not make any Restricted Payments while any Obligations are outstanding. 

  
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 SECTION 6.06 Transactions with Affiliates. The Borrower will not sell, lease or otherwise
transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on
terms and conditions not less favorable to the Borrower than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Borrower and its wholly owned Subsidiaries not involving any other
Affiliate; (c) any Restricted Payment permitted by Section 6.05; and (d) any loan or advance or any purchase or acquisition of assets permitted by Section 6.03(g). 

SECTION 6.07 Parent Negative Covenants. The Parent will not (a) own any Property other than the ownership interests of SSOP, and
other assets with no more than $20,000,000.00 in value; (b) give or allow any Lien on the ownership interests of SSOP or Borrower; or (c) engage to any material extent in any business other than the ownership, development, operation and
management of primarily self-storage facilities, except (i) as otherwise permitted by Section 6.03, and (ii) asset and property management for properties owned by the Operating Partnerships or other third parties. 

SECTION 6.08 Restrictive Agreements. The Borrower will not, directly or indirectly, enter into, incur or permit to exist any agreement
or other arrangement (other than the Loan Documents) that prohibits, restricts or imposes any condition upon (a) the ability of Borrower, and or its Subsidiaries 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 to make or repay loans or advances to the Borrower or to Guarantee Indebtedness of the Borrower; provided that
(i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement or as otherwise approved by the Administrative Agent, (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) clause (a) of the
foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness or Liens permitted by this Agreement, if such restrictions or conditions apply only to the property or assets securing such
Indebtedness and (iv) clause (a) of the foregoing shall not apply to customary provisions in leases restricting the assignment thereof. 

SECTION 6.09 Indebtedness. Neither the Guarantor nor Borrower shall, without the prior written consent of the Administrative Agent,
create, incur, assume, guarantee or be or remain liable, contingently or otherwise with respect to any Indebtedness, except: (a) Indebtedness under this Agreement; (b) Indebtedness to Administrative Agent; (c) Indebtedness under any
Hedging Obligations or any Hedging Agreements permitted by Section 6.04 hereof, (d) Indebtedness of the Parent for the SSOP Revolver Facility (the amount of which can be increased pursuant to the SSOP Revolver Facility’s
so-called “accordion” option”); (e) Indebtedness incurred by Parent to refinance the Canadian Properties; (f) the Listing Debt; (g) Indebtedness of Parent for the recourse construction financing incurred to develop
Parent’s corporate headquarters located at 30 Terrace Road, Ladera Ranch, California; (h) Indebtedness of the Parent, including, without limitation, that under recourse Guarantees (but excluding that relating to this Agreement), which is
in existence as of the date of this Agreement and disclosed 

  
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in writing to Administrative Agent; (f) Indebtedness for trade payables and operating expenses incurred in the ordinary course of business and (g) Indebtedness of the Parent under any
standard environmental indemnity. Nothing contained herein shall be deemed to prohibit or prevent a Subsidiary of the Parent (other than the Borrower) from assuming or incurring any Indebtedness in connection with any investment allowed under
Section 6.03 above. 
 SECTION 6.10 Management Fees. At any time that any Default or Event of Default exists under this
Agreement or any other Loan Document, then in any of such event(s), no Credit Party may pay any property or asset management fees or similar fees (if any) to any other Credit Party or to any Subsidiary or Affiliate in excess of three percent
(3%) of gross revenue; provided, however, such fees shall accrue and become payable upon the cure of the Default or Event of Default,. All such parties shall execute subordination agreements in form and substance acceptable to the
Administrative Agent with respect to such fees. 
 ARTICLE VII 

Events of Default 
 If any
of the following events (“Events of Default”) shall occur: 
 (a) the Borrower shall fail to pay any
principal of any Loan 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) any Credit Party 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 Documents, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of over three Business Days (such three Business Day
period commencing after written notice from the Administrative Agent as to any such fee); 
 (c) any representation or
warranty made or deemed made by or on behalf of any Credit Party 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 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 Articles V or
VI other than Sections 5.02, 5.04, 5.05, 5.07(a), 5.08, and 5.11; 

(e) any Credit 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 over 30 days after notice thereof from the Administrative Agent to the Borrower
(which notice will be given at the request of any Lender) and if such default is not curable within 

  
 50 

 
thirty (30) days and the Credit Party is diligently pursuing cure of same, the cure period may be extended for thirty (30) days (for a total of 60 days after the original notice from
the Administrative Agent) upon written request from the Borrower to the Administrative Agent; 
 (f) an involuntary
proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Credit 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 Credit 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; 

(g) any Credit 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 Person 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; 
 (h) any Credit Party shall become unable, admit in writing its inability or fail generally to pay its
debts as they become due; 
 (i) one or more judgments for the payment of money in an aggregate amount in excess of
$10,000,000.00 shall be rendered against any Credit Party or any combination thereof and the same shall remain undischarged 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 such Person to enforce any such judgment; 
 (j)
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 Borrower and its Subsidiaries in an
aggregate amount exceeding $10,000,000.00; 
 (k) the Guaranty of the Loan by the Guarantor shall for any reason terminate or
cease to be in full force and effect; 
 (l) any Credit Party shall default under any Material Contract; 

(m) any Credit Party shall (or shall attempt to) disavow, revoke or terminate any Loan Document to which it is a party or shall
otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document; 

  
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 (n) any provision of any Loan Document with respect to the Collateral shall for
any reason ceases to be valid and binding on, enforceable against, any Credit Party resulting in a Material Adverse Effect, or any lien created under any Loan Document ceases to be a valid and perfected first priority lien in any of the Collateral
purported to be covered thereby; 
 (o) a Change in Control shall occur; 

(p) any of the Borrower, the Parent, any of their Subsidiaries, or SSOP defaults under (a) any recourse indebtedness at
any time, or (b) any non-recourse indebtedness in an aggregate amount equal to or greater than $50,000,000 at any time; or 

(q) there occurs any event of default under any Hedging Obligations, 

then, and in every such event (other than an event described in clause (g) or (h) 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 some or all of the following actions, at the same or different times: (i) terminate the Commitments, and
thereupon the Commitments shall terminate immediately, (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 (iii) exercise any other rights or remedies provided under this Agreement or any other Loan Document, or any other right or remedy
available by law or equity; and in case of any event described in clause (g) or (h) 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. 

ARTICLE VIII 
 The
Administrative Agent 
 Each of the Lenders 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. In the event of
conflicting instructions or notices given to the Borrower by the Administrative Agent and any Lender, the Borrower is hereby directed and shall rely conclusively on the instruction or notice given by the Administrative Agent. 

  
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 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 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 any Credit Party 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. The Administrative Agent agrees that, in fulfilling its duties hereunder, it will use the same
standard of care it utilizes in servicing loans for its own account. 
 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 good faith 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 

  
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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 and the Borrower, and may be removed by the Required Lenders in the event of the Administrative Agent’s gross negligence or willful
misconduct. Upon any such resignation or removal, the Required Lenders shall have the right, with the approval of Borrower (provided no Default has occurred and is continuing), which approval shall not be unreasonably withheld, to appoint a
successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation or is removed, then the
retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a Lender, or 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 for its own behalf 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. The Administrative Agent shall cooperate with any successor Administrative Agent in fulfilling its duties hereunder. 

Each Lender acknowledges that it 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. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other
Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished
hereunder or thereunder. 

  
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 ARTICLE IX 

Miscellaneous 
 SECTION
9.01 Notices. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
 (a) if to the Borrower, to the
Borrower in care of SmartStop Self Storage, Inc., at 111 Corporate Drive, Suite 120, Ladera Ranch, California 92694, Attention: Michael S. McClure (Telephone No. (949) 249-6600 and Telecopy No. (949) 429-6606); copies to: Michael McClure
(Telephone No. (949) 249-6600 and Telecopy No. (949) 429-6606) and Charles Mersky, Esquire (Telephone No. (214) 922-8800 and Telecopy No. (214) 922-8801). 

(b) if to the Administrative Agent, to KeyBank, National Association, 225 Franklin Street, Boston, Massachusetts 02110,
Attention: Christopher T. Neil, (Telephone No. (617) 385-6202 and Telecopy No. (617) 385-6293); and 
 (c) if to
any other Lender, to it at its address (or telecopy number) set forth on the signature pages of this Agreement, or as provided to Borrower in writing by the Administrative Agent or the Lender. 

Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices
and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given (i) if given by telecopy, when such telecopy is transmitted to the telecopy number specified in this
Section and the appropriate confirmation is received (or if such day is not a Business Day, on the next Business Day); (ii) if given by mail (return receipt requested), on the earlier of receipt or three (3) Business Days after such
communication is deposited in the mail with first class postage prepaid, addressed as aforesaid; or (iii) if given by any other means, when delivered at the address specified in this Section; provided that notices to the Administrative
Agent under Article II shall not be effective until received. 
 SECTION 9.02 Waivers; Amendments. 

(a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder or under any other
Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or
the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and under any other Loan Document 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 

  
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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 shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. 

(b) 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 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 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 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 Sections 2.17(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent
of each Lender, (v) change any of the provisions of this Section 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, (vi) release any Credit Party from its obligations under the Loan Documents or release any Collateral, except as specifically
provided for herein, without the written consent of each Lender, (vii) subordinate the Loans or any Collateral without the written consent of each Lender, (viii) waive or modify any conditions of extending the Loans set forth in
Section 2.19 without the written consent of each Lender affected thereby, or (ix) consent to the Collateral securing any other Indebtedness 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 hereunder without the prior written consent of the Administrative Agent. 

(c) Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders),
except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender; and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by
its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 

(d) Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances as set forth above:
(1) each Lender is entitled to vote as such Lender sees fit on any reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersede the

  
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unanimous consent provisions set forth herein; and (2) the Required Lenders may consent to allow a Borrower to use cash collateral in the context of a bankruptcy or insolvency proceeding.
Administrative Agent may, after consultation with the Borrower, agree to the modification of any term of this Credit Agreement or any other Loan Document to correct any printing, stenographic or clerical errors or omissions that are inconsistent
with the terms hereof. 
 (e) If Administrative Agent shall request the consent of any Lender to any amendment, change,
waiver, discharge, termination, consent or exercise of rights covered by this Credit Agreement, and not receive such consent or denial thereof in writing within ten (10) Business Days of the making of such request by Administrative Agent, as
the case may be, such Lender shall be deemed to have given its consent to the request. 
 (f) Intentionally Omitted. 

SECTION 9.03 Expenses; Indemnity; Damage Waiver. 

(a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its
Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the preparation of this Agreement or any amendments,
modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all mortgage taxes and other charges incurred or required to be paid by the Administrative Agent in
connection with the Loan Documents, and (iii) all reasonable out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the reasonable fees, charges and disbursements of any counsel for the Administrative Agent 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 hereunder, including all such out-of-pocket expenses incurred
during any waivers, workout, restructuring or negotiations in respect of such Loans. 
 (b) The Borrower shall indemnify the
Administrative Agent and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses, including the 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 this Agreement or any agreement or instrument contemplated hereby, 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 the use of the proceeds therefrom, (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 Borrower’s 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 based on contract, tort or any
other theory and regardless of 

  
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whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or
related expenses resulted from the gross negligence or willful misconduct of such Indemnitee as determined by a court of law in a final non-appealable judgment, or the breach of this Agreement by the Indemnitee, including without limitation, the
failure of the Indemnitee to make advances pursuant to its Commitment in breach of its obligations hereunder. 
 (c) To the
extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent 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 in its capacity as such. 

(d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any
Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument
contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof. 
 (e) All amounts due under this Section
shall be payable not later than ten (10) days 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, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the
Borrower without such consent shall be null and void). 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 and, to the
extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

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

(A) the Borrower, 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 Default has occurred and is continuing, any other assignee; and 
 (B) the
Administrative Agent. 

  
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 Provided, no consent of the Borrower or Administrative Agent shall be required in
connection with any assignment to an entity acquiring, or merging with, a Lender. 
 (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 or Loans, 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 $5,000,000.00 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be
required if a Default has occurred and is continuing and such consent shall not be unreasonably withheld; 
 (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 $3,500.00; and 
 (D) the assignee, if it shall not be a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire. 
 For the purposes of this
Section 9.04(b), the term “Approved Fund” has the following meaning: 
 “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. 

(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 

  
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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 2.13, 2.14, 2.15 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 an 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 of the Loans 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 and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower 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. 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
Borrower or the Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations, (iii) the Borrower, the Administrative Agent 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
and (iv) Borrower’s obligations hereunder shall not be increased. 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. Subject to paragraph (d) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 2.13, 2.14 and 2.15 to the same extent as if it were a Lender and 

  
 60 

 
had acquired its interest by assignment pursuant to paragraph (b) of this Section. 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 such Participant agrees to be subject to Section 2.17(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, except in the case of a Participant asserting any right of set-off pursuant to Section 9.08., 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, 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) A Participant shall not be entitled to receive any greater payment under Section 2.13 or 2.15 than the
applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that
would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.15 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the
Borrower, to comply with Section 2.16(e) as though it were a Lender. 
 (e) 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 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, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent 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 

  
 61 

 
interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of
Sections 2.13, 2.14, 2.15 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
Commitments or the termination of this Agreement or any provision hereof. 
 SECTION 9.06 Counterparts; Integration; Effectiveness; Joint
and Several. 
 (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. 

(b) 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. 

(c) 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. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 

(d) Each Person constituting the Borrower shall be bound jointly and severally with one another to make, keep, observe and
perform the representations, warranties, covenants, agreements, obligations and liabilities imposed by this Agreement and the other Loan Documents upon the “Borrower.” 

(e) Borrower agrees that it shall never be entitled to be subrogated to any of the Administrative Agent’s or any
Lender’s rights against any Credit Party or other Person or any collateral or offset rights held by the Administrative Agent or the Lenders for payment of the Loans until the full and final payment of the Loans and all other obligations
incurred under the Loan Documents and final termination of the Lenders’ obligations, if any, to make further advances under this Agreement or to provide any other financial accommodations to any Credit Party. The value of the consideration
received and to be received by Borrower is reasonably worth at least as much as the liability and obligation of Borrower incurred or arising under the Loan Documents. Borrower has determined that such liability and obligation may reasonably be
expected to substantially benefit Borrower directly or indirectly. Borrower has had full and complete access to the underlying papers relating to the Loans and all of the Loan Documents, has reviewed them and is fully aware of the meaning and effect
of their contents. Borrower is fully informed of all circumstances which bear upon the risks of executing the Loan Documents and which a diligent inquiry would reveal. Borrower has adequate means to obtain from each other Borrower on a

  
 62 

 
continuing basis information concerning such other Borrower’s financial condition, and is not depending on the Administrative Agent or the Lenders to provide such information, now or in the
future. Borrower agrees that neither the Administrative Agent nor any of the Lenders shall have any obligation to advise or notify Borrower or to provide Borrower with any data or information regarding any other Borrower. 

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 of Borrower (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 a 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. Each Lender agrees promptly to notify the
Borrower after any such setoff and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application. 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 governed by, and construed in accordance with, the laws of the
State of New York. 
 (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the
nonexclusive jurisdiction of the state and federal courts in Boston, Massachusetts and in New York, New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan
Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such 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 this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document 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 

  
 63 

 
hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of
this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by 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, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER 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. 

SECTION 9.12 Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority, (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to
this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to any assignee of or Participant in, or any prospective assignee of or Participant in,
any of its rights or obligations under this Agreement, (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 or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this Section, “Information” means all information received from any Credit Party relating to the
Credit Party or its business, other than any such 

  
 64 

 
information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by any Credit Party; provided that, in the case of information received from
any Credit Party after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have
complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

SECTION 9.13 Interest Rate Limitation. If at any time there exists a maximum rate of interest which may be contracted for, charged,
taken, received or reserved by the Lenders in accordance with applicable law (the “Maximum Rate”), then notwithstanding anything herein to the contrary, at any time the interest 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 such Maximum Rate, 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 paid in respect of such Loan but were not payable as result of the operation of this Section shall be cumulated
and the interest and Charges payable to the Lenders 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 the Lenders. If, for any reason whatsoever, the Charges paid or received on the Loans produces a rate which exceeds the Maximum Rate, the Lenders shall credit against the principal of the Loans (or,
if such indebtedness shall have been paid in full, shall refund to the payor of such Charges) such portion of said Charges as shall be necessary to cause the interest paid on the Loans to produce a rate equal to the Maximum Rate. All sums paid or
agreed to be paid to the holders of the Loans for the use, forbearance or detention of the Loans shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of this
Agreement, so that the interest rate is uniform throughout the full term of this Agreement. The provisions of this Section shall control all agreements, whether now or hereafter existing and whether written or oral, between the parties hereto.
Without notice to the Borrower or any other person or entity, the Maximum Rate, if any, shall automatically fluctuate upward and downward as and in the amount by which such maximum nonusurious rate of interest permitted by applicable law fluctuates.

 SECTION 9.14 USA PATRIOT Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to 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. 
 [Signature page to follow] 

  
 65 

 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. 
  

					
	BORROWER:
	
	SSTI PREFERRED INVESTOR, LLC, a Delaware limited liability company
		
	By:	 	SmartStop Self Storage, Inc., Its Manager
			
		 	By:	 	 /s/ Michael S. McClure

		 	Name:	 	Michael S. McClure
		 	Title:	 	Chief Financial Officer

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 [Signature Page to
Credit Agreement] 

 The Guarantor joins in the execution of this Agreement to evidence its agreement to the
provisions of Sections 5.01, 5.14, 6.05 and 6.07 of this Agreement. 
  

			
	SMARTSTOP SELF STORAGE, INC.,
	a Maryland corporation
		
	By:	 	 /s/ Michael S. McClure

	Name:	 	Michael S. McClure
	Title:	 	Chief Financial Officer

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 [Signature Page to
Credit Agreement] 

 
			
	KEYBANK, NATIONAL ASSOCIATION,
	individually and as Administrative Agent,
		
	By:	 	 /s/ Christopher T. Neil

	Name:	 	Christopher T. Neil
	Title:	 	Vice President

  
 [Signature Page to
Credit Agreement] 

 
			
	FIFTH THIRD BANK
		
	By:	 	 /s/ Matthew Rodgers

	Name:	 	Matthew Rodgers
	Title:	 	Vice President

  
 [Signature Page to
Credit Agreement] 

 SCHEDULE 2.01 
  

					
	LENDER	  	LOAN COMMITMENT	 
	 	  	(Percentage)	 
		
	 KEYBANK, NATIONAL ASSOCIATION
	  	$	55,000,000.00	  
		  	 	(68.75	%) 
		
	 FIFTH THIRD BANK
	  	$	25,000,000.00	  
		  	 	(31.25	%) 

  
 Schedule 2.01 

 Schedule 3.05(e) 

Intentionally Omitted. 

  
 Schedule 3.05(e) 

 SCHEDULE 3.07 

LITIGATION 
 None. 

  
 Schedule 3.07 

 SCHEDULE 3.15 

LIST OF DIRECT PARENT SUBSIDIARIES 
  

	1.	SmartStop Self Storage Operating Partnership, L.P., a Delaware limited partnership 

  
 Schedule 3.15 

 SCHEDULE 5.12 

Intentionally Omitted. 

  
 Schedule 5.12 

 CREDIT AGREEMENT 

EXHIBIT A 

ASSIGNMENT AND ASSUMPTION 

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

									
	1.	  	Assignor:	  	  
	  	
				
	2.	  	Assignee:	  	  
	  	
		  		  	[and is an Affiliate/Approved Fund of [identify Lender]1]
					
	3.	  	Borrower:	  	  
	 		  	

  

	1 	Select as applicable. 

  
 A-1 

							
	4.	  	Administrative Agent:	  	KeyBank, National Association, as the administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	The Credit Agreement dated as of October 31, 2014, among SSTI PREFERRED INVESTOR, LLC, the Lenders parties thereto, KeyBank, National Association, as Administrative Agent, and the other agents parties thereto
				
	6.	  	Assigned Interest:	  		  	

  

											
	Aggregate Amount of
Commitment/Loans
for all Lenders	 	 	Amount of
Commitment/Loans
Assigned	 	 	Percentage
Assigned of
Commitment/Loans2	 
	$	            	  	 	$	            	  	 	 	    	% 
	$	            	  	 	$	            	  	 	 	    	% 
	$	            	  	 	$	            	  	 	 	    	% 

  

			
	Effective Date:	  	            ,          [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN
THE REGISTER THEREFOR.]

 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

					
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Title:	 	  

	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:	 	  

  

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

  
 A-2 

 [Consented to and]3 Accepted: 

 

					
	[KeyBank, National Association], as
Administrative Agent
		
	By:	 	  

		 	Title:	 	  

	
	[Consented to:]4
	
	[NAME OF RELEVANT PARTY]
		
	By:	 	  

		 	Title:	 	  

  

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

	4 	To be added only if the consent of the Borrower and/or other parties is required by the terms of the Credit Agreement 

  
 A-3 

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal
and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit
Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its
Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations
under any Loan Document. 
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements,
if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit
Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the
Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Foreign Lender, attached to the Assignment and Assumption is
any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent,
the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform
in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest
(including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 

  
 A-4 

 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to
the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a
signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with,
the law of the State of New York. 

  
 A-5 

 CREDIT AGREEMENT 

EXHIBIT B 
 FORM
OF COMPLIANCE CERTIFICATE 
 Key Bank, National Association 

as Administrative Agent 
 225 Franklin Street 

Boston, MA 02110 
 Attn: Mr. Christopher Neil 

 

					
	RE:                     .	 		  	
	Compliance Certificate for	 		  	 through                     

 Dear Ladies and Gentlemen: 

This Compliance Certificate is made with reference to that certain Credit Agreement dated as of
            , 2014 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among SSTI PREFERRED INVESTOR, LLC (the “Borrower”), the
financial institutions party thereto, as lenders, and KeyBank, National Association, as Administrative Agent. All capitalized terms used in this Compliance Certificate (including any attachments hereto) and not otherwise defined in this Compliance
Certificate shall have the meanings set forth for such terms in the Credit Agreement. All Section references herein shall refer to the Credit Agreement. 

I hereby certify that I am the Chief Financial Officer of SmartStop Self Storage, Inc. (the “Parent”), and that I
make this Certificate on behalf of Borrower. I further represent and certify on behalf of the Borrower as follows as of the date of this Compliance Certificate: 

I have reviewed the terms of the Loan Documents and have made, or have caused to be made under my supervision, a review in
reasonable detail of the transactions and consolidated and consolidating financial condition of the Parent and its Subsidiaries, during the accounting period (the “Reporting Period”) covered by the financial reports delivered simultaneous
herewith pursuant to Section 5.01[(a)][(b)], and that such review has not disclosed the existence during or at the end of such Reporting Period (and that I do not have knowledge of the existence as at the date hereof) of any condition or event
which constitutes a Default or Event of Default. 
 All referenced dollar amounts in this certificate are stated in thousands
unless otherwise noted. 

  
 B-1 

 As of the last day of the Reporting Period: 

 

											
	1.	  	Tangible Net Worth (“TNW”):	  			
				
		  	(a)	  	Assets less	  	$	            	  
		  	(b)	  	Intangible Assets plus	  	$	            	  
		  	(c)	  	Lease intangibles less	  	$	            	  
		  	(d)	  	All liabilities	  	$	            	  
		  	Required Tangible Net Worth $250,000,000	  			
				
		  		  	Covenant: current TNW must not be less than $250,000,000.00	  			
			
	2.	  	Total Leverage Ratio Calculation:	  			
				
		  	(a)	  	Indebtedness*	  	$	            	  
		  	(b)	  	Total Aggregate Asset Value*	  			
		  		  	(i)	  	Real Property	  			
		  		  	(ii)	  	Cash	  			
		  	(c)	  	 Excess Amount
	  	$	            	  
		  	(d)	  	 Total Asset Value (b) minus (c)
	  	$	            	  
				
		  		  	 Total Leverage Ratio
	  	 	    	% 
				
		  		  	 Covenant:      no greater than sixty percent (60%)
	  			
			
	3.	  	Interest Coverage Ratio Calculation	  			
				
		  	(a)	  	 Adjusted EBITDA*
	  			
		  	(b)	  	 Interest Expense for the preceding calendar quarter
	  			
		  		  	 Interest Coverage Ratio [(a)/(b)]:
	  			
				
		  		  	 Covenant: no less than 1.85:1
	  			
			
	4.	  	Fixed Charge Ratio	  			
				
		  	(a)	  	 Adjusted EBITDA for immediately preceding calendar quarter
	  			
		  	(b)	  	 All principal due and payable and paid on Indebtedness (excluding principal due at maturity) plus
	  			
		  	(c)	  	 all Interest Expense plus
	  			
		  	(d)	  	 aggregate of all cash dividends payable on preferred stock
	  			
		  		  	Fixed Charge Ratio [(a)/(b)+(c)+(d)]:	  			
				
		  		  	Covenant: no less than 1.60:1	  			

  
 B-2 

											
	5.	 	[Intentionally Deleted]	  			
			
	6.	 	[Intentionally Deleted]	  			
			
	7.	 	Interest Rate Protection	  			
				
		 	(a)	 	Unhedged variable rate Indebtedness	  			
		 	(b)	 	Total Indebtedness	  			
		 		 	Interest Rate Protection Amount [(a)/(b)]:	  			
				
		 		 	Covenant: less than thirty percent (30%) at all times	  			
			
	8.	 	Other Recourse Debt	  			
				
		 	(a)	 	Other Recourse Indebtedness	  	$	            	  
		 	(b)	 	Total Asset Value	  			
		 		 	Ratio of Other Recourse Indebtedness to Total Asset Value	  			
				
		 		 	Covenant: Other Recourse Debt not to exceed fifteen percent (15%) of Total Asset Value	  			
			
	9.	 	Investments	  			
					
		 	(a)	 	(i)	  	Investments directly or indirectly in unimproved land	  	$	            	  
		 		 	(ii)	  	Total Asset Value	  			
		 		 	(iii)	  	Ratio (i) to (ii)	  			
				
		 		 	Covenant: Not in excess of five percent (5%) of Total Asset Value	  			
					
		 	(b)	 	(i)	  	Investments directly or indirectly in construction and development projects	  	$	            	  
		 		 	(ii)	  	Total Asset Value	  			
		 		 	(iii)	  	Ratio (i) to (ii)	  			
				
		 		 		  	 Covenant: Not in excess of fifteen percent (15%) of Total Asset Value
	   

  
 B-3 

											
		 	(c)	 	(i)	  	Investments constituting mortgage loans on real estate (directly or indirectly) which are primarily self-storage facilities	  	$	            	  
		 		 	(ii)	  	Total Asset Value	  			
		 		 	(iii)	  	Ratio (i) to (ii)	  			
				
		 		 	Covenant: Not in excess of ten percent (10%) of Total Asset Value	  			
					
		 	(d)	 	(i)	  	Investments in real estate (directly or indirectly) which are not primarily self-storage facilities and which Borrower does not intend to convert to a self-storage facility within twenty-four (24) months	  	$	            	  
		 		 	(ii)	  	Total Asset Value	  			
		 		 	(iii)	  	Ratio (i) to (ii)	  			
				
		 		 	Covenant: Not in excess of ten percent (10%) of Total Asset Value	  			
				
		 	(e)	 	Aggregate of Investments referenced in (a) through (d) above	  	$	            	  
				
		 		 	Covenant: Aggregate not to exceed twenty percent (20%) of Total Asset Value	  			
					
		 	(f)	 	(i)	  	Any purchase or acquisition, directly or indirectly, of any such capital stock, evidence of indebtedness, assets or other securities of, or other investments in, a Person which is not a wholly owned Subsidiary of the
Borrower	  	$	            	  
		 		 	(ii)	  	Total Asset Value	  			
		 		 	(iii)	  	Ratio (i) to (ii)	  			
				
		 		 	Covenant: Not in excess of fifteen percent (15%) of Total Asset Value	  			
		
	10.	 	Cross Default	  
				
		 	(a)	 	Aggregate Defaulted Recourse Indebtedness	  	$	            	  
				
		 		 	Covenant: None permitted.	  			
				
		 	(b)	 	Aggregate Non-Recourse Defaulted Indebtedness	  	$	            	  
				
		 		 	Covenant: Not more than $50,000,000.00	  			

  
 B-4 

 This Compliance Certificate has been executed and delivered as of the date set forth above. 

 

					
	SmartStop Self Storage, Inc.
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

	*	See attached detailed calculations 

  
 B-5 

 CREDIT AGREEMENT 

EXHIBIT C 
 FORM
OF GUARANTY 
 GUARANTY 

THIS GUARANTY (this “Guaranty”) dated as of October 31, 2014, executed and delivered by each of the undersigned, whether
one or more, (individually and collectively, “Guarantor”), in favor of (a) KEYBANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Agent”) for the Lenders under that certain Credit
Agreement dated as of even date herewith, by and among SSTI PREFERRED INVESTOR, LLC, a Delaware limited liability company, (the “Borrower”), the financial institutions party thereto and their assignees in accordance therewith (the
“Lenders”), and the Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with its terms, the “Credit Agreement”) and (b) the Lenders. 

WHEREAS, pursuant to the Credit Agreement, the Lenders have made available to the Borrower certain financial accommodations on the terms and
conditions set forth in the Credit Agreement; 
 WHEREAS, the Borrower and Guarantor, though separate legal entities, are mutually dependent
on each other in the conduct of their respective businesses and have determined it to be in their mutual best interests to obtain financing from the Agent and the Lenders through their collective efforts; 

WHEREAS, Guarantor acknowledges that it will receive direct and indirect benefits from the Agent and the Lenders making such financial
accommodations available to the Borrower under the Credit Agreement and, accordingly, Guarantor is willing to guarantee the Borrower’s obligations to the Agent and the Lenders on the terms and conditions contained herein; and 

WHEREAS, Guarantor’s execution and delivery of this Guaranty is one of the conditions precedent to the Agent and the Lenders making, or
continuing to make, such financial accommodations to the Borrower. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by Guarantor, Guarantor agrees as follows: 
 Section 1. Guaranty. Guarantor hereby
absolutely and unconditionally guaranties the due and punctual payment and performance of all of the following when due (collectively referred to as the “Obligations”): (a) all indebtedness and obligations owing by the Borrower
to any of the Lenders or the Agent under or in connection with the Credit Agreement and any other Loan Document, including without limitation, the repayment of all principal of the Loans made by the Lenders to the Borrower under the Credit Agreement
and the payment of all interest, fees, charges, reasonable attorneys’ fees and other amounts payable to any Lender or the Agent 

  
 C-1 

 
thereunder or in connection therewith (including any Hedging Agreement); (b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; and (c) all
expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that are incurred by the Lenders or the Agent in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder. 

Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment and performance, and not of
collection, and a debt of Guarantor for its own account. Accordingly, the Lenders and the Agent shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy the Lenders or the Agent
may have against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other Person in any court or other tribunal; (b) to make any claim in a liquidation
or bankruptcy of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Lenders
or the Agent which may secure any of the Obligations. In this connection, Guarantor hereby waives the right of such Guarantor to require any holder of the Obligations to take action against the Borrower as provided by any legal requirement of any
Governmental Authority. 
 Section 3. Guaranty Absolute. Guarantor guarantees that the Obligations will be paid strictly in
accordance with the terms of the documents evidencing the same, regardless of any legal requirement now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Agent or the Lenders with respect thereto. The
liability of Guarantor under this Guaranty shall be absolute and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise
affected by, any circumstance or occurrence whatsoever (other than the full and final payment and performance of the Obligations), including, without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof):

 (a) (i) any change in the amount, interest rate or due date or other term of any of the Obligations; (ii) any change in the time,
place or manner of payment of all or any portion of the Obligations; (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document, or any other document or
instrument evidencing or relating to any Obligations; or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in respect of, the Credit Agreement, any of the other Loan
Documents, or any other documents, instruments or agreements relating to the Obligations or any other instrument or agreement referred to therein or evidencing any Obligations or any assignment or transfer of any of the foregoing; 

(b) any lack of validity or enforceability of the Credit Agreement, any of the other Loan Documents, or any other document, instrument or
agreement referred to therein or evidencing any Obligations or any assignment or transfer of any of the foregoing; 

  
 C-2 

 (c) any furnishing to the Agent or the Lenders of any security for the Obligations, or any sale,
exchange, release or surrender of, or realization on, any collateral security for the Obligations; 
 (d) any settlement or compromise of
any of the Obligations, any security therefor, or any liability of any other party with respect to the Obligations, or any subordination of the payment of the Obligations to the payment of any other liability of the Borrower; 

(e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to any
other Guarantor, the Borrower or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 

(f) any nonperfection of any security interest or other Lien on any of the collateral securing any of the Obligations; 

(g) any act or failure to act by the Borrower or any other Person which may adversely affect such Guarantor’s subrogation rights, if any,
against the Borrower to recover payments made under this Guaranty; 
 (h) any application of sums paid by the Borrower or any other Person
with respect to the liabilities of the Borrower to the Agent or the Lenders, regardless of what liabilities of the Borrower remain unpaid; 

(i) any defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof; or 

(j) any other circumstance which might otherwise constitute a defense available to, or a discharge of, any Guarantor hereunder. 

Section 4. Action with Respect to Obligations. The Lenders and the Agent may in accordance with the Credit Agreement, at any time
and from time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder take any and all actions described in Section 3 and may otherwise: (a) amend, modify,
alter or supplement the terms of any of the Obligations (consistent with the requirements for amendment, modification, alteration or supplementation, if any, contained in the instruments giving rise to the Obligations), including, but not limited
to, extending or shortening the time of payment of any of the Obligations or the interest rate that may accrue on any of the Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Loan Document (consistent with
the requirements for amendment, modification, alteration or supplementation, if any, contained in the Credit Agreement or any of the Loan Documents); (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral
securing any of the Obligations; (d) release any Person liable in any manner for the payment or collection of the Obligations; (e) exercise, or refrain from exercising, any rights against the Borrower or any other Person (including,
without limitation, any other Guarantor); and (f) apply any sum, by whomsoever paid or however realized, to the Obligations in such order as the Lenders or the Agent shall elect in accordance with the Credit Agreement. 

  
 C-3 

 Section 5. Representations and Warranties. Guarantor hereby makes to the Agent and
the Lenders all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other Loan Documents, as if the same were set forth herein in full. 

Section 6. Covenants. Guarantor will comply with all covenants which the Borrower is to cause such Guarantor to comply with under
the terms of the Credit Agreement or any other Loan Documents. 
 Section 7. Waiver. Guarantor, to the fullest extent permitted
by applicable law, hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary
the risk of such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder. 
 Section 8.
Inability to Accelerate Loan. If the Agent and/or the Lenders are prevented from demanding or accelerating payment thereof by reason of any automatic stay or otherwise, the Agent and/or the Lenders shall be entitled to receive from Guarantor,
upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 
 Section 9.
Reinstatement of Obligations. Guarantor agrees that this Guaranty shall continue to be effective or be reinstated, as the case may be, with respect to any Obligations if at any time payment of any such Obligations is rescinded or otherwise
must be restored by the Agent and/or the Lenders upon the bankruptcy or reorganization of the Borrower or any Guarantor or otherwise. 

Section 10. Subrogation. Until all of the Obligations shall have been indefeasibly paid in full, any right of subrogation a
Guarantor may have shall be subordinate to the rights of Agent and the Lenders and Guarantor hereby waives any right to enforce any remedy which the Agent and/or the Lenders now have or may hereafter have against the Borrower, and Guarantor hereby
waives any benefit of, and any right to participate in, any security or collateral given to the Agent and the Lenders to secure payment or performance of any of the Obligations other than as may be expressly provided for in the Credit Agreement,
including but not limited to payments as contemplated in [Section 6.05] of the Credit Agreement. 
 Section 11. Payments Free and
Clear. All sums payable by Guarantor hereunder shall be made free and clear of and without deduction for any Indemnified Taxes (as defined in the Credit Agreement) or Other Taxes (as defined in the Credit Agreement); provided that if any
Guarantor shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional
sums payable under this Section), the Agent or any Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made; (ii) such Guarantor shall make such deductions; and (iii) such
Guarantor shall pay the full amount deducted to the relevant Governmental Authority (as defined in the Credit Agreement) in accordance with applicable law. 

  
 C-4 

 Section 12. Set-off. Guarantor hereby grants to Agent, on behalf of the Lenders, a
security interest in and lien on all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by Agent to or for the credit or the account of any Guarantor. In addition to any
rights now or hereafter granted under applicable law and not by way of limitation of any such rights, each Lender 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 but excluding any funds held by the Borrower on behalf of tenants or other third parties) at any time held and other obligations at any time owing by such Lender to or for the credit
or the account of any Guarantor against any of and all the obligations of such Guarantor now or hereafter existing under this Guaranty held by such Lender then due and payable. Guarantor agrees, to the fullest extent it may effectively do so under
applicable law, that any holder of a participation in a Note, whether or not acquired pursuant to the applicable provisions of the Credit Agreement, may exercise rights of setoff or counterclaim and other rights with respect to such participation as
fully as if such holder of a participation were a direct creditor of such Guarantor in the amount of such participation. 
 Section 13.
Subordination. Guarantor hereby expressly covenants and agrees for the benefit of the Agent and the Lenders that all obligations and liabilities of the Borrower or any other Guarantor to such Guarantor of whatever description, including
without limitation, all intercompany receivables of such Guarantor from the Borrower or any other Guarantor (collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Obligations; provided,
however, that payment thereof may be made so long as no Event of Default shall have occurred and be continuing. If an Event of Default shall have occurred and be continuing, then no Guarantor shall accept any direct or indirect payment (in cash,
property, securities by setoff or otherwise) from the Borrower or any other Guarantor on account of or in any manner in respect of any Junior Claim until all of the Obligations have been indefeasibly paid in full, except as expressly provided for in
the Credit Agreement, including but not limited to payments as contemplated in [Section 6.05] of the Credit Agreement. 
 Section 14.
Avoidance Provisions. It is the intent of Guarantor, the Agent and the Lenders that in any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the
obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Agent and the Lenders) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of applicable law, including without limitation,
(a) Section 548 of the Bankruptcy Code of 1978, as amended (the “Bankruptcy Code”) and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of
Section 544 of the Bankruptcy Code or otherwise. The applicable laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Agent and the Lenders)
shall be determined in any such Proceeding are referred to as the “Avoidance Provisions.” Accordingly, to the extent that the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance
Provisions, the 

  
 C-5 

 
maximum Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Obligations are deemed to have been incurred under the
Avoidance Provisions, would not cause the obligations of any Guarantor hereunder (or any other obligations of such Guarantor to the Agent and the Lenders), to be subject to avoidance under the Avoidance Provisions. This Section is intended solely to
preserve the rights of the Agent and the Lenders hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor nor any other Person shall
have any right or claim under this Section as against the Agent and the Lenders that would not otherwise be available to such Person under the Avoidance Provisions. 

Section 15. Information. Guarantor assumes all responsibility for being and keeping itself informed of the financial condition of
the Borrower, of the other Guarantors and of all other circumstances bearing upon the risk of nonpayment of any of the Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none
of the Agent or any Lender shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks. 

Section 16. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 Section 17. Jurisdiction; Venue; JURY WAIVER. 

(a) Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the state and
federal courts in New York, New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Guaranty or any other 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 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 this Guaranty shall affect any right that the
Agent or any Lender may otherwise have to bring any action or proceeding relating to this Guaranty or any other Loan Document against the Guarantor or its properties in the courts of any jurisdiction. 

(a) Guarantor 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 Guaranty or any other Loan Document in any court referred to in paragraph (a) 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. 

(b) WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY

  
 C-6 

 
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER 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. 

(b) Intentionally Omitted. 

Section 18. Loan Accounts. The Agent may maintain books and accounts setting forth the amounts of principal, interest and other
sums paid and payable with respect to the Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of Obligation or otherwise, the entries in such account shall be binding upon Guarantor as to the
outstanding amount of such Obligations and the amounts paid and payable with respect thereto absent manifest error. The failure of the Agent to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its
obligations hereunder. 
 Section 19. Waiver of Remedies. No delay or failure on the part of the Agent or the Lenders in the
exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Agent or the Lenders of any such right or remedy shall preclude other or further
exercise thereof or the exercise of any other such right or remedy. 
 Section 20. Successors and Assigns. Each reference herein
to the Agent or the Lenders shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the Obligations) in whose favor the provisions of this Guaranty also shall inure, and each
reference herein to any Guarantor shall be deemed to include the Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Lenders and the Agent may, in accordance with the applicable provisions of the Credit
Agreement, assign, transfer or sell any Obligation, or grant or sell participation in any Obligations, to any Person or entity without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying such Guarantor’s
obligations hereunder. Guarantor hereby consents to the delivery by the Agent or any Lender to any assignee, transferee or participant of any financial or other information regarding the Borrower or any Guarantor. Guarantor may not assign or
transfer its obligations hereunder to any Person. 
 Section 21. Amendments. This Guaranty may not be amended except as provided
in the Credit Agreement. 

  
 C-7 

 Section 22. Payments. All payments made by any Guarantor pursuant to this Guaranty
shall be made in Dollars, in immediately available funds to the Agent at the place and time provided for in the Credit Agreement on the date one (1) Business Day after written demand therefor to such Guarantor by the Agent. 

SECTION 23. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF GUARANTOR HEREUNDER AND UNDER THE OTHER LOAN DOCUMENTS SHALL BE JOINT AND
SEVERAL, AND ACCORDINGLY, GUARANTOR (BUT NOT ITS LIMITED PARTNERS, SHAREHOLDERS OR MEMBERS) CONFIRMS THAT IT (BUT NOT ITS LIMITED PARTNERS, SHAREHOLDERS OR MEMBERS) IS LIABLE FOR THE FULL AMOUNT OF THE OBLIGATIONS HEREUNDER AND UNDER ALL OTHER LOAN
DOCUMENTS. 
 Section 24. Notices. All notices, requests and other communications hereunder shall be in writing and shall be
given as provided in the Credit Agreement. Guarantor’s address for notice is set forth below its signature hereto. 
 Section 25.
Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 Section 26. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction
of this Guaranty. 
 Section 27. Definitions. (a) For the purposes of this Guaranty: 

“Proceeding” means any of the following: (i) a voluntary or involuntary case concerning any Guarantor shall be commenced
under the Bankruptcy Code or any other applicable bankruptcy laws; (ii) a custodian (as defined in the Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial part of the property of
any Guarantor; (iii) any other proceeding under any applicable law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for adjustment of debts, whether now or hereafter in effect, is commenced
relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is entered by a court of competent jurisdiction; (vi) any Guarantor makes
a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (viii) any Guarantor shall call a meeting
of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of the foregoing; or (x) any corporate
action shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 
 (b) Terms not otherwise defined herein are used
herein with the respective meanings given them in the Credit Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 C-8 

 IN WITNESS WHEREOF, Guarantor has duly executed and delivered this Guaranty as of the date and
year first written above. 
  

			
	SMARTSTOP SELF STORAGE, INC.,
	a Maryland corporation
		
	By:	 	  

	Name:	 	Michael S. McClure
	Title:	 	Chief Financial Officer
	
	Address for Notices:
	
	SmartStop Self Storage, Inc.
	111 Corporate Drive, Suite 120
	Ladera Ranch, CA 92694
	Attention: H. Michael Schwartz
	
	With a copy to:
	
	Mastrogiovanni Mersky and Flynn, P.C.
	2001 Bryan Street, Suite 1250
	Dallas, Texas 75201
	Attention: Charles Mersky, Esq.

  
 C-9 

 CREDIT AGREEMENT 

EXHIBIT D 
 FORM
OF NOTE 
  

			
	$            	  	October     , 2013

 FOR VALUE RECEIVED, SSTI PREFERRED INVESTOR, LLC, a Delaware limited liability company (the
“Maker”) jointly and severally promise to pay without offset or counterclaim to the order of [insert name of Lender], (“Payee”), the principal amount equal to the lesser of
(x)                     ($        ) or (y) the outstanding amount advanced by Payee as a Loan
(or Loans) under the Credit Agreement (as hereinafter defined), payable in accordance with the terms of the Credit Agreement. 
 Maker also
promises to pay interest on the unpaid principal amount of this Note (this “Note”) at the rates and at the times which shall be determined in accordance with the provisions of that certain Credit Agreement dated of even date herewith,
among Maker, the Lenders named therein, and KeyBank, National Association, as Administrative Agent for itself and the Lenders (as hereafter amended, supplemented or otherwise modified from time to time, the “Credit Agreement”).
Capitalized terms used herein without definition shall have the meanings set forth in the Credit Agreement. 
 The Loan is not a revolving
loan. Amounts paid and prepaid may not be reborrowed. No Lender shall have any obligation to make a Loan to the extent such Loan would cause the sum of the total Bridge Loan Credit Exposure to exceed the total Maximum Principal Amount. 

This Note is subject to prepayment at the option of the Maker, as provided in the Credit Agreement. 

This Note is issued pursuant to the Credit Agreement and is entitled to the benefits of the Credit Agreement, reference to which is hereby
made for a more complete statement of the terms and conditions under which the Loan evidenced hereby is made and is to be repaid. 
 THIS
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. MAKER AGREES THAT JURISDICTION AND VENUE FOR ANY ACTION REGARDING THIS NOTE SHALL BE AS SET FORTH IN THE CREDIT AGREEMENT. 

Upon the occurrence of an Event of Default, the unpaid balance of the principal amount of this Note may become, or may be declared to be, due
and payable in the manner, upon the conditions and with the effect provided in the Credit Agreement. 
 Maker promises to pay all fees,
costs and expenses incurred in the collection and enforcement of this Note in accordance with the terms of the Credit Agreement. Maker and any 

  
 D-1 

 
endorser of this Note hereby consent to renewals and extensions of time at or after the maturity hereof, without notice, and hereby waive diligence, presentment, protest, demand and notice of
every kind (except such notices as may be expressly required under the Credit Agreement or the other Loan Documents) and, to the full extent permitted by law, the right to plead any statute of limitations as a defense to any demand hereunder. 

Whenever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if
any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Note. 
 IN WITNESS WHEREOF, Maker has caused this Note to be executed and delivered by its duly authorized officer, as of the day
and year first written above. 
  

					
	SSTI PREFERRED INVESTOR, LLC, a
	Delaware limited liability company
		
	By:	 	SmartStop Self Storage, Inc., a Maryland corporation, its Manager
			
		 	By:	 	  

		 	Name:	 	Michael S. McClure
		 	Title:	 	Chief Financial Officer

  
 D-2 

 CREDIT AGREEMENT 

EXHIBIT E 
 [FORM
OF] BORROWING REQUEST/INTEREST ELECTION REQUEST 
             ,
201     
 KeyBank, National Association 

as Administrative Agent 
 225 Franklin Street, 18th floor 

Boston, Massachusetts 02110 
 Attn: Mr. Christopher Neil

  

	Re:	SSTI PREFERRED INVESTOR, LLC 

	 	Borrowing Request 

 Dear Ladies and Gentlemen: 

This Borrowing Request is made with reference to that certain Credit Agreement dated as of October 31, 2014 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among SSTI PREFERRED INVESTOR, LLC (the “Borrower”), the financial institutions party thereto, as lenders, and KeyBank, National Association, as Administrative Agent.
All capitalized terms used in this Borrowing Request (including any attachments hereto) and not otherwise defined in this Borrowing Request shall have the meanings set forth for such terms in the Credit Agreement. All Section references herein shall
refer to the Credit Agreement. This request is made by Borrower. 
 The Borrower hereby requests [check as applicable]  ̈ a conversion of an existing Loan as provided below and/or  ̈ an advance under the Credit Agreement, in the amount of
$        . 
  

							
	 1.
	  	 Aggregate Commitment
	  	$	0,000,000.00	  
			
	 2.
	  	 Maximum Loan Amount
	  	$	            	  
			
	 3.
	  	 Maximum available loan amount (lesser of line 1 or 2)
	  	$	            	  
			
	 4.
	  	 The amount outstanding under the Loans
	  	$	            	  
			
	 5.
	  	 Available amount to be borrowed (3 minus 4)
	  	$	            	  
			
	 6.
	  	 Less amount requested
	  	$	            	  

  
 E-1 

							
			
	 7.
	  	 Amount remaining to be advanced
	  	$	            	  
			
	 8.
	  	 Account for funding:
                    
	  			

 The advance or conversion is to be made as follows: 

 

											
	A.	 	 	ABR Borrowing.	  			
				
		 	 	1.	  	  	 Amount of ABR Borrowing:
	  	$	            	  
				
		 	 	2.	  	  	 Date of ABR Borrowing
	  			
			
	B.	 	 	Eurodollar Borrowing:	  			
				
		 	 	1.	  	  	 Amount of Eurodollar Borrowing:
	  	$	            	  
				
		 	 	2.	  	  	 Amount of conversion of existing Loan to Eurodollar Borrowing:
	  	$	            	  
				
		 	 	3.	  	  	 Number of Eurodollar Borrowing(s) now in effect: [cannot exceed four (4)]
	  			
				
		 	 	4.	  	  	 Date of Eurodollar Rate Borrowing or conversion:
	  			
				
		 	 	5.	  	  	 Interest Period:
	  			
				
		 	 	6.	  	  	 Expiration date of current Interest Period as to this conversion:
	  			

 The Borrower hereby represents and warrants that the amounts set forth above are true and correct, that the
amount above requested has actually been incurred, that the representations and warranties contained in the Credit Agreement are true and correct as if made as of this date (except to the extent relating to a specific date), and that the Borrower
has kept, observed, performed and fulfilled each and every one of its obligations under the Credit Agreement as of the date hereof [except as follows:
                    ] 

  
 E-2 

 
					
	Very truly yours,
	
	SSTI PREFERRED INVESTOR, LLC, a
	Delaware limited liability company
		
	By:	 	SmartStop Self Storage, Inc., Its Manager
			
		 	By:	 	  

		 	Name:	 	Michael S. McClure
		 	Title:	 	Chief Financial Officer

  
 E-3 

 CREDIT AGREEMENT 

EXHIBIT F 

Intentionally Omitted. 

  
 Ex F-1 

 CREDIT AGREEMENT 

EXHIBIT G 

Intentionally Omitted 

  
 Ex G-1

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