Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

SENIOR NOTES INDENTURE 
 Dated as
of April 3, 2019 
 Among 

DARLING INGREDIENTS INC., 
 THE
GUARANTORS AS SET FORTH HEREIN 
 and 

REGIONS BANK, 
 as Trustee 

5.25% SENIOR NOTES DUE 2027 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	
			
	Section 1.01	  	Definitions	  	 	1	
	Section 1.02	  	Other Definitions	  	 	27	
	Section 1.03	  	Rules of Construction	  	 	28	
	Section 1.04	  	Acts of Holders	  	 	30	
		
	 ARTICLE 2 THE NOTES
	  	 	32	
			
	Section 2.01	  	Form and Dating; Terms	  	 	32	
	Section 2.02	  	Execution and Authentication	  	 	33	
	Section 2.03	  	Registrar and Paying Agent	  	 	34	
	Section 2.04	  	Paying Agent to Hold Money in Trust	  	 	34	
	Section 2.05	  	Holder Lists	  	 	34	
	Section 2.06	  	Transfer and Exchange	  	 	34	
	Section 2.07	  	Replacement Notes	  	 	36	
	Section 2.08	  	Outstanding Notes	  	 	36	
	Section 2.09	  	Treasury Notes	  	 	37	
	Section 2.10	  	Temporary Notes	  	 	37	
	Section 2.11	  	Cancellation	  	 	37	
	Section 2.12	  	Defaulted Interest	  	 	37	
	Section 2.13	  	CUSIP and ISIN Numbers	  	 	38	
		
	 ARTICLE 3 REDEMPTION
	  	 	38	
			
	Section 3.01	  	Notices to Trustee	  	 	38	
	Section 3.02	  	Selection of Notes to Be Redeemed or Purchased; Conditions to Redemption	  	 	38	
	Section 3.03	  	Notice of Redemption	  	 	39	
	Section 3.04	  	Effect of Notice of Redemption	  	 	40	
	Section 3.05	  	Deposit of Redemption or Purchase Price	  	 	40	
	Section 3.06	  	Notes Redeemed or Purchased in Part	  	 	41	
	Section 3.07	  	Optional Redemption	  	 	41	
	Section 3.08	  	Mandatory Redemption	  	 	42	
		
	 ARTICLE 4 COVENANTS
	  	 	43	
			
	Section 4.01	  	Payment of Notes	  	 	43	
	Section 4.02	  	Maintenance of Office or Agency	  	 	43	
	Section 4.03	  	Reports and Other Information	  	 	43	
	Section 4.04	  	Compliance Certificate	  	 	44	
	Section 4.05	  	Taxes	  	 	45	
	Section 4.06	  	Stay, Extension and Usury Laws	  	 	45	
	Section 4.07	  	Limitation on Liens	  	 	45	
	Section 4.08	  	Corporate Existence	  	 	45	
	Section 4.09	  	Offer to Repurchase Upon Change of Control Repurchase Event	  	 	45	
	Section 4.10	  	Additional Guarantees	  	 	48	

  
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	 	  	Page	 
		
	 ARTICLE 5 SUCCESSORS
	  	 	48	
			
	Section 5.01	  	Merger, Consolidation or Sale of All or Substantially All Assets	  	 	48	
	Section 5.02	  	Successor Entity Substituted	  	 	49	
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	49	
			
	Section 6.01	  	Events of Default	  	 	49	
	Section 6.02	  	Acceleration	  	 	52	
	Section 6.03	  	Other Remedies	  	 	52	
	Section 6.04	  	Waiver of Past Defaults	  	 	53	
	Section 6.05	  	Control by Majority	  	 	53	
	Section 6.06	  	Limitation on Suits	  	 	53	
	Section 6.07	  	Rights of Holders to Receive Payment	  	 	54	
	Section 6.08	  	Collection Suit by Trustee	  	 	54	
	Section 6.09	  	Restoration of Rights and Remedies	  	 	54	
	Section 6.10	  	Rights and Remedies Cumulative	  	 	54	
	Section 6.11	  	Delay or Omission Not Waiver	  	 	54	
	Section 6.12	  	Trustee May File Proofs of Claim	  	 	54	
	Section 6.13	  	Priorities	  	 	55	
	Section 6.14	  	Undertaking for Costs	  	 	55	
		
	 ARTICLE 7 TRUSTEE
	  	 	56	
			
	Section 7.01	  	Duties of Trustee	  	 	56	
	Section 7.02	  	Rights of Trustee	  	 	57	
	Section 7.03	  	Individual Rights of Trustee	  	 	58	
	Section 7.04	  	Trustee’s Disclaimer	  	 	58	
	Section 7.05	  	Notice of Defaults	  	 	58	
	Section 7.06	  	Compensation and Indemnity	  	 	58	
	Section 7.07	  	Replacement of Trustee	  	 	59	
	Section 7.08	  	Successor Trustee by Merger, etc.	  	 	60	
	Section 7.09	  	Eligibility; Disqualification	  	 	60	
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	60	
			
	Section 8.01	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	60	
	Section 8.02	  	Legal Defeasance and Discharge	  	 	60	
	Section 8.03	  	Covenant Defeasance	  	 	61	
	Section 8.04	  	Conditions to Legal or Covenant Defeasance	  	 	62	
	Section 8.05	  	Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	  	 	63	
	Section 8.06	  	Repayment to the Company	  	 	64	
	Section 8.07	  	Reinstatement	  	 	64	
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	64	
			
	Section 9.01	  	Without Consent of Holders	  	 	64	
	Section 9.02	  	With Consent of Holders	  	 	65	
	Section 9.03	  	Revocation and Effect of Consents	  	 	67	
	Section 9.04	  	Notation on or Exchange of Notes	  	 	67	
	Section 9.05	  	Trustee Entitled to Receive Documents	  	 	67	

  
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	 	  	 	  	Page	 
		
	 ARTICLE 10 GUARANTEES
	  	 	68	
			
	Section 10.01	  	Guarantee	  	 	68	
	Section 10.02	  	Limitation on Guarantor Liability	  	 	69	
	Section 10.03	  	Execution and Delivery	  	 	69	
	Section 10.04	  	Subrogation	  	 	70	
	Section 10.05	  	Benefits Acknowledged	  	 	70	
	Section 10.06	  	Release of Note Guarantees	  	 	70	
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	 	71	
			
	Section 11.01	  	Satisfaction and Discharge	  	 	71	
	Section 11.02	  	Application of Trust Money	  	 	72	
		
	 ARTICLE 12 MISCELLANEOUS
	  	 	73	
			
	Section 12.01	  	Notices	  	 	73	
	Section 12.02	  	Certificate and Opinion as to Conditions Precedent	  	 	74	
	Section 12.03	  	Statements Required in Certificate or Opinion	  	 	75	
	Section 12.04	  	Rules by Trustee and Agents	  	 	75	
	Section 12.05	  	No Personal Liability of Directors, Officers, Employees, Members, Partners and Stockholders	  	 	75	
	Section 12.06	  	Governing Law	  	 	75	
	Section 12.07	  	Waiver of Jury Trial	  	 	75	
	Section 12.08	  	Force Majeure	  	 	76	
	Section 12.09	  	No Adverse Interpretation of Other Agreements	  	 	76	
	Section 12.10	  	Successors	  	 	76	
	Section 12.11	  	Severability	  	 	76	
	Section 12.12	  	Counterpart Originals	  	 	76	
	Section 12.13	  	Table of Contents, Headings, etc.	  	 	76	
	Section 12.14	  	U.S.A. PATRIOT Act	  	 	76	
	Section 12.15	  	Payments Due on Non-Business Days	  	 	77	
			
	Appendix A	  	Provisions Relating to Initial Notes and Additional Notes	  			
			
	Exhibit A	  	Form of Note	  			
	Exhibit B	  	Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors	  			

  
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 INDENTURE, dated as of April 3, 2019, among Darling Ingredients Inc., a Delaware
corporation (the “Company”), the Guarantors (as defined herein) party hereto from time to time and Regions Bank, as Trustee. 

W I T N E S S E T H 

WHEREAS, the Company has duly authorized the creation and issue of its 5.25% Senior Notes due 2027 to be issued, from time to time, as
provided in this Indenture; and 
 WHEREAS, each of the Guarantors party hereto has duly authorized the issuance of its guarantee pursuant
to which each such Guarantor shall unconditionally Guarantee all of the Company’s Obligations under the Notes and this Indenture. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party hereto agrees,
as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes. 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01    Definitions. 

“Additional Notes” means Notes (other than the Initial Notes and any Notes issued upon transfer, replacement or exchange of
Initial Notes) issued from time to time under this Indenture in accordance with Section 2.01. 
 “Affiliate” of any
specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to
any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. 
 “Agent” means any Registrar or Paying Agent. 

“Applicable Premium” means, with respect to a Note at any redemption date, the greater of (i) 1.0% of the principal amount of
such Note and (ii) the excess, if any, of (A) the present value as of such redemption date of (1) the redemption price of such Note at April 15, 2022 (such redemption price being set forth in Section 3.07(d)) plus
(2) all required remaining interest payments due on such Note through April 15, 2022 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate plus 50 basis points, over
(B) the principal amount of such Note. The Company shall calculate the Applicable Premium and deliver it and the calculation thereof in reasonable detail to the Trustee. Neither the Trustee nor any Paying Agent shall have any duty to calculate
or verify the calculation of the “Applicable Premium.” 
 “Attributable Indebtedness” in respect of a
Sale/Leaseback Transaction means, as at the time of determination, the present value (discounted at the interest rate implicit in the transaction, as reasonably determined by the Company) of the total obligations of the lessee for 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), determined in accordance with GAAP; provided, however, that if such Sale/Leaseback
Transaction results in a Capitalized Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capitalized Lease Obligations.” 

 “Bankruptcy Law” means Title 11, U.S. Code, as amended, or any similar
federal, state or foreign law for the relief of debtors. 
 “beneficial ownership” has the meaning assigned to such term in
Rule 13d-3 and Rule 13d-5 under the Exchange Act, and “beneficial owner” has a corresponding meaning. 

“Board of Directors” means, as to any Person, the board of directors or managers, as applicable, of such Person (or, if such
Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof. 

“Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York
or Dallas, Texas, or a place of payment are authorized or required by law to close. 
 “Capital Stock” of any Person means
any and all shares, interests, rights to purchase, warrants, options, participation or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock and limited liability or partnership interests
(whether general or limited), but excluding any debt securities convertible into such equity. 
 “Capitalized Lease
Obligations” means an obligation that is required to be classified and accounted for as a capitalized lease for financial reporting purposes on the balance sheet of such Person in accordance with GAAP, and the amount of Indebtedness
represented by such obligation will be the capitalized amount of such obligation at the time any determination thereof is to be made as determined in accordance with GAAP. Notwithstanding the foregoing, Capitalized Lease Obligations shall be
excluded for purposes of (i) calculating Consolidated Interest Expense and (ii) calculating the Secured Leverage Ratio, in each case, to the extent such Capitalized Lease Obligation would have been characterized as an operating lease in
accordance with GAAP on January 2, 2014. 
 “Cash Equivalents” means: 

(1)    U.S. dollars, euros, pounds sterling, Canadian dollars or the currency of any country having a credit rating of
“A” (or the equivalent thereof) or better from either Standard & Poor’s Ratings Group, Inc. or Moody’s Investors Service, Inc.; 

(2)    securities issued or directly and fully guaranteed or insured by the United States of America, the government of a
member state of the European Union, the United Kingdom or the Government of Canada or any agency or instrumentality of the United States of America, the government of a member state of the European Union, the United Kingdom or the Government of
Canada (provided that the full faith and credit of the United States of America, the government of a member state of the European Union, the United Kingdom or the Government of Canada, as applicable, is pledged in support thereof), 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, any member of the European Union or province of Canada or any political subdivision of any such state, member or province or any public instrumentality thereof maturing within one year from the date of acquisition
thereof (provided that the full faith and credit of such state, member or province, as applicable, is pledged in support thereof) and, at the time of acquisition, having a credit rating of “A” (or the equivalent thereof) or better
from either Standard & Poor’s Ratings Group, Inc. or Moody’s Investors Service, Inc.; 

  
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 (4)    certificates of deposit, time deposits, Eurodollar time deposits,
overnight bank deposits or bankers’ acceptances having maturities of not more than one year from the date of acquisition thereof issued by any commercial bank the long-term debt of which is rated at the time of acquisition thereof at least
“A” or the equivalent thereof by Standard & Poor’s Ratings Group, Inc., or “A” or the equivalent thereof by Moody’s Investors Service, Inc., and having combined capital and surplus in excess of
$250 million, in the case of U.S. banks, or $100 million, in the case of non-U.S. banks; 

(5)    repurchase obligations with a term of not more than 30 days for underlying securities of the types described in
clauses (2), (3) and (4) entered into with any bank meeting the qualifications specified in clause (4) above; 

(6)    commercial paper rated at the time of acquisition thereof at least
“A-2” (or the equivalent thereof) by Standard & Poor’s Ratings Group, Inc. or “P-2” (or the equivalent thereof) by Moody’s
Investors Service, Inc., or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of investments, and in any case maturing within one year after the date of
acquisition thereof; 
 (7)    interests in any investment company or money market fund which invests 95% or more of its
assets in instruments of the type specified in clauses (1) through (6) above; 
 (8)    in the case of any Foreign
Subsidiary (which may include investments made indirectly by the Company or any Restricted Subsidiary that is not a Foreign Subsidiary), investments of the type and maturity described in clauses (1) through (7) above of foreign obligors,
which investments or obligors have the ratings described in such clauses or equivalent ratings from comparable foreign rating agencies; and 

(9)    in the case of the Company or any Restricted Subsidiary, other currencies, to the extent obtained by the Company or
the applicable Restricted Subsidiary in the ordinary course of operations or for the purpose of consummating transactions otherwise permitted under this Indenture, and other short-term investments utilized by the Company or such Restricted
Subsidiary in the ordinary course of business and in accordance with normal investment practices for cash management in investments substantially similar to the investments described in clauses (1) through (7) above. 

“Change of Control” means: 

(1)    any “person” or “group” of related persons (as such terms are used in Sections 13(d) and 14(d)
of the Exchange Act) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that such person or group shall be deemed to have
“beneficial ownership” of all shares that any such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), 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 assets) (for the purposes of this clause, such person or group shall be deemed to beneficially own any Voting Stock of
the Company held by a parent entity, if such person or group “beneficially owns” (as defined above), directly or indirectly, more than 50% of the voting power of the Voting Stock of such parent entity); 

(2)    the 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 and assets of the Company and its Restricted Subsidiaries, taken as a whole, to any “person” (as such term is used in Sections 13(d) and 14(d) of the
Exchange Act); or 

  
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 (3)    the adoption by the stockholders of the Company of a plan or
proposal for the liquidation or dissolution of the Company (other than any liquidation or dissolution in connection with a transaction described under Section 5.01(a)). 

Notwithstanding the foregoing, the consummation of a transaction shall not be deemed to be a Change of Control under clause (1) above if
pursuant to such transaction (a) the Company becomes a Wholly-Owned Subsidiary of a holding company with no other material assets or operations and (b) immediately following such transaction, the holders that beneficially own the voting
power of the Voting Stock of such holding company are substantially the same as the holders that beneficially owned the voting power of the Company’s Voting Stock immediately prior to such transaction (or that beneficially owned the voting
power of the Voting Stock of another holding company of which the Company is a Wholly-Owned Subsidiary immediately prior to such transaction). 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Ratings Event. 

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

“Commodity Agreement” means any commodity futures contract, commodity swap, commodity option or other similar agreement or
arrangement entered into by the Company or any Restricted Subsidiary. 
 “Common Stock” means with respect to any Person,
any and all shares, interest or other participations in, and other equivalents (however designated and whether voting or nonvoting) of such Person’s common stock whether or not outstanding on the Issue Date, and includes, without limitation,
all series and classes of such common stock. 
 “Consolidated EBITDA” for any period means, without duplication, the
Consolidated Net Income for such period, plus the following to the extent deducted in calculating such Consolidated Net Income: 

(1)    Consolidated Interest Expense; plus 

(2)    Consolidated Income Taxes; plus 

(3)    consolidated depreciation expense; plus 

(4)    consolidated amortization expense or impairment charges recorded in connection with the application
of ASC 350, “Intangibles—Goodwill and Other” and ASC 360, “Property, Plant, and Equipment”; plus 

(5)    other non-cash charges, expenses or deductions reducing
Consolidated Net Income (excluding any such non-cash charge, expense or deduction to the extent it represents an accrual of or reserve for cash charges in any future period or amortization of a prepaid cash
expense that was paid in a prior period not included in the calculation); plus 
 (6)    the
amount of any fee, cost, expense or reserve to the extent actually reimbursed or reimbursable by third parties pursuant to indemnification or reimbursement provisions or similar agreements or insurance; provided that, such Person in good
faith expects to receive reimbursement for such fee, cost, expense or reserve within the next four fiscal quarters; plus 

  
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 (7)    the amount of any expense or deduction associated
with any Subsidiary of such Person attributable to non-controlling interests or minority interests of third parties; plus 

(8)    the amount of any loss on dispositions of Receivables and related assets in connection with any
Qualified Receivables Transaction (including dispositions to a Receivables Entity) and in connection with any incentive, supplier finance or similar program entered into in the ordinary course of business; plus 

(9)     any proceeds of business interruption insurance in an amount representing the earnings for the
applicable period that such proceeds are intended to replace (whether or not received so long as such Person in good faith expects to receive the same within the next four fiscal quarters); plus 

(10)    (i) costs, charges, accruals, reserves or expenses attributable to the undertaking or
implementation of cost savings, operating expense reductions, product margin synergies and product cost and other synergies and similar initiatives, integration, transition, reconstruction, decommissioning, recommissioning or reconfiguration of
fixed assets for alternative uses, facilities opening and pre-opening (including unused warehouse space costs), business optimization and other restructuring costs, charges, accruals, reserves, expenses
(including those related to tax restructurings, inventory optimization programs, software development costs, systems implementation and upgrade expenses, the closure or consolidation of facilities (including severance, rent termination costs, moving
costs and legal costs related thereto) and curtailments, costs related to entry into new markets (including unused warehouse space costs), consulting fees, signing costs, retention or completion bonuses, relocation expenses, severance payments,
modifications to pension and post-retirement employee benefit plans, new systems design and implementation costs and project startup costs) and (ii) expected “run rate” cost savings, operating expense reductions, other operating
improvements, product margin synergies and product cost and other synergies (net of the amount of actual amounts realized) reasonably identifiable and factually supportable in the good faith determination of such Person (it being understood and
agreed that “run rate” means the full recurring benefit for a period that is associated with any action taken, committed to be taken or expected to be taken) related to permitted asset sales, acquisitions, investments, asset dispositions,
operating improvements, restructurings, cost saving initiatives and other similar initiatives and transactions; provided that such cost savings, operating expense reductions, other operating improvements, product margin synergies and product
cost and other synergies are reasonably expected to be realized within 24 months of the event giving rise thereto; plus  

(11)    earn-out obligations incurred in connection with any
investment (including any investment completed prior to the Issue Date) and paid or accrued during such period; less 

(12)    non-cash items increasing Consolidated Net Income of such
Person for such period (excluding any items which represent the reversal of any accrual of, or reserve for, anticipated cash charges made in any prior period that did not increase Consolidated EBITDA in any prior period). 

“Consolidated Income Taxes” means, with respect to any Person for any period, any provision for taxes imposed
upon such Person or any of its consolidated Restricted Subsidiaries or other payments required to be made by such Person by any governmental authority which taxes or other payments (including taxes arising out of examinations (including penalties
and interest)) are calculated by reference to the income or profits of such Person or such Person and its consolidated Restricted Subsidiaries (to the extent such income or profits were included in 

  
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computing Consolidated Net Income for such period), including, without limitation, state franchise and similar taxes and foreign withholding taxes (and taxes in lieu thereof) regardless of
whether such taxes or payments are required to be remitted to any governmental authority. 
 “Consolidated Interest
Expense” means, for any period, the total interest expense of the Company and its consolidated Restricted Subsidiaries, whether paid or accrued, plus, to the extent not included in such interest expense: 

(1)    interest expense attributable to Capitalized Lease Obligations and the interest portion of rent
expense associated with Attributable Indebtedness in respect of the relevant lease giving rise thereto, determined as if such lease were a capitalized lease in accordance with GAAP and the interest component of any deferred payment obligations; 

(2)    amortization of debt discount; provided, however, that any amortization of bond
premium will be credited to reduce Consolidated Interest Expense unless, pursuant to GAAP, such amortization of bond premium has otherwise reduced Consolidated Interest Expense; 

(3)    non-cash interest expense (but excluding (i) non-cash interest expense attributable to the movement in the mark-to-market valuation of Hedging Obligations or other
derivative instruments pursuant to GAAP and (ii) the amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses); 

(4)    commissions, discounts and other fees and charges owed with respect to letters of credit and
bankers’ acceptance financing; 
 (5)    the interest expense on Indebtedness of another Person that
is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries; provided that, with respect to the Renewable Diesel Joint Venture Indebtedness or the
Indebtedness of any other joint venture, interest expense pursuant to this clause (5) shall include only interest actually paid by the Company or any Restricted Subsidiary (including through the exercise of remedies under any Lien permitted in
respect thereof); 
 (6)    costs associated with Hedging Obligations (including amortization of fees)
provided, however, that if Hedging Obligations result in net benefits rather than costs, such benefits shall be credited to reduce Consolidated Interest Expense unless, pursuant to GAAP, such net benefits are otherwise reflected in
Consolidated Net Income; 
 (7)    the consolidated interest expense of such Person and its Restricted
Subsidiaries that was capitalized during such period; 
 (8)    Receivables Fees; and 

(9)    the cash contributions to any employee stock ownership plan or similar trust to the extent such
contributions are used by such plan or trust to pay interest or fees to any Person (other than the Company and its Restricted Subsidiaries) in connection with Indebtedness Incurred by such plan or trust. 

For purposes of the foregoing, total interest expense will be determined (i) after giving effect to any net payments made or received by
the Company and its Subsidiaries with respect to Interest Rate Agreements and (ii) exclusive of amounts classified as other comprehensive income in the balance 

  
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sheet of the Company. Notwithstanding anything to the contrary contained herein, (i)(A) any expensing of bridge, commitment and other financing fees and (B) any annual administrative or
other agency fees paid under the Senior Secured Credit Agreement shall not be included in Consolidated Interest Expense and, without duplication of clause (8) above, commissions, discounts, yield and other fees and charges Incurred in
connection with any transaction (other than any incentive, supplier finance or similar program entered into in the ordinary course of business) pursuant to which the Company or its Restricted Subsidiaries may sell, convey or otherwise transfer or
grant a security interest in any accounts receivable or related assets shall be included in Consolidated Interest Expense. 

“Consolidated Net Income” means, for any period, the consolidated net income (loss) of the Company determined in accordance
with GAAP; provided, however, that there will not be included in such Consolidated Net Income on an after tax basis: 

(1)    any net income (loss) of any Person if such Person is not a Restricted Subsidiary, except that
subject to the limitations contained in clauses (2), (3) and (4) of this definition, (x) the Company’s equity in the net income of any such Person for such period will be included in such Consolidated Net Income up to the aggregate
amount of cash actually distributed by such Person (or to the extent converted into cash) during such period to the Company or a Restricted Subsidiary as a dividend, distribution or other payment, or that could, in the reasonable determination of
the Company, have been distributed to the Company or a Restricted Subsidiary in respect of such period and (y) the Company’s equity in the net loss of any such Person for such period will be included in such Consolidated Net Income up to
the aggregate amount of investments in such Person by the Company or any Restricted Subsidiary; 

(2)    any gain (loss) realized upon the sale or other disposition of any property, plant or equipment of
the Company or its Restricted Subsidiaries (including pursuant to any Sale/Leaseback Transaction) which 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; 
 (3)    extraordinary, nonrecurring, unusual, non-operating or noncash gains, charges or losses (including (x) costs of, and payments of, actual or prospective legal settlements, fines, judgments or orders, (y) costs of, and payments of, corporate
reorganizations and (z) gains, income, losses, expenses or charges (less all fees and expenses chargeable thereto) attributable to any sales or dispositions of Capital Stock or assets (including asset retirement costs) or returned surplus
assets of any employee benefit plan outside of the ordinary course of business); 
 (4)    the cumulative
effect of a change in accounting principles; 
 (5)    any after-tax effect of
income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments; 

(6)    any unrealized net losses, charges or expenses and unrealized net gains in the fair market value of
any arrangements under Hedging Obligations; 
 (7)    any unrealized net foreign currency translation
gains or losses and unrealized net foreign currency transaction gains or losses (including currency re-measurements of Indebtedness, any net gains or losses resulting from Currency Agreements and those
resulting from intercompany Indebtedness); 

  
 -7- 

 (8)    any compensation expense, charge, cost, accrual
or reserve, including any such expense, charge, cost, accrual or reserve arising from (i) grants of stock appreciation or similar rights, stock options, restricted stock or other equity incentive programs, (ii) any management equity plan
or stock option plan or any other management or employee benefit plan or agreement, pension plan, any stock subscription or shareholder agreement or any distributor equity plan or agreement and (iii) in connection with the rollover,
acceleration or payout of Capital Stock held by management of the Company or any of its Subsidiaries; provided that, to the extent any such cash charges, costs, expenses, accruals or reserves are paid in cash, such cash charges, costs,
expenses, accruals or reserves are funded with cash proceeds contributed to the Company as a capital contribution or as a result of the sale or issuance of Capital Stock of the Company, and such contribution or sale took place within the immediately
preceding four fiscal quarter period of the Company for which this clause (9) is modifying Consolidated Net Income; 

(9)    any net gains, income, losses, expenses or charges with respect to (i) disposed, abandoned,
closed and discontinued operations (other than assets held for sale) and any accretion or accrual of discounted liabilities and on the disposal of disposed, abandoned, and discontinued operations and (ii) facilities, plants or distribution
centers that have been closed during such period; 
 (10)    any fees, expenses and charges (including
rationalization, legal, tax and structuring fees, costs and expenses) Incurred in connection with (i) any investment (other than an investment among the Company and its Subsidiaries in the ordinary course of business), (ii) any disposal of
property or assets outside the ordinary course of business or disposal or issuance of Capital Stock of a Subsidiary, (iii) the Incurrence, repayment extension, renewal, replacement, refinancing, amendment, restatement, amendment and restatement
or modification of Indebtedness, including any amortization or write-off of debt issuance or deferred financing costs, premiums and prepayment penalties (other than an Incurrence, repayment, extension,
renewal, replacement, refinancing, amendment, restatement, amendment and restatement or modification of Indebtedness among the Company and its Subsidiaries in the ordinary course of business) and (iv) any issuance or offering of Capital Stock,
dividends, distributions or other payments to holders of Capital Stock or repurchases or redemptions of Capital Stock, acquisitions, recapitalizations, mergers, consolidations or amalgamations, option buyouts or other similar transactions (other
than any issuance or offering of Capital Stock, dividends, distributions or other payments to holders of Capital Stock or repurchases or redemptions of Capital Stock, acquisitions, recapitalizations, mergers consolidations or amalgamations, option
buyouts or other similar transactions among the Company and its Subsidiaries in the ordinary course of business), in each case, including any such transaction proposed or undertaken but not completed; 

(11)    effects of adjustments (including the effects of such adjustments pushed down to any Restricted
Subsidiary) in the property and equipment, software and other intangible assets, deferred revenue and debt line items in such Person’s consolidated financial statements pursuant to GAAP resulting from the application of purchase/acquisition
accounting or recapitalization accounting in relation to the Rothsay Acquisition, the Vion Acquisition or any other consummated acquisition or recapitalization or the amortization or write-off of any amounts
thereof in accordance with GAAP, net of taxes; 
 (12)    accruals and reserves that are established or
adjusted within 12 months of the date of any investment in any Restricted Subsidiary (other than a Receivables Entity) or in any Person which will, upon the making of such investment, become a Restricted Subsidiary (other than a Receivables Entity),
including in connection with the formation of a Restricted Subsidiary (other than a Receivables Entity) or in another Person if as a result of such investment such other Person is merged or consolidated with or into, or transfers or conveys all or
substantially all its assets to, the Company or a Restricted Subsidiary (other than a Receivables Entity) or any 

  
 -8- 

 
purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the assets of a division, line of business or branch of such Person, in each case, in
accordance with GAAP or as a result of the adoption or modification of accounting policies; and 

(13)    any goodwill or other intangible asset impairment charge or
write-off. 
 “Consolidated Total Assets” as of any date of determination, means
the total amount of assets which would appear on a consolidated balance sheet of the Company and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP. 

“Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing in any manner, whether
directly or indirectly, any operating lease, dividend or other obligation that does not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”), including any obligation of such Person, whether
or not contingent: 
 (1)    to purchase any such primary obligation or any property constituting direct or indirect
security therefor; 
 (2)    to advance or supply funds: 

(a)    for the purchase or payment of any such primary obligation; or 

(b)    to maintain the working capital or equity capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor; or 
 (3)    to purchase property, securities or services primarily for the purpose of
assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 12.01 or such other
address as to which the Trustee may give notice to the Holders and the Company. 
 “Credit Facility” means, with respect to
the Company or any Restricted Subsidiary, one or more debt facilities (which may be outstanding at the same time and including, without limitation, the Senior Secured Credit Agreement) or commercial paper facilities, in each case, with banks or
other lenders or investors or indentures or other agreements providing for revolving credit loans, term loans, debt securities, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to
borrow from such lenders against such receivables) or letters of credit or other Indebtedness, in each case, as amended, restated, amended and restated, supplemented, modified, renewed, refunded, replaced in any manner (whether upon or after
termination or otherwise) or refinanced (including by means of sales of debt securities to investors) in whole or in part from time to time (including successive renewals, extensions, substitutions, refinancings, restructurings, replacements,
supplementations or other modifications of the foregoing, including into one or more debt facilities, commercial paper facilities or other debt instruments, indentures or agreements (including by means of sales of debt securities to investors), and
whether or not with the original administrative agent and lenders or another administrative agent or agents or other lenders and whether provided under the original Senior Secured Credit Agreement or any other credit or other agreement or indenture
and whether any Credit Facility exists at any time). 

  
 -9- 

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

“Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 

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

“Definitive Note” means a certificated Note (bearing the Restricted Notes Legend if the transfer of such Note is restricted
by applicable law) that does not include the Global Notes Legend. 
 “Depositary” means, with respect to the Notes issuable
or issued in whole or in part in global form, the Person specified in Section 2.03 as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the
applicable provision of this Indenture. 
 “Dutch Subsidiary” means any Subsidiary incorporated in The Netherlands. 

“DTC” means The Depository Trust Company. 

“Equity Offering” means a public or private sale for cash by the Company of its Capital Stock, other than (x) public
offerings with respect to the Company’s Capital Stock, registered on Form S-8, or (y) an issuance to any Restricted Subsidiary. 

“euro” means the currency introduced at the start of the third stage of European economic and monetary union and as defined
in article 2 of Council Regulation (EC) No. 974/98 of 3 May 1998 on the introduction of the euro, as amended. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 

“Excluded Subsidiary” means (a) any Subsidiary that is not a Wholly-Owned Subsidiary (other than any non-Wholly-Owned Subsidiary that issues capital markets debt securities or borrows under syndicated loans that are Guaranteed by the Company or any Guarantor or that Guarantees any capital markets debt securities or
syndicated loans that are issued, borrowed or Guaranteed by the Company or any Guarantor), (b) any Foreign Subsidiary, (c) any Receivables Entity, (d) any Subsidiary that is prohibited by applicable law or regulation from providing a Note
Guarantee and (e) any captive insurance Subsidiary. 
 “Foreign Subsidiary” means any Restricted Subsidiary that is
not organized under the laws of the United States of America or any state thereof or the District of Columbia and any Subsidiary of such Restricted Subsidiary. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect as of January 2,
2014, including those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such
other statements by such other entity as approved by a significant segment of the accounting profession except for any reports or financial statements required to be delivered under Section 4.03 which shall be prepared in accordance with GAAP
as in effect from time to time. All ratios and computations based on GAAP contained in this 

  
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Indenture will be computed in conformity with GAAP, except that in the event the Company is acquired in a transaction that is accounted for using purchase accounting, the effects of the
application of purchase accounting shall be disregarded in the calculation of such ratios and other computations contained in this Indenture. Notwithstanding the foregoing, at any time after adoption of IFRS by the Company for its financial
statements and reports for all financial reporting purposes, the Company may elect to apply IFRS for all purposes of this Indenture, and, upon any such election, references in this Indenture to GAAP shall be construed to mean IFRS as in effect on
the date of such election; provided that (1) any such election once made shall be irrevocable (and shall only be made once), (2) all financial statements and reports required to be provided after such election pursuant to this
Indenture shall be prepared on the basis of IFRS as in effect from time to time, (3) from and after such election, all ratios, computations, calculations and other determinations based on GAAP contained in this Indenture shall be computed in
conformity with IFRS with retroactive effect being given thereto assuming that such election had been made on January 2, 2014, (4) such election shall not have the effect of rendering invalid (or causing a Default or an Event of Default as
a result of) any transaction made prior to the date of such election pursuant to the covenants described under Article 4 if such transaction was valid under this Indenture on the date made, Incurred or taken, as the case may be, and (5) all
accounting terms and references in this Indenture to accounting standards shall be deemed to be references to the most comparable terms or standards under IFRS. The Company shall give written notice of any election to the Trustee and the holders of
Notes within 5 Business Days of such election. 
 “Global Notes Legend” means the legend set forth in
Section 2.3(e)(i) of Appendix A to this Indenture and indentified in such Section as the “Global Notes Legend.” 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness
of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 

(1)    to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of
such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to
take-or-pay, to maintain financial statement conditions or otherwise); or 

(2)    entered into primarily 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); provided, however, that the term “Guarantee” will not include endorsements for collection or deposit in the ordinary
course of business. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Guarantor” means each
Restricted Subsidiary in existence on the Issue Date that provides a Note Guarantee on the Issue Date and any other Restricted Subsidiary that provides a Note Guarantee in accordance with this Indenture; provided that upon release or
discharge of such Restricted Subsidiary from its Note Guarantee in accordance with this Indenture, such Restricted Subsidiary ceases to be a Guarantor. 

“Hedging Obligations” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency
Agreement or Commodity Agreement. 
 “Holder” means a Person in whose name a Note is registered on the Registrar’s
books. 
 “Incur” means issue, create, assume, Guarantee, incur or otherwise become liable for; provided,
however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) will be deemed to be Incurred by such Restricted
Subsidiary at the time it becomes a Restricted Subsidiary; and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing. 

  
 -11- 

 “Indebtedness” means, with respect to any Person on any date of
determination (without duplication): 
 (1)    the principal of and premium (if any) in respect of
indebtedness of such Person for borrowed money; 
 (2)    the principal of and premium (if any) in
respect of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 

(3)    the principal component of all obligations of such Person in respect of letters of credit,
bankers’ acceptances or other similar instruments (including reimbursement obligations with respect thereto except to the extent such reimbursement obligation relates to a trade payable and such obligation is satisfied within 30 days of
Incurrence); 
 (4)    the principal component of all obligations of such Person to pay the deferred and
unpaid purchase price of property (except trade payables), which purchase price is due more than six months after the date of placing such property in service or taking delivery and title thereto; 

(5)    (a) Capitalized Lease Obligations of such Person and (b) all Attributable Indebtedness of such
Person that appears as a liability on the balance sheet of such Person under GAAP; 
 (6)    the
principal component of all obligations of the type referred to in clauses (1) through (5) above and (7) below of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person;
provided, however, that the amount of such Indebtedness will be the lesser of (a) the fair market value of such asset as determined by such Person in good faith on the date of determination and (b) the amount of such
Indebtedness of such other Persons; 
 (7)    the principal component of all obligations of the type
referred to in clauses (1) through (5) above of other Persons to the extent Guaranteed by such Person; 

(8)    to the extent not otherwise included in this definition, net obligations of such Person under
Hedging Obligations (the amount of any such obligations to be equal at any time to the maximum aggregate amount (giving effect to any netting arrangements) that would be payable by such Person at such time); and 

(9)    to the extent not otherwise included in this definition, the Receivables Transaction Amount
outstanding relating to a Qualified Receivables Transaction. 
 The amount of Indebtedness of any Person at any date will be the outstanding
balance at such date of all unconditional obligations as described above and the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date. Notwithstanding the foregoing,
money borrowed and set aside at the time of the Incurrence of any Indebtedness in order to pre-fund the payment of interest on such Indebtedness shall not be deemed to be “Indebtedness”
provided that such money is held to secure the payment of such interest. For purposes of determining compliance with any covenant contained in this Indenture (including the computation of the Secured Leverage Ratio), Indebtedness shall be
determined without giving effect to (a) any election under 

  
 -12- 

 
Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards
159) (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Company or any Subsidiary at “fair value”, as defined therein,
and (b) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting
Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof. 

In addition, “Indebtedness” of any Person shall include Indebtedness described in the preceding paragraph that would not appear as a
liability on the balance sheet of such Person if: 
 (1)    such Indebtedness is the obligation of a
partnership or joint venture that is not a Restricted Subsidiary (a “Joint Venture”); 

(2)    such Person or a Restricted Subsidiary of such Person is a general partner of the Joint Venture (a
“General Partner”); and 
 (3)    there is recourse, by contract or operation of law,
with respect to the payment of such Indebtedness to property or assets of such Person or a Restricted Subsidiary of such Person; and then such Indebtedness shall be included in an amount not to exceed: 

(a)    the lesser of (i) the net assets of the General Partner and (ii) the amount of such
obligations to the extent that there is recourse, by contract or operation of law, to the property or assets of such Person or a Restricted Subsidiary of such Person; or 

(b)    if less than the amount determined pursuant to clause (a) immediately above, the actual amount
of such Indebtedness that is recourse to such Person or a Restricted Subsidiary of such Person, if the Indebtedness is evidenced by a writing and is for a determinable amount. 

The term “Indebtedness” shall not include: 

(1)    in connection with the purchase by the Company or any Restricted Subsidiary of any business, any
post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the performance of such business after the closing; 

(2)    any lease of property which would be considered an operating lease under GAAP; 

(3)    (a) any contingent obligations in respect of workers’ compensation claims, early
retirement or termination obligations, pension fund obligations or contributions or similar claims, obligations or contributions or social security or wage taxes and (b) any joint and several tax liabilities arising by operation of consolidated
return, fiscal unity or similar provisions of applicable law; 
 (4)    Contingent Obligations Incurred
in the ordinary course of business; or 
 (5)    obligations which would otherwise constitute
Indebtedness but which have been cash collateralized or amounts for the repayment thereof placed in escrow or otherwise deposited in defeasance or discharge of such obligations shall not constitute Indebtedness to the extent of such cash collateral
or amounts escrowed or otherwise deposited in defeasance or discharge thereof. 

  
 -13- 

 “Indenture” means this Indenture, as amended or supplemented from time to
time. 
 “Initial Notes” means the $500,000,000 aggregate principal amount of Notes issued under this Indenture on the
Issue Date. 
 “Initial Purchasers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman,
Sachs & Co., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., Rabo Securities USA Inc. and TD Securities (USA) LLC. 

“Interest Payment Date” means April 15 and October 15 of each year, commencing October 15, 2019. 

“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. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s
Investors Service, Inc. and BBB- (or the equivalent) by Standard & Poor’s Ratings Group, Inc. (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside the
Company’s control, any equivalent investment grade rating by any Rating Agency selected by the Company as a replacement Rating Agency). 

“Issue Date” means April 3, 2019. 

“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale
or other title retention agreement or lease in the nature thereof); provided that in no event shall an operating lease be deemed to constitute a Lien. 

“Limited Condition Acquisition” means any investment or acquisition, including by way of merger, amalgamation or
consolidation, by the Company or one or more of its Restricted Subsidiaries the consummation of which is not conditioned upon the availability of, or on obtaining, third-party financing other than any investment in or acquisition of any Unrestricted
Subsidiary. 
 “Net Cash Proceeds” with respect to any issuance or sale of Capital Stock, means the cash proceeds of such
issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions in connection with such issuance or sale. 

“Non-Guarantor Restricted Subsidiary” means a Restricted Subsidiary that is not a
Guarantor. 
 “Note Guarantee” means, individually, any Guarantee of payment of the Notes by a Guarantor pursuant to the
terms of this Indenture and any supplemental indenture hereto, and collectively, all such Guarantees. 
 “Notes” means the
Company’s 5.25% Senior Notes due 2027 authenticated and delivered under this Indenture, including, for the avoidance of doubt, the Initial Notes, any Additional Notes and any Notes issued upon transfer, replacement or exchange of Notes. 

  
 -14- 

 “Obligations” means any principal (including any accretion), interest
(including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under
applicable state, federal or foreign law), other monetary obligations, penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other
liabilities, and Guarantees of payment of such principal (including any accretion), interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 

“Offering Memorandum” means the offering memorandum, dated March 28, 2019, relating to the offer and sale of the Initial
Notes. 
 “Officer” means the Chairman of the Board, the Chief Executive Officer, the President, any Executive Vice
President, any Vice President, the Treasurer or the Secretary of the Company or, in the event that the Company is a partnership or a limited liability company that has no such officers, a person duly authorized under applicable law by the general
partner, managers, members or a similar body to act on behalf of the Company. 
 “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 from legal counsel who is acceptable to the Trustee. Such counsel may be an
employee of or counsel to the Company or the Trustee. 
 “Permitted Liens” means, with respect to any
Person: 
 (1)    Liens securing (i) Indebtedness under any Credit Facility (including the issuance
and creation of letters of credit, bank guarantees, bankers’ acceptances and similar instruments thereunder) in an aggregate principal amount up to (a) $1,500.0 million plus (b) the greater of (x) $1,000.0 million and(y) 20.0% of
Consolidated Total Assets at any one time outstanding, (ii) Hedging Obligations and cash management arrangements with Persons or Affiliates of Persons party to such Credit Facility permitted to be secured by such Liens by such Credit Facility
and (iii) Liens securing Guarantees of Restricted Subsidiaries of Indebtedness and other obligations under such Credit Facility; 

(2)    (i) pledges or deposits by such Person or Liens arising (A) under workers’
compensation laws, health, disability or other employment benefits, unemployment insurance laws, social security or similar legislation or regulations, property, casualty or liability insurance or premiums related thereto, self-insurance obligations
or captive insurance subsidiaries or (B) to secure letters of credit, bankers’ acceptances, bank guarantees, surety bonds or similar instruments posted to support payment of items set forth in this clause (2)(i), (ii) good faith
deposits in connection with (and Liens securing the performance of, or granted in lieu of) bids, tenders, contracts with trade creditors, bids, contracts (other than in respect of debt for borrowed money) or leases to which such Person is a party,
(iii) deposits to secure (and Liens securing the performance of, or granted in lieu of) public or statutory obligations of such Person, or (iv) 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; 
 (3)    Liens arising or imposed by
law, including carriers’, warehousemen’s, mechanics’, materialmen’s and repairmen’s, landlord’s, customs’ and revenue authorities’ and other like Liens Incurred in the ordinary course of business, or created
in order to comply with applicable requirements of law, including any security requested to be created by any creditor of a 

  
 -15- 

 
German Subsidiary in connection with (i) a merger of a German Subsidiary pursuant to Section 22 of the German Reorganization Act (Umwandlungsgesetz) and/or (ii) the
termination of a domination and profit and loss pooling agreement (Beherrschungs—und Gewinnnabführungsvertrag) pursuant to Section 303 of the German Stock Corporation Act (AktG); 

(4)    Liens for taxes (including VAT), assessments or other governmental charges (a) that are not
overdue by more than 30 days or, if overdue by more than 30 days, are being contested in good faith by appropriate proceedings provided appropriate reserves required pursuant to GAAP have been made in respect thereof or (b) with respect to
which the failure to make payment is not reasonably expected by the Company to have a material adverse effect on the financial condition or results of operations of the Company and its Restricted Subsidiaries, taken as a whole; 

(5)    Liens, including deposits made in connection therewith, in favor of issuers of surety, customs,
stay, appeal or performance bonds or performance and completion guarantees and other similar obligations of a like nature or letters of credit, bankers’ acceptances, bank guarantees or similar instruments issued pursuant to the request of and
for the account of such Person in the ordinary course of its business. 
 (6)    encumbrances, ground
leases, 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, building codes or other restrictions (including, without limitation,
minor defects or irregularities in title and similar encumbrances) 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 or impair the use of such property in the operation of the business of such Person; 

(7)    Liens securing (a) Hedging Obligations that are Incurred in the ordinary course of business
(and not for speculative purposes) and (b) cash management obligations and Indebtedness Incurred by the Company or any Restricted Subsidiary in respect of netting services, overdraft protections, commercial credit cards, stored value cards,
purchasing cards and treasury management services, automated clearing-house arrangements, employee credit card programs, controlled disbursement, ACH transactions, return items, interstate deposit network services, incentive, supplier finance or
similar programs, Society for Worldwide Interbank Financial Telecommunications transfers, cash pooling and operational foreign exchange management and similar arrangements, in each case entered into in the ordinary course of business in connection
with cash management, including cash management among the Company and its Subsidiaries, and deposit accounts (including, for the avoidance of doubt, any accounts receivables and related security being sold or transferred by the Company or its
Restricted Subsidiaries in the ordinary course of business pursuant to any incentive, supplier finance or similar program between the Company or such Restricted Subsidiary, as supplier or seller, and any finance or other institution a party thereto,
as purchaser); 
 (8)    Liens in favor of a commodity, brokerage or security intermediary who holds a
commodity, brokerage or, as applicable, a security account on behalf of the Company or a Restricted Subsidiary provided such Lien encumbers only the related account and the property held therein; 

  
 -16- 

 (9)    any interest or title of a lessor, sublessor,
licensee, sublicense, licensor or sublicensor under any lease or license agreement permitted or not prohibited by this Indenture and leases, licenses, subleases and sublicenses of assets (including, without limitation, real property and intellectual
property rights) granted in the ordinary course of business which do not interfere in any material respect with the business of the Company or any of its Restricted Subsidiaries; 

(10)    Liens in respect of judgments, awards, attachments and/or decrees and notices of lis pendens
and associated rights related to litigation being contested that do not constitute an Event of Default under Section 6.01(a)(7); 

(11)    Liens for the purpose of securing Indebtedness represented by Capitalized Lease Obligations,
mortgage financings, purchase money obligations or other payments (including the interests of vendors and lessors under conditional sale, title retention agreements and extended title retention agreements (verlängerter
Eigentumsvorbehalt)) Incurred to finance all or any part of the purchase price or cost of design, construction, lease, installation or improvement of assets or property (other than Capital Stock, except Capital Stock in a Person that becomes a
Restricted Subsidiary); provided that such Liens are created prior to or within 270 days of the acquisition or the completion of the construction or improvement 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 and the proceeds and products thereof and accessions thereto, except that individual financings provided by a Person or
its Affiliates may be cross collateralized to other financings secured by Liens permitted under this Indenture provided by such Person or its Affiliates; 

(12)    Liens (a) arising by virtue of any statutory or common law provisions relating to
banker’s Liens (including Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code), rights of set-off or similar rights and
remedies as to deposit accounts or other funds maintained with a depositary institution or (b) encumbering reasonable customary initial deposits and margin deposits; 

(13)    Liens arising from Uniform Commercial Code or PPSA (or similar law of any jurisdiction) financing
statement filings regarding leases and consignment or bailee arrangements entered into by the Company and its Restricted Subsidiaries in the ordinary course of business and Liens securing liabilities in respect of indemnification obligations
thereunder as long as each such Lien only encumbers the assets that are the subject of the related lease (or contained in such leasehold) or consignment or bailee; 

(14)    Liens existing on the Issue Date (other than Liens permitted under clause (1) of this
definition); 
 (15)    Liens on assets or Capital Stock of a Person at the time such Person becomes a
Restricted Subsidiary; provided, however, 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 any such Lien may not
extend to any other property owned by the Company or any Restricted Subsidiary (other than the proceeds and products thereof and accessions thereto and after acquired property subjected to a Lien pursuant to the terms existing at the time of such
acquisition and except that individual financings provided by a Person or its Affiliates may be cross collateralized to other financings secured by Liens permitted by this Indenture provided by such Person or its Affiliates); 

  
 -17- 

 (16)    Liens on assets at the time the Company or a
Restricted Subsidiary acquired, constructed, repaired or improved the property, including any acquisition by means of a merger or consolidation with or into the Company or any Restricted Subsidiary; provided, however, that such Liens may not
extend to any other property owned by the Company or any Restricted Subsidiary (other than property or assets affixed or appurtenant thereto, the proceeds or products thereof, accessions thereto and after-acquired property subjected to a Lien
pursuant to the terms existing at the time of such acquisition, except that individual financings provided by a Person or its Affiliates may be cross collateralized to other financings secured by Liens permitted by this Indenture provided by such
Person or its Affiliates); 
 (17)    Liens securing Indebtedness of the Company owing to and held by any
Restricted Subsidiary (other than a Receivable Entity) or of a Restricted Subsidiary owing to and held by the Company or any Restricted Subsidiary (other than a Receivable Entity) or other obligations of a Restricted Subsidiary owing to the Company
or any Restricted Subsidiary; 
 (18)    Liens (a) securing the Notes and the Note Guarantees and
(b) on the proceeds of Indebtedness Incurred in connection with the financing of a transaction permitted under this Indenture, which proceeds have been deposited into an escrow account on customary terms to secure such Indebtedness pending the
application of such proceeds in connection with the closing of such transaction; 
 (19)    Liens
securing Indebtedness Incurred to refinance, refund, replace, exchange, renew, amend, extend or modify, as a whole or in part, Indebtedness (including pursuant to any defeasance or discharge mechanism) that was previously so secured pursuant to
clauses (11), (14), (15), (16), (18)(a) and (19) of this definition; provided that (a) 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 that is the security for a Permitted Lien thereunder
(except that individual financings provided by a Person or its Affiliates may be cross collateralized to other financings secured by Liens permitted by this Indenture provided by such Person or its Affiliates) and (b) such Indebtedness is
Incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate issue price) that is equal to or less than the sum of the aggregate principal amount (or if issued with original issue discount, the aggregate
accreted value) then outstanding of the Indebtedness being refinanced (plus, without duplication, any additional Indebtedness Incurred to pay interest or premiums required by the instruments governing such existing Indebtedness, reasonable tender
premiums and fees Incurred in connection therewith); 
 (20)    Liens representing the interest of a
purchaser of goods sold by the Company or any of its Restricted Subsidiaries in the ordinary course of business under conditional sale, title retention, extended title retention (verlängerter Eigentumsvorbehalt), consignment, bailee or
similar arrangements; provided that such Liens arise only under the applicable conditional sale, title retention, consignment or similar arrangements and such Liens only encumber the good so sold hereunder; 

(21)    Liens in favor of the Company or any Guarantor; 

(22)    Liens under industrial revenue, municipal or similar bonds; 

(23)    Liens on assets transferred to a Receivables Entity or on assets of a Receivables Entity, in either
case Incurred in connection with a Qualified Receivables Transaction; 

  
 -18- 

 (24)    Liens on (a) the Capital Stock of the
Renewable Diesel Joint Venture or any other joint venture consisting of a Permitted Renewable Joint Venture Investment or any other investment in favor of the holder of (x) any Indebtedness of the Renewable Diesel Joint Venture or any other
joint venture, (y) any Guarantee of such Indebtedness or (z) any Guarantee of the commitment to make an investment in the Renewable Diesel Joint Venture or any other joint venture and (b) cash and Cash Equivalents to secure
(x) obligations to make an investment in the Renewable Diesel Joint Venture or any other joint venture or (y) a letter of credit posted to secure obligations set forth in the foregoing clause (24)(b)(x); 

(25)    Liens arising as a result of agreements to enter into a Sale/Leaseback Transaction and not securing
Indebtedness; provided that such Liens shall not extend beyond the property that is the subject of such Sale/Leaseback Transaction; 

(26)    (i) Liens (A) on advances of cash or Cash Equivalents in favor of the seller of any
property to be acquired which are applied against the purchase price for such investment, and (B) consisting of an agreement to dispose of any property and (ii) Liens solely on any cash earnest money deposits made by the Company or any of
its Restricted Subsidiaries in connection with any letter of intent or purchase agreement in respect of any investment; 

(27)    Liens securing Indebtedness (other than Subordinated Obligations) in an aggregate principal amount
outstanding at any one time not to exceed the greater of (x) $175.0 million and (y) 3.5% of Consolidated Total Assets; 

(28)    Liens granted in the ordinary course of business to secure (a) (i) liabilities for premiums or
reimbursement obligations to insurance carriers or self-insurance obligations and (ii) liabilities in respect of indemnification obligations under leases or other contractual obligations and (b) letters of credit, bank guarantees,
banker’s acceptances, surety bonds or similar instruments posted to support payment of items set forth in this clause (28); provided that such letters of credit, bank guarantees, banker’s acceptances, surety bonds or similar
instruments are issued in compliance with this Indenture; 
 (29)    Liens (a) arising in connection
with pooled deposit or sweep accounts, cash netting, deposit accounts or similar arrangements of the Company or any Restricted Subsidiary and consisting of the right to apply the funds held therein to satisfy overdraft or similar obligations
Incurred in the ordinary course of business of such Person or (b) granted in the ordinary course of business by the Company or any Restricted Subsidiary to any bank with whom it maintains accounts to the extent required by the relevant
bank’s (or custodian’s or trustee’s, as applicable) standard terms and conditions (including, without limitation, any Lien arising by entering into standard banking arrangements
(AGB-Banken or AGB-Sparkassen) in Germany), in each case, which are within the general parameters customary in the banking industry; 

(30)    Liens that are contractual rights of set-off relating to
purchase orders and other similar agreements entered into in the ordinary course of business; 

(31)    (a) Liens on Capital Stock in joint ventures (including the Renewable Diesel Joint Venture) or
Unrestricted Subsidiaries; provided such Liens secure capital contributions to, or Indebtedness or other obligations of, such joint ventures or Unrestricted Subsidiaries, as applicable and (b) any encumbrance or restriction (including
put and call arrangements) in favor of a joint venture party with respect to Capital Stock of, or assets owned by, any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 

(32)    Liens consisting of customary rights of first refusal and tag, drag and similar rights in joint
venture agreements and agreements with respect to non-Wholly-Owned Subsidiaries; 

  
 -19- 

 (33)    Liens on cash, Cash Equivalents or other
property arising in connection with the defeasance, discharge or redemption of Indebtedness; 

(34)    Liens securing Indebtedness of any Non-Guarantor Restricted
Subsidiary; provided that any such Lien is limited to all or part of the property or assets of such Non-Guarantor Restricted Subsidiary and the Capital Stock of such
Non-Guarantor Restricted Subsidiary; 
 (35)    any Lien arising
under clause 24, clause 25 or clause 26 of the general terms and conditions (algemene bankvoorwaarden) of any member of the Dutch Bankers’ Association (Nederlandse Vereniging van Banken) or any similar term applied by a financial
institution in the Netherlands pursuant to its general terms and conditions; 
 (36)    any netting or set-off arrangement entered into by any Dutch Subsidiary in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances of any Dutch Subsidiary; 

(37)    Liens on repurchase agreements constituting Cash Equivalents; and 

(38)    Liens securing Indebtedness (other than Subordinated Obligations); provided that at the time
of Incurrence and after giving pro forma effect to the Incurrence of such Indebtedness and the application of the proceeds therefrom on such date, the Secured Leverage Ratio (calculated assuming all commitments relating to any revolving
credit facility have been fully drawn) would not exceed 4.0 to 1.0. 
 For purposes of determining compliance with Section 4.07 and
this definition of “Permitted Liens”, in the event that a Lien meets the criteria of more than one of the categories described above in clauses (1) through (38) of Permitted Liens, the Company will be permitted, in its sole
discretion, (x) to classify such Lien on the date of Incurrence and may later reclassify such Lien in any manner (based on the circumstances existing at the time of any such reclassification), (y) may divide and later redivide the amount of
such Lien among more than one of such clauses and (z) will only be required to include such Lien in one of any such clauses; provided that all Liens securing the Senior Secured Credit Agreement on the Issue Date shall be deemed to be
Incurred pursuant to clause (1) of Permitted Liens and may not later be reclassified. 
 “Permitted Renewable Joint Venture
Investments” means, without duplication, (i) any investment in the Renewable Diesel Joint Venture or any other joint venture and (ii) the amount of any unreimbursed payments made pursuant to the Guarantee or the exercise of
remedies under any Lien in respect of Indebtedness in the form of (w) Guarantees of Indebtedness of the Renewable Diesel Joint Venture or other joint ventures, (x) Guarantees of the obligation to make an investment in the Renewable Diesel
Joint Venture or other joint venture, (y) Liens on the Capital Stock of the Renewable Diesel Joint Venture or other joint ventures otherwise consisting of a Permitted Renewable Joint Venture Investment or any other investment in favor of the
holder of any Indebtedness of the Renewable Diesel Joint Venture or any other joint venture or the Guarantee set forth in the foregoing clause (w) and (z) Liens on cash and cash equivalents to secure (I) obligations to make an investment
in the Renewable Diesel Joint Venture or any other joint venture or (II) a letter of credit posted to secure obligations set forth in the foregoing clause (z) (I). 

“Person” means any individual, corporation, company, 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. 

“pounds sterling” means the lawful currency of the United Kingdom. 

  
 -20- 

 “PPSA” means the Personal Property Security Act (Ontario), as in effect
from time to time. 
 “Preferred Stock” as applied to the Capital Stock of any Person, means Capital Stock of any class or
classes (however designated) which is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such corporation, over shares of Capital Stock of any other class of
such corporation. 
 “Purchase Money Note” means a promissory note of a Receivables Entity evidencing the deferred purchase
price of Receivables (and related assets) and a line of credit, which may be irrevocable, from the Company or any Restricted Subsidiary in connection with a Qualified Receivables Transaction with a Receivables Entity, which deferred purchase price
or line is repayable from cash available to the Receivables Entity, other than amounts required to be established as reserves pursuant to agreements, amounts paid to investors in respect of interest, principal and other amounts owing to such
investors and amounts owing to such investors and amounts paid in connection with the purchase of newly generated Receivables. 

“Qualified Receivables Transaction” means any transaction or series of transactions that may be entered into by the Company
or any of its Restricted Subsidiaries pursuant to which the Company or any of its Restricted Subsidiaries may sell, convey or otherwise transfer to (1) a Receivables Entity (in the case of a transfer by the Company or any of its Restricted
Subsidiaries) and (2) any other Person (in the case of a transfer by a Receivables Entity), or may grant a security interest in, any Receivables (whether now existing or arising in the future) of the Company or any of its Restricted
Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such Receivables, all contracts and all guarantees or other obligations in respect of such accounts receivable, the proceeds of such Receivables and
other assets (including contract rights, deposit accounts and securities accounts) which are customarily transferred, or in respect of which security interests are customarily granted, in connection with asset securitizations, receivables financings
or sale facilities involving Receivables. 
 “Rating Agencies” means each of Standard & Poor’s Ratings Group,
Inc. and Moody’s Investors Service, Inc. or if Standard & Poor’s Ratings Group, Inc. or Moody’s Investors Service, Inc. shall not make a rating on the Notes publicly available, a nationally recognized statistical rating
agency selected by the Company (as certified by a resolution of its Board of Directors) which shall be substituted for Standard & Poor’s Ratings Group, Inc. or Moody’s Investors Service, Inc., as the case may be. 

“Ratings Decline Period” means the period that (i) begins on the earlier of (a) a Change of Control, (b) the
date of public notice of the occurrence of a Change of Control or (c) the first public notice of the intention by the Company to effect a Change of Control and (ii) ends 90 days following the consummation of such Change of Control;
provided that such period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies. 

“Ratings Event” means (x) a downgrade by one or more gradations (including gradations within rating categories as well
as between categories) or withdrawal of the rating of the Notes within the Ratings Decline Period by both Rating Agencies if each such Rating Agency shall have put forth a statement or publicly confirmed that such downgrade or withdrawal is
attributable in whole or in part to the applicable Change of Control and (y) the Notes do not have an Investment Grade Rating from either Rating Agency. 

“Receivable” means a right to receive payment arising from a sale or lease of goods or the performance of services by a
Person pursuant to an arrangement with another Person pursuant to which such other Person is obligated to pay for goods or services under terms that permit the purchase of 

  
 -21- 

 
such goods and services on credit and shall include, in any event, any items of property that would be classified as an “account,” “chattel paper,” “payment
intangible” or “instrument” under the Uniform Commercial Code as in effect in the State of New York and any “supporting obligations” as so defined. 

“Receivables Entity” means a Wholly-Owned Subsidiary (or another Person in which the Company or any Restricted Subsidiary
makes an investment and to which the Company or any Restricted Subsidiary transfers Receivables and related assets) which engages in no activities other than in connection with the financing of Receivables and which is designated by the Board of
Directors of the Company (as provided in this definition) as a Receivables Entity: 
 (1)    no portion
of the Indebtedness or any other obligations (contingent or otherwise) of which: 
 (A)    is guaranteed
by the Company or any Restricted Subsidiary (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings); 

(B)    is recourse to or obligates the Company or any Restricted Subsidiary in any way other than pursuant
to Standard Securitization Undertakings; or 
 (C)    subjects any property or asset of the Company or
any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings; 

(2)    with which neither the Company nor any Restricted Subsidiary has any material contract, agreement,
arrangement or understanding (except in connection with a Purchase Money Note or Qualified Receivables Transaction) other than on terms no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from
Persons that are not Affiliates of the Company, other than fees payable in the ordinary course of business in connection with servicing Receivables; and 

(3)    to which neither the Company nor any Restricted Subsidiary has any obligation to maintain or
preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 
 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 the resolution of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the foregoing conditions. 
 “Receivables Fees” means any fees or interest
paid to purchasers or lenders providing the financing in connection with a Qualified Receivables Transaction, factoring agreement or other similar agreement, including any such amounts paid by discounting the face amount of Receivables or
participations therein transferred in connection with a Qualified Receivables Transaction, factoring agreement or other similar arrangement, regardless of whether any such transaction is structured as
on-balance sheet or off- balance sheet or through a Restricted Subsidiary or an Unrestricted Subsidiary. 

“Receivables Transaction Amount” means the amount of obligations outstanding under the legal documents entered into as part
of such Qualified Receivables Transaction on any date of determination that would be characterized as principal if such Qualified Receivables Transaction were structured as a secured lending transaction rather than as a purchase. 

  
 -22- 

 “Record Date” for the interest, if any, payable on any applicable Interest
Payment Date means April 1 or October 1 (whether or not a Business Day) next preceding such Interest Payment Date. 

“Renewable Diesel Joint Venture” means one or more joint ventures formed in connection with the building and/or operation of
one or more renewable diesel facilities at various sites in the United States, including any Subsidiary thereof and any Subsidiary that is a holding company through which the Company holds its interests in such joint ventures and, in the case of an
Unrestricted Subsidiary, has no other material assets or operations unrelated to such joint ventures. 
 “Renewable Diesel Joint
Venture Indebtedness” means any Indebtedness in the form of (w) Guarantees of Indebtedness of the Renewable Diesel Joint Venture or other joint ventures, (x) Guarantees of the obligation to make an investment in the Renewable
Diesel Joint Venture or other joint venture, (y) Liens on the Capital Stock of the Renewable Diesel Joint Venture or other joint ventures otherwise consisting of a Permitted Renewable Joint Venture Investment or any other investment in favor of
the holder of any Indebtedness of the Renewable Diesel Joint Venture or any other joint venture or the Guarantee set forth in the foregoing clause (w) and (z) Liens on cash and cash equivalents to secure (I) obligations to make an
investment in the Renewable Diesel Joint Venture or any other joint venture or (II) a letter of credit posted to secure obligations set forth in the foregoing clause (z)(I); provided that the Renewable Diesel Joint Venture is not
Restricted Subsidiary of the Company. 
 “Responsible Officer” means, when used with respect to the Trustee, any officer
within the corporate trust department of the Trustee having direct responsibility for the administration of this Indenture, or any other officer to whom any corporate trust matter is referred because of such officer’s knowledge of and
familiarity with the particular subject. 
 “Restricted Notes Legend” means the legend set forth in Section 2.3(e)(i)
of Appendix A to this Indenture and identified in such Section as the “Restricted Notes Legend.” 
 “Restricted
Subsidiary” means any Subsidiary of the Company other than an Unrestricted Subsidiary. 
 “Rothsay Acquisition”
means the acquisition by the Company of the Rothsay business pursuant to the Rothsay Acquisition Agreement. 
 “Rothsay Acquisition
Agreement” means the Acquisition Agreement, dated as of August 23, 2013, between Maple Leaf Foods Inc. and the Company. 

“Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired whereby the Company or
a Restricted Subsidiary transfers such property to a Person (other than the Company or any of its Restricted Subsidiaries) and the Company or a Restricted Subsidiary leases it from such Person. 

“SEC” means the United States Securities and Exchange Commission. 

“Secured Indebtedness” means Total Indebtedness of the Company and any of its Restricted Subsidiaries secured by a Lien. 

“Secured Leverage Ratio” means, as of any date of determination, the ratio of (1) Secured Indebtedness of the Company
and its Restricted Subsidiaries as of such date of determination minus (i) all obligations, contingent or otherwise, of such Person as an account party in respect of the undrawn face amount of letters or credit, banker’s acceptances
or similar instruments outstanding as of such date of determination and (ii) any such obligations described in clause (1)(i) which have been drawn and 

  
 -23- 

 
reimbursed within three Business Days to (2) Consolidated EBITDA of the Company and its Restricted Subsidiaries for the period of the most recent four consecutive fiscal quarters ending
prior to such date of determination, provided, however, that: 
 (1)    if since the beginning of such
period the Company or any Restricted Subsidiary will have disposed of any property or assets, disposed of or issued Capital Stock of a Subsidiary or disposed (or discontinued operations) of any company, division, operating unit, segment, business,
group of related assets or line of business or if the transaction giving rise to the need to calculate the Secured Leverage Ratio is such a transaction, Consolidated EBITDA for such period will be reduced by an amount equal to the Consolidated
EBITDA (if positive) directly attributable to the assets which are the subject of such disposition for such period or increased by an amount equal to the Consolidated EBITDA (if negative) directly attributable thereto for such period; 

(2)    if since the beginning of such period the Company or any Restricted Subsidiary (by merger or otherwise) will have
made an investment in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary or is merged with or into the Company) or an acquisition of assets, including any acquisition of assets occurring in connection with a transaction
causing a calculation to be made hereunder, which constitutes all or substantially all of a company, division, operating unit, segment, business, group of related assets or line of business, Consolidated EBITDA for such period will be calculated
after giving pro forma effect thereto as if such investment or acquisition occurred on the first day of such period; and 

(3)    if since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged
with or into the Company or any Restricted Subsidiary since the beginning of such period) will have Incurred any Indebtedness or discharged any Indebtedness, made any disposition or any investment or acquisition of assets that would have required an
adjustment pursuant to clause (1) or (2) above if made by the Company or a Restricted Subsidiary during such period, Consolidated EBITDA for such period will be calculated after giving pro forma effect thereto as if such transaction
occurred on the first day of such period. 
 For purposes of this definition, whenever pro forma effect is to be given to any
calculation under this definition, the pro forma calculations will be determined in good faith by a responsible financial or accounting officer of the Company (including pro forma expense and cost savings). When calculating the Secured
Leverage Ratio for purposes of clause (38) of “Permitted Liens,” (x) such pro forma calculation shall not give effect to any Lien granted on such date of determination to secure Indebtedness (but not in respect of any future
calculation following such date) if the Notes or any Note Guarantee, as applicable, are equally and ratably secured with such Indebtedness in compliance with Section 4.07 or if such Lien is permitted to be granted, and is Incurred, pursuant to
clauses (1) through (37) of the definition of “Permitted Liens” and (y) such pro forma calculation shall not give effect to any repayment, repurchase, defeasance or other discharge of any Indebtedness to the extent secured
by a Lien with the proceeds of any Indebtedness that is to be so secured by any such Lien granted on such date of determination. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Senior Secured Credit Agreement” means the Second Amended and Restated Credit Agreement, dated as of
January 6, 2014 among the Company, J.P. Morgan Chase Bank, N.A., as Administrative Agent, and the lenders parties thereto from time to time, as amended and as the same may be amended, restated, amended and restated, modified, renewed, refunded,
replaced or refinanced in whole or in part from time to time (including increasing the amount loaned thereunder provided that such additional Indebtedness is Incurred in accordance with this Indenture). 

  
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 “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 promulgated by the SEC. 

“Standard Securitization Undertakings” means credit enhancement or risk retention arrangements, representations, warranties,
covenants and indemnities entered into by the Company or any Restricted Subsidiary which are reasonably customary in Qualified Receivables Transactions. 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the
payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision, but shall not include any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally
scheduled for the payment thereof. 
 “Subordinated Obligation” means any Indebtedness of the Company or any Restricted
Subsidiary (whether outstanding on the Issue Date or thereafter Incurred) which is subordinate or junior in right of payment to the Notes or any Note Guarantee pursuant to a written agreement. 

“Subsidiary” of any Person means (a) any corporation, association or other business entity (other than a partnership,
joint venture, limited liability company or similar entity) of which more than 50% of the total ordinary voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof (or persons performing similar functions) or (b) any partnership, joint venture, limited liability company or similar entity of which more than 50% of the capital accounts, distribution rights, total equity and
voting interests or general or limited partnership interests, as applicable, is, in the case of clauses (a) and (b), at the time owned or controlled, directly or indirectly, by (1) such Person, (2) such Person and one or more
Subsidiaries of such Person or (3) one or more Subsidiaries of such Person. Unless otherwise specified herein, each reference to a Subsidiary will refer to a Subsidiary of the Company. 

“Total Indebtedness” means, at the time of determination, the sum of the following determined for the Company and the
Restricted Subsidiaries on a consolidated basis (without duplication) in accordance with GAAP: (a) all obligations for borrowed money; plus (b) all Guarantees of obligations for borrowed money; plus (c) all Capitalized
Lease Obligations and purchase money indebtedness; plus (d) all obligations, contingent or otherwise, of such Person as an account party in respect of the undrawn face amount of letters of credit, banker’s acceptances or similar
instruments, minus (e) obligations under any Qualified Receivables Transactions representing an aggregate principal amount of obligations of $150.0 million or less. 

“Transfer Restricted Notes” means any Notes that bear or are required to bear the Restricted Notes Legend. 

“Treasury Rate” means 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) which has become publicly available at least two Business Days prior to any redemption date or, in the case of a redemption in connection with a
satisfaction and discharge or defeasance, at least two Business Days prior to the deposit of funds with the Trustee in accordance with the applicable provisions of this Indenture (or, if such Statistical Release is no longer published, any publicly
available source or similar market data)) in each case most nearly equal to the period from such redemption date to April 15, 2022; provided, however, that if the period from such redemption date to April 15, 2022 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 

  
 -25- 

 
States Treasury securities for which such yields are given, except that if the period from such redemption date to April 15, 2022 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. 
 “Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-777bbbb). 
 “Trustee”
means Regions Bank, as trustee, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor trustee serving hereunder. 

“Uniform Commercial Code” means the Uniform Commercial Code, as in effect in the relevant jurisdiction from time to time.

 “Unrestricted Subsidiary” means: 

(1)    any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted
Subsidiary by the Board of Directors of the Company in the manner provided below; provided that each of the Insurance Company of Colorado, Inc., Darling Green Energy, LLC, Darling Insect Proteins LLC and each of their respective Subsidiaries
shall be an Unrestricted Subsidiary of the Company as of the Issue Date; provided, further, that if the Renewable Diesel Joint Venture is or becomes a Subsidiary of the Company, the Renewable Diesel Joint Venture shall be an
Unrestricted Subsidiary of the Company notwithstanding that it fails to satisfy the criteria set forth below; and 

(2)    any Subsidiary of an Unrestricted Subsidiary. 

The Board of Directors of the Company may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary or
a Person becoming a Subsidiary through merger or consolidation or investment therein) to be an Unrestricted Subsidiary only if: 

(1)    such Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of, or own
or hold any Lien on any property of, any other Subsidiary of the Company which is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted Subsidiary; 

(2)    all the Indebtedness of such Subsidiary and its Subsidiaries shall, at the date of designation, and
will at all times thereafter, consist of Indebtedness to which the lender has no recourse to any of the assets of the Company or any Restricted Subsidiary; and 

(3)    such Subsidiary, either alone or in the aggregate with all other Unrestricted Subsidiaries, does not
operate, directly or indirectly, all or substantially all of the business of the Company and its Subsidiaries. 
 Any such designation by
the Board of Directors of the Company shall be evidenced to the Trustee by filing with the Trustee a resolution of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate certifying that such
designation complies with the foregoing conditions. If, at any time, any Unrestricted Subsidiary (other than the Renewable Diesel Joint Venture, but without limiting the application of the provisions described under Article 4 to the Renewable Diesel
Joint Venture) would fail to meet the foregoing 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 shall be deemed to be
Incurred as of such date. 

  
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 The Board of Directors of the Company may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary; provided that immediately after giving effect to such designation:  

(1)    no Default or Event of Default shall have occurred and be continuing or would occur as a consequence
thereof; and 
 (2)    all Liens of such Unrestricted Subsidiary outstanding immediately following such
designation as a Restricted Subsidiary would either (a) if Incurred at such time, have been permitted to be Incurred under Section 4.07, or (b) extend only to the assets or property of such Unrestricted Subsidiary that is being
designated to be a Restricted Subsidiary that will become a Guarantor; provided, however, that, in the case of clause (b), such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such designation.

 “U.S.” means the United States of America. 

“U.S. Government Obligations” means securities that are (a) direct obligations of the United States of America for the
timely payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation of the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank (as defined in
Section 3(a)(2) of the Securities Act), as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by such custodian for the account of the
holder of such depositary receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in
respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depositary receipt. 

“Vion” means the VION Ingredients division of VION Holding N.V. 

“Vion Acquisition” means the acquisition by the Company of the Ingredients business of the VION Group pursuant to the Vion
Acquisition Agreement. 
 “Vion Acquisition Agreement” means the Sale and Purchase Agreement, dated as of October 5,
2013, relating to the Ingredients business of the VION Group between VION Holding N.V. and the Company. 
 “Voting Stock”
of a Person means all classes of Capital Stock of such Person then outstanding and normally entitled to vote in the election of directors, managers or trustees, as applicable. 

“Wholly-Owned Subsidiary” means a Restricted Subsidiary, all of the Capital Stock of which (other than directors’
qualifying shares) is owned by the Company or another Wholly-Owned Subsidiary. 
 Section 1.02    Other Definitions. 

 

			
	 Term
	  	Defined in Section
	“Agent Members”	  	2.1(c) of Appendix A
	“Applicable Procedures”	  	1.1(a) of Appendix A
	“Authentication Order”	  	2.02(c)

  
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	 Term
	  	Defined in Section
	“Automatic Exchange”	  	2.3(j) of Appendix A
	“Automatic Exchange Date”	  	2.3(j) of Appendix A
	“Automatic Exchange Notice”	  	2.3(j) of Appendix A
	“Automatic Exchange Notice Date”	  	2.3(j) of Appendix A
	“Change of Control Offer”	  	4.09(b)
	“Change of Control Payment”	  	4.09(b)(1)
	“Change of Control Payment Date”	  	4.09(b)(2)
	“Clearstream”	  	1.1(a) of Appendix A
	“Covenant Defeasance”	  	8.03
	“cross acceleration”	  	6.01(a)(5)(B)
	“Definitive Notes Legend”	  	2.3(e) of Appendix A
	“Event of Default”	  	6.01(a)
	“Expiration Date”	  	1.04(j)
	“Global Note”	  	2.1(b) of Appendix A
	“Legal Defeasance”	  	8.02(a)
	“Note Register”	  	2.03(a)
	“Paying Agent”	  	2.03(a)
	“payment default”	  	6.01(a)(5)(A)
	“QIB”	  	1.1(a) of Appendix A
	“Registrar”	  	2.03(a)
	“Regulation S”	  	1.1(a) of Appendix A
	“Regulation S Global Note”	  	2.1(b) of Appendix A
	“Regulation S Notes”	  	2.1(a) of Appendix A
	“Restricted Notes Legend”	  	2.3(e) of Appendix A
	“Rule 144”	  	1.1(a) of Appendix A
	“Rule 144A”	  	1.1(a) of Appendix A
	“Rule 144A Global Note”	  	2.1(b) of Appendix A
	“Rule 144A Notes”	  	2.1(a) of Appendix A
	“Rule 501”	  	1.1(a) of Appendix A
	“Successor Company”	  	5.01(a)(1)
	“Successor Guarantor”	  	5.01(b)(1)

 Section 1.03    Rules of Construction. 

(a)    Unless the context otherwise requires: 

(1)    a term has the meaning assigned to it herein; 

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

 (3)    “or” is not exclusive; 

(4)    words in the singular include the plural, and words in the plural include the singular; 

(5)    unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness
merely by virtue of its nature as unsecured Indebtedness; 

  
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 (6)    “$” and “U.S. dollars” each
refer to United States dollars, or such other money of the United States that at the time of payment is legal tender for payment of public and private debts; 

(7)    provisions apply to successive events and transactions; 

(8)    unless the context otherwise requires, any reference to an “Appendix,”
“Article,” “Section,” “clause,” “Schedule” or “Exhibit” refers to an Appendix, Article, Section, clause, Schedule or Exhibit, as the case may be, of this Indenture; 

(9)    the words “herein,” “hereof” and other words of similar import refer to this
Indenture as a whole and not any particular Article, Section, clause or other subdivision; 

(10)    “including” means including without limitation; 

(11)    references to (a) sections of, or rules under, the Securities Act or the Exchange Act shall be
deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time and (b) Moody’s Investors Services, Inc. or Standard & Poor’s Ratings Group, Inc. shall include any successor to
such rating agency business; and 
 (12)    unless otherwise provided, references to agreements and other
instruments shall be deemed to include all amendments and other modifications to such agreements or instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Indenture. 

(b)    For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Liens or
any other transaction, event or circumstance, or any determination made under any other provision of this Indenture (any of the foregoing, a “subject transaction”), the U.S. dollar-equivalent principal amount of a subject transaction
denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date of such subject transaction (which, in the case of revolving credit Indebtedness, shall be deemed to be the date first
committed, and, in all other cases shall be deemed to be the date Incurred, made or entered into or the date of the occurrence of such transaction, event or circumstance or the applicable date of determination); provided that if a Lien is granted to
secure Indebtedness to refinance or replace other Indebtedness denominated in a foreign currency and secured by a Lien, and such refinancing or replacement would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated
at the relevant currency exchange rate in effect on the date of such refinancing or replacement, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing or replacement
Indebtedness secured by such Lien does not exceed the principal amount of such Indebtedness being refinanced or replaced. Notwithstanding any other provision of this Indenture, the maximum amount of Indebtedness that the Company or any Guarantor may
secure by a Lien shall not be deemed to be exceeded (and no Default or Event of Default shall be deemed to have occurred) solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness secured by a
Lien that refinances other Indebtedness secured by a Lien, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Indebtedness is
denominated that is in effect on the date of such refinancing. 
 (c)    When calculating the availability under any
basket or financial ratio (including the Secured Leverage Ratio and the amount of Consolidated Total Assets, and the component definitions of any of the foregoing) under this Indenture in connection with a Limited Condition

  
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Acquisition, the date of calculation or determination of such basket or ratio and whether such action or transaction is permitted (or any requirement or condition therefor is complied with or
satisfied (including as to the absence of any Default or Event of Default)) shall, at the option of the Company, be the date the definitive agreements for such Limited Condition Acquisition are entered into (any such date, the “Acquisition Test
Date”) and such baskets or ratios (and whether any related requirements or conditions are complied with) shall be calculated or determined on a pro forma basis consistent with the pro forma adjustment provisions set forth in the definition of
“Secured Leverage Ratio” after giving effect to such Limited Condition Acquisition and the other transactions to be entered into in connection therewith (including the granting of Liens in respect of Indebtedness Incurred and the use of
proceeds thereof) as if they occurred on the Acquisition Test Date and if after giving effect to such Limited Condition Acquisition and the other transactions to be entered into in connection therewith (including the granting of Liens in respect of
Indebtedness Incurred and the use of proceeds thereof) the Company and its Restricted Subsidiaries would have been able to undertake such actions and transactions on the Acquisition Test Date in compliance with such basket or ratio (including any
related requirements or conditions), such ratio or basket (including any related requirements or conditions) will be deemed complied with (or satisfied) for all purposes (in the case of Liens, for example, whether such Liens and Indebtedness secured
thereby is Incurred on the Acquisition Test Date or at any time thereafter); provided that if financial statements prepared on a consolidated basis in accordance with GAAP for a more recently ended fiscal quarter become available, the Company may
elect, in its sole discretion, to recalculate or redetermine all such ratios or baskets (including any related requirements or conditions) on the basis of such financial statements, in which case, such date of recalculation or redetermination will
thereafter be deemed to be the applicable Acquisition Test Date for purposes of such ratios or baskets (including any related requirements or conditions). For the avoidance of doubt, (x) if any of such baskets or ratios are exceeded as a result
of fluctuations in such basket or ratio (including due to fluctuations in Consolidated EBITDA or Consolidated Total Assets or of the EBITDA or assets of the target company) subsequent to such Acquisition Test Date and at or prior to the consummation
of the relevant Limited Condition Acquisition, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining whether the Limited Condition Acquisition and the related transactions
are permitted under this Indenture and (y) such baskets or ratios (including any related requirements or conditions) shall not be tested at the time of consummation of such Limited Condition Acquisition or related transactions; provided that if
the Company elects to have such determinations occur at the Acquisition Test Date, any such transactions and actions (including any granting of Liens in respect of Indebtedness Incurred and the use of proceeds thereof) shall be deemed to have
occurred on the Acquisition Test Date and outstanding thereafter for purposes of calculating any baskets or ratios under this Indenture in connection with any action or transaction unrelated to such Limited Condition Acquisition after the
Acquisition Test Date and before the consummation of such Limited Condition Acquisition unless and until such Limited Condition Acquisition has been terminated or abandoned, as determined by the Company, prior to the consummation thereof. 

Section 1.04    Acts of Holders. 

(a)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company and the Guarantors. Proof of execution of any such instrument or of a writing
appointing any such agent, or the holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the Trustee, the Company and the Guarantors, if made in the manner
provided in this Section 1.04. 

  
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 (b)    The fact and date of the execution by any Person of any such
instrument or writing may be proved (1) by the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such
instrument or writing acknowledged to him the execution thereof or (2) in any other manner deemed reasonably sufficient by the Trustee. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or
affidavit shall also constitute proof of the authority of the Person executing the same. 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
that the Trustee deems sufficient. 
 (c)    The ownership of Notes shall be proved by the Note Register. 

(d)    Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note
shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee, the Company
or the Guarantors in reliance thereon, whether or not notation of such action is made upon such Note. 
 (e)    The
Company may set a record date for purposes of determining the identity of Holders entitled to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, or to vote
on or consent to any action authorized or permitted to be taken by Holders, but the Company shall have no obligation to do so; provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with
respect to, the giving or making of any notice, declaration, request or direction referred to in clause (f) of this Section 1.04. Unless otherwise specified, if not set by the Company prior to the first solicitation of a Holder made by any
Person in respect of any such action, or in the case of any such vote, prior to such vote, any such record date shall be the later of 30 days prior to the first solicitation of such consent or vote or the date of the most recent list of Holders
furnished to the Trustee prior to such solicitation or vote. If any record date is set pursuant to this clause (e), the Holders on such record date, and only such Holders, shall be entitled to make, give or take such request, demand, authorization,
direction, notice, consent, waiver or other action (including revocation of any action), whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless made, given or taken
on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Notes, or each affected Holder, as applicable, on such record date. 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 12.01. 

(f)    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 under Section 6.01(a), (2) any declaration of acceleration referred to in Section 6.02, (3) any direction referred to in Section 6.05 or (4) any request to pursue a remedy
referred to in Section 6.06(2). If any record date is set pursuant to this paragraph, the Holders 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 made, given or taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Notes or each
affected Holder, as applicable, on such record date. Promptly after any record date is 

  
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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 and to each Holder in the manner set forth in Section 12.01. 
 (g)    Without limiting the
foregoing, a Holder entitled to take any action hereunder with regard to any particular Note 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. Any notice given or action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if
given or taken by separate Holders of each such different part. 
 (h)    Without limiting the generality of the
foregoing, a Holder, including a Depositary that is the Holder of a Global Note, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided
in this Indenture to be made, given or taken by Holders, and a Depositary, that is the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such Depositary’s standing
instructions and customary practices. 
 (i)    The Company may fix a record date for the purpose of determining the
Persons who are beneficial owners of interests in any Global Note held by a Depositary entitled under the procedures of such Depositary, if any, to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders; provided that if such a record date is fixed, only the beneficial owners of interests in such Global Note on
such record date or their duly appointed proxy or proxies shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such beneficial owners remain beneficial owners
of interests in such Global Note after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration
Date. 
 (j)    With respect to any record date set pursuant to this Section 1.04, the party hereto that 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 the other party hereto in writing, and to each Holder of Notes in the manner set forth in Section 12.01, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record
date set pursuant to this Section 1.04, the party hereto which set such record date shall be deemed to have initially designated the 45th 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 clause (j). 
 ARTICLE 2 

THE NOTES 

Section 2.01    Form and Dating; Terms. 

(a)    Provisions relating to the Notes issued are set forth in Appendix A hereto, which is hereby incorporated in and
expressly made a part of this Indenture. The Notes and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Indenture.
The Notes may have notations, legends or endorsements required by law, rules or agreements with national securities 

  
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exchanges to which the Company or any Guarantor is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Note
shall be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

(b)    The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.

 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the
Company, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions
of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 The Notes shall be subject to repurchase by the
Company pursuant to a Change of Control Offer as provided in Section 4.09. The Notes shall not be redeemable, other than as provided in Article 3. 

Additional Notes may be created and issued from time to time by the Company without notice to or consent of the Holders and shall rank pari
passu with, and be consolidated with and form a single class with, the Initial Notes and shall have the same terms as to status, redemption or otherwise (other than issue date, issue price and, if applicable, the first Interest Payment Date and
the initial interest accrual date) as the Initial Notes. Any Additional Notes may be issued under a supplemental indenture to this Indenture; provided that if any Additional Notes are not fungible with the Initial Notes for U.S. federal
income tax purposes, such Additional Notes will have a separate CUSIP number and ISIN from the Initial Notes. 

Section 2.02    Execution and Authentication. 

(a)    At least one Officer shall execute the Notes on behalf of the Company by manual, facsimile or other electronic
(including “.pdf” or “.tif” format) signature. If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 

(b)    A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until
authenticated substantially in the form of Exhibit A attached hereto by the manual signature of an authorized signatory of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under
this Indenture. 
 (c)    On the Issue Date, the Trustee shall, upon receipt of a written order of the Company signed by
an Officer (an “Authentication Order”), authenticate and deliver the Initial Notes. In addition, at any time and from time to time, the Trustee shall, upon receipt of an Authentication Order, authenticate and deliver any Additional
Notes in an aggregate principal amount specified in such Authentication Order for such Additional Notes issued hereunder. 

(d)    The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating
agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an
Affiliate of the Company. 

  
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 Section 2.03    Registrar and Paying Agent. 

(a)    The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for
exchange (“Registrar”) and at least one office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes (“Note Register”) and of their
transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents for the Notes. The term “Registrar” includes any co-registrar, and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without prior notice to any Holder. The Company shall notify the
Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Restricted
Subsidiaries may act as Paying Agent or Registrar. 
 (b)    DTC shall be the initial Depositary with respect to the
Global Notes. The Company initially appoints the Trustee to act as Paying Agent and Registrar for the Notes and to act as Custodian with respect to the Global Notes. 

Section 2.04    Paying Agent to Hold Money in Trust. 

The Company shall, no later than 12:00 noon (New York City time) on each due date for the payment of principal, premium, if any, and interest
on any of the Notes, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held in trust for the Holders entitled to the same, and (unless such Paying Agent is the Trustee) the Company shall promptly notify the Trustee of
its action or failure so to act. Subject to actual receipt of such funds as provided by this Section 2.04 by the Paying Agent, the Paying Agent shall make payments on the Notes to the Holders entitled thereto on such date and in accordance with
the provisions of this Indenture and the Notes. The Company shall require each Paying Agent other than the Trustee to agree in writing 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, premium, if any, and interest on the Notes, and shall notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay
all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, a Paying Agent (if other than the Company or a Subsidiary) shall have no further
liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings
relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 
 Section 2.05    Holder Lists. 

The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of all Holders, together with the principal amount of Notes held by each such Holder and the aggregate principal amount of Notes outstanding. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least two Business Days
before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders. 

Section 2.06    Transfer and Exchange. 

(a)    The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for
registration of transfer and in compliance with Appendix A. 

  
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 (b)    To permit registrations of transfers and exchanges, the Company
shall execute and the Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request. 

(c)    No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a
Definitive Note for any registration of transfer or exchange (other than pursuant to Section 2.07), but the Company may require a Holder to pay a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or similar governmental charges payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 4.09 or 9.04). 

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

 (e)    Neither the Company nor the Registrar shall be required (1) to issue, to register the transfer of or to
exchange any Note during a period beginning at the opening of business 10 days before the day of any selection of Notes for redemption under Section 3.02 and ending at the close of business on the day of selection, (2) to register the
transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (3) to register the transfer of or to exchange any Note between a Record Date and the next
succeeding Interest Payment Date. 
 (f)    Prior to due presentment for the registration of a transfer of any Note, the
Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal, premium, if any, and (subject to the Record Date provisions
of the Notes) interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(g)    Upon surrender for registration of transfer of any Note at the office or agency of the Company designated pursuant
to Section 4.02, the Company shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations of a like aggregate
principal amount. 
 (h)    At the option of the Holder, Notes may be exchanged for other Notes of any authorized
denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes are so surrendered for exchange, the Company shall execute and the Trustee shall
authenticate and deliver the replacement Global Note for which the Holder making the exchange is entitled pursuant to the applicable procedures of the Depository in accordance with Section 2.02. When Definitive Notes are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and mail, the replacement Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of Section 2.02. 

(i)    All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.06 to effect a registration of transfer or exchange may be submitted by mail or by facsimile or electronic (including “.pdf” or “.tif” format) transmission. 

  
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 Section 2.07    Replacement Notes. 

If a mutilated Note is surrendered to the Trustee or any Registrar or if a Holder claims that its Note has been lost, destroyed or wrongfully
taken and the Trustee receives evidence to its satisfaction of the ownership and loss, destruction or theft of such Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the
Trustee’s requirements are otherwise met. If required by the Trustee, any Registrar or the Company, an indemnity bond must be provided by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the
Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge the Holder for the expenses of the Company and the Trustee in replacing a Note. Every replacement Note is a
contractual obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. Notwithstanding the foregoing provisions of this Section 2.07, in case
any mutilated, lost, destroyed or wrongfully taken 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, 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) in connection therewith. 

The provisions of this Section 2.07 are 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 2.08    Outstanding Notes. 

(a)    The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it,
those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in
Section 2.09, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; provided that Notes held by the Company or a Subsidiary of the Company will not be deemed to be outstanding for
purposes of Section 3.07(b). 
 (b)    If a Note is replaced pursuant to Section 2.07, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser, as such term is defined in Section 8-303 of the Uniform Commercial Code in effect
in the State of New York. 
 (c)    If the principal amount of any Note is considered paid under Section 4.01, it
ceases to be outstanding and interest on it ceases to accrue from and after the date of such payment. 
 (d)    If a
Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on the maturity date, any redemption date or any date of purchase pursuant to a Change of Control Offer, money sufficient to pay Notes payable or to be
redeemed or purchased on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

  
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 Section 2.09    Treasury Notes. 

In determining whether the Holders of the requisite principal amount of Notes have concurred in any direction, waiver or consent, Notes
beneficially owned by the Company, or by any Affiliate of the Company, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or
consent, only Notes that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. Notes so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the Company or any obligor upon the Notes or any Affiliate of the Company or of such other obligor. 

 

	Section	 2.10    Temporary Notes. 

Until definitive Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall
authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without
unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the benefits
accorded to Holders, or beneficial holders, respectively, of Notes under this Indenture. 
  

	Section	 2.11    Cancellation. 

The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and shall destroy cancelled Notes in accordance with its customary procedures (subject to the record retention requirement of the Exchange Act). Certification of the destruction of all cancelled Notes
shall, upon the written request of the Company, be delivered to the Company. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 

 

	Section	 2.12    Defaulted Interest. 

(a)    If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful
manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01. 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 provided in this Section 2.12. The Trustee shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be less than 10 days prior to the
related payment date for such defaulted interest. The Trustee shall promptly notify the Company of such special record date. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in
the name and at the expense of the Company) shall send, or cause to be sent to each Holder a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

  
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 (b)    Subject to the foregoing provisions of this Section 2.12 and
for greater certainty, 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 interest, which were carried by
such other Note. 
 Section 2.13    CUSIP and ISIN Numbers 

The Company in issuing the Notes may use CUSIP and/or ISIN numbers (if then generally in use) and, if so, the Trustee and the Agents shall use
CUSIP and/or ISIN numbers in notices of redemption or exchange or in Change of Control Offers as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as
printed on the Notes or as contained in any notice of redemption or exchange or in Change of Control Offers and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or exchange or Change
of Control Offer shall not be affected by any defect in or omission of such numbers. The Company shall as promptly as practicable notify the Trustee and the Agents in writing of any change in the CUSIP or ISIN numbers. 

ARTICLE 3 
 REDEMPTION 

Section 3.01    Notices to Trustee. 

If the Company elects to redeem the Notes pursuant to Section 3.07, it shall furnish to the Trustee, at least two Business Days before
notice of redemption is required to be sent or caused to be sent to Holders pursuant to Section 3.03 (unless a shorter notice shall be agreed to by the Trustee) but not more than 60 days before a redemption date, an Officers’ Certificate
setting forth (1) the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption shall occur, (2) the redemption date, (3) the principal amount of the Notes to be redeemed, and
(4) the redemption price, if then ascertainable. If any such redemption is, in the Company’s sole discretion, made subject to the satisfaction of one or more conditions precedent, such Officers’ Certificate shall certify the
conditions that such redemption is subject to, and the Company shall give the Trustee prompt notice of the non-satisfaction of any conditions, after which the Trustee shall give notice to the Holders in the
same manner as the related notice of redemption was given that such conditions have not been satisfied and that the redemption shall not occur. 

Section 3.02    Selection of Notes to Be Redeemed or Purchased; Conditions to Redemption. 

(a)    If less than all of the Notes are to be redeemed pursuant to Section 3.07 or purchased in a Change of Control
Offer at any time, the Trustee shall select the Notes to be redeemed or purchased on a pro rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate, and in accordance with the procedures of the Depositary in
the case of Global Notes; provided that the unredeemed portion of any Note redeemed in part must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. In the event of partial redemption or purchase by
lot, the particular Notes to be redeemed or purchased shall be selected, unless otherwise provided herein, not less than 10 nor more than 60 days prior to the redemption date by the Trustee from the then outstanding Notes not previously called for
redemption or purchase. 

  
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 (b)    The Trustee shall promptly notify the Company in writing of the
Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in amounts of $2,000 or whole
multiples of $1,000 in excess thereof; no Notes of $2,000 or less shall be redeemed in part, except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not $2,000
or a multiple of $1,000 in excess thereof, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for
redemption or purchase. 
 (c)    After the redemption date, upon surrender of a Note to be redeemed in part only, a new
Note or Notes in principal amount equal to the unredeemed portion of the original Note representing the same Indebtedness to the extent not redeemed shall be issued in the name of the Holder of the Notes upon cancellation of the original Note (or
appropriate book entries shall be made to reflect such partial redemption). 
 (d)    Any redemption of the Notes and
any notice of redemption of Notes may, at the Company’s discretion, be subject to one or more conditions precedent, including completion of an Equity Offering, Change of Control, asset sale or other transaction or event. If a redemption of
Notes is subject to the satisfaction of one or more conditions precedent, the Company may, in its discretion, delay the redemption date until such time (including more than 60 days after the date of the related notice of redemption) as any or all
such conditions shall be satisfied (or waived by the Company in its sole discretion), and the Company may, in its sole discretion, rescind the notice of redemption related to any such redemption at any time if it determines that any or all such
conditions will not be satisfied or waived. 
 Section 3.03    Notice of Redemption. 

(a)    The Company shall mail, or cause to be mailed (or, in the case of Notes held in book-entry form, by electronic
transmission) notices of redemption of Notes at least 10 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed pursuant to this Article at such Holder’s registered address or otherwise in
accordance with the procedures of the Depositary, except that redemption notices may be sent more than 60 days prior to a redemption date if the notice is issued in connection with Article 8 or Article 11. 

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

(1)    the redemption date; 

(2)    the redemption price if then ascertainable, including the portion thereof representing any accrued and unpaid
interest; provided that in connection with a redemption under Section 3.07(a), the notice need not set forth the redemption price but only the manner of calculation thereof; 

(3)    if any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be
redeemed; 
 (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; 

  
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 (6)    that, unless the Company defaults in making such redemption
payment or the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on Notes called for redemption ceases to accrue on and after the redemption date; 

(7)    the paragraph or subparagraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for
redemption are being redeemed; 
 (8)    if such redemption is subject to the satisfaction of one or more conditions
precedent as determined by the Company in its discretion, the conditions precedent to such redemption and that, in the Company’s discretion, the redemption date may be delayed until such time (including more than 60 days after the date of the
notice of redemption) as any or all such conditions shall be satisfied (or waived by the Company in its sole discretion), or that such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not
have been satisfied (or waived by the Company in its sole discretion) by the redemption date, or by the redemption date so delayed, or that such notice may be rescinded at any time in the Company’s sole discretion if the Company determines that
any or all of such conditions will not be satisfied or waived; and 
 (9)    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. 
 (c)    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 that the Company shall have delivered to the Trustee, at least two Business Days before notice
of redemption is required to be sent or caused to be sent to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and
setting forth the information to be stated in such notice as provided in Section 3.03(b). 
 Section 3.04    Effect of
Notice of Redemption. 
 Once a notice of redemption is sent in accordance with Section 3.03 and all conditions (if any) to such
redemption are satisfied as and when required (as determined by the Company in its sole discretion and taking into account any election by the Company to delay the applicable redemption date as provided in Section 3.02(d)) or the Company waives
in writing any such conditions that are not satisfied, Notes called for redemption become irrevocably due and payable on the redemption date (or, if the Company has delayed such redemption date, the applicable delayed redemption date, as the case
may be) at the redemption price. The notice, if sent in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice
to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Subject to Section 3.05, on and after the redemption date (or delayed redemption
date, as the case may be), interest ceases to accrue on Notes or portions of Notes called for redemption. 

Section 3.05    Deposit of Redemption or Purchase Price. 

(a)    No later than 12:00 noon (New York City time) on the redemption date (or delayed redemption date) or purchase date,
the Company shall deposit with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid interest on all Notes to be redeemed or purchased on that date, subject to the right of Holders of record on the
relevant Record Date to receive interest due on an Interest Payment Date falling on or prior to the redemption date (or delayed redemption date) or purchase date. The Paying Agent shall promptly pay to each Holder whose Notes are to be redeemed or
repurchased the applicable redemption or purchase price thereof and accrued and unpaid interest thereon. The Trustee or the Paying Agent shall promptly return to the 

  
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Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid interest on,
all Notes to be redeemed or purchased. 
 (b)    If the Company complies with the provisions of Section 3.05(a), on
and after the redemption date (or delayed redemption date) or purchase date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption or purchase, whether or not such Notes are presented for payment. If a Note is
redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the redemption date (or delayed redemption date) or purchase date shall be paid on the redemption date (or
delayed redemption date) or purchase date to the Person in whose name such Note was registered at the close of business on such Record Date. If any Note called for redemption or purchase shall not be so paid upon surrender for redemption or purchase
because of the failure of the Company to comply with Section 3.05(a), interest shall be paid on the unpaid principal, from the redemption date (or delayed redemption date) or purchase date until such principal is paid, and to the extent lawful
on any interest accrued to the redemption date (or delayed redemption date) or purchase date not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01. 

Section 3.06    Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part, the Company shall issue and, upon receipt of an Authentication Order, the
Trustee shall promptly authenticate and mail to the Holder (or cause to be transferred by book entry) at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered representing
the same Indebtedness to the extent not redeemed or purchased; provided that each new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. It is understood that, notwithstanding anything in this
Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or Officers’ Certificate is required for the Trustee to authenticate such new Note. 
  

	Section	 3.07    Optional Redemption. 

(a)    At any time prior to April 15, 2022, the Company may redeem the Notes, in whole but not in part, upon not less
than 10 nor more than 60 days’ prior notice mailed to each Holder or otherwise sent in accordance with the procedures of the Depositary, at a redemption price equal to 100% of the principal amount of the Notes plus the Applicable Premium plus
accrued and unpaid interest, if any, to but excluding the redemption date, subject to the right of Holders of record on the relevant Record Date to receive interest due on an Interest Payment Date falling on or prior to the redemption date. Promptly
after the determination thereof, the Company shall give the Trustee notice of the redemption price provided for in this Section 3.07(a), and the Trustee shall not be responsible for such calculation. 

(b)    Prior to April 15, 2022, the Company may on any one or more occasions redeem up to 40% of the original
aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) upon not less than 10 nor more than 60 days’ notice, with the Net Cash Proceeds of one or more Equity Oferings at a redemption price of
105.250% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon (which accrued and unpaid interest need not be funded with the Net Cash Proceeds of any such Equity Offering), if any, to, but excluding, the applicable
redemption date, subject to the right of Holders of record on the relevant Record Date to receive interest due on an Interest Payment Date falling on or prior to such redemption date; provided that (1) at least 50% of the sum of the
original principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) remains outstanding immediately after the occurrence of each such redemption (unless all Notes are redeemed substantially concurrently); and
(2) each such redemption occurs within 180 days of the date of closing of the applicable Equity Offering. 

  
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 (c)    Except pursuant to Section 3.07(a), (b) or (e), the Notes
shall not be redeemable at the Company’s option prior to April 15, 2022. 
 (d)    On and after April 15,
2022, the Company may redeem the Notes, in whole or in part, upon notice pursuant to Section 3.03 at the redemption prices (expressed as a percentage of the principal amount of the Notes to be redeemed) set forth in this Section 3.07(d),
plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date, subject to the right of Holders of record on the relevant Record Date to receive interest due on an Interest Payment Date falling on or prior to
such redemption date, if redeemed during the twelve-month period beginning on April 15 of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2022
	  	 	102.625	% 
	 2023
	  	 	101.313	% 
	 2024 and thereafter
	  	 	100.000	% 

 (e)    Notwithstanding the foregoing, in connection with any tender offer or Change of
Control Offer for the Notes, if Holders of not less than 90% in aggregate principal amount of the then outstanding Notes validly tender and do not validly withdraw such Notes in such offer and the Company, or any third party making an offer in lieu
of the Company, purchases all of the Notes validly tendered and not validly withdrawn by such Holders, the Company or such third party will have the right, upon not less than 10 days’ nor more than 60 days’ prior notice, given not more
than 60 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a price in cash equal to the price offered to each other Holder of the Notes in such offer (which may be less than par) plus, to the
extent not included in the offer payment, accrued and unpaid interest, if any, to, but excluding, the date of redemption (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment
Date). 
 (f)    Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections
3.01 through 3.06. 
 (g)    The Company or its Affiliates may acquire Notes by means other than a redemption, whether
by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of this Indenture. 

Section 3.08    Mandatory Redemption. 

The Company will not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

  
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 ARTICLE 4 

COVENANTS 

Section 4.01    Payment of Notes. 

(a)    The Company will pay or cause to be paid the principal, premium, if any, and interest on the Notes on the dates and
in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary, holds as of 12:00 noon, New York City time, on the due date money
deposited by the Company in immediately available funds and designated for and sufficient to pay the principal, premium, if any, and interest then due. 

(b)    The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 

Section 4.02    Maintenance of Office or Agency. 

The Company shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company and the Guarantors 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. 

The Company may also from time to time designate additional 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. 

The Company hereby initially designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance
with Section 2.03. 
 Section 4.03    Reports and Other Information. 

(a)    Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act, to the extent permitted by the Exchange Act, the Company will file with the SEC, and make available to the Trustee and the Holders, the annual reports and the information, documents and other reports (or copies of such portions of any
of the foregoing as the SEC may by rules and regulations prescribe) that are specified in Sections 13 and 15(d) of the Exchange Act with respect to U.S. issuers within the time periods specified therein or in the relevant forms. In the event that
the Company is not permitted to file such reports, documents and information with the SEC pursuant to the Exchange Act, the Company will nevertheless make available such Exchange Act reports, documents and information to the Trustee and the Holders
as if the Company were subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act within the time periods specified therein or in the relevant forms. 

  
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 (b)    If the Company has designated any of its Subsidiaries as
Unrestricted Subsidiaries and such Unrestricted Subsidiaries taken together would have been a Significant Subsidiary, then the quarterly and annual financial information required by Section 4.03(a) shall include a presentation of financial
metrics (selected in the Company’s sole discretion), either on the face of the financial statements or in the footnotes to the financial statements and in the “Management’s Discussion and Analysis of Results of Operations and
Financial Condition” section of the financial condition and results of operations of the Company and its Restricted Subsidiaries or of such Unrestricted Subsidiaries. The financial information and reports required by this covenant need not
include any separate financial statements of a Guarantor or information required by Rule 3-10 or 3-16 of Regulation S-X (or any
successor regulation) so long as such financial information and reports are accompanied by consolidating information that explains in reasonable detail the differences between the information relating to the Company and the Guarantors, on one hand,
and the information relating to non-Guarantors, on the other hand. 
 (c)    In
addition, the Company and the Guarantors will agree that they will make available to the Holders and to prospective investors, upon the request of such Holders, the 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. For purposes of this Section 4.03, the Company and the Guarantors will be deemed to have furnished the reports to the Trustee and the Holders as required
by this Section 4.03 if the Company has filed such reports with the SEC on the EDGAR or IDEA filing system and such reports are publicly available. 

(d)    Delivery of such reports, information and documents to the Trustee is for informational purposes only, and the
Trustee’s receipt thereof shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants under this Indenture
(as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Section 4.04    Compliance
Certificate. 
 (a)    The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year
ending after the Issue Date, a certificate from the principal executive officer, principal financial officer or principal accounting officer 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 Officer with a view to determining whether the Company and each Guarantor have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to
such Officer signing such certificate, that to the best of his or her knowledge, the Company and each Guarantor have kept, observed, performed and fulfilled each and every condition and covenant contained in this Indenture and is not in default in
the performance or observance of any of the terms, provisions, covenants and conditions of this Indenture (or, if a Default shall have occurred, describing all such Defaults of which he or she may have knowledge and what action the Company and each
Guarantor are taking or propose to take with respect thereto). 
 (b)    When any Default has occurred and is continuing
under this Indenture, or if the Trustee or the holder of any other evidence of Indebtedness of the Company or any Subsidiary gives any notice or takes any other action with respect to a claimed Default, the Company shall promptly (which shall be no
more than ten Business Days after receiving written notice or a responsible officer becoming aware thereof) send to the Trustee written notice specifying such event, its status and what action the Company is taking or proposes to take with respect
thereto (unless such Default has been cured or waived within such 10 Business Day period). 

  
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 Section 4.05    Taxes. 

The Company shall pay, and shall cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments and
governmental levies except such as are contested in good faith and by appropriate negotiations or proceedings or where the failure to effect such payment is not reasonably expected by the Company to have a material adverse effect on the financial
condition or results of operation of the Company and its Subsidiaries taken as a whole. 
 Section 4.06    Stay, Extension and
Usury Laws. 
 The Company and each Guarantor covenants (to the extent that it may lawfully do so) that it shall not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the
Company and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenant that it shall not, by resort to any such law, 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 has been enacted. 

Section 4.07    Limitation on Liens. 

The Company will not, and will not permit any of the Guarantors to, directly or indirectly, create or Incur any Lien (other than Permitted
Liens) upon any of its property or assets (including Capital Stock of its Subsidiaries), whether owned on the Issue Date or acquired after that date, which Lien is securing any Indebtedness, unless contemporaneously with the Incurrence of such Liens
effective provision is made to secure the Indebtedness due under this Indenture and the Notes or, in respect of Liens on any Guarantor’s property or assets, any Note Guarantee of such Guarantor, equally and ratably with (or senior in priority
to in the case of Liens with respect to Subordinated Obligations) the Indebtedness secured by such Lien for so long as such Indebtedness is so secured. 

Section 4.08    Corporate Existence. 

Subject to Article 5, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (1) its
corporate existence and the corporate, partnership, limited liability company or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the
Company or any such Restricted Subsidiary and (2) the rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; provided that the Company shall not be required to preserve any such right,
license or franchise, or the corporate, partnership, limited liability company or other existence of any of its Restricted Subsidiaries, if the Company in good faith shall determine that the preservation thereof is no longer desirable in the conduct
of the business of the Company and its Restricted Subsidiaries, taken as a whole. 
 Section 4.09    Offer to Repurchase Upon
Change of Control Repurchase Event. 
 (a)    If a Change of Control Repurchase Event occurs, unless the Company has
exercised its right to redeem all of the Notes pursuant to Sections 3.03 and 3.07, each Holder will have the right to require the Company to repurchase all or any part (equal to an integral multiple of $1,000) of such Holder’s Notes at a
purchase price in cash equal to 101% of the principal amount of the Notes plus accrued and unpaid interest, if any, to, but excluding, the date of purchase (subject to the right of Holders of record on the relevant Record Date to receive interest
due on the relevant Interest Payment Date). 

  
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 (b)    Within 30 days following any Change of Control Repurchase Event,
unless the Company has exercised its right to redeem all of the Notes pursuant to Sections 3.03 and 3.07, the Company will give notice (the “Change of Control Offer”) to each Holder, with a copy to the Trustee, stating: 

(1)    that a Change of Control Repurchase Event has occurred and that such Holder has the right to require
the Company to purchase such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of such Notes plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the
relevant Record Date to receive interest due on an Interest Payment Date falling on or prior to the Change of Control Payment Date (the “Change of Control Payment”)); 

(2)    the repurchase date, which shall be no earlier than 30 days nor later than 60 days from the date
such notice is first given (the “Change of Control Payment Date”); 
 (3)    if such
notice is delivered in advance of the occurrence of a Change of Control Repurchase Event, that the Change of Control Offer is conditioned upon the occurrence of such Change of Control Repurchase Event; 

(4)    that Notes must be tendered in multiples of $1,000, and any Note not properly tendered will remain
outstanding and continue to accrue interest; 
 (5)    that, unless the Company defaults in the payment
of the Change of Control Payment, any Note accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on and after the Change of Control Payment Date; 

(6)    that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be
required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified in the notice 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; 
 (7)    that Holders
shall be entitled to withdraw their tendered Notes and their election to require the Company to purchase such Notes; provided that the Paying Agent receives at the address specified in the notice, not later than the close of business on the
third Business Day preceding the Change of Control Payment Date a notice, a telegram, a facsimile transmission or a letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that
such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 

(8)    that if a Holder is tendering less than all of its Notes, such Holder will be issued new Notes equal
in principal amount to the unpurchased portion of the Notes surrendered (the unpurchased portion of the Notes must be equal to $2,000 or an integral multiple of $1,000 in excess thereof); and 

(9)    the other instructions, as the procedures determined by the Company, consistent with this
Section 4.09 , that a Holder must follow in order to have its Notes repurchased. 
 The notice, if sent or otherwise delivered in a
manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. If (A) the notice is sent or otherwise delivered in a manner herein provided and (B) any Holder fails to receive
such notice or a Holder receives such notice but it is defective, such Holder’s failure to receive such notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly
received such notice without defect. 

  
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 (c)    On the Change of Control Payment Date, the Company will, to the
extent lawful: 
 (1)    accept for payment all Notes or portions of Notes (in integral multiples of
$1,000) properly tendered pursuant to the Change of Control Offer; provided that if, following repurchase of a portion of a Note, the remaining principal amount of such Note outstanding immediately after such repurchase would be less than
$2,000, then the portion of such Note so repurchased shall be reduced so that the remaining principal amount of such Note outstanding immediately after such repurchase is $2,000; 

(2)    deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all
Notes or portions of Notes so tendered; and 
 (3) deliver or cause to be delivered to the Trustee the Notes so accepted
together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company in accordance with this Section 4.09. 

(d)    A Change of Control Offer may be made in advance of a Change of Control Repurchase Event, conditioned upon the
occurrence of such Change of Control Repurchase Event, provided that such Change of Control Offer complies with all applicable securities laws or regulations. 

(e)    The Paying Agent will promptly mail or otherwise deliver in accordance with the applicable procedures of the
Depository to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (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 will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. 

(f)    If the Change of Control Payment Date is on or after a Record Date and on or before the related Interest Payment
Date, any accrued and unpaid interest to the Change of Control Payment Date, if any, will be paid on the Change of Control Payment Date to the Person in whose name a Note is registered at the close of business on such Record Date, and no additional
interest will be payable to Holders on Notes tendered or purchased pursuant to the Change of Control Offer. 

(g)    The Company will not be required to make a Change of Control Offer upon a Change of Control Repurchase Event if
(i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.09 applicable to a Change of Control Offer made by the Company and purchases all
Notes validly tendered and not withdrawn under such Change of Control Offer; or (ii) notice of redemption to redeem the Notes in full has been given pursuant to this Indenture as described in Section 3.07, unless and until there is a
default in the payment of the applicable redemption price. 
 (h)    The Company will comply, to the extent applicable,
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations, in each case to the extent applicable in connection with the repurchase of Notes as a result of a Change
of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to
have breached its obligations described in this Indenture by virtue of the conflict. 

  
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 (i)    Other than as specifically provided in this Section 4.09,
any purchase pursuant to this Section 4.09 shall be made pursuant to the provisions of Sections 3.02, 3.05 and 3.06. 

Section 4.10    Additional Guarantees. 

The Company will cause each Restricted Subsidiary (other than an Excluded Subsidiary) created or acquired by the Company, which, (a) if
the Senior Secured Credit Agreement is outstanding, is or becomes a borrower under or Guarantees the Senior Secured Credit Agreement or (b) if the Senior Secured Credit Agreement is not outstanding, individually or in the aggregate, is or
becomes the borrower of or Guarantees Indebtedness (other than Renewable Diesel Joint Venture Indebtedness, Indebtedness owed to the Company or another Guarantor, or Indebtedness consisting solely of Guarantees by a domestic Restricted Subsidiary of
Indebtedness of a Foreign Subsidiary and all or substantially all of such domestic Restricted Subsidiary’s assets are the Capital Stock of or other investments in the Foreign Subsidiary whose Indebtedness is being guaranteed) and the aggregate
of such Indebtedness is in excess of $50.0 million, to execute and deliver to the Trustee within 20 Business Days a Note Guarantee pursuant to which such Restricted Guarantor will unconditionally Guarantee, on a joint and several basis, the
full and prompt payment of the principal of, premium, if any, and interest on the Notes on a senior basis. 
 ARTICLE 5 

SUCCESSORS 

Section 5.01    Merger, Consolidation or Sale of All or Substantially All Assets. 

(a)    The Company will not consolidate with or merge with or into, or sell, assign, convey, transfer, lease or otherwise
dispose of all or substantially all its property and assets in one or more related transactions to, any Person, unless: 

(1)    the resulting, surviving or transferee Person (the “Successor Company”) will be a
corporation or a limited liability company (provided that, if the Successor Company is a limited liability company, there shall be a corporate co-issuer), in each case organized and existing under the
laws of the United States of America, any State of the United States or the District of Columbia) and the Successor Company (if not the Company) will expressly assume, by supplemental indenture, executed and delivered to the Trustee, in form
satisfactory to the Trustee, all the obligations of the Company under the Notes and this Indenture; 

(2)    immediately after giving pro forma effect to such transaction, no Default or Event of Default
shall have occurred and be continuing; 
 (3)    in the case of a Successor Company, each Guarantor
(unless it is the other party to the transactions above) shall have by supplemental indenture confirmed that its Guarantee shall apply to such Successor Company’s obligations in respect of this Indenture and the Notes; 

(4)    the Company or the Successor Company, as applicable, shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, conveyance, transfer, lease or other disposition and such supplemental indenture (if any) comply with this Indenture. 

  
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 For purposes of this Section 5.01, the sale, lease, conveyance, assignment, transfer,
or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of
the properties and assets of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 

Notwithstanding the foregoing, if a Restricted Subsidiary merges into the Company, the Company will not be required to comply with
Section 5.01(a)(3) and 5.01(a)(4). 
 (b)    The Company will not permit any Guarantor to consolidate with, merge
with or into any Person and will not permit the sale, assignment, conveyance, transfer, lease or other dispositions of all or substantially all of the property or assets of any Guarantor in one or more related transactions to any Person, unless if
such entity shall remain a Guarantor, the resulting, surviving or transferee Person (the “Successor Guarantor”) will be an entity organized and existing under the laws of the United States of America, any State of the United States
or the District of Columbia or any other jurisdiction in which the predecessor Subsidiary was organized; (b) immediately after giving pro forma effect to such transaction, no Default or Event of Default shall have occurred and be
continuing; (c) the Successor Guarantor, if other than such Guarantor, expressly assumes all the obligations of such Guarantor under this Indenture and its Note Guarantee pursuant to a supplemental indenture or other documents or instruments in
form reasonably satisfactory to the Trustee, and (d) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental
indenture (if any) comply with this Indenture; provided that the foregoing shall not apply to a transaction pursuant to which such Guarantor shall be released from its obligations under this Indenture and its Note Guarantee in accordance with
Section 10.06. 
 Section 5.02    Successor Entity Substituted. 

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the
assets of the Company in accordance with Section 5.01, the Successor Company, formed by such consolidation or into or with which the Company, is merged or wound up or to which such sale, assignment, transfer, lease, conveyance or other
disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, winding up, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the Company shall
refer instead to the Successor Company and not to the Company), and may exercise every right and power of the Company under this Indenture and under the Notes ,with the same effect as if such Successor Company had been named as the Company herein
and the predecessor Person shall be released from its obligations under this Indenture and all of its Obligations under the Notes, except that, in the case of a lease of all or substantially all the assets of the Company, the predecessor Person
shall not be released from the obligation to pay the principal, premium, if any, and interest on the Notes. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01    Events of Default. 

(a)    Each of the following is an Event of Default (an “Event of Default”): 

(1)    default in any payment of interest on any Note when due, continued for 30 days; 

  
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 (2)    default in the payment of principal of or
premium, if any, on any Note when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; 

(3)    failure by the Company to comply with its obligations under Section 5.01(a); 

(4)    failure by the Company or any Guarantor to comply for 60 days after written notice as provided below
with any of its obligations under Article 4 or any of its other agreements contained in this Indenture (other than a failure by the Company to comply with its obligations under Section 5.01(a), which constitutes an Event of Default under
Section 6.01(a)(3)); 
 (5)    default under any mortgage, indenture or instrument under which there
may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), other
than Indebtedness owed to the Company or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists, or is created after the Issue Date, which default: 

(A)    is caused by a failure to pay principal of, or premium, if any, on such Indebtedness when due and
payable (after giving effect to any grace period provided in such Indebtedness) (“payment default”); or 

(B)    relates to an obligation other than the obligation to pay principal of, or premium, if any, on such
Indebtedness and results in the acceleration of such Indebtedness prior to its maturity (the “cross acceleration”); 
 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 (after giving effect to any applicable notice or grace period provided in
such Indebtedness (which notice has been given or grace period has expired)) or the maturity of which has been so accelerated, aggregates $100.0 million or more; 

(6)    (i) The Company, a Significant Subsidiary or group of Restricted Subsidiaries of the Company that,
taken together (as of the latest audited consolidated financial statements for the Company), would constitute a Significant Subsidiary of the Company: 

(A)    commences voluntary proceedings to be adjudicated bankrupt or insolvent; 

(B)    consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it
of a petition or answer or consent seeking an arrangement of debt, reorganization, dissolution, winding-up or relief under applicable Bankruptcy Law; 

(C)    consents to the appointment of a receiver, interim receiver, receiver and manager, liquidator,
assignee, trustee, sequestrator or other similar official of it or for all or substantially all of its property; 

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

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

  
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 or (ii) a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that: 
 (A)    is for relief against the Company, any Significant Subsidiary or
any group of Restricted Subsidiaries that, taken together (as of the date of the most recent audited consolidated financial statements of the Company), would constitute a Significant Subsidiary, in a proceeding in which the Company, such Significant
Subsidiary or such group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary, is to be
adjudicated bankrupt or insolvent; 
 (B)    appoints a receiver, interim receiver, receiver and manager,
liquidator, assignee, trustee, sequestrator or other similar official of the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of
the Company), would constitute a Significant Subsidiary, or for all or substantially all of the property of the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited
consolidated financial statements of the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary; or 

(C)    orders the liquidation, dissolution or winding up of the Company, any Significant Subsidiary or any group of
Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of 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; 

(7)    failure by the Company, any Significant Subsidiary or group of Restricted Subsidiaries of the
Company that, taken together (as of the latest audited consolidated financial statements for the Company), would constitute a Significant Subsidiary of the Company to pay final judgments aggregating in excess of $100 million (net of any amounts
that an insurance company or indemnitor has not denied coverage), which judgments are not paid, discharged or stayed for a period of 60 days or more after such judgment becomes final; or 

(8)    any Note Guarantee of a Significant Subsidiary or group of Restricted Subsidiaries of the Company
that, taken together (as of the latest audited consolidated financial statements for the Company), would constitute a Significant Subsidiary of the Company ceases to be in full force and effect (except as contemplated by the terms of this Indenture)
or is declared null and void in a judicial proceeding or any Guarantor that is a Significant Subsidiary or group of Guarantors that are Subsidiaries of the Company and that, taken together (as of the latest audited consolidated financial statements
of the Company), would constitute a Significant Subsidiary of the Company denies in writing or disaffirms in writing its obligations under this Indenture or its Note Guarantee, other than by reason of the termination of this Indenture or the release
of any such Note Guarantee in accordance with the terms of this Indenture. 
 (b)    A default under clause (4) of
Section 6.01(a) will not constitute an Event of Default until the Trustee or the Holders of 25% in principal amount of the outstanding Notes notify the Company of the default and the Company does not cure such default within the time specified
in clauses (4) of Section 6.01(a) after receipt of such notice. 

  
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 (c)    A default under clause (5) of Section 6.01(a) in
respect of the Renewable Diesel Joint Venture Indebtedness will not constitute an Event of Default unless and until the Company or any of its Restricted Subsidiaries fails to make payments in respect of any Guarantee relating to such Indebtedness in
accordance with its terms; provided that the provisions of this sentence shall not apply to any other Indebtedness of the Company or its Restricted Subsidiaries as to which a payment default or cross acceleration occurs as a result of a
default in respect of the Renewable Diesel Joint Venture Indebtedness. 
 Section 6.02    Acceleration. 

(a)    If an Event of Default (other than an Event of Default described in clause (6) of Section 6.01(a) in
respect of the Company) occurs and is continuing, the Trustee by written notice to the Company, or the Holders of at least 25% in principal amount of the outstanding Notes by written notice to the Company and the Trustee, may, and the Trustee at the
written request of such Holders shall, declare the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable. Upon such a declaration, such principal, premium and accrued and unpaid interest will
be due and payable immediately. In the event of a declaration of acceleration of the Notes because an Event of Default described in clause (5) under Section 6.01(a) has occurred and is continuing, the declaration of acceleration of the
Notes shall be automatically annulled if the default triggering such Event of Default pursuant to clause (5) of Section 6.01(a) shall be remedied or cured by the Company or a Restricted Subsidiary or waived by the Holders of the relevant
Indebtedness within 30 days after the declaration of acceleration with respect thereto and if (1) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction and
(2) all existing Events of Default, except nonpayment of principal, premium or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. 

(b)    If an Event of Default described in clause (6) of Section 6.01(a) occurs and is continuing in respect of
the Company, the principal of, premium, if any, and accrued and unpaid interest on all the Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. 

(c)    The Holders of a majority in principal amount of the outstanding Notes may waive all past defaults (except with
respect to nonpayment of principal, premium or interest of any Note held by a non-consenting holder) and rescind any such acceleration with respect to the Notes and its consequences if (1) rescission
would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, other than the nonpayment 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. 
 Section 6.03    Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if
any, or interest on the Notes when due or to enforce the performance of any provision of the Notes or this Indenture. 
 The Trustee may
maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 

  
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 Section 6.04    Waiver of Past Defaults. 

The Holders of a majority in principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all Holders waive
any existing Default and its consequences hereunder, except: 
 (1)    a continuing Default in the
payment of the principal, premium, if any, or interest on any Note held by a non-consenting Holder (including in connection with a Change of Control Offer); and 

(2)    a Default with respect to a provision that under Section 9.02 cannot be amended without the
consent of each Holder affected. 
 Upon any such waiver, 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 6.05    Control by Majority. 

The Holders of a majority in principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines in good
faith is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. 

Section 6.06    Limitation on Suits. 

Subject to Section 6.07, no Holder of a Note may pursue any remedy with respect to this Indenture or the Notes unless: 

(1)    such Holder has previously given the Trustee notice that an Event of Default is continuing; 

(2)    the Holders of at least 25% in principal amount of the then outstanding Notes have requested the
Trustee to pursue the remedy; 
 (3)    such Holders have provided the Trustee with security or indemnity
acceptable to the Trustee (acting reasonably) against any loss, liability or expense; 
 (4)    the
Trustee has not complied with such request within 60 days after the receipt thereof and the provision of security or indemnity; and 

(5)    the Holders of a majority in principal amount of the outstanding Notes have not given the Trustee a
direction that, in the opinion of the Trustee, is inconsistent with such request within such 60-day period. 
 A
Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. 

  
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 Section 6.07    Rights of Holders to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of, premium, if any, and
interest on its Note, on or after the respective due dates expressed or provided for in such Note (including in connection with a Change of Control Offer), or to bring suit for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of such Holder. 
  

	Section	 6.08    Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(a)(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own
name and as trustee of an express trust against the Company and any other obligor on the Notes for the whole amount of principal, premium, if any, and interest remaining unpaid on the Notes, together with interest on overdue principal and, to the
extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel. 

Section 6.09    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 proceedings, 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 has been instituted. 

Section 6.10    Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, 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 are, to the extent permitted by law, 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 6.11    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 6.12    Trustee May File Proofs of Claim. 

The Trustee may file proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon
the Notes including the Guarantors), its creditors or its property and is entitled and empowered to 

  
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participate as a member in any official committee of creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable on any such
claims. Any custodian 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 to it for the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel, and any other amounts due the Trustee under Section 7.06. To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06 out of the estate in any such proceeding, shall be denied for any reason, payment of the same
shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing herein contained 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, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.13    Priorities. 

If the Trustee or any Agent collects any money or property pursuant to this Article 6, it shall pay out the money or property in the following
order: 
 (1)    to the Trustee, the Agents, their agents and attorneys for amounts due under
Section 7.06, including payment of all reasonable compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the Agents and the costs and expenses of collection; 

(2)    to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest
ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

(3)    to the Company or to such party as a court of competent jurisdiction shall direct, including a
Guarantor, if applicable. 
 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.13. Promptly
after any record date is set pursuant to this Section 6.13, the Trustee shall cause notice of such record date and payment date to be given to the Company and to each Holder in the manner set forth in Section 12.01. 

Section 6.14    Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in such suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.14 does not apply to a suit by the Trustee, a suit by a Holder pursuant to
Section 6.07, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 

  
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 ARTICLE 7 

TRUSTEE 

Section 7.01    Duties of Trustee. 

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

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

(1)    the duties of the Trustee shall be determined solely by the express provisions of this Indenture and
the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, 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 or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate
the accuracy of mathematical calculations or other facts stated therein). 
 (c)    The Trustee may not be relieved from
liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(1)    this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

(2)    the Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 

(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 6.05. 
 (d)    Whether or not therein expressly
so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 

(e)    Subject to this Article 7, if an Event of Default occurs and is continuing, the Trustee shall be under no
obligation to exercise any of its rights or powers under this Indenture at the request or direction of any of the Holders unless the Holders have provided to the Trustee indemnity or security satisfactory to the Trustee (acting reasonably) against
any loss, liability or expense. 
 (f)    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 by the Trustee need not be segregated from other funds except to the extent required by law. 

  
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 Section 7.02    Rights of Trustee. 

(a)    The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or
presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, 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 in good faith 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 sole cost of the Company and shall Incur
no liability or additional liability of any kind by reason of such inquiry or investigation. 
 (b)    Before the
Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both subject to the other provisions of this Indenture. The Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from
liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c)    The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence
of any agent or attorney appointed with due care. 
 (d)    The Trustee shall not be liable for any action it takes or
omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 

(e)    Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company
or a Guarantor shall be sufficient if signed by an Officer of the Company or such Guarantor. 
 (f)    None of the
provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to Incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers
if it shall have reasonable grounds for believing that repayment of such funds or indemnity reasonably satisfactory to it against such risk or liability is not assured to it. 

(g)    The Trustee shall not be deemed to have notice or knowledge of any Default or Event of Default unless a Responsible
Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the existence of a Default
or Event of Default, the Notes and this Indenture. 
 (h)    In no event shall the Trustee be responsible or liable for
special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action. 
 (i)    The rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder (including the Agents). 

  
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 (j)    The Trustee may request that the Company deliver an
Officers’ Certificate setting forth the names of individuals and/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. 

(k)    The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder. 
 (l)    The Trustee will be under no duty to monitor, inquire as to or ascertain compliance with the
covenants in this Indenture. 
  

	Section	 7.03 Individual Rights of Trustee. 

The Trustee or any Agent in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the
Company or any Affiliate of the Company with the same rights it would have if it were not Trustee or such Agent. The Trustee is also subject to Section 7.09. 
  

	Section	 7.04 Trustee’s Disclaimer. 

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall
not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any
money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture
other than its certificate of authentication on the Notes. 
  

	Section	 7.05 Notice of Defaults. 

If a Default occurs and is continuing and if it is known to the Trustee, the Trustee shall send to each Holder a notice of the Default within
90 days after it occurs. Except in the case of an Event of Default specified in clauses (1) or (2) of Section 6.01(a), the Trustee may withhold from the Holders notice of any continuing Default if the Trustee determines in good faith that
withholding the notice is in the interest of the Holders. 
  

	Section	 7.06 Compensation and Indemnity. 

(a)    The Company and the Guarantors, jointly and severally, shall pay to the Trustee from time to time such compensation
for its acceptance of this Indenture and services hereunder as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall
reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and
expenses of the Trustee’s agents and counsel; provided that in the case of legal fees and expenses, the Company’s reimbursement obligation shall be limited to the reasonable fees and expenses of one primary counsel to the Trustee. The
Trustee shall provide the Company reasonable notice of any expenditure not in the ordinary course of business. 

  
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 (b)    The Company and the Guarantors, jointly and severally, shall
indemnify the Trustee for, and hold each of the Trustee and any predecessor harmless against, any and all loss, damage, claims, liability or expense (limited, in the case of legal fees and expenses, to the reasonable fees and expenses of one primary
counsel to the Trustee) incurred by it in connection with the acceptance or administration of this trust and the performance of its duties hereunder (including the costs and expenses of enforcing this Indenture against the Company or any Guarantor
(including this Section 7.06)) or defending itself against any claim whether asserted by any Holder, the Company or any Guarantor, or liability in connection with the acceptance, exercise or performance of any of its powers or duties
hereunder). The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder except to the extent the Company has
been materially prejudiced thereby. The Company shall defend the claim and the Trustee may have separate counsel and the Company shall pay the fees and expenses of one primary counsel to the Trustee. The Company need not pay for any settlement made
without its consent, which consent shall not be unreasonably withheld. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct,
negligence or bad faith. 
 (c)    The obligations of the Company and the Guarantors under this Section 7.06 shall
survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee. 

(d)    To secure the payment obligations of the Company and the Guarantors in this Section 7.06, 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, premium and interest on particular Notes. 

(e)    When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(a)(7)
or (8) occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

Section 7.07    Replacement of Trustee. 

(a)    A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the
successor Trustee’s acceptance of appointment as provided in this Section 7.07. The Trustee may resign in writing at any time by giving 30 days prior notice of such resignation to the Company and be discharged from the trust hereby created
by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 

(1)    the Trustee fails to comply with Section 7.09; 

(2)    the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to
the Trustee under any Bankruptcy Law; 
 (3)    a receiver or public officer takes charge of the Trustee
or its property; or 
 (4)    the Trustee becomes incapable of acting as Trustee hereunder. 

(b)    If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company
shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor Trustee to replace it with another
successor Trustee appointed by the Company. 

  
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 (c)    If a successor Trustee does not take office within 60 days after
the retiring Trustee resigns or is removed, the retiring Trustee (at the Company’s expense), the Company or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction
for the appointment of a successor Trustee. 
 (d)    If the Trustee, after written request by any Holder who has been a
Holder for at least six months, fails to comply with Section 7.09, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(e)    A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the
Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of
its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided that all sums owing to the Trustee hereunder have been paid and such transfer shall be subject to
the Lien provided for in Section 7.06. Notwithstanding replacement of the Trustee pursuant to this Section 7.07, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. 

(f)    As used in this Section 7.07, the term “Trustee” shall also include each Agent. 

Section 7.08    Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation or national banking association, the successor corporation or national banking association without any further act shall be the successor Trustee, subject to Section 7.09. 

Section 7.09    Eligibility; Disqualification. 

There shall at all times be a Trustee hereunder that is a corporation or national banking association 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 that has a combined capital and
surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01    Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may, at its option and at any time, elect to have either Section 8.02 or 8.03 applied to all outstanding Notes upon compliance
with the conditions set forth below in this Article 8. 
 Section 8.02    Legal Defeasance and Discharge. 

(a)    Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.02, the
Company and the Guarantors shall, subject to the satisfaction of the conditions 

  
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set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to all outstanding Notes and Note Guarantees on the date the conditions set forth below are
satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall
thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in clauses (1) and (2) of this Section 8.02(a), and their Note Guarantees, as applicable,
and to have satisfied all of their other obligations under the Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the
following provisions which shall survive until otherwise terminated or discharged hereunder: 

(1)    the rights of Holders to receive payments in respect of the principal, premium, if any, and interest
on the Notes when such payments are due, solely out of the trust created pursuant to this Indenture referred to in Section 8.04; 

(2)    the Company’s obligations with respect to the Notes concerning issuing temporary Notes,
registration of such Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for Note payments held in trust; 

(3)    the rights, powers, trusts, duties and immunities of the Trustee, and the Company’s obligations
in connection therewith; and 
 (4)    this Section 8.02. 

(b)    Following the Company’s exercise of its Legal Defeasance option, payment of the Notes may not be accelerated
because of an Event of Default and the Guarantees in effect at such time shall terminate as provided in Section 10.06. 

(c)    Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02
notwithstanding the prior exercise of its option under Section 8.03. 
 Section 8.03    Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Company and the Guarantors
shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from their obligations under the covenants contained in Sections 4.03, 4.05, 4.07, 4.09, 4.10 and 9.06, on and after the date the conditions set
forth in Section 8.04 are satisfied (“Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder. For this purpose, Covenant Defeasance means that, with respect to this Indenture and the
outstanding Notes, the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under
Section 6.01, but, except as specified above and in the remainder of this paragraph below, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 of the
option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(a)(4) (but only with respect to covenants that are released as a result of such Covenant Defeasance),
6.01(a)(5), 6.01(a)(6) (solely with respect to Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited financial statements of the Company

  
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and its Restricted Subsidiaries) would constitute a Significant Subsidiary), 6.01(a)(7) and 6.01(a)(8), in each case shall not constitute Events of Default. Following the Company’s exercise
of its Covenant Defeasance option, the Note Guarantees in effect at such time shall terminate as provided in Section 10.06. 

Section 8.04    Conditions to Legal or Covenant Defeasance. 

(a)    The following shall be the conditions to the exercise of either the Legal Defeasance option under Section 8.02
or the Covenant Defeasance option under Section 8.03 with respect to the Notes: 
 (1)    the
Company must irrevocably deposit in trust with the Trustee (or if at the time of deposit the Trustee is not permitted by applicable law to hold trust funds or determines in its sole discretion that holding trust funds would be impracticable, and in
either case provides written notice to the Company to that effect, a custodian or trustee designated by the Company pursuant to an Officers’ Certificate and reasonably acceptable to the Trustee), for the benefit of the Holders, cash in U.S.
dollars, U.S. Government Obligations, or a combination thereof, in amounts as will be sufficient, in the case of a deposit of U.S. Government Obligations or a combination of cash and U.S. Government Obligations, in the opinion of a nationally
recognized investment bank, appraisal firm or firm of independent public accountants, without consideration of any reinvestment of interest, to pay the principal of, premium, if any, and interest due on the outstanding Notes on the Stated Maturity
or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to maturity or to a particular redemption date; 

(2)    in the case of Legal Defeasance, the Company has delivered to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee confirming that, subject to customary exceptions and exclusions, 

(A)    the Company has received from, or there has been published by, the U.S. 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 will confirm that, subject to customary exceptions
and exclusions, beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a result of such Legal Defeasance and will 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 Legal Defeasance had not occurred; 

(3)    in the case of Covenant Defeasance, the Company has delivered to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee confirming that, subject to customary exceptions and exclusions, beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance
and will 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)    such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or
constitute a default under the Senior Secured Credit Agreement or any other material agreement or material instrument (other than this Indenture) to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound;

  
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 (5)    no Default or Event of Default has occurred and
is continuing on the date of such deposit (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to make such deposit and any similar or simultaneous transaction and, in each case, the granting of Liens in
connection therewith); 
 (6) the Company has delivered to the Trustee an Officers’ Certificate stating that the deposit
was not made by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company, any Guarantor or others; 

(7) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel (which Opinion of Counsel
may be subject to customary exceptions and exclusions), each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with (including setting forth
calculations to confirm compliance with clause (1) above); and 
 (8) the Company has delivered irrevocable instructions
to the Trustee (or, if applicable, a custodian) to apply the deposited money toward the payment of the Notes at maturity or the redemption date, as the case may be (which instructions may be contained in the Officers’ Certificate referred to in
clause (7) above). 
 Section 8.05    Deposited Money and U.S. Government Obligations to Be Held in Trust; Other
Miscellaneous Provisions. 
 (a)    Subject to Section 8.06, all money and U.S. Government Obligations
(including the proceeds thereof) deposited with the Trustee (or, if applicable, a custodian or another trustee) pursuant to Section 8.04 in respect of the outstanding Notes shall be held in trust and applied by the Trustee (or, if applicable,
such custodian or other trustee), in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or a Guarantor acting as Paying Agent) as the Trustee (or, if
applicable, such custodian or other trustee) may determine, to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest on the Notes, but such money need not be segregated from other funds except
to the extent required by law. 
 (b)    The Company shall pay and indemnify the Trustee (or, if applicable, such
custodian or other trustee) against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 8.04 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. 
 (c)    Anything in this Article 8 to
the contrary notwithstanding, the Trustee (or, if applicable, such custodian or other trustee) shall deliver or pay to the Company from time to time upon the request of the Company any money or U.S. Government Obligations held by it as provided in
Section 8.04 which, as provided in an Officers’ Certificate, are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

  
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 Section 8.06    Repayment to the Company. 

Subject to any applicable abandoned property law, any money deposited with the Trustee (or, if applicable, a custodian or another trustee) or
any Paying Agent, or then held by the Company, in trust for the payment of the principal, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable
shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter 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. 

Section 8.07    Reinstatement. 

If the Trustee (or, if applicable, a custodian or another trustee) or Paying Agent is unable to apply any U.S. dollars or U.S. Government
Obligations in accordance with Section 8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s and the
Guarantors’ obligations under this Indenture, the Notes and the Note Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 until such time as the Trustee (or, if applicable, such
custodian or other trustee) or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03, as the case may be; provided that, if the Company makes any payment of principal, premium, if any, or interest on
any Note following the reinstatement of its obligations, the Company and the Guarantors shall be subrogated to the rights of the Holders to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE 9 
 AMENDMENT, SUPPLEMENT
AND WAIVER 
 Section 9.01    Without Consent of Holders. 

(a)    Notwithstanding Section 9.02, without the consent of any Holder, the Company, the Guarantors and the Trustee
may amend or supplement this Indenture, the Notes and the Note Guarantees to: 
 (1)    cure any
ambiguity, omission, defect or inconsistency; 
 (2)    provide for the assumption by a successor entity
of the obligations of the Company or any Guarantor under this Indenture; 
 (3)    provide for
uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code); 

(4)    provide for the issuance of Additional Notes; 

(5)    add Guarantees with respect to the Notes or release a Guarantor from its obligations under its Note
Guarantee or this Indenture in accordance with the applicable provisions of this Indenture; 

  
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 (6)    secure the Notes or confirm and evidence the
release, termination or discharge of any Note Guarantee of or Lien securing the Notes when such release, termination or discharge is permitted by, and made in accordance with, this Indenture; 

(7)    add to the covenants of the Company or any Guarantor for the benefit of the Holders or surrender any
right or power conferred upon the Company or any Guarantor; 
 (8)    provide for the appointment of a
custodian or trustee to hold funds or securities deposited to effect defeasance, legal defeasance or discharge under Article 8 or Article 11; 

(9)    provide additional rights or benefits of the Holders of the Notes; 

(10)    make any change that does not adversely affect, in any material respect, the rights of any Holder;

 (11)    comply with any requirement of the SEC or the Trust Indenture Act or any rules or regulations
thereunder in connection with the qualification of this Indenture under the Trust Indenture Act (it being understood that the Company shall not be required to qualify this Indenture under the Trust Indenture Act); 

(12)    provide for the appointment of a successor trustee; provided that the successor trustee is
otherwise qualified and eligible to act as such under the terms of this Indenture; or 
 (13) conform the text of this
Indenture, the Notes or the Note Guarantees to any provision of the “Description of the Notes” section of the Offering Memorandum. 

(b)    Upon the request of the Company, and upon receipt by the Trustee of the documents described in Section 9.05
and Section 12.02, the Trustee shall join with the Company and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by this Section 9.01 and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties 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. 
 (c)    After
an amendment or supplement under this Section 9.01 becomes effective, the Company is required to send to the Holders a notice briefly describing such amendment or supplement. However, the failure to give such notice to all the Holders, or any
defect in the notice will not impair or affect the validity of the amendment or supplement. 
 Section 9.02    With Consent of
Holders. 
 (a)    Except as provided in Section 9.01, the Company, the Guarantors and the Trustee may amend or
supplement this Indenture, the Notes and any Note Guarantees with the consent of the Holders of a majority in principal amount of the Notes (including Additional Notes, if any) then outstanding voting as a single class (including, without
limitation, consents obtained in connection with a purchase, or tender offer or exchange offer for, Notes), and, subject to Sections 6.04 and 6.07, any existing Default or Event of Default (other than a Default or Event of Default in the payment of
the principal of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes or the Note Guarantees may be waived with the
consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single 

  
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class (including consents obtained in connection with the purchase of, or tender offer or exchange offer for, Notes). Section 2.08 and Section 2.09 shall determine which Notes are
considered to be “outstanding” for the purposes of this Section 9.02. 
 (b)    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 9.05 and Section 12.02, the Trustee
shall join with the Company and the Guarantors in the execution of such amended or supplemental indenture or sign any such waiver unless such amended or supplemental indenture or such waiver directly affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise. 
 (c)    The consent of the Holders is not necessary under this Indenture
to approve the particular form of any proposed amendment or supplement. It is sufficient if such consent approves the substance of the proposed amendment or supplement. A consent to any amendment, supplement or waiver under this Indenture by any
Holder given in connection with a tender of such Holder’s Notes will not be rendered invalid by such tender. 

(d)    After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall send to
the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. However, the failure of the Company to send such notice, or any defect therein, will not, however, in any way impair or affect the validity of any
such amendment, supplement or waiver. 
 (e)    Without the consent of each affected Holder, an amendment, supplement or
waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 

(1)    reduce the amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

(2)    reduce the stated rate of or extend the stated time for payment of interest on any Note; 

(3)    reduce the principal of or extend the Stated Maturity of any Note; 

(4)    reduce the premium payable upon the redemption of any Note or change the time at which any Note may
be redeemed as described above under Section 3.07, (other than (a) notice periods (to the extent consistent with applicable requirements of clearing and settlement systems) for redemption and conditions to redemption and
(b) provisions relating to the covenant set forth in Section 4.09; 
 (5)    make any Note
payable in money other than that stated in the Note; 
 (6) impair the right of any Holder to receive payment of principal,
premium, if any, and interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes (any such right to receive payment shall be
considered impaired for purposes of this clause (6) only when the terms of this Indenture or the Notes are amended to reduce the specified principal amount, percentage or amount of premium or interest rate or to extend the due dates for any
such payment; any such right to institute suit to enforce payment of any payment shall be considered impaired for the purposes of this clause (6) only when this Indenture contains (or is amended to contain) provisions preventing the holder from
commencing an action at law or in equity to enforce payment; and this clause (6) shall not be construed as requiring the consent of Holders to any amendment or to any action, including any action undertaken by the Company or any Guarantor,
except as specifically provided in this clause (6)); 

  
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 (7)    make any change to this Section 9.02(e) or
any provisions of this Indenture relating to the waiver of past Defaults; or 
 (8)    except as
expressly permitted by this Indenture, modify the Note Guarantees of a Significant Subsidiary or group or Restricted Subsidiaries of the Company that, taken together (as of the latest audited consolidated financial statements for the Company), would
constitute a Significant Subsidiary of the Company in any manner adverse to Holders. 
 Section 9.03    Revocation and Effect of
Consents. 
 (a)    Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note
is a continuing consent by the Holder of a Note 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. However, any such
Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver
becomes effective in accordance with its terms and thereafter binds every Holder. 
 (b)    The Company may, but shall
not be obligated to, fix a record date pursuant to Section 1.04 for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver. 

Section 9.04    Notation on or Exchange of Notes. 

(a)    The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter
authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

(b)    Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such
amendment, supplement or waiver. 
 Section 9.05    Trustee Entitled to Receive Documents. 

In executing any amendment, supplement or waiver, the Trustee shall be entitled to receive and (subject to Section 7.01) shall be fully
protected in relying upon, in addition to the documents required by Section 12.02, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this
Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Company and any Guarantor party thereto, enforceable against them in accordance with its terms, subject to customary exceptions, and complies
with the provisions hereof. 

  
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 ARTICLE 10 

GUARANTEES 

Section 10.01    Guarantee. 

(a)    Subject to this Article 10, each of the Guarantors hereby, jointly and severally, irrevocably and unconditionally
guarantees, on a senior basis, to each Holder and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that:
(1) the principal, premium, if any, and interest on the Notes shall be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal and interest on the Notes, if
any, if lawful, and all other Obligations of the Company to the Holders or the Trustee hereunder or under the Notes shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (2) in case of any
extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by
acceleration or otherwise. Failing payment by the Company when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor
agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b)    The Guarantors hereby agree that
their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any
provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor hereby
waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and
covenants that this Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and this Indenture, or pursuant to Section 10.06. 

(c)    Each of the Guarantors also agrees, jointly and severally, to pay any and all costs and expenses (limited, in the
case of legal fees and expenses, to the reasonable fees and expenses of one primary counsel to each of the Trustee and the Holders of the Notes, taken as a whole, and, in the case of an actual or perceived conflict of interest, to the reasonable
fees and expenses of one additional counsel to each group of similarly situated Holders of Notes, taken as a whole) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 

(d)    If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any
custodian, trustee, liquidator or other similar official acting in relation to the Company or the Guarantors, any amount paid either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in
full force and effect. 
 (e)    Each Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on
the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in
respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of 

  
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such obligations as provided in Article 6, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The
Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantees. 

(f)    Unless and until released in accordance with Section 10.06, each Note Guarantee shall remain in full force and
effect and continue to be effective should any petition be filed by or against the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be
appointed for all or any significant part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are,
pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes or the Note Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all
as though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only
by such amount paid and not so rescinded, reduced, restored or returned. 
 (g)    In case any provision of any Note
Guarantee 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. 

(h)    Each payment to be made by a Guarantor in respect of its Note Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature. 

Section 10.02    Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note
Guarantee of such Guarantor not constitute a fraudulent conveyance or a fraudulent transfer for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor shall be limited to the maximum amount as will, after giving effect to
such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect 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 this Article 10, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law. Each
Guarantor that makes a payment under its Note Guarantee shall be entitled upon payment in full of all Guaranteed Obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro
rata portion of such payment based on the respective net assets of all the Guarantors at the time of such payment determined in accordance with GAAP. 

Section 10.03    Execution and Delivery. 

(a)    To evidence its Note Guarantee set forth in Section 10.01, each Guarantor hereby agrees that this Indenture or
a supplemental indenture hereto in substantially the form of Exhibit C hereto, as the case may be, shall be executed on behalf of such Guarantor by an officer or other authorized signatory of the Guarantor. 

  
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 (b)    Each Guarantor hereby agrees that its Note Guarantee set forth in
Section 10.01 shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Note Guarantee on the Notes. 

(c)    If an officer or other authorized signatory of any Guarantor whose signature is on this Indenture no longer holds
that office or is no longer an authorized signatory at the time the Trustee authenticates the Note, the Note Guarantee of such Guarantor shall be valid nevertheless. 

(d)    The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery
of the Note Guarantee set forth in this Indenture on behalf of the Guarantors. 
 (e)    If required by
Section 4.10, the Company shall cause any newly created or acquired Restricted Subsidiary to comply with the provisions of Section 4.10 and this Article 10, to the extent applicable. 

Section 10.04    Subrogation. 

Each Guarantor shall be subrogated to all rights of Holders against the Company in respect of any amounts paid by any Guarantor pursuant to the
provisions of Section 10.01; provided that, if an Event of Default has occurred and is continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all
amounts then due and payable by the Company under this Indenture or the Notes shall have been paid in full. 

Section 10.05    Benefits Acknowledged. 

Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture
and that the guarantee and waivers made by it pursuant to its Note Guarantee are knowingly made in contemplation of such benefits. 

Section 10.06    Release of Note Guarantees. 

(a)    A Note Guarantee by a Guarantor shall be unconditionally released and discharged and such Guarantor shall be
released from its obligations under this Indenture and its Note Guarantee: 
 (1)    in the event Capital
Stock of such Guarantor is sold, assigned, transferred, conveyed, exchanged or otherwise disposed of (whether by merger, consolidation or otherwise) such that after such sale, assignment, transfer, conveyance, exchange or other disposition such
Guarantor is no longer a Restricted Subsidiary (or such Guarantor becomes an Excluded Subsidiary), or all or substantially all of the properties and assets of such Guarantor are sold, assigned, transferred, conveyed, exchanged, leased or otherwise
disposed of, if, in each case, (x) such sale, assignment, transfer, conveyance, exchange, lease or other disposition is made in compliance with this Indenture, including, if applicable, Article 5 and (y)(i) if the Senior Secured Credit
Agreement is outstanding, such Guarantor is also released from its liability as a borrower or its Guarantee granted in connection with the Senior Secured Credit Agreement or (ii) if the Senior Secured Credit Agreement is not outstanding, any
obligations of such Guarantor under any agreements relating to any other Indebtedness of the Company or its Restricted Subsidiaries that would then require such Guarantor to Guarantee the Notes pursuant to Section 4.10 terminate upon
consummation of such transaction; 

  
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 (2)    (a) if the Senior Secured Credit Agreement is
outstanding, upon the release or discharge of such Guarantor from its liability as borrower or its Guarantee of Indebtedness under the Senior Secured Credit Agreement (including, by reason of the termination of the Senior Secured Credit Agreement)
or (b) if the Senior Secured Credit Agreement is not outstanding, upon the release or discharge of such Guarantor from part or all of its obligations in respect of any other Indebtedness, including any Indebtedness that resulted in the
obligation under this Indenture of such Guarantor to provide a Note Guarantee, if such Guarantor would not then otherwise be required to Guarantee the Notes pursuant to Section 4.10, and, in each case, except a release or discharge by or as a
result of payment under a Guarantee of such Guarantor of the Senior Secured Credit Agreement or such other Indebtedness, as applicable (it being understood that a release subject to contingent reinstatement shall constitute a release). 

(3)    upon the proper designation by the Company in accordance with this Indenture of such Guarantor as an
Unrestricted Subsidiary; or 
 (4)    upon such Guarantor becoming an Excluded Subsidiary in compliance
with this Indenture. 
 (5) upon the Company exercising its Legal Defeasance option or Covenant Defeasance option in
accordance with Article 8 or the Company’s obligations under this Indenture being discharged in accordance with Article 11. 

(b)    At the written request of the Company, the Trustee shall execute and deliver any documents
reasonably required in order to evidence such release, discharge and termination in respect of the applicable Note Guarantee. 

(c)    Neither the Company nor any Guarantor shall be required to make a notation on the Notes to reflect
any release, discharge or termination of any Note Guarantee. 
 ARTICLE 11 

SATISFACTION AND DISCHARGE 

Section 11.01    Satisfaction and Discharge. 

(a)    This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when
either: 
 (1)    all Notes that have been authenticated, except lost, stolen or destroyed Notes that
have been replaced or paid and Notes for whose payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation; or 

(2)    (A) all Notes not theretofore delivered to the Trustee for cancellation have become due and payable
by reason of the giving of a notice of redemption or otherwise, will become due and payable within one year or may be called for redemption 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 has irrevocably deposited or caused to be deposited with the Trustee (or if at the time of deposit the Trustee is not permitted by applicable law to hold trust
funds or determines in its sole discretion that holding trust funds would be impracticable, and in either case provides written notice to the Company to that effect, a custodian or trustee designated by the Company pursuant to an Officers’
Certificate and reasonably acceptable to the Trustee), as trust funds in trust solely for 

  
 -71- 

 
the benefit of the Holders, cash in U.S. dollars, U.S. Government Obligations, or a combination thereof in amounts as will be sufficient, in the case of a deposit of U.S. Government Obligations
or a combination of cash and U.S. Government Obligations, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent accountants, without consideration of any reinvestment of interest, to pay and discharge the
entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption, as the case may be; 

(B)    no Default or Event of Default has occurred and is continuing on the date of the deposit or will
occur as a result of the deposit (other than a Default or an Event of Default resulting from borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowing) and the deposit will not result in a breach or violation
of, or constitute a default under, any Credit Facility or any other material agreement or instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; 

(C)    the Company has paid or caused to be paid all sums payable by it under this Indenture; and 

(D)    the Company has delivered irrevocable instructions to the Trustee (and, if applicable, such
custodian or trustee) to apply the deposited money toward the payment of the Notes at maturity or the redemption date, as the case may be. 

(b)    In addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel (subject to customary
exceptions and exclusions) to the Trustee each stating that all conditions precedent to satisfaction and discharge have been satisfied (including setting forth the calculations to confirm compliance with Section 11.01(a)(2)(A)). 

Section 11.02    Application of Trust Money. 

(a)    Subject to the provisions of Section 8.06, all money deposited with the Trustee (or, if applicable, a custodian
or another trustee) pursuant to Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (other than the Company or a
Subsidiary of the Company) as the Trustee (or, if applicable, such custodian or other trustee) may determine, to the Persons entitled thereto, of the principal, premium, if any, and interest for whose payment such money has been deposited with the
Trustee (or, if applicable, such custodian or other trustee), but such money need not be segregated from other funds except to the extent required by law. 

(b)    If the Trustee (or, if applicable, a custodian or another trustee) or Paying Agent is unable to apply any money or
U.S. Government Obligations in accordance with Section 11.01 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, the Notes and the Note Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01; provided that if the Company or any
Guarantor has made any payment of principal, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Company and such Guarantor shall be subrogated to the rights of the Holders of such Notes to receive such
payment from the money or U.S. Government Obligations held by the Trustee (or, if applicable, such custodian or other trustee) or Paying Agent, as the case may be. 

  
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 ARTICLE 12 

MISCELLANEOUS 

Section 12.01    Notices. 

(a)    Any notice or communication to the Company, any Guarantor or the Trustee is duly given if in writing and
(1) delivered in person, (2) mailed by first-class mail (certified or registered, return receipt requested), postage prepaid, or overnight air courier guaranteeing next day delivery or (3) sent by facsimile or electronic transmission,
to its address: 
 if to the Company or any Guarantor: 

c/o Darling Ingredients Inc. 
 251
O’Connor Ridge 
 Suite 300 

Irving, Texas 75039 
 Fax No.:
(972) 281-4449 
 Attention: Executive Vice President – Chief Financial Officer 

with a copy to: 
 Sidley Austin
LLP 
 787 Seventh Avenue 
 New
York, NY 10019 
 Fax No: (212) 839-5599 

Email: CChapman@Sidley.com 

Attention: Craig Chapman 
 and

 Sidley Austin LLP 
 717 N.
Harwood Street, Suite 3400 
 Dallas, TX 75201 

Fax No: (214) 981-3400 

Email: Angela.Fontana@Sidley.com 

Attention: Angela L. Fontana 
 if
to the Trustee: 
 Regions Bank 

3773 Richmond Avenue 
 Houston,
Texas 77046 
 Fax No.: (713) 960-4058 

Attention: Corporate Trust Services 
 The
Company, any Guarantor or the Trustee, by like notice, may designate additional or different addresses for subsequent notices or communications. 

  
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 (b)    All notices and communications (other than those sent to Holders)
shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; on the first date of which publication is made, if by publication; five calendar days after being deposited in the mail, postage prepaid, if mailed by
first-class mail; the next Business Day after timely delivery to the courier, if mailed by overnight air courier guaranteeing next day delivery; or when receipt acknowledged, if sent by facsimile or electronic transmission; provided that any
notice or communication delivered to the Trustee shall be deemed effective only upon actual receipt thereof and no notice given by electronic mail to the Trustee shall be effective unless the Trustee, by notice given hereunder, has designated such
email address for notices. 
 (c)    Any notice or communication to a Holder shall be mailed by first-class mail
(certified or registered, return receipt requested), postage prepaid or by overnight air courier guaranteeing next day delivery to its address shown on the Note Register or by such other delivery system as the Trustee agrees to accept. Failure to
mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

(d)    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. 
 (e)    Where this Indenture provides for notice of any event to a Holder
of a Global Note, such notice shall be sufficiently given if given to the Depositary for such Note (or its designee), pursuant to the applicable procedures of such Depositary prescribed for the giving of such notice. 

(f)    The Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by
unsecured facsimile or by electronic transmission (but only if the Trustee, by notice hereunder, has provided an email address for such notice); provided, however, that (1) the party providing such written notice, instructions or
directions, subsequent to such transmission of written instructions, shall provide the originally executed instructions or directions to the Trustee in a timely manner, and (2) such originally executed notice, instructions or directions shall
be signed by an authorized representative of the party providing such notice, instructions or directions. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reasonable reliance
upon and compliance with such notice, instructions or directions notwithstanding such notice, instructions or directions conflict or are inconsistent with a subsequent notice, instructions or directions. 

(g)    Except as provided above, if a notice or communication is sent in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it. 
 (h)    If the Company sends a notice or
communication to Holders, it shall send a copy to the Trustee and each Agent at the same time. 
  

	Section	 12.02    Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company or any Guarantor to the Trustee to take any action under this Indenture, the Company or such
Guarantor, as the case may be, shall furnish to the Trustee: 
 (1)    an Officers’ Certificate in
form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.03) stating that, in the opinion of the signer(s), all conditions precedent and covenants, if any, provided for in this
Indenture relating to the proposed action have been complied with; and 

  
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 (2)    an Opinion of Counsel in form and substance
reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.03) stating that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been complied with. 

Section 12.03    Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to Section 4.04) shall include: 
 (1)    a statement that the Person making such
certificate or opinion has read such covenant or condition; 
 (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 such Person, 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, in the case of an Opinion of Counsel, may be limited to reliance on an Officers’
Certificate, certificates of public officials or reports or opinions of experts as to matters of fact); and 

(4)    a statement as to whether or not, in the opinion of such Person, such condition or covenant has been
complied with. 
 Section 12.04    Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 12.05    No Personal Liability of Directors, Officers, Employees, Members,
Partners and Stockholders. 
 No past, present or future director, officer, employee, incorporator or stockholder of the Company or any
Guarantor, as such, shall have any liability for any obligations of the Company or any Guarantor under the Notes, this Indenture or the Note Guarantees, as the case may be, 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. 

Section 12.06    Governing Law. 

THIS INDENTURE, THE NOTES AND ANY NOTE GUARANTEE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

Section 12.07    Waiver of Jury Trial. 

EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
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 Section 12.08    Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or 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 12.09    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 Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 12.10    Successors. 

All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall
bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.06. 

Section 12.11    Severability. 

In case any provision in this Indenture or in 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 12.12    Counterpart Originals.

 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the
same agreement. Delivery of an executed counterpart by facsimile or other electronic means (including “.pdf” or “.tif” format) shall constitute delivery of an executed original unless otherwise expressly required hereunder. 

Section 12.13    Table of Contents, Headings, etc. 

The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 12.14    U.S.A. PATRIOT Act. 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request
in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act. 

  
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 Section 12.15    Payments Due on
Non-Business Days. 
 In any case where any Interest Payment Date, redemption date or repurchase
date or the Stated Maturity of the Notes shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Notes) payment of principal, premium, if any, or interest on the Notes need not be made on such date, but may
be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, redemption date or repurchase date, or at the Stated Maturity of the Notes, provided that no interest will accrue for the
period from and after such Interest Payment Date, redemption date, repurchase date or Stated Maturity, as the case may be. 
 [Signatures
on following page] 

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

			
	ISSUER
	
	DARLING INGREDIENTS INC.
		
	By:	 	 /s/ Brad Phillips

	Name:	 	Brad Phillips
	Title:	 	Executive Vice President and Chief Financial Officer
	
	GUARANTORS
	
	GRIFFIN INDUSTRIES LLC
	CRAIG PROTEIN DIVISION, INC.
	DARLING AWS LLC
	 DARLING GLOBAL HOLDINGS INC.

DARLING NATIONAL LLC
 DARLING NORTHSTAR LLC

	 EV ACQUISITION, LLC
 ROUSSELOT
INC.
 ROUSSELOT DUBUQUE INC.
 ROUSSELOT PEABODY INC.

SONAC USA LLC

		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Vice President and Treasurer

 [Signature Page to Indenture] 

 
			
	REGIONS BANK, as Trustee
		
	By:	 	 /s/ Doug Milner

	Name:	 	Doug Milner
	Title:	 	Vice President

 [Signature Page to Indenture] 

 APPENDIX A 

PROVISIONS RELATING TO INITIAL NOTES AND ADDITIONAL NOTES 

Section 1.1     Definitions. 

(a) Capitalized Terms. 

Capitalized terms used but not defined in this Appendix A have the meanings given to them in this Indenture. The following capitalized terms
have the following meanings: 
 “Applicable Procedures” means, with respect to any transfer or transaction involving a
Global Note or beneficial interest therein, the rules and procedures of the Depositary, Euroclear or Clearstream for such Global Note, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Clearstream” means Clearstream Banking, Société Anonyme, or any successor securities clearing agency. 

“Distribution Compliance Period”, means, with respect to any Note, the period of 40 consecutive days
beginning on and including the later of (a) the day on which such Note is first offered to persons other than distributors (as defined in Regulation S) in reliance on Regulation S, notice of which day shall be promptly given by the Company to
the Trustee, and (b) the original date of issuance of such Note or any predecessor of such Note. 
 “Euroclear” means
Euroclear Bank S.A./N.V., as operator of Euroclear systems or any successor securities clearing agency. 
 “QIB” means a
“qualified institutional buyer” as defined in Rule 144A. 
 “Regulation S” means Regulation S promulgated under
the Securities Act.     
 “Rule 144” means Rule 144 promulgated under the Securities
Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Unrestricted Global Note” means any Note in global form that does not bear or is not required to bear the Restricted Notes
Legend. 
 “U.S. person” means a “U.S. person” as defined in Regulation S. 

(b) Other Definitions. 
  

					
	 Term:
	  	Defined in Section:	 
	 “Agent Members”
	  	 	2.1(c)	 
	 “Automatic Exchange”
	  	 	2.3(j)	 
	 “Automatic Exchange Date”
	  	 	2.3(j)	 
	 “Automatic Exchange Notice”
	  	 	2.3(j)	 
	 “Automatic Exchange Notice Date”
	  	 	2.3(j)	 
	 “Definitive Notes Legend”
	  	 	2.3(e)	 
	 “Global Note”
	  	 	2.1(b)	 
	 “Global Notes Legend”
	  	 	2.3(e)	 
	 “Regulation S Global Note”
	  	 	2.1(b)	 
	 “Regulation S Notes”
	  	 	2.1(a)	 
	 “Restricted Notes Legend”
	  	 	2.3(e)	 
	 “Rule 144A Notes”
	  	 	2.1(a)	 
	 “Rule 144A Global Note”
	  	 	2.1(b)	 

 Section 2.1    Form and Dating 

(a) The Initial Notes shall be (i) offered and sold by the Company to the Initial Purchasers and (ii) resold, initially only to
(1) QIBs in reliance on Rule 144A (“Rule 144A Notes”) and (2) Persons other than U.S. persons in reliance on Regulation S (“Regulation S Notes”). Additional Notes may also be considered to be Rule
144A Notes or Regulation S Notes, as applicable. 
 (b) Global Notes. Rule 144A Notes shall be issued initially in the form of
one or more permanent global Notes in definitive, fully registered form, numbered RA-1 upward (collectively, the “Rule 144A Global Note”) and Regulation S Notes shall
be issued initially in the form of one or more global Notes, numbered RS-1 upward (collectively, the “Regulation S Global Note”), in each case without interest coupons and bearing the Global
Notes Legend and Restricted Notes Legend, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Custodian, and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the
Company and authenticated by the Trustee as provided in this Indenture. Beneficial ownership interests in the Regulation S Global Note shall not be exchangeable for interests in the Rule 144A Global Note or any other Note without a Restricted Notes
Legend until the expiration of the Distribution Compliance Period. The Rule 144A Global Note, the Regulation S Global Note and any Unrestricted Global Note are each referred to herein as a “Global Note” and are
collectively referred to herein as “Global Notes.” Each Global Note shall represent such of the outstanding Notes as shall be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and
each shall provide that it shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or
increased, as applicable, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the
Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 of this Indenture and Section 2.3(c) of this Appendix A. 

(c) Book-Entry Provisions. This Section 2.1(c) shall apply only to a Global Note deposited with or on behalf of the Depositary.

 The Company shall execute and the Trustee shall, in accordance with this Section 2.1(c) and Section 2.2 of this Appendix A and
pursuant to an order of the Company signed by one Officer of the Company, authenticate and deliver initially one or more Global Notes that (i) shall be registered in the name of the Depositary for such Global Note or Global Notes or the nominee
of such Depositary and (ii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the Trustee as Custodian. 

Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to
any Global Note held on their behalf by the Depositary or by the Trustee as Custodian or under such Global Note, and the Depositary 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

  
 2 

 
or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary governing the exercise of
the rights of a Holder of a beneficial interest in any Global Note. 
 (d) Definitive Notes. Except as provided in Section 2.3
or 2.4 of this Appendix A, owners of beneficial interests in Global Notes shall not be entitled to receive physical delivery of Definitive Notes. 

Section 2.2    Authentication. The Trustee shall authenticate and make available for delivery upon a written order of the
Company signed by one Officer of the Company (a) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $500,000,000, (b) subject to the terms of this Indenture, Additional Notes and (c) any
Unrestricted Global Notes issued in exchange for any of the foregoing in accordance with this Indenture. Such order shall specify the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated and
whether the Notes are to be Initial Notes, Additional Notes or Unrestricted Global Notes. 
 Section 2.3    Transfer and
Exchange. 
 (a) Transfer and Exchange of Definitive Notes for Definitive Notes. When Definitive Notes are presented to the
Registrar with a request: 
 (i) to register the transfer of such Definitive Notes; or 

(ii) to exchange such Definitive Notes for an equal principal amount of Definitive Notes of other authorized
denominations, 
 the Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met;
provided, however, that the Definitive Notes surrendered for transfer or exchange: 
 (1) shall be duly
endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and 

(2) in the case of Transfer Restricted Notes, they are being transferred or exchanged pursuant to an effective
registration statement under the Securities Act or pursuant to Section 2.3(b) of this Appendix A or otherwise in accordance with the Restricted Notes Legend, and are accompanied by a certification from the transferor in the form provided on the
reverse side of the Form of Note in Exhibit A for exchange or registration of transfers and, as applicable, such legal opinions, certifications and other information as may be requested pursuant thereto. 

(b) Restrictions on Transfer of a Definitive Note for a Beneficial Interest in a Global Note. A Definitive Note may not be
exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by a written instrument of transfer in form reasonably
satisfactory to the Company and the Registrar, together with: 
 (i) (A) a certification (in the form set forth on the
reverse side of the Form of Note in Exhibit A) that such Definitive Note is being transferred (1) to a Person who the transferor reasonably believes is a QIB and in accordance with Rule 144A, (2) after the expiration of the
Distribution Compliance Period, outside the United States of America in an offshore transaction within the meaning of Regulation S and in compliance with Rule 904 under the Securities Act or (B) such other legal opinions, certifications and
other information as may be requested pursuant thereto; and 

  
 3 

 (ii) written instructions directing the Trustee to make, or to direct
the Custodian to make, an adjustment on its books and records with respect to such Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such instructions to contain information regarding
the Depositary account to be credited with such increase, 
 the Trustee shall cancel such Definitive Note and cause, or direct the
Custodian to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Custodian, the aggregate principal amount of Notes represented by the Global Note to be increased by the aggregate principal
amount of the Definitive Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Global Note equal to the principal amount of the Definitive Note so
canceled. If no Global Notes are then outstanding and the Global Note has not been previously exchanged for certificated securities pursuant to Section 2.4 of this Appendix A, the Company shall issue and the Trustee shall authenticate, upon
written order of the Company in the form of an Officers’ Certificate, a new Global Note in the appropriate principal amount. 

(c) Transfer and Exchange of Global Notes. (i) The transfer and exchange of Global Notes or beneficial interests therein
shall be effected through the Depositary, in accordance with this Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global
Note shall deliver to the Registrar a written order given in accordance with the Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in such Global Note or
another Global Note. Such account shall be credited in accordance with such order with a beneficial interest in the applicable Global Note and the account of the Person making the transfer shall be debited by an amount equal to the beneficial
interest in the Global Note being transferred. Transfers by an owner of a beneficial interest in the Rule 144A Global Note to a transferee who takes delivery of such interest through the Regulation S Global Note, whether before or after the
expiration of the Distribution Compliance Period, shall be made only upon receipt by the Trustee of a certification in the form provided on the reverse side of the Initial Notes from the transferor to the effect that such transfer is being made in
accordance with Regulation S, Rule 144 (if available), or another applicable exemption from registration under the Securities Act. 

(ii) If the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in
another Global Note, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount equal to the principal amount of the interest to
be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred. 

(iii) Notwithstanding any other provisions of this Appendix A (other than the provisions set forth in Section 2.4 of
this Appendix A), a Global Note may not be transferred except as a whole and not in part by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such successor Depositary. 
 (d) Restrictions on Transfer of
Regulation S Global Note. (i) Prior to the expiration of the Distribution Compliance Period, the Regulation S Global Note and interests therein may only be held through Euroclear or Clearstream. During the
Distribution Compliance Period, beneficial ownership interests in the Regulation S Global Note may only be sold, pledged or transferred in accordance with the 

  
 4 

 
Applicable Procedures and only (1) to the Company or any subsidiary of the Company, (2) to a Person whom the selling Holder reasonably believes is a QIB that acquires for its own
account or for the account of a QIB in a transaction meeting the requirements of Rule 144A, (3) in an offshore transaction in accordance with Regulation S, (4) pursuant to an exemption from registration under the Securities Act
provided by Rule 144 (if applicable) or another available exemption or (5) pursuant to an effective registration statement under the Securities Act, in each case in accordance with any applicable securities laws of any state of the United
States of America or any other jurisdictions. Prior to the expiration of the Distribution Compliance Period, transfers by an owner of a beneficial interest in the Regulation S Global Note to a transferee who takes delivery of such interest through
the Rule 144A Global Note shall be made only in accordance with the Applicable Procedures and upon receipt by the Trustee of a written certification from the transferor of the beneficial interest in the form provided on the reverse side of the
Form of Note in Exhibit A to the effect that such transfer is being made to a Person who the transferor reasonably believes is a QIB within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A. Such written certification
shall no longer be required after the expiration of the Distribution Compliance Period. 
 (ii) Upon the expiration of the Distribution
Compliance Period, beneficial ownership interests in the Regulation S Global Note shall be transferable in accordance with applicable law and the other terms of this Indenture. 

(e) Legends. 

(i) Except as permitted by this Section 2.3(e), each Note certificate evidencing the Global Notes and the Definitive Notes (and all
Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the legend only) (“Restricted Notes
Legend”): 
 THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO DARLING INGREDIENTS INC. OR ANY SUBSIDIARY OF DARLING INGREDIENTS INC., (2) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES
ACT, (3) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR
PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF
THE UNITED STATES AND OTHER JURISDICTIONS. 

  
 5 

 Each Note shall bear the following legend (the “ERISA Legend”): 

BY ITS ACQUISITION OF THIS NOTE (OR ANY INTEREST HEREIN), THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER
(1) IT IS NOT, AND IS NOT ACTING ON BEHALF OF, AND NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS NOTE (OR ANY INTEREST HEREIN) CONSTITUTES THE ASSETS OF, AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S.
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) OR OF A BENEFIT PLAN OR OTHER ARRANGEMENT THAT IS SUBJECT TO ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE
(“SIMILAR LAWS”), INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION, HOLDING AND SUBSEQUENT DISPOSITION OF THIS NOTE OR ANY
INTEREST HEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 

IF THE HOLDER OF THIS NOTE (OR ANY INTEREST HEREIN) IS, OR IS ACTING ON BEHALF OF, OR ACQUIRED THIS NOTE (OR ANY INTEREST HEREIN) WITH ASSETS
OF, ANY EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF ERISA, OR ANY PLAN, ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE CODE (EACH, AN “ERISA PLAN”), THE HOLDER OF THIS NOTE (OR ANY INTEREST HEREIN) WILL BE DEEMED TO
HAVE REPRESENTED AND WARRANTED THAT AT ALL TIMES (1) NONE OF DARLING INGREDIENTS INC., THE INITIAL PURCHASERS, OR ANY OF THEIR RESPECTIVE AGENTS OR AFFILIATES (COLLECTIVELY, THE “TRANSACTION PARTIES”) HAS MADE OR WILL BE MAKING AN
INVESTMENT RECOMMENDATION, OR HAS PROVIDED OR WILL BE PROVIDING INVESTMENT ADVICE, ON WHICH AN ERISA PLAN OR THE FIDUCIARY MAKING THE INVESTMENT DECISION FOR SUCH ERISA PLAN HAS RELIED IN CONNECTION WITH THE DECISION TO ACQUIRE SUCH NOTE (OR ANY
INTEREST THEREIN), AND NONE OF THE TRANSACTION PARTIES IS ACTING AS A FIDUCIARY (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR SECTION 4975(E)(3) OF THE CODE) TO THE ERISA PLAN IN CONNECTION WITH THE ERISA PLAN’S ACQUISITION OF THE NOTE (OR
ANY INTEREST THEREIN) (UNLESS AN APPLICABLE PROHIBITED TRANSACTION EXEMPTION IS AVAILABLE TO COVER THE PURCHASE OR HOLDING OF SUCH NOTE (OR ANY INTEREST THEREIN) OR THE TRANSACTION IS NOT OTHERWISE PROHIBITED) AND (2) THE PLAN FIDUCIARY MAKING
THE DECISION TO ACQUIRE SUCH NOTE (OR ANY INTEREST THEREIN) IS EXERCISING ITS OWN INDEPENDENT JUDGMENT IN EVALUATING THE INVESTMENT IN THE NOTE (OR ANY INTEREST THEREIN). 

Each Definitive Note shall bear the following additional legend (“Definitive Notes Legend”): 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
REGISTRAR AND TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 6 

 Each Global Note shall bear the following additional legend (“Global Notes Legend”): 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
NEW YORK, NEW YORK, TO DARLING INGREDIENTS INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL 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. 
 (ii) Upon any sale or transfer of a Transfer Restricted Note that is a
Definitive Note, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Note for a Definitive Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted
Note if the Holder certifies in writing to the Registrar that its request for such exchange was made in reliance on Rule 144 or pursuant to an effective registration statement under the Securities Act (such certification to be in the form set
forth on the reverse side of the Initial Notes) and provides such legal opinions, certifications and other information as the Company or the Trustee may reasonably request. 

(iii) Upon a sale or transfer after the expiration of the Distribution Compliance Period of any Initial Note or Additional
Note acquired pursuant to Regulation S, all requirements that such Initial Note or Additional Note bear the Restricted Notes Legend shall cease to apply and the requirements requiring any such Initial Note or Additional Note be issued in global form
shall continue to apply. 
 (iv) Any Additional Notes sold in a registered offering shall not be required to bear the
Restricted Notes Legend. 
 (f) Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a Global Note
have either been exchanged for Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, such Global Note shall be returned by the Depositary to the Trustee for cancellation or retained and
canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, the
principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Trustee (if it is then the Custodian for such Global Note) with respect to such Global Note, by the Trustee or
the Custodian, to reflect such reduction. 

  
 7 

 (g) Obligations with Respect to Transfers and Exchanges of Notes. 

(i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate,
Definitive Notes and Global Notes at the Registrar’s request. 
 (ii) No service charge shall be made for any
registration of transfer or exchange (other than pursuant to Section 2.07 of this Indenture), but the Company may require a Holder to pay a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith
(other than any such transfer taxes or similar governmental charges payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 4.09 or 9.04 of this Indenture). 

(iii) Prior to the due presentation for registration of transfer of any Note, the Company, the Guarantors, the Trustee, the
Paying Agent or the Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever,
whether or not such Note is overdue, and none of the Company, the Guarantors, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

(iv) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt
and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
 (h) No
Obligation of the Trustee. 
 (i) The Trustee shall have no responsibility or obligation to any beneficial owner of
a Global Note, a member of, or a participant in the Depositary or any other Person with respect to the accuracy of the records of the Depositary 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 the Depositary) of any notice (including any notice of redemption or repurchase) or the payment of any amount, 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 under the Notes shall be given or made only to the registered Holders (which shall be the Depositary or its nominee in the case of a Global
Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information
furnished by the Depositary with respect to its members, participants and any beneficial owners. 
 (ii) The Trustee
shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any
transfers between or among Depositary 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. 

(i) Automatic Exchange of Beneficial Interests in a Global Note that is a Transfer Restricted Global Note for Beneficial
Interests in an Unrestricted Global Note. 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 Global Note that is a
Transfer Restricted Global Note may be automatically exchanged into beneficial interests in an 

  
 8 

 
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 (the “Automatic Exchange
Date”) designated by the Company. 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 (A) provide written notice to
the Trustee at least 10 calendar days prior to the Automatic Exchange, instructing the Trustee to direct the Depositary to exchange all of the outstanding beneficial interests in a particular Global Note that is a Transfer Restricted Note to the
Unrestricted Global Note, which the Company shall have previously otherwise made eligible for exchange with the DTC, (B) provide prior written notice (the “Automatic Exchange Notice”) to each Holder at such Holder’s
address appearing in the Note Register at least 10 calendar days prior to the Automatic Exchange (the “Automatic Exchange Notice Date”), which notice must include (I) the Automatic Exchange Date, (II) the section of this
Indenture pursuant to which the Automatic Exchange shall occur, (III) the “CUSIP” number of the Global Note that is a Transfer Restricted Note from which such Holder’s beneficial interests will be transferred and (IV) the
“CUSIP” number of the Unrestricted Global Note into which such Holder’s beneficial interests will be transferred, and (C) on or prior to the date of the Automatic Exchange, deliver to the Trustee for authentication one or more
Unrestricted Global Notes, duly executed by the Company, in an aggregate principal amount equal to the aggregate principal amount of Global Notes that are Transfer Restricted Notes to be exchanged. At the Company’s request on no less than five
calendar days’ notice, the Trustee shall deliver, in the Company’s name and at its expense, the Automatic Exchange Notice (which shall be prepared by the Company) to each Holder at such Holder’s address appearing in the Note Register.
Notwithstanding anything to the contrary in this Section 2.3, during the 10-day period between the Automatic Exchange Notice Date and the Automatic Exchange Date, no transfers or exchanges other than
pursuant to this Section 2.3(j) shall be permitted without the prior written consent of the Company. As a condition to any Automatic Exchange, the Company shall provide, and the Trustee shall be entitled to rely upon, an Officers’
Certificate in form reasonably acceptable to the Trustee to the effect that the Automatic Exchange shall be effected in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend
shall no longer be required in order to maintain compliance with the Securities Act and that the aggregate principal amount of the particular Global Note that is a Transfer Restricted Note is to be transferred to the particular Unrestricted Global
Note by adjustment made on the records of the Trustee, as custodian for the Depositary to reflect the Automatic Exchange. The Company may request from Holders such information it reasonably determines is required in order to be able to deliver such
Officers’ Certificate. Upon such exchange of beneficial interests pursuant to this Section 2.3(j), the aggregate principal amount of the Global Notes shall be increased or decreased by adjustments made on the records of the Trustee, as
custodian for the Depositary, to reflect the relevant increase or decrease in the principal amount of such Global Note resulting from the applicable exchange. The Global Note that is a Transfer Restricted Note from which beneficial interests are
transferred pursuant to an Automatic Exchange shall be canceled following the Automatic Exchange. 
 Section 2.4    Definitive
Notes. 
 (a) A Global Note deposited with the Depositary or with the Trustee as Custodian pursuant to Section 2.1 shall be
transferred to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.3
of this Appendix A and (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Note or if at any time the Depositary ceases to be a “clearing agency” registered under the
Exchange Act and, in each case, a successor depositary is not appointed by the Company within 90 days of such notice 

  
 9 

 
or after the Company becomes aware of such cessation, (ii) an Event of Default has occurred and is continuing or (iii) the Company, in its sole discretion and subject to the procedures
of the Depository, notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes under this Indenture. In addition, any Affiliate of the Company or any Guarantor that is a beneficial owner of all or part of a Global Note
may have such Affiliate’s beneficial interest transferred to such Affiliate in the form of a Definitive Note, by providing a written request to the Company and the Trustee and such Opinions of Counsel, certificates or other information as may
be required by this Indenture or the Company or Trustee. 
 (b) Any Global Note that is transferable to the beneficial owners thereof
pursuant to this Section 2.4 shall be surrendered by the Depositary to the Trustee, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion
of such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only in denominations
of $2,000 and integral multiples of $1,000 in excess thereof and registered in such names as the Depositary shall direct. Any certificated Initial Note or Additional Note in the form of a Definitive Note delivered in exchange for an interest in the
Global Note shall, except as otherwise provided by Section 2.3(e) of this Appendix A, bear the Restricted Notes Legend. 

(c) Subject to the provisions of Section 2.4(b) of this Appendix A, 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. 

(d) In the event of the occurrence of any of the events specified in Section 2.4(a)(i), (ii) or (iii) of this Appendix A,
the Company shall promptly make available to the Trustee a reasonable supply of Definitive Notes in fully registered form without interest coupons. 

  
 10 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [Insert
the Restricted Notes Legend, if applicable, pursuant to the provisions of the Indenture] 
 [Insert the Global Notes Legend, if applicable,
pursuant to the provisions of the Indenture] 
 [Insert the Definitive Notes Legend, if applicable, pursuant to the provisions of the
Indenture] 
 [Insert the ERISA Legend] 

  
 A-1 

 CUSIP
[                ] 
 ISIN
[                    ]1 

[RULE 144A][REGULATION S][GLOBAL] NOTE 

5.25% Senior Notes due 2027 
  

			
	No. [144A Global Notes] RA – [●]	 	
	       [Regulation S Global Notes] RS – [●]	 	$[●]

 DARLING INGREDIENTS INC. 

DARLING INGREDIENTS INC. promises to pay to [CEDE & CO.]2 or registered assigns
$                 (                 Dollars) [(as the same may be revised from time to
time on the Schedule of Exchanges of Interests in the Global Note attached hereto)]3 on April 15, 2027. 

Interest Payment Dates: April 15 and October 15 

Record Dates: April 1 and October 1 

Reference is made to further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as set forth at this place. 
  

	1	 Rule 144A Note CUSIP: 237266 AH4 

Rule 144A Note ISIN: US237266AH40 

Regulation S Note CUSIP: U23536 AA0 

Regulation S Note ISIN: USU23536AA06 

	2 	 Insert in Global Notes 

	3 	 Insert in Global Notes 

  
 A-2 

 IN WITNESS HEREOF, the Company has caused this instrument to be duly executed. 

Dated: 
  

			
	DARLING INGREDIENTS INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-3 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture: 

 

			
	REGIONS BANK, as Trustee
		
	By:	 	  

		 	Authorized Signatory

 Dated: 

  
 A-4 

 [Reverse Side of Note] 

5.25% Senior Notes due 2027 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1.    INTEREST. Darling Ingredients Inc., a Delaware corporation (the “Company”), promises to pay
interest on the principal amount of this Note at 5.25% per annum until maturity. The Company shall pay interest semi-annually in arrears on April 15 and October 15 of each year (each, an “Interest Payment Date”), or if any
such day is not a Business Day, on the next succeeding Business Day; provided that the first Interest Payment Date with respect to this Note shall be October 15, 20194. Interest on the
Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including April 3, 2019. The Company shall, to the maximum extent permitted by applicable law, pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; it shall, to the maximum extent permitted by applicable law, pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes. Interest shall be
computed on the basis of a 360-day year comprised of twelve 30-day months. 

2.    METHOD OF PAYMENT. The Company shall pay interest on this Note to the Persons who are registered Holders of this
Note at the close of business on April 1 or October 1 (whether or not a Business Day), as the case may be, immediately preceding the related 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 2.12 of the Indenture with respect to defaulted interest. Principal, premium, if any, and interest on the Notes shall be payable at the office or agency of the Company maintained for
such purpose or, at the option of the Company, payment of interest and premium, if any, may be made by check mailed to the Holders at their respective addresses set forth in the Note Register; provided that payment by wire transfer of
immediately available funds to the registered Holder of a Global Note or its nominee shall be required with respect to principal, premium, if any, and interest on all Global Notes and all other Notes the Holders of which shall have provided wire
transfer instructions to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such
account at least 30 days prior to the applicable payment date. 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 REGISTRAR. Initially, Regions Bank, the Trustee under the Indenture, shall act as the Paying Agent
and the Registrar. The Company may change any Paying Agent or Registrar without notice to the Holders. The Company or any of its Restricted Subsidiaries may act in any such capacity. 

4.    INDENTURE. The Company issued the Notes under an Indenture, dated as of April 3, 2019 (the
“Indenture”), among Darling Ingredients Inc., the Guarantors from time to time party thereto and Regions Bank, as trustee (the “Trustee”). This Note is one of a duly authorized issue of notes of the Company
designated as its 5.25% Senior Notes due 2027. The Company shall be entitled to issue Additional Notes pursuant to, and subject to, Section 2.01 of the Indenture. The Initial Notes and any Additional Notes issued under the Indenture shall be
treated as a single class of securities under the Indenture. 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. 

 

	4 	 Insert other applicable date for Additional Notes. 

  
 A-5 

 5.    REDEMPTION AND REPURCHASE. The Notes are subject to optional
redemption, and may be the subject of a Change of Control Offer, as further described in the Indenture. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

6.    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 Registrar, the Trustee or both may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents, and Holders shall be required to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for
redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company shall not be required to register the transfer of or exchange any Notes during a period beginning at the opening of business 10 days before the day
of any selection of Notes for redemption and ending at the close of business on the day of selection. 
 7.    PERSONS
DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
 8.    AMENDMENT,
SUPPLEMENT AND WAIVER. The Indenture, the Note Guarantees or the Notes may be amended or supplemented, and the provisions thereof may be subject to waiver, as provided in the Indenture. 

9.    DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in Section 6.01 of the
Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Company, the Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture. 

10.    AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for
any purpose until authenticated by the manual signature of the Trustee. 
 11.    GOVERNING LAW. THIS NOTE WILL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 12.    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. 

  
 A-6 

 The Company shall furnish to any Holder upon written request and without charge a copy of
the Indenture. Requests may be made to the Company at the following address: 
 c/o Darling Ingredients Inc. 

251 O’Connor Ridge Blvd 
 Suite
300 
 Irving, Texas 75039 
 Fax
No.: (972) 281-4449 
 Attention: Executive Vice President – Chief Financial Officer 

  
 A-7 

 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-8 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER OF TRANSFER RESTRICTED NOTES 

This certificate relates to $             principal amount of Notes held in (check
applicable space)          book-entry or          definitive form by the undersigned. 

The undersigned (check one box below): 
  

	☐	 has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global
Note (or a portion thereof indicated above) held by the Depositary a Note or Notes in definitive, registered form of authorized denominations in an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion
thereof indicated above) in accordance with the Indenture; or 

  

	☐	 has requested the Trustee by written order to exchange or register the transfer of a Note or Notes.

 In connection with any transfer of any of the Notes evidenced by this certificate, the undersigned confirms that such Notes are being
transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 
  

	 	(1)        ☐	 to the Company or a subsidiary of the Company; or 

 

	 	(2)        ☐	 to the Registrar for registration in the name of the Holder, without transfer; or 

 

	 	(3)        ☐	 pursuant to an effective registration statement under the Securities Act of 1933; or 

 

	 	(4)        ☐	 inside the United States of America to a person the undersigned reasonably believes is a “qualified
institutional buyer” (as defined in Rule 144A (“Rule 144A”) under the Securities Act of 1933) that acquires for its own account or for the account of a qualified institutional buyer in a transaction meeting the requirements of Rule
144A; or 

  

	 	(5)        ☐	 outside the United States of America in an offshore transaction within the meaning of Regulation S under the
Securities Act of 1933 in compliance with Rule 904 under the Securities Act of 1933 and, if the Distribution Compliance Period with respect to such Note shall not have expired, such Note shall be held immediately after the transfer through Euroclear
or Clearstream until the expiration of the Distribution Compliance Period; or 

  

	 	(6)        ☐	 pursuant to Rule 144 under the Securities Act of 1933 or another available exemption from registration under
the Securities Act of 1933. 

 Unless one of the boxes is checked, the Trustee will 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 (5) or (6) is checked, the Company or the Trustee may require, prior to registering any such transfer
of the Notes, such legal opinions, certifications and other information as the Company has reasonably requested 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. 

  
 A-9 

					
		 	  
 Your
Signature

			
	Signature Guarantee:	 		 	
			
	Date:
                                         
               	 		 	  

	 Signature must be guaranteed
 by a participant
in a
 recognized signature guaranty
 medallion program or
other
 signature guarantor acceptable
 to the Trustee
	 		 	 Signature of Signature

Guarantor

  
 A-10 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.09 of the Indenture, check the box below: 

[    ] Section 4.09 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.09 of the Indenture, state the amount
you elect to have purchased: 
  

			
	
	$                            	 	 (integral multiples of $1,000, provided that the unpurchased portion must be in a minimum principal amount of $2,000)

		 	

 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 initial outstanding principal amount of this Global Note is $            . The
following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of

Exchange
	 	 Amount of decrease

in Principal Amount
	 	 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 

 EXHIBIT B 

FORM OF SUPPLEMENTAL INDENTURE 
 TO
BE DELIVERED BY SUBSEQUENT GUARANTORS1 
 Supplemental Indenture (this
“Supplemental Indenture”), dated as of [            ] [    ], 20[    ], among
                     (the “Guaranteeing Subsidiary”), a subsidiary of Darling Ingredients Inc., a Delaware corporation (the
“Company”) and Regions Bank, as trustee (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Company and the Guarantors (as defined in the Indenture referred to below) have heretofore executed and delivered to the Trustee
an indenture (the “Indenture”), dated as of April 3, 2019, providing for the issuance of an unlimited aggregate principal amount of 5.25% Senior Notes due 2027 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally Guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture; and

 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

1.    Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them
in the Indenture. 
 2.    Guarantor. The Guaranteeing Subsidiary hereby agrees to be a Guarantor under the
Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including Article 10 thereof. 

3.    Releases. The Note Guarantee of the Guaranteeing Subsidiary shall be unconditionally released and discharged
as provided in Section 10.06 of the Indenture. 
 4.    No Recourse Against Others. No past, present or
future director, officer, employee, incorporator or stockholder of the Company or the Guarantors (including the Guaranteeing Subsidiary) shall have any liability for any obligations of the Company or the Guarantors (including the Guaranteeing
Subsidiary) under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the Notes. 
 5.    Governing
Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

 

	1 	 To be modified in the event the Supplemental Indenture is delivered by more than one Guarantor.

  
 B-1 

 6.    Waiver of Jury Trial. EACH OF THE GUARANTEEING SUBSIDIARY
AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 7.    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. Delivery of an executed counterparty by facsimile or other electronic means (including “.pdf” and “.tif”
format) shall constitute delivery of an executed original. 
 8.    Headings. The headings of the Sections of
this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

9.    The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity
or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary. 

10.    Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions
set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers
made by it pursuant to this Note Guarantee are knowingly made in contemplation of such benefits. 

11.    Successors. All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its
successors, except as otherwise provided in Section 10.06 of the Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors. 

  
 B-2 

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

			
	DARLING INGREDIENTS INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	[NAME OF GUARANTEEING SUBSIDIARY]

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	REGIONS BANK, as Trustee

 
			
		
	By:	 	  

	Name:	 	
	Title:Exhibit 10.1

 

EXECUTION VERSION

 

 

 

 

CSX CORPORATION

                                                                                     

 

$1,200,000,000

 

FIVE-YEAR REVOLVING

CREDIT AGREEMENT

 

March 29, 2019

 

                                                                                    

 

CITIBANK, N.A.,

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

MIZUHO BANK, LTD.,

MORGAN STANLEY SENIOR FUNDING, INC.,

PNC BANK, NATIONAL ASSOCIATION,

THE NORTHERN TRUST COMPANY and

UBS SECURITIES LLC,

as Syndication Agents

 

BANK OF AMERICA, N.A. and

BARCLAYS BANK PLC

as Documentation Agents

 

JPMORGAN CHASE BANK, N.A.

as Administrative Agent

 

________________________

 

JPMORGAN CHASE BANK, N.A.,

as Sole Lead Arranger and Bookrunner

 

     

     

    

Table of Contents

 

Page

 

	ARTICLE I Definitions	1
	SECTION 1.01.   Defined Terms	1
	SECTION 1.02.   Classification of Loans and Borrowings	19
	SECTION 1.03.   Terms Generally	20
	SECTION 1.04.   Accounting Terms; GAAP	20
	SECTION 1.05.   Interest Rates; LIBOR Notification	21
	ARTICLE II The Credits	21
	SECTION 2.01.   Commitments	21
	SECTION 2.02.   Loans and Borrowings	22
	SECTION 2.03.   Requests for Revolving Borrowings	23
	SECTION 2.04.   Competitive Bid Procedure	24
	SECTION 2.05.   Letters of Credit	26
	SECTION 2.06.   Funding of Borrowings	30
	SECTION 2.07.   Interest Elections	31
	SECTION 2.08.   Expiration, Termination, Reduction and Extension of Commitments	32
	SECTION 2.09.   Repayment of Loans; Evidence of Debt	34
	SECTION 2.10.   Optional Prepayment of Loans	35
	SECTION 2.11.   Fees	35
	SECTION 2.12.   Interest	36
	SECTION 2.13.   Alternate Rate of Interest	37
	SECTION 2.14.   Increased Costs	38
	SECTION 2.15.   Break Funding Payments	40
	SECTION 2.16.   Taxes	41
	SECTION 2.17.   Payments Generally; Pro Rata Treatment; Sharing of Set-offs	44
	SECTION 2.18.   Mitigation Obligations; Replacement of Lenders	46
	SECTION 2.19.   Defaulting Lenders	47
	ARTICLE III Representations and Warranties	49
	SECTION 3.01.   Organization; Powers	49
	SECTION 3.02.   Authorization; Enforceability	49
	SECTION 3.03.   Governmental Approvals; No Conflicts	49
	SECTION 3.04.   Financial Condition; No Material Adverse Change	49
	SECTION 3.05.   Properties	50
	SECTION 3.06.   Litigation and Environmental Matters	50
	SECTION 3.07.   Compliance with Laws and Agreements	50
	SECTION 3.08.   Investment Company Status	50

 

    i 

     

    

	SECTION 3.09.   Taxes	50
	SECTION 3.10.   ERISA	50
	SECTION 3.11.   Disclosure	51
	SECTION 3.12.   Anti-Corruption Laws and Sanctions	51
	ARTICLE IV Conditions	51
	SECTION 4.01.   Closing Date	51
	SECTION 4.02.   Each Credit Event	52
	ARTICLE V Affirmative Covenants	53
	SECTION 5.01.   Financial Statements and Other Information	53
	SECTION 5.02.   Notices of Material Events	54
	SECTION 5.03.   Existence; Conduct of Business	55
	SECTION 5.04.   Payment of Obligations	55
	SECTION 5.05.   Maintenance of Properties; Insurance	55
	SECTION 5.06.   Books and Records; Inspection Rights	55
	SECTION 5.07.   Compliance with Laws	56
	SECTION 5.08.   Use of Proceeds, Commitments and Letters of Credit	56
	SECTION 5.09.   Federal Regulations	56
	ARTICLE VI Negative Covenants	56
	SECTION 6.01.   Limitation on Subsidiary Debt	56
	SECTION 6.02.   Liens	57
	SECTION 6.03.   Limitation on Sale/Leaseback Transactions	58
	SECTION 6.04.   Fundamental Changes	58
	SECTION 6.05.   Financial Covenant	59
	SECTION 6.06.   Railroad Ownership	59
	ARTICLE VII Events of Default	59
	ARTICLE VIII The Agents	62
	SECTION 8.01.   Authorization and Action.	62
	SECTION 8.02.   Certain ERISA Matters	64
	ARTICLE IX Miscellaneous	65
	SECTION 9.01.   Notices	65
	SECTION 9.02.   Waivers; Amendments	66
	SECTION 9.03.   Expenses; Indemnity; Damage Waiver	67
	SECTION 9.04.   Successors and Assigns	68
	SECTION 9.05.   Survival	71
	SECTION 9.06.   Counterparts; Integration; Effectiveness	72
	SECTION 9.07.   Severability	72

 

    ii 

     

    

	SECTION 9.08.   Right of Setoff	72
	SECTION 9.09.   Governing Law; Jurisdiction; Consent to Service of Process	72
	SECTION 9.10.   WAIVER OF JURY TRIAL	73
	SECTION 9.11.   Headings	73
	SECTION 9.12.   Confidentiality	73
	SECTION 9.13.   USA PATRIOT Act	74
	SECTION 9.14.   Acknowledgement and Consent to Bail-In of EEA Financial Institutions	74

 

 

 

SCHEDULES:

 

	Schedule 2.01	—	Commitments
	Schedule 3.06	—	Disclosed Matters
	Schedule 6.02	—	Certain Transactions
	 	 	 
	EXHIBITS:	 	 
	 	 	 
	Exhibit A	  —	Form of Assignment and Assumption
	Exhibit B-1	  —	Form of Revolving Loan Note
	Exhibit B-2	  —	Form of Competitive Loan Note
	Exhibit C	  —	Form of Opinion of Davis Polk & Wardwell LLP
	Exhibit D	  —	Form of Opinion of General Counsel, an Assistant General Counsel or
	 	 	Chief Legal Officer
	Exhibit E	  —	Form of Commitment Increase Supplement
	Exhibit F	 	Form of Augmenting Lender Supplement
	Exhibits G1-G4	  —	Forms of U.S. Tax Certificate
	Exhibit H	  —	Form of Compliance Certificate

 

    iii 

     

    

FIVE-YEAR REVOLVING CREDIT AGREEMENT,
dated as of March 29, 2019, among CSX CORPORATION, a Virginia corporation, as Borrower, the LENDERS party hereto and JPMORGAN CHASE
BANK, N.A., as Administrative Agent.

 

W I T N E S S E T H :

 

WHEREAS, the
Borrower and the Lenders are entering into this Agreement for the purpose of setting forth the terms and conditions on which the
Lenders are willing to make extensions of credit to the Borrower as more fully described herein;

 

NOW, THEREFORE, in consideration of
the premises and mutual covenants set forth herein, subject to the satisfaction of the conditions set forth in Section 4.01, 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.

 

“Act” has the meaning assigned to
such term in Section 9.13.

 

“Adjusted LIBO Rate”
means, with respect to any Eurodollar Revolving Borrowing for any Interest Period, an interest rate per annum (rounded upwards,
if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve
Rate.

 

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

 

“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.

 

“Agents” means
the collective reference to the Administrative Agent, the Syndication Agents and the Documentation Agents.

 

     

    2 

    

 

“Aggregate Outstanding Extensions
of Credit” means, at any time, an amount equal to the sum of (a) the aggregate Revolving Credit Exposure of the Lenders
at such time and (b) the aggregate principal amount of outstanding Competitive Loans of the Lenders at such time.

 

“Agreement” means
this Five-Year Revolving Credit Agreement, as amended, supplemented or otherwise modified from time to time.

 

“Alternate Base Rate”
means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Adjusted LIBO Rate
that would be calculated as of such day (or, if such day is not a Business Day, as of the next preceding Business Day) in respect
of a proposed Eurodollar Loan with a one-month Interest Period plus 1.0% and (c) the NYFRB Rate in effect on such day plus 1/2
of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective
from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. If the
Alternate Base Rate as determined pursuant to the foregoing would be less than 0.00%, such rate shall be deemed to be 0.00%.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from
time to time concerning or relating to bribery or corruption.

 

“Applicable Percentage”
means, with respect to any Lender, at any time, the percentage of the total Commitments then in effect represented by such Lender’s
Commitment at such time. If all Commitments have terminated or expired, the Applicable Percentages shall be determined based upon
the Commitments most recently in effect, giving effect to any assignments. If, in connection with any extension of the Maturity
Date then in effect pursuant to Section 2.08(d), fewer than all Lenders approve such extension, the Applicable Percentage with
respect to each Lender shall be modified as of such Maturity Date as set forth in Section 2.08(d) effective concurrently with the
effectiveness of such extension.

 

“ Applicable Rate”
means, for any day, with respect to any Eurodollar Revolving Loan, any ABR Revolving Loan or with respect to the facility fees
payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “LIBOR Margin”,
“ABR Margin” or “Facility Fee”, as the case may be, based upon the ratings by Moody’s and S&P,
respectively, applicable on such date to the Index Debt:

 

 

	 	Index Debt Ratings

(S&P/Moody’s)	Facility Fee 

(basis points per annum)	LIBOR Margin (basis points per annum)	ABR Margin (basis points per annum)
	Category 1	A/A2 or higher	7.0	80.5	
        0.0

         

	Category 2	A-/A3	9.0	91.0	0.0
	Category 3	BBB+/Baa1	10.0	102.5	2.5
	Category 4	BBB/Baa2	12.5	112.5	12.5
	Category 5	BBB-/Baa3 or lower	15.0	122.5	22.5

 

     

    3 

    

 

For purposes of the foregoing, (i) if neither Moody’s
nor S&P shall have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last
two sentences of this definition), then both such rating agencies shall be deemed to have established a rating in Category 5; (ii)
if only one of Moody’s or S&P shall have in effect a rating for the Index Debt, then the Borrower and the Lenders will
negotiate in good faith to agree upon another rating agency to be substituted by an amendment to this Agreement for the rating
agency which shall not have a rating in effect, and in the absence of such amendment the Applicable Rate will be determined by
reference to the available rating; (iii) if the ratings established or deemed to have been established by Moody’s and S&P
for the Index Debt shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings
unless one of the two ratings is two or more Categories lower than the other, in which case the Applicable Rate shall be determined
by reference to the Category next below that of the higher of the two ratings; and (iv) if the ratings established or deemed to
have been established by Moody’s and S&P for the Index Debt shall be changed (other than as a result of a change in the
rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first announced by the
applicable rating agency. Each change in the Applicable Rate shall apply during the period commencing on the effective date of
such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s
or S&P shall change, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed
rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the
Applicable Rate shall be determined by reference to the rating or ratings most recently in effect prior to such change or cessation.
If both Moody’s and S&P shall cease to be in the business of rating corporate debt obligations, the Borrower and the
Lenders shall negotiate in good faith to agree upon a substitute rating agency and to amend the references to specific ratings
in this definition to reflect the ratings used by such substitute rating agency, and in the absence of such amendment then the
Applicable Rate shall be determined by reference to the rating or ratings most recently in effect prior to such change or cessation.

 

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

 

“Attributable Debt”
means, at any date with respect to any Sale/Leaseback Transaction in respect of which the obligations of the Borrower or any Subsidiary
do not constitute Capital Lease Obligations, the aggregate amount of rental payments due from the Borrower or such Subsidiary,
as the case may be, under the lease entered into in connection with such Sale/Leaseback Transaction during the remaining term of
such lease, net of rental payments which have been defeased or secured by deposits, discounted from the respective due dates thereof
to such date using a discount rate equal to the discount rate that would then be used to calculate the amount of Capital Lease
Obligations with respect to a comparable capital lease.

 

“Augmenting Lender” has the meaning
assigned to such term in Section 2.02(e).

 

     

    4 

    

 

“ Augmenting Lender Supplement”
has the meaning assigned to such term in Section 2.02(e).

 

“Availability Period”
means with respect to each Lender, at any time, the period from and including the Closing Date to but excluding the earlier of
the Maturity Date then in effect with respect to such Lender and the date of termination of the Commitments.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability
of an EEA Financial Institution.

 

“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.

 

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

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in and subject to Section 4975 of the Code, or (c) any Person whose assets include (for purposes of ERISA Section 3(42)
or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan”
or “plan.”

 

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

 

“Borrower” means CSX Corporation,
a Virginia corporation.

 

“Borrowing” means
(a) a Revolving Loan or a group of Revolving Loans of the same Type made, converted or continued on the same date and, in the case
of Eurodollar Loans, as to which a single Interest Period is in effect or (b) a Competitive Loan or group of Competitive Loans
of the same Type made on the same date and as to which a single Interest Period is in effect.

 

     

    5 

    

 

“Borrowing Request”
means a request by the Borrower for a Revolving Borrowing in accordance with Section 2.03.

 

“Business Day”
means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required
by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day”
shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market.

 

“Capital Lease Obligations”
of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying
the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted
for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP.

 

“Change in Control”
means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning
of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date
hereof), of shares representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding
capital stock of the Borrower or (b) occupation of a majority of the seats (other than vacant seats) on the board of directors
of the Borrower by Persons who were neither (i) nominated by the board of directors of the Borrower nor (ii) appointed by directors
so nominated.

 

“Change in Law”
means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation
or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance
by any Lender or any Issuing Bank (or, for purposes of Section 2.14(b), by any lending office of such Lender or by such Lender’s
or Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force of law)
of any Governmental Authority made or issued after the date of this Agreement (including, without limitation, all requests, rules,
guidelines, requirements and directives adopted, regardless of the date enacted, adopted, issued or implemented (i) under the Dodd-Frank
Wall Street Reform and Consumer Protection Act or (ii) by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or United States or foreign regulatory authorities, pursuant to Basel III).

 

“Class” refers,
when used in reference to any Loan or Borrowing, to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans
or Competitive Loans.

 

“ Closing
Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section
9.02), which date shall be no later than April 15, 2019.

 

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

 

     

    6 

    

 

“ Commitment” means,
with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters of
Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure
hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08, (b) increased from time to time with
respect to an Increasing Lender pursuant to Section 2.02(e) and (c) reduced or increased from time to time pursuant to assignments
by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01,
in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment or in the Augmenting Lender Supplement
pursuant to which such Lender shall have assumed its Commitment, as applicable.

 

“ Commitment Increase Supplement”
has the meaning assigned to such term in Section 2.02(e).

 

“Competitive Bid”
means an offer by a Lender to make a Competitive Loan in accordance with Section 2.04.

 

“Competitive Bid
Rate” means, with respect to any Competitive Bid, the Margin or the Fixed Rate, as applicable, offered by the
Lender making such Competitive Bid.

 

“Competitive Bid Request”
means a request by the Borrower for Competitive Bids in accordance with Section 2.04.

 

“Competitive Loan” means a Loan made
pursuant to Section 2.04.

 

“Competitive Loan Note” has the
meaning assigned to such term in Section 2.09(e).

 

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

 

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

 

“Credit Rating Event”
means the first time after the Closing Date on which the Index Debt is rated A- or higher by S&P and A3 or higher by Moody’s,
in each case with a stable outlook or better.

 

“Debt” means, as
to the Borrower or any Subsidiary at any date of determination thereof, any obligation of the Borrower or such Subsidiary, as the
case may be, to the extent that such obligation should be reflected in “Short Term Debt” or “Long Term Debt”
on a consolidated balance sheet or statement of financial position of the Borrower and such Subsidiaries at such date in accordance
with GAAP.

 

     

    7 

    

 

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

 

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

 

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

 

“Documentation Agents”
means the collective reference to Bank of America, N.A. and Barclays Bank PLC, in their respective capacities as documentation
agents hereunder.

 

“Dollars” or “$”
refers to lawful money of the United States of America.

 

“EEA Financial Institution”
means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority,
(b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition,
or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or
(b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA
Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

     

    8 

    

 

“ electronic pdf”
means a document that has been converted to an electronic image and is delivered or furnished by electronic communication.

 

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

 

“ 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) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure
to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

“ERISA” means
the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under
Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a
single employer under Section 414 of the Code.

 

“ERISA Event” means
(a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to
a Plan (other than an event for which the 30-day notice period is waived); (b) with respect to any Plan, the failure to satisfy
the minimum funding standards of Section 412 of the Code and Section 302 of ERISA, whether or not waived; (c) the filing pursuant
to Section 412(c) of the Code or Section 303(c) of ERISA of an application for a waiver of the minimum funding standard with respect
to any Plan; (d) the incurrence by the 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 within the meaning of Title IV of ERISA.

 

“EU
Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or
any successor Person), as in effect from time to time.

 

     

    9 

    

 

“Eurodollar”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Adjusted LIBO Rate (or, in the case of a Competitive Loan, the LIBO Rate).

 

“Events of Default” has the meaning
assigned to such term in Article VII.

 

“Excluded Taxes”
means, with respect to the Administrative Agent, any Lender, any Issuing Bank or any other recipient of any payment to be made
by or on account of any obligation of the Borrower hereunder, (a) income or franchise Taxes imposed on (or measured by) income
and any branch profits Taxes imposed as a result of a present or former connection between the Administrative Agent, any Lender,
any Issuing Bank or other recipient of such payment and the jurisdiction of the governmental authority imposing such Tax or any
political subdivision or taxing authority thereof or therein (other than any such connection arising solely from the Administrative
Agent, such Lender or such Issuing Bank having executed, delivered or performed its obligations or received a payment under, or
enforced, this Agreement or any other Loan Document), (b) in the case of a Foreign Lender (other than an assignee pursuant to a
request by the Borrower under Sections 2.08(d) or 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 is attributable to such Foreign Lender’s failure
or inability to comply with Section 2.16(f), except to the extent that such Foreign Lender’s assignor (if any) was entitled,
at the time of assignment, to receive additional amounts from the Borrower with respect to such withholding Tax pursuant to Section
2.16(a) and (c) any Taxes imposed pursuant to FATCA.

 

“ Existing Credit Agreement”
means the Five-Year Revolving Credit Agreement, dated as of May 21, 2015, among CSX Corporation, as borrower, the lenders parties
thereto, Citibank, N.A., Credit Suisse AG, New York Branch, Mizuho Bank, Ltd. and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as syndication
agents, Morgan Stanley Senior Funding, Inc., PNC Bank, National Association, The Northern Trust Company and UBS Securities LLC,
as documentation agents and JPMorgan Chase Bank, N.A., as administrative agent.

 

“FATCA” means Sections
1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with, as reasonably determined by the Administrative Agent after consultation with the
Borrower), any current or future effective regulations or official interpretations thereof and any agreements entered into pursuant
to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental
agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of the foregoing.

 

“Federal Funds Effective
Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary
institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published
on the next succeeding Business Day by the NYFRB as the federal funds effective rate, provided that if the Federal Funds Effective
Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of calculating such rate.

 

     

    10 

    

 

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

 

“Fixed Rate” means,
with respect to any Competitive Loan (other than a Eurodollar Competitive Loan), the fixed rate of interest per annum specified
by the Lender making such Competitive Loan in its related Competitive Bid.

 

“Fixed Rate Loan” means a Competitive
Loan bearing interest at a Fixed Rate.

 

“Foreign
Lender” means any Lender that is organized under the laws of a jurisdiction other than the United States of America,
any State thereof or the District of Columbia.

 

“Foreign Subsidiary”
means any Subsidiary that is organized under the laws of a jurisdiction other than the United States of America, any State thereof
or the District of Columbia.

 

“GAAP” means generally
accepted accounting principles in the United States of America as in effect from time to time.

 

“Governmental Authority”
means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank, the Bank for International Settlements or the Basel Committee on
Banking Supervision or any successor or similar authority to any of the foregoing).

 

“Granting Lender” has the meaning
assigned to such term in Section 9.04(h).

 

“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 collateral 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.

 

“Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including
petroleum or

 

     

    11 

    

 

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.

 

“IBA” has the meaning assigned to
such term in Section 1.05.

 

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

 

“Increasing Lender” has the meaning
assigned to such term in Section 2.02(e).

 

“Indebtedness” of any
Person means, without duplication, (a) all payment obligations of such Person for borrowed money or with respect to deposits or
advances of any kind, (b) all payment obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(c) all obligations of such Person upon which interest charges are customarily paid, (d) all payment obligations of such Person
under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all payment 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 Indebtedness of others, (h) all Capital
Lease Obligations of such Person, (i) all payment obligations, contingent or otherwise, of such Person as an account party in
respect of letters of credit and letters of guaranty and (j) all payment 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 therefor as a result of such Person’s
ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that
such Person is not liable therefor.

 

“Indemnified Taxes”
means (a) Taxes arising directly from any payment made hereunder or under any other Loan Document or from the execution, delivery
or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document other than Excluded Taxes and (b) Other
Taxes.

 

“Index Debt” means
senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other Person or subject
to any other credit enhancement.

 

“Information” has the meaning assigned
to such term in Section 9.12.

 

“Interest Election Request”
means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.07.

 

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

 

     

    12 

    

 

day of the Interest Period applicable to the Borrowing of which
such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration,
each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first
day of such Interest Period and (c) with respect to any Fixed Rate Loan, the last day of the Interest Period applicable to the
Borrowing of which such Loan is a part and, in the case of a Fixed Rate Borrowing with an Interest Period of more than 90 days’
duration (unless otherwise specified in the applicable Competitive Bid Request), each day prior to the last day of such Interest
Period that occurs at intervals of 90 days’ duration after the first day of such Interest Period, and any other dates that
are specified in the applicable Competitive Bid Request as Interest Payment Dates with respect to such Borrowing.

 

“ Interest Period”
means (a) with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower may elect, and (b) with
respect to any Fixed Rate Borrowing, the period (which shall not be less than 7 days or more than 360 days) commencing on the date
of such Borrowing and ending on the date specified in the applicable Competitive Bid Request; provided, that (i) if any
Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business
Day unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar month,
in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar
Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest
Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case
of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

 

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

 

“IRS” means the U.S. Internal Revenue
Service.

 

“ Issuing Bank”
means JPMorgan Chase Bank, N.A., in its capacity as issuer of Letter of Credit hereunder, and its successors in such capacity as
provided in Section 2.05(i).

 

     

    13 

    

 

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

 

“LC Exposure” means,
at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate
amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure
of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.

 

“Lender Affiliate”
means (a) with respect to any Lender, (i) an Affiliate of such Lender or (ii) any entity (whether a corporation, partnership, trust
or otherwise) that is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit
in the ordinary course of its business and is administered or managed by a Lender or an Affiliate of such Lender and (b) with respect
to any Lender that is a fund which invests in bank loans and similar extensions of credit, any other fund that invests in bank
loans and similar extensions of credit and is managed by the same investment advisor as such Lender or by an Affiliate of such
investment advisor.

 

“Lender Parent”
means with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

“Lenders” means
the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption
or an Augmenting Lender Supplement, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption
or pursuant to Section 2.08(d) or 2.18.

 

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

 

“LIBO Rate” means, with
respect to any Eurodollar Borrowing for any Interest Period, the London interbank offered rate as administered by the ICE Benchmark
Administration (or any other Person that takes over the administration of such rate for Dollars) for a period equal in length to
such Interest Period appearing on pages LIBOR01 or LIBOR02 published by Reuters (or, in the event such rate does not appear on
either of such Reuters pages, on any successor or substitute page of such Service, or any successor to or substitute for such Service,
providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative
Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank
market; in each case, the “LIBO Screen Rate”) as of the Specified Time on the Quotation Day for such Interest
Period, as the rate for dollar deposits with a maturity comparable to such Interest Period; provided that if the LIBO Screen
Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement; provided further that
if the LIBO Screen Rate shall not be available at any time for such Interest Period (an “Impacted Interest Period”)
with respect to Dollars, the LIBO Rate shall be the Interpolated Rate at such time; provided that if the Interpolated Rate
is less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

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

 

     

    14 

    

 

“Lien” means, (a)
with respect to any asset, (i) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest
in, on or of such asset, or (ii) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to
such asset and (b) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities (other than with respect to the capital stock of any Foreign Subsidiary, any such option or right granted consistent
with the past practice of the Borrower and the Subsidiaries).

 

“Loan
Documents” means this Agreement, the Notes, any Augmenting Lender Supplement or Commitment Increase Supplement, and any
amendment, waiver, supplement or other modification of any of the foregoing.

 

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

 

“Majority Lenders”
means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing at least 51% of the sum of the
total Revolving Credit Exposures and unused Commitments at such time; provided that, for purposes of declaring the Loans
to be due and payable pursuant to Article VII, and for all purposes after the Loans become due and payable pursuant to Article
VII or all Commitments expire or terminate, the outstanding Competitive Loans of the Lenders shall be included in their respective
Revolving Credit Exposures in determining the Majority Lenders.

 

“Margin” means,
with respect to any Competitive Loan bearing interest at a rate based on the LIBO Rate, the marginal rate of interest, if any,
to be added to or subtracted from the LIBO Rate to determine the rate of interest applicable to such Loan, as specified by the
Lender making such Loan in its related Competitive Bid.

 

“Margin Stock” has the meaning assigned
to such term in Regulation U.

 

“Material Adverse Effect
” means a material adverse change in the consolidated financial condition, operations or assets of the Borrower and its consolidated
Subsidiaries, taken as a whole.

 

“Material Indebtedness”
means Indebtedness (other than the Loans and Letters of Credit) of any one or more of the Borrower and the Subsidiaries in an aggregate
principal amount exceeding $200,000,000.

 

“Maturity
Date” means, with respect to each Lender, the fifth anniversary of the Closing Date, as such date with respect to such
Lender may be extended pursuant to the terms of this Agreement.

 

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

 

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

 

     

    15 

    

 

“Non-Approving Lender” has the meaning
assigned to such term in Section 2.08(d).

 

“Non-Collective Maturity
Date” means any date as of which any Commitment expires in accordance with its terms, but not all Commitments expire.

 

“Notes” means
the collective reference to any Competitive Loan Notes and Revolving Loan Notes.

 

“NYFRB” means the Federal Reserve
Bank of New York.

 

“NYFRB Rate” means,
for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate
in effect on such day; provided, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to
be zero for the purposes of calculating such rate.

 

“Other Taxes” means
any and all present or future stamp, court or documentary, intangible, recording, filing or similar taxes or any other excise or
property taxes, charges or similar levies arising directly from any payment made hereunder or from the execution, delivery, performance,
enforcement or registration of, or otherwise with respect to, this Agreement or any other Loan Document.

 

“Overnight Bank Funding Rate”
means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar Borrowings by U.S.-managed banking
offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website
from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after
such date as the NYFRB shall commence to publish such composite rate).

 

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

 

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

 

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

 

“Permitted Encumbrances” means:

 

Liens imposed by law for taxes
that are not yet due or are being contested in compliance with Section 5.04;

 

carriers’, warehousemen’s,
mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of
business;

 

pledges and deposits made in
the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security
laws or regulations (other than ERISA);

 

     

    16 

    

 

deposits to secure the performance
of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a
like nature, in each case in the ordinary course of business; and

 

easements, zoning restrictions,
rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not
secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary
conduct of business of the Borrower or any Subsidiary;

 

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

 

“Person” means
any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“ Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section
412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Prime Rate” means
the rate of interest last quoted by The Wall Street Journal in the U.S. as the prime rate in effect; each change in the Prime Rate
shall be effective from and including the date such change is publicly announced as being effective.

 

“PTE” means a
prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to
time.

 

“Quotation Day”
means with respect to any Eurodollar Loan for any Interest Period, two Business Days prior to the commencement of such Interest
Period.

 

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

 

“Regulation U” means Regulation U
of the Board.

 

“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.

 

“Restricted Margin Stock”
means Margin Stock owned by the Borrower or any Subsidiary which represents not more than 33-1/3% of the aggregate value (determined
in accordance with Regulation U), on a consolidated basis, of the property and assets of the Borrower and the Subsidiaries (other
than any Margin Stock) that is subject to the provisions of Article 6 (including Section 6.02).

 

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

 

     

    17 

    

 

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

 

“Revolving Loan Note” has the meaning
assigned to such term in Section 2.09(e).

 

“Sale/Leaseback Transaction” has
the meaning assigned to such term in Section 6.03.

 

“ Sanctions” means
economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government,
including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department
of State.

 

“Sanctioned
Country” means, at any time, a country, region or territory which is the subject or target of any Sanctions (at the time
of this Agreement, Crimea, Cuba, Iran, North Korea and Syria).

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the
Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) any Person operating,
organized or resident in a Sanctioned Country or (c) any Person 50% or more owned or controlled by any such Person or Persons described
in the foregoing clauses (a) and (b).

 

“S&P” means Standard & Poor’s
Financial Services LLC.

 

“SEC” means the
Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission.

 

“Securitization Subsidiary”
means any Subsidiary which (i) engages in no activities other than in connection with Securitization Transactions permitted by
this Agreement and activities incidental thereto and owns no assets other than a pool of accounts receivable and the proceeds thereof,
or (ii) whose primary purpose is to hold title or ownership interests in a pool of accounts receivable and the proceeds thereof
in connection with Securitization Transactions.

 

“Securitization Transaction”
means (i) any transaction or series of transactions that may be entered into by the Borrower or any Subsidiary pursuant to which
the Borrower or such Subsidiary may sell, convey or otherwise transfer a pool of accounts receivable and the proceeds thereof (whether
now existing or arising in the future) to (a) a Securitization Subsidiary (in the case of a transfer by the Borrower or any Subsidiary
other than a Securitization Subsidiary) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), for
the purpose of the incurrence by such other Person of Indebtedness secured by a Lien on such accounts receivable and the proceeds
thereof (or on beneficial interests of such accounts receivable and the proceeds thereof) or the issuance of certificates representing
beneficial interests in such accounts receivable and the proceeds thereof, or (ii) any transaction or series of transactions (including,
without limitation, borrowings pursuant to any credit agreement) that may be entered into by any Securitization Subsidiary pursuant
to which such Securitization

 

     

    18 

    

 

Subsidiary may grant a security interest in its assets
(whether now existing or arising in the future) in connection with the incurrence of Indebtedness by such Securitization Subsidiary.

 

“Significant Subsidiary”
means any Subsidiary that would be a “significant subsidiary” of the Borrower within the meaning of the SEC’s
Regulation S-X, and any other Subsidiary that the Borrower may from time to time designate as a “Significant Subsidiary”
by written notice to such effect to the Administrative Agent.

 

“SPC” has the meaning assigned to
such term in Section 9.04(h).

 

“Specified Time” means 11:00 a.m.,
London time.

 

“Statutory Reserve Rate”
means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number
one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently
referred to as “Eurocurrency liabilities” in Regulation D of the Board). Such reserve percentages shall include those
imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to
such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to
time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically
on and as of the effective date of any change in any reserve percentage.

 

“subsidiary” means,
with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date.

 

“Subsidiary” means any subsidiary
of the Borrower.

 

“Successor Corporation” has the meaning
assigned to such term in Section 6.04.

 

“Swap Agreement” means
any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or
settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial
or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of
these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided
by current or former directors, officers, employees or consultants of the Borrower or any of its Subsidiaries shall be a “Swap
Agreement”.

 

“Syndication Agents”
means the collective reference to Citibank, N.A., Credit Suisse AG, Cayman Islands Branch, Mizuho Bank, Ltd., Morgan Stanley Senior
Funding, Inc., PNC Bank, National Association, The Northern Trust Company and UBS Securities LLC, in their respective capacities
as syndication agents hereunder.

 

     

    19 

    

 

“Taxes” means
any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority,
including any interest, additions to tax or penalties applicable thereto.

 

“Total Capitalization”
means, at any date of determination thereof, the sum of Total Debt at such date plus Total Shareholders’ Equity at
such date.

 

“Total Debt” means,
at any date of determination thereof, without duplication, all Debt of the Borrower and the Subsidiaries at such date.

 

“Total Shareholders’
Equity” means, as to the Borrower at any date of determination thereof, (a) the sum of all items which would be included
under shareholders’ equity on a consolidated balance sheet or statement of financial position of the Borrower at such date
in accordance with GAAP plus, without duplication, (b) $4.1 billion, which represents the Borrower’s acquisition price
of a 42% ownership stake in Conrail Inc.

 

“Transactions”
means the execution, delivery and performance by the Borrower of this Agreement and any Notes, the borrowing of Loans, the use
of the proceeds thereof, the request for the issuance of Letters of Credit hereunder and, to the extent utilized by the Borrower,
any increase of Commitments and any extension of the Maturity Date.

 

“Type”, when used
in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing,
is determined by reference to the Adjusted LIBO Rate, the Alternate Base Rate or, in the case of a Competitive Loan or Borrowing,
the LIBO Rate or a Fixed Rate.

 

“U.S. Tax Certificate” has the meaning
assigned to such term in Section 2.16(f)(ii)(D).

 

“Unrestricted Margin Stock”
means any Margin Stock owned by the Borrower or any Subsidiary which is not Restricted Margin Stock.

 

“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.

 

“Withholding Agent” means the Borrower
or the Administrative Agent, as the case may be.

 

“Write-Down and Conversion
Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution
Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion
powers are described in the EU Bail-In Legislation Schedule.

 

SECTION 1.02.
Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class
(e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar
Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”)
or

 

     

    20 

    

 

by Type (e.g., a “Eurodollar Borrowing”)
or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”).

 

SECTION 1.03. Terms Generally.
The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “but not limited to”.
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 all terms of an accounting or financial nature used herein shall be construed, and all computations of
amounts and ratios referred to herein shall be made (i) without giving effect to any election under Accounting Standards Codification
825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification
or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower
or any Subsidiary at “fair value”, as defined therein and (ii) without giving effect to any treatment of Indebtedness
in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification
or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner
as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof); 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 Majority Lenders request an amendment to any provision hereof for
such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have
become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

 

Notwithstanding
the foregoing, for the purposes of this Agreement and the other Loan Documents, all obligations of any person that are or would
have been treated as operating leases for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board

 

     

    21 

    

 

on February 25, 2016 of an Accounting Standards Update
(the “ASU”) shall continue to be accounted for as operating leases (whether or not such operating lease obligations
were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective
or retroactive basis or otherwise) to be treated as capitalized lease obligations in the Borrower’s financial statements.

 

SECTION 1.05. Interest Rates; LIBOR Notification.
The interest rate on Eurodollar Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered
rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings
from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end
of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration
(together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting
the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no
longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurodollar
Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative
reference rates to be used in place of the London interbank offered rate. In the event that the London interbank offered rate is
no longer available or in certain other circumstances as set forth in Section 2.13(b) of this Agreement, such Section 2.13(b) provides
a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section
2.13, in advance of any change to the reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative
Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration,
submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate”
or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether
the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted
pursuant to Section 2.13(b), will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the
same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.

 

ARTICLE II

 

The Credits

 

SECTION 2.01. Commitments.
Subject to the terms and conditions set forth herein, each Lender severally agrees to make Revolving Loans in Dollars 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
Revolving Credit Exposure exceeding such Lender’s Commitment or (b) the Aggregate Outstanding Extensions of Credit exceeding
the total Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow,
prepay and reborrow Revolving Loans.

 

     

    22 

    

 

SECTION 2.02. Loans and Borrowings.
(a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance
with their respective Commitments. Each Competitive Loan shall be made in accordance with the procedures set forth in Section 2.04.
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 and Competitive Bids 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, (i) each Revolving Borrowing shall be comprised entirely of ABR Loans
or Eurodollar Loans as the Borrower may request in accordance herewith, and (ii) each Competitive Borrowing shall be comprised
entirely of Eurodollar Loans or Fixed Rate Loans as the Borrower may request in accordance herewith. Each Lender at its option
may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided
that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms
of this Agreement. 

 

(c)  
At the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing
shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $10,000,000. At the time that each
ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and
not less than $5,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire
unused balance of the total Commitments then in effect or that is required to finance the reimbursement of an LC Disbursement as
contemplated by Section 2.05(e). Each Competitive Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000
and not less than $5,000,000. Borrowings of more than one Type and Class may be outstanding at the same time; provided that
there shall not at any time be more than a total of 20 Eurodollar Revolving Borrowings outstanding. 

 

(d)  
Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled
to request, or to elect to convert or continue, any Loan included in any Borrowing if the Interest Period requested with respect
to such Loan would end after the Maturity Date in effect for any Lender making such Loan. 

 

(e)  
The Borrower may from time to time elect to increase the Commitments then in effect in a minimum
amount of $25,000,000 so long as, after giving effect thereto, the aggregate amount of the Commitments then in effect does not
exceed $1,600,000,000. The Borrower may arrange for any such increase to be provided by one or more Lenders (each Lender so agreeing
to an increase in its Commitment, an “Increasing Lender”), or by one or more banks, financial institutions or
other entities (each such bank, financial institution or other entity, an “Augmenting Lender”), to increase
their existing Commitments, or extend Commitments, as the case may be, provided that (i) each Augmenting Lender shall be
subject to the approval of the Borrower, each Issuing Bank and the Administrative Agent (which approval shall, in each case, not
be unreasonably withheld) and (ii) (x) in the case of an Increasing Lender, the Borrower and such Increasing Lender execute an
agreement substantially in the form of Exhibit E hereto (a “Commitment Increase Supplement”), reasonably approved
by the Administrative Agent, and (y) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement
substantially in the form of Exhibit F hereto (an “Augmenting Lender Supplement”), 

 

     

    23 

    

 

reasonably approved by the Administrative Agent. Subject to
the terms and conditions of this Section 2.02(e), increases in and new Commitments created pursuant hereto shall become effective
on the date agreed by the Borrower, the Administrative Agent and the relevant Lenders, and the Administrative Agent shall notify
each affected Lender thereof. Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Lender),
shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase, the conditions
set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied (or waived in accordance with Section 9.02) and the Administrative
Agent shall have received a Commitment Increase Supplement or Augmenting Lender Supplement with a certification to this effect,
and (ii) the Administrative Agent shall have received documents consistent with those delivered on the Closing Date under Section
4.01(c) as to the corporate power and authority of the Borrower to borrow hereunder after giving effect to such increase. On the
effective date of any increase in the Commitments, (i) each relevant Increasing Lender and Augmenting Lender shall make available
to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit
of the other relevant Lenders, as being required in order to cause, after giving effect to such increase and the use of such amounts
to make payments to such other relevant Lenders, each Lender’s portion of the outstanding Loans of all the Lenders to equal
its then effective Applicable Percentage of such outstanding Loans, and (ii) the Borrower shall be deemed to have repaid and reborrowed
all outstanding Loans as of the date of any increase in the Commitments (with such reborrowing to consist of the Types of Loans,
with related Interest Periods if applicable, specified in a notice delivered by the Borrower in accordance with the requirements
of Section 2.03). The deemed payments made pursuant to clause (ii) of the immediately preceding sentence in respect of each Eurodollar
Loan shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.15 if the deemed payment occurs
other than on the last day of any related Interest Period.

 

SECTION 2.03. Requests for Revolving
Borrowings. To request a Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone
(a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of
the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the
proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement
as contemplated by Section 2.05(e) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing.
Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or electronic
pdf to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the
Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section
2.02:

 

		(i)	the aggregate amount of the requested Borrowing; 

 

		(ii)	the date of such Borrowing, which shall be a Business Day; 

 

		(iii)	whether such Borrowing is to be an ABR Borrowing or a Eurodollar
Borrowing;

 

 

     

    24 

    

 

(iv)   
in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto,
which shall be a period contemplated by the definition of the term “Interest Period”; and 

 

(v)   
the location and number of the Borrower’s account to which funds are to be disbursed,
which shall comply with the requirements of Section 2.06. 

 

If no election as to the Type of Revolving Borrowing
is specified, then the requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect
to any requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise
each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

 

SECTION 2.04. Competitive Bid Procedure.
(a) Subject to the terms and conditions set forth herein, from time to time during the Availability Period the Borrower may request
Competitive Bids and may (but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans; provided
that the Aggregate Outstanding Extensions of Credit at any time shall not exceed the total Commitments at such time. To request
Competitive Bids, the Borrower shall notify the Administrative Agent of such request by telephone, in the case of a Eurodollar
Borrowing, not later than 11:00 a.m., New York City time, four Business Days before the date of the proposed Borrowing and, in
the case of a Fixed Rate Borrowing, not later than 10:00 a.m., New York City time, one Business Day before the date of the proposed
Borrowing; provided that the Borrower may submit up to (but not more than) three Competitive Bid Requests at the same time on the
same day, but a Competitive Bid Request shall not be made within three Business Days after the date of any previous Competitive
Bid Request, unless any and all such previous Competitive Bid Requests shall have been withdrawn or all Competitive Bids received
in response thereto rejected. Each such telephonic Competitive Bid Request shall be confirmed promptly by hand delivery, telecopy
or electronic pdf to the Administrative Agent of a written Competitive Bid Request in a form approved by the Administrative Agent
and signed by the Borrower. Each such telephonic and written Competitive Bid Request shall specify the following information in
compliance with Section 2.02:

 

		(i)	the aggregate amount of the requested Borrowing; 

 

		(ii)	the date of such Borrowing, which shall be a Business Day; 

 

		(iii)	whether such Borrowing is to be a Eurodollar Borrowing or a Fixed
Rate Borrowing;

 

(iv)   
the Interest Period to be applicable to such Borrowing, 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. 

 

     

    25 

    

 

Promptly following receipt of a Competitive Bid Request
in accordance with this Section, the Administrative Agent shall notify the Lenders of the details thereof by telecopy or electronic
pdf, inviting the Lenders to submit Competitive Bids.

 

(b)  
Each Lender may (but shall not have any obligation to) make one or more Competitive Bids to
the Borrower in response to a Competitive Bid Request. Each Competitive Bid by a Lender must be in a form approved by the Administrative
Agent and must be received by the Administrative Agent by telecopy or electronic pdf, in the case of a Eurodollar Competitive Borrowing,
not later than 9:30 a.m., New York City time, three Business Days before the proposed date of such Competitive Borrowing and, in
the case of a Fixed Rate Borrowing, not later than 9:30 a.m., New York City time, on the proposed date of such Competitive Borrowing.
Competitive Bids that do not conform substantially to the form approved by the Administrative Agent may be rejected by the Administrative
Agent, and the Administrative Agent shall notify the applicable Lender as promptly as practicable. Each Competitive Bid shall specify
(i) the principal amount (which shall be a minimum of $5,000,000 and an integral multiple of $1,000,000 and which may equal the
entire principal amount of the Competitive Borrowing requested by the Borrower) of the Competitive Loan or Loans that the Lender
is willing to make, (ii) the Competitive Bid Rate or Rates at which the Lender is prepared to make such Loan or Loans (expressed
as a percentage rate per annum in the form of a decimal to no more than four decimal places) and (iii) the Interest Period applicable
to each such Loan and the last day thereof. 

 

(c)  
The Administrative Agent shall promptly notify the Borrower by telecopy or electronic pdf
of the Competitive Bid Rate and the principal amount specified in each Competitive Bid and the identity of the Lender that shall
have made such Competitive Bid. 

 

(d)  
Subject only to the provisions of this paragraph, the Borrower may accept or reject any Competitive Bid. The Borrower shall notify
the Administrative Agent by telephone, confirmed by telecopy or electronic pdf in a form approved by the Administrative Agent,
whether and to what extent it has decided to accept or reject each Competitive Bid, in the case of a  Eurodollar Competitive
Borrowing, not later than 10:30 a.m., New York City time, three Business Days before the date of the proposed Competitive Borrowing
and, in the case of a Fixed Rate Borrowing, not later than 10:30 a.m., New York City time, on the proposed date of the Competitive
Borrowing; provided that (i) the failure of the Borrower to give such notice shall be deemed to be a rejection of each
Competitive Bid, (ii) the Borrower shall not accept a Competitive Bid made at a particular Competitive Bid Rate if the Borrower
rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive Bids accepted by
the Borrower shall not exceed the aggregate amount of the requested Competitive Borrowing specified in the related Competitive
Bid Request, (iv) to the extent necessary to comply with clause (iii) above, the Borrower may accept Competitive Bids at the same
Competitive Bid Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be
made pro rata in accordance with the amount of each such Competitive Bid, and (v) except pursuant to clause (iv) above, no Competitive
Bid shall be accepted for a Competitive Loan unless such Competitive Loan is in a minimum principal amount of $5,000,000 and an
integral multiple of $1,000,000; provided further that, if a Competitive Loan must be in an amount less than $5,000,000
because of the provisions of clause (iv) above, such Competitive Loan may be for a minimum of $1,000,000 or any integral multiple

 

     

    26 

    

 

thereof, and in calculating the pro rata allocation
of acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv) the amounts
shall be rounded to integral multiples of $1,000,000 in a manner determined by the Borrower. A notice given by the Borrower pursuant
to this paragraph shall be irrevocable.

 

(e)  
The Administrative Agent shall promptly notify each bidding Lender by telecopy or electronic
pdf whether or not its Competitive Bid has been accepted (and, if so, the amount and Competitive Bid Rate so accepted), and each
successful bidder will thereupon become bound, subject to the terms and conditions hereof, to make the Competitive Loan in respect
of which its Competitive Bid has been accepted. 

 

(f)   
If the Administrative Agent shall elect to submit a Competitive Bid in its capacity as a Lender,
it shall submit such Competitive Bid directly to the Borrower at least one quarter of an hour earlier than the time by which the
other Lenders are required to submit their Competitive Bids to the Administrative Agent pursuant to paragraph (b) of this Section.

 

SECTION 2.05. Letters of Credit.
(a) General. Subject to the terms and conditions set forth herein, the Borrower (and, if a Letter of Credit is issued for the benefit
of any Subsidiary, such Subsidiary) may request the issuance of Letters of Credit for the account of the Borrower (and, if such
Letter of Credit is issued for the benefit of any Subsidiary, for the account of the Borrower and such Subsidiary, jointly and
severally), in a form reasonably acceptable to the Administrative Agent and the relevant Issuing Bank, at any time and from time
to time during the Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and
the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered
into by the Borrower with, the Issuing Bank with respect to any Letter of Credit, the terms and conditions of this Agreement shall
control. The Borrower unconditionally and irrevocably agrees that, in connection with any Letter of Credit issued for the account
of any Subsidiary as provided in the first sentence of this paragraph, it will be fully responsible for the reimbursement of LC
Disbursements, the payment of interest thereon and the payment of fees due under Section 2.11 to the same extent as if it were
the sole account party in respect of such Letter of Credit.

 

(b) Notice of Issuance, Amendment,
Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension
of an outstanding Letter of Credit), the Borrower shall hand deliver, telecopy or electronically pdf to the relevant Issuing Bank
and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice
requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, the date
of issuance, amendment, renewal or extension, the date on which such Letter of Credit is to expire (which shall comply with paragraph
(c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information
as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the relevant Issuing Bank, the
Borrower also shall submit a letter of credit application on the relevant Issuing Bank’s standard form in connection with
any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance,
amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving
effect to such issuance, amendment, renewal or extension, (i) the LC Exposure shall

 

     

    27 

    

 

not exceed $50,000,000 and (ii) the Aggregate Outstanding
Extensions of Credit shall not exceed the total Commitments at such time.

 

(c)   
Expiration Date. Each Letter of Credit shall expire at or prior to the close of business
on the earlier of (i) the date that is five Business Days prior to the earlier of (whether or not such date shall have passed already)
(A) the Maturity Date then in effect and (B) any Non-Collective Maturity Date and (ii) the date one year after the date of the
issuance of such Letter of Credit, provided that, subject to clause (i) above, any Letter of Credit may, at the request
of the Borrower as set forth in the application for such Letter of Credit, be automatically renewed on each anniversary of the
issuance thereof for an additional period of one year unless the Issuing Bank which issued such Letter of Credit shall have given
prior written notice to the Borrower and the beneficiary of such Letter of Credit that such Letter of Credit will not be renewed.

 

(d)  
Participations. By the issuance of a Letter of Credit (or an amendment to a Letter
of Credit increasing the amount thereof) by an Issuing Bank and without any further action on the part of such Issuing Bank or
the Lenders, such Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from such Issuing Bank, a participation
in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under
such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally
agrees to pay to the Administrative Agent, for the account of such Issuing Bank, such Lender’s Applicable Percentage of each
LC Disbursement made by such Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this
Section, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Lender acknowledges and agrees
that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional
and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit
or the occurrence and continuance of a Default or reduction or termination of any Commitments, and that each such payment shall
be made without any offset, abatement, withholding or reduction whatsoever. 

 

(e)  
Reimbursement. If an Issuing Bank shall make any LC Disbursement in respect of a Letter
of Credit issued by it, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal
to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower
shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has
not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business
Day immediately following the day that the Borrower receives such notice; provided that the Borrower may, subject to the
conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with an ABR Revolving
Borrowing in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be
discharged and replaced by the resulting ABR Revolving Borrowing. If the Borrower fails to make such payment when due, the Administrative
Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and
such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative
Agent such Lender’s Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section
2.06 with 

 

     

    28 

    

 

respect to Loans made by such Lender (and Section 2.06
shall apply, mutatis mutandis , to the payment obligations of the Lenders), and the Administrative Agent shall promptly
pay to the relevant Issuing Bank the amounts so received by it from the Lenders. Promptly following receipt by the Administrative
Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the
relevant Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse the relevant Issuing
Bank, then to such Lenders and the relevant Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to
this paragraph to reimburse an Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated
above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

 

(f) Obligations Absolute. The
Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional
and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances
whatsoever and irrespective of:

 

(i)   
any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term
or provision therein; 

 

(ii)   
any amendment or waiver of or any consent to departure from all or any of the provisions of
any Letter of Credit or this Agreement; 

 

(iii)   
the existence of any claim, setoff, defense or other right that the Borrower, any other party
guaranteeing, or otherwise obligated with, the Borrower, any Subsidiary or other Affiliate thereof or any other Person may at any
time have against the beneficiary under any Letter of Credit, any Issuing Bank, the Administrative Agent or any Lender or any other
Person, whether in connection with this Agreement, any other Loan Document or any other related or unrelated agreement or transaction;

 

(iv)   
any draft or other document presented under a Letter of Credit proving to be forged, fraudulent
or invalid in any respect or any statement therein being untrue or inaccurate in any respect; 

 

(v)   
payment by any Issuing Bank under a Letter of Credit against presentation of a draft or other
document that does not comply with the terms of such Letter of Credit; and 

 

(vi)   
any other act or omission to act or delay of any kind of any Issuing Bank, the Lenders, the
Administrative Agent or any other Person or any other event or circumstance whatsoever, whether or not similar to any of the foregoing,
that might, but for the provisions of this Section, constitute a legal or equitable discharge of the Borrower’s obligations
hereunder. 

 

Neither the Administrative Agent,
the Lenders nor any Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or
in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder,

 

     

    29 

    

 

including any of the circumstances specified in clauses
(i) through (vi) above, as well as any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice
or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder),
any error in interpretation of technical terms or any consequence arising from causes beyond the control of such Issuing Bank;
provided that the foregoing shall not be construed to excuse any Issuing Bank from liability to the Borrower to the extent
of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the
extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank’s failure to exercise the
agreed standard of care (as set forth below) in determining whether drafts and other documents presented under a Letter of Credit
comply with the terms thereof. The parties hereto expressly agree that each Issuing Bank shall have exercised the agreed standard
of care in the absence of gross negligence or willful misconduct on the part of such Issuing Bank, except to the extent that applicable
law requires a different standard of care. Without limiting the generality of the foregoing, it is understood that an Issuing Bank
may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit, without responsibility
for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents
that appear on their face to be in substantial compliance with the terms of such Letter of Credit; provided that such Issuing
Bank shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such documents
are not in strict compliance with the terms of such Letter of Credit.

 

(g)  
Disbursement Procedures. Each Issuing Bank shall, promptly following its receipt thereof,
examine all documents purporting to represent a demand for payment under a Letter of Credit. Each Issuing Bank shall promptly notify
the Administrative Agent and the Borrower by telephone (confirmed by telecopy or electronic pdf) of such demand for payment and
whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay
in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the Lenders with respect
to any such LC Disbursement. 

 

(h)  
Interim Interest. If an Issuing Bank shall make any LC Disbursement, then, unless the
Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall
bear interest, payable on demand, for each day from and including the date such LC Disbursement is made to but excluding the date
that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided
that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section
2.12(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the relevant Issuing Bank, except
that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse an
Issuing Bank shall be for the account of such Lender to the extent of such payment. 

 

(i)   
Replacement of the Issuing Banks. Each Issuing Bank may be replaced at any time by
written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank, provided
that the successor Issuing Bank must be a Lender or an Affiliate of a Lender. The Administrative Agent shall notify the Lenders
of any such 

 

     

    30 

    

 

replacement of an Issuing Bank. At the time any such
replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank
pursuant to Section 2.11(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have
all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued by it thereafter
and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor Issuing Bank, any
other Issuing Bank, or any previous Issuing Bank, or to such successor Issuing Bank, all other Issuing Banks and all previous Issuing
Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain
a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to
Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

 

(j) Cash Collateralization. If any
Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent
or the Majority Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing at least
51% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in
an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount
in cash equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation
to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable,
without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described
in clause (f) or (g) of Article VII. Such deposit shall be held in New York by the Administrative Agent as collateral for the payment
and performance of the obligations of the Borrower under this Agreement. The Administrative Agent shall have exclusive dominion
and control, including the exclusive right of withdrawal, over such account. Investment of such deposits shall, to the extent reasonably
practicable, be made at the direction of the Administrative Agent and at the Borrower’s risk and expense. Unless invested
in accordance with the preceding sentence, such deposits shall not bear interest. Interest or profits, if any, on such investments
shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the relevant
Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the
satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans
has been accelerated (but subject to the consent of Lenders with LC Exposure representing at least 51% of the total LC Exposure),
be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount
of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid)
shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived.

 

SECTION 2.06. Funding of Borrowings.
(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available
funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose
by notice to the Lenders. 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

 

     

    31 

    

 

in New York City and designated by the Borrower in
the applicable Borrowing Request or Competitive Bid Request; provided that ABR Revolving Loans made to finance the reimbursement
of an LC Disbursement as provided in Section 2.05(e) shall be remitted by the Administrative Agent to the relevant Issuing Bank.

 

(b) Unless the Administrative Agent shall
have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the
Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made
such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make
available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount
is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such
Lender, the Federal Funds Effective Rate or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such
Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such
Borrowing and the Administrative Agent shall promptly return to the Borrower any amount (including interest) paid by the Borrower
to the Administrative Agent pursuant to the immediately preceding sentence, together with any interest thereon paid by such Lender
for any day not covered by the Borrower’s payment.

 

SECTION 2.07. Interest Elections. (a)
Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar
Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may
elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Revolving Borrowing,
may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to
different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding
the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This
Section shall not apply to Competitive Borrowings, which may not be converted or continued.

 

(b)  
To make an election pursuant to this Section, the Borrower shall notify the Administrative
Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were
requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each
such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or electronic
pdf to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed
by the Borrower. 

 

(c)  
Each telephonic and written Interest Election Request shall specify the following information
in compliance with Section 2.02: 

 

     

    32 

    

 

(i)   
the Borrowing to which such Interest Election Request applies and, if different options are
being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in
which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

 

(ii)   
the effective date of the election made pursuant to such Interest Election Request, which
shall be a Business Day; 

 

(iii)   
whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 

 

(iv)   
if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable
thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest
Period”. 

 

If any such Interest Election
Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected
an Interest Period of one month’s duration.

 

(d)  
Promptly following receipt of an Interest Election Request, the Administrative Agent shall
advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

 

(e)  
If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar
Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided
herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary
provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Majority
Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may
be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted
to an ABR Borrowing at the end of the Interest Period applicable thereto. 

 

SECTION 2.08. Expiration, Termination,
Reduction and Extension of Commitments. (a) Unless previously terminated, the Commitment of each Lender shall expire on the
Maturity Date in effect from time to time with respect to such Lender.

 

(b)  
The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided
that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $10,000,000
and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the
Loans in accordance with Section 2.10, the Aggregate Outstanding Extensions of Credit would exceed the total Commitments. 

 

(c)   
The Borrower shall notify the Administrative Agent of any election to terminate or reduce
the Commitments under paragraph (c) of this Section at least three Business 

 

     

    33 

    

 

Days prior to the effective date of such termination
or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative
Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be
irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice
is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by
notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination
or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in
accordance with their respective Commitments then in effect.

 

(d)
   On any date after the first anniversary of the Closing Date, but no more than (i)  twice during the life of the Agreement
and (ii) once during any twelve-month period, (each, an “Extension Date”), the Borrower shall have the right,
with the consent of the Lenders holding a majority of the Commitments, subject to the terms and conditions of this Section 2.08(d),
to extend the Maturity Date then in effect (each, an “Extension Effective Date”) by one additional year from
such Extension Date; provided, that (i) the representations and warranties of the Borrower set forth in this Agreement
shall be true and correct on such Extension Date both before and immediately after giving effect to the proposed Maturity Date
extension, (ii) no Default shall have occurred and be continuing on such Extension Date both before and immediately after giving
effect to the proposed Maturity Date extension, (iii) on or prior to the Extension Effective Date, the Administrative Agent shall
have received payment of all fees and interest accrued and payable on the Extension Effective Date and (iv) the Maturity Date
shall not be extended with respect to any Lender without the consent of such Lender. At least 30 days prior to the relevant Extension
Date, the Borrower shall provide written notice to the Administrative Agent of the proposed Maturity Date extension. Upon receipt
of any such notice, the Administrative Agent shall promptly notify each Lender thereof. Any Lender that shall not have provided
its written consent to the proposed Maturity Date extension by the date that is 10 Business Days prior to the relevant Extension
Date shall be deemed to have elected not to approve of such extension. In the event any Lender does not (or is deemed to not)
consent to an extension of the Maturity Date then in effect with respect to such Lender (with respect to such extension, a “Non-Approving
Lender”), such Lender’s Commitment shall expire on the Maturity Date then in effect with respect to such Lender
and for all purposes of this Agreement “Maturity Date” in respect of such Lender, the Loans made by it and any other
amounts owing to such Lender hereunder shall mean such Maturity Date. As of the Maturity Date then being extended, upon effectiveness
of such extension, the Applicable Percentages of the Lenders shall be deemed modified as appropriate to reflect the expiration
of the Commitment of any Non-Approving Lender with respect to such extension. The Borrower shall have the right, at its sole expense,
upon notice to the Administrative Agent and any Non-Approving Lender in respect of any Maturity Date extension, to require such
Lender to assign and delegate, prior to the relevant Extension Date, without recourse (in accordance with and subject to the restrictions
contained in Section 9.04) all its interests, rights and obligations under this Agreement and the other Loan Documents to which
it is a party (other than any Competitive Loans held by it) to an assignee that shall assume such obligations (which assignee
may be another Lender that accepts such assignment), provided, such assignee concurrently with such assignment approves
such extension; and provided, further, that (i) the Borrower (unless the assignee is a Lender) shall 

 

     

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have received the prior written consent of the Administrative
Agent and each Issuing Bank (which consent shall not unreasonably be withheld) and (ii) such Lender shall have received payment
of an amount equal to the outstanding principal of its Loans (other than Competitive Loans) and participations in LC Disbursements,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such
outstanding principal, participations in LC Disbursements and accrued interest and fees) or the Borrower (in the case of all other
amounts).

 

SECTION 2.09. Repayment of Loans;
Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of
each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date in effect from time to time, with respect
to such Lender and (ii) to the Administrative Agent for the account of each Lender that has made a Competitive Loan the then unpaid
principal amount of such Competitive Loan on the last day of the Interest Period applicable to such Loan.

 

(b)  
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing
the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal
and interest payable and paid to such Lender from time to time hereunder. 

 

(c)
The Administrative Agent shall maintain accounts in which it shall record (i)  the amount of each Loan made hereunder, the
Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable
or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder for the account of the Lenders and each Lender’s share thereof. In case of any discrepancy between the entries
made by the Administrative Agent pursuant to this paragraph and the entries made by any Lender pursuant to paragraph (b) of this
Section, such Lender’s entries shall be considered correct, in the absence of manifest error. 

 

(d)  
In case of any dispute, action or proceeding relating to any Loan, the entries made in the
accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and
amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain
such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance
with the terms of this Agreement. 

 

(e)  
Any Lender may request of the Borrower that (i) Revolving Loans made by it be evidenced by
a promissory note, substantially in the form of Exhibit B-1 (a “Revolving Loan Note”) and (ii) Competitive Loans
made by it be evidenced by a promissory note, substantially in the form of Exhibit B-2 (a “Competitive Loan Note”).
In such event, the Borrower shall prepare, execute and deliver to such Lender promissory notes in such forms payable to the order
of such Lender (or, if requested by such Lender, to such Lender and its registered assigns). Thereafter, the Loans evidenced by
such promissory notes and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented
by one or more promissory notes in such forms payable to the order of the payee named therein (or, if any such promissory note
is a registered note, to such payee and its registered assigns). 

 

     

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SECTION 2.10. Optional Prepayment
of Loans. (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part,
subject to prior notice in accordance with paragraph (b) of this Section; provided that the Borrower shall not have the right to
prepay any Competitive Loan without the prior written consent of the Lender thereof.

 

(b)  
The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy or
electronic pdf) of any prepayment to be made pursuant to paragraph (a) of this Section (i) in the case of prepayment of a Eurodollar
Revolving Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment or (ii) in
the case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the
date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each
Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional
notice of termination of the Commitments as contemplated by Section 2.08, then such notice of prepayment may be revoked if such
notice of termination is revoked in accordance with Section 2.08. Promptly following receipt of any such notice relating to a Revolving
Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Revolving
Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as
provided in Section 2.02. Except as set forth in paragraph (d) below, each prepayment of a Revolving Borrowing shall be applied
ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by payment of accrued interest to the
extent required by Section 2.12. 

 

(c)  
The provisions of Section 2.09(a) notwithstanding, the Borrower shall, without notice or demand,
repay all Loans of each Non-Approving Lender on the Maturity Date then in effect with respect to such Lender. 

 

SECTION 2.11. Fees . (a) The Borrower
agrees to pay to the Administrative Agent for the account of each Lender a facility fee, which shall accrue at the Applicable Rate
on the daily amount of the then effective Commitment of such Lender (whether used or unused) during the period from and including
the Closing Date to but excluding the date on which such Commitment expires or is terminated; provided that, if such Lender continues
to have any Revolving Credit Exposure after its Commitment terminates or expires, then such facility fee shall continue to accrue
on the daily amount of such Lender’s Revolving Credit Exposure from and including the date on which its Commitment terminates
to but excluding the date on which such Lender ceases to have any Revolving Credit Exposure. Accrued facility fees with respect
to each Lender shall be payable in arrears on the last day of March, June, September and December of each year and on the date
on which the Commitment of such Lender terminates or expires, commencing on the first such date to occur after the date hereof;
provided that any facility fees accruing after the date on which the Commitment of such Lender terminates or expires shall be payable
on demand. All facility fees shall be computed on the basis of a year of 365 (or 366 in the case of a leap year) days and shall
be payable for the actual number of days elapsed (including the first day but excluding the last day).

 

(b) The Borrower agrees to pay (i)
to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in Letters of
Credit, which shall

 

     

    36 

    

 

accrue at a rate per annum equal to the Applicable Rate
applicable to interest on Eurodollar Revolving Loans on the average daily amount of such Lender’s LC Exposure (excluding
any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Closing Date to but
excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to
have any LC Exposure, and (ii) to each Issuing Bank a fronting fee, which shall accrue at the rate or rates per annum separately
agreed upon between the Borrower and such Issuing Bank on the average daily amount of the LC Exposure (excluding any portion thereof
attributable to unreimbursed LC Disbursements) relating to the Letters of Credit issued by such Issuing Bank during the period
from and including the Closing Date to but excluding the later of the date of termination of the Commitments and the date on which
there ceases to be any such LC Exposure, as well as such Issuing Bank’s standard fees with respect to the issuance, amendment,
renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees with respect
to each Lender and Issuing Bank, respectively, accrued through and including the last day of March, June, September and December
of each year shall be payable on the third Business Day following such last day, commencing on the first such date to occur after
the Closing Date; provided that all such fees shall be payable on the date on which such Lender’s or Issuing Bank’s
Commitments terminate or expire and any such fees accruing after the date on which the Commitments terminate or expire shall be
payable on demand. Any other fees payable to any Issuing Bank pursuant to this paragraph shall be payable within 10 days after
demand. All participation fees and fronting fees shall be computed on the basis of a year of 365 (or 366 in the case of a leap
year) days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

 

(c)  
The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable
in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 

 

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

 

SECTION 2.12. Interest. (a)
The Loans comprising each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable
Rate.

 

(b)  
The Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal
to (i) in the case of a Eurodollar Revolving Loan, the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing
plus the Applicable Rate or (ii) in the case of a Eurodollar Competitive Loan, the LIBO Rate for the Interest Period in effect
for such Borrowing plus (or minus, as applicable) the Margin applicable to such Loan. 

 

(c)  
Each Fixed Rate Loan shall bear interest at a rate per annum equal to the Fixed Rate applicable
to such Loan. 

 

(d)  
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other
amount payable by the Borrower hereunder is not paid when due, whether at 

 

     

    37 

    

 

stated maturity, upon acceleration or otherwise, such
overdue amount shall bear interest, after as well as before judgment, from and including the date such amount shall become due,
but excluding the date such amount shall be paid in accordance with Section 2.17, at a rate per annum equal to (i) in the case
of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above or (ii) in the case of any
other amount, 2% plus the rate applicable to ABR Loans as provided above.

 

(e)  
Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for
such Loan; provided that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable on demand, (ii)
in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the
Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment
or prepayment, (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period
therefor, accrued interest on such Loan shall be payable on the effective date of such conversion and (iv) all accrued interest
on each Loan shall be payable upon termination or expiration of the Commitment of the Lender making such Loan. 

 

(f)   
All interest hereunder shall be computed on the basis of a year of 360 days, except that interest
computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed
on the basis of a year of 365 days (or 

 

366 
days in a leap year), and in each case shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall
be determined by the Administrative Agent, and such determination shall be presumptively correct absent manifest error. 

 

SECTION 2.13. Alternate Rate of
Interest. (a) If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 

(i)   
the Administrative Agent determines (which determination shall be presumptively correct, absent
manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable,
for such Interest Period; or 

 

(ii)   
the Administrative Agent is advised by the Majority Lenders (or, in the case of a Eurodollar
Competitive Loan, the Lender that is required to make such Loan) that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for
such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their
Loans (or its Loan) included in such Borrowing for such Interest Period; 

 

then the Administrative Agent shall give notice thereof
to the Borrower and the Lenders by telephone, telecopy or electronic pdf as promptly as practicable thereafter and, until the Administrative
Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurodollar
Borrowing shall be ineffective, (ii) if any Borrowing Request requests a Eurodollar Revolving

 

     

    38 

    

 

Borrowing, such Borrowing shall be made as an ABR Borrowing
and (iii) any request by the Borrower for a Eurodollar Competitive Borrowing shall be ineffective; provided that (A) if
the circumstances giving rise to such notice do not affect all the Lenders, then requests by the Borrower for Eurodollar Competitive
Borrowings may be made to Lenders that are not affected thereby and (B) if the circumstances giving rise to such notice affect
only one Type of Borrowings, then the other Type of Borrowings shall be permitted.

 

(b) If at any time the Borrower
or the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances
set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth
in clause (a)(i) have not arisen but either (w) the supervisor for the administrator of the LIBO Screen Rate has made a public
statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will continue
publication of the LIBO Screen Rate), (x) the administrator of the LIBO Screen Rate has made a public statement identifying a specific
date after which the LIBO Screen Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator
that will continue publication of the LIBO Screen Rate), (y) the supervisor for the administrator of the LIBO Screen Rate has made
a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published
or (z) the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative
Agent has made a public statement identifying a specific date after which the LIBO Screen Rate may no longer be used for determining
interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest
to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated
loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of
interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes
shall not include a reduction of the Applicable Rate); provided that, if such alternate rate of interest as so determined would
be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary
in Section 9.02, such amendment shall become effective without any further action or consent of any other party to this Agreement
so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate
of interest is provided to the Lenders, a written notice from the Majority Lenders stating that such Majority Lenders object to
such amendment. Until an alternate rate of interest shall be determined in accordance with this clause

 

(b) (but, in the case of the circumstances described
in clause (ii)(w), clause (ii)(x) or clause (ii)(y) of the first sentence of this Section 2.13(b), only to the extent the LIBO
Screen Rate such Interest Period is not available or published at such time on a current basis), (x) any Interest Election Request
that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurodollar Borrowing
shall be ineffective, (y) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall be made as an
ABR Borrowing and (z) any request by the Borrower for a Eurodollar Competitive Loan shall be ineffective.

 

SECTION 2.14. Increased Costs. (a) If any Change
in Law shall:

 

     

    39 

    

 

(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 any Issuing Bank; or 

 

(ii)   
subject the Administrative Agent, any Lender or any Issuing Bank to any Taxes (other than
any Indemnified Taxes, Other Taxes or Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations,
or its deposits, reserves, other liabilities or capital attributable thereto; or 

 

(iii)   
impose on any Lender or any Issuing Bank or the London interbank market any other condition
affecting this Agreement, any of the other Loan Documents or Eurodollar Loans or Fixed Rate Loans made by such Lender or any Letter
of Credit or participation therein; 

 

and the result of any of the foregoing shall be to increase
the cost to such Lender of making or maintaining any Eurodollar Loan or Fixed Rate Loan (or, in the case of (ii), any Loans) or
to increase the cost to such Lender or any Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to
reduce the amount of any sum received or receivable by such Lender or such Issuing Bank (or, in the case of (ii), the Administrative
Agent, such Lender or such Issuing Bank) hereunder in respect of such Loan or Letter of Credit by an amount deemed by such Lender
or such Issuing Bank (or, in the case of (ii), the Administrative Agent, such Lender or such Issuing Bank) to be material, then
the Borrower will pay to such Lender or such Issuing Bank (or, in the case of (ii), the Administrative Agent, such Lender or such
Issuing Bank), as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank (or, in
the case of (ii), the Administrative Agent, such Lender or such Issuing Bank), as the case may be, for such additional costs incurred
or reduction suffered.

 

(b)  
If any Lender or any Issuing Bank determines that any Change in Law regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital
or on the capital of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this Agreement,
any of the other Loan Documents or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters
of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such
Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s
or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company with
respect to capital adequacy or liquidity) by an amount deemed by such Lender or such Issuing Bank to be material, then from time
to time the Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will
compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction
suffered. 

 

(c)   
A certificate of a Lender or an Issuing Bank setting forth the amount or amounts (including
the basis therefor and the calculation thereof, which claim and the determination thereof shall be made in good faith by the applicable
Lender or Issuing Bank and consistent with similarly situated customers of the applicable Lender or Issuing Bank under 

 

     

    40 

    

 

agreements having provisions similar to this Section
2.14 after consideration of such factors as the Administrative Agent, such Lender or such Issuing Bank, as applicable, then reasonably
determines to be relevant; provided that none of the Administrative Agent, such Lender or such Issuing Bank, as applicable, shall
be required to disclose any confidential or proprietary information in connection therewith) necessary to compensate such Lender
or such Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be
delivered to the Borrower and shall be presumptively correct absent manifest error. The Borrower shall pay such Lender or such
Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(d)  
Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant
to this Section shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation;
provided that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section for
any increased costs or reductions incurred more than three months prior to the date that such Lender or such Issuing Bank, as the
case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s
or such Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving
rise to such increased costs or reductions is retroactive, then the three-month period referred to above shall be extended to include
the period of retroactive effect thereof. 

 

(e)   
Notwithstanding the foregoing provisions of this Section, a Lender shall not be entitled to
compensation pursuant to this Section in respect of any Competitive Loan if the Change in Law that would otherwise entitle it to
such compensation shall have been publicly announced prior to submission of the Competitive Bid pursuant to which such Loan was
made. 

 

SECTION 2.15. Break Funding Payments.
In the event of (a) the payment of any principal of any Eurodollar Loan or Fixed Rate 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 Revolving
Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable
under Section 2.10(b) and is revoked in accordance herewith), (d) the failure to borrow any Competitive Loan after accepting the
Competitive Bid to make such Loan, or (e) the assignment of any Eurodollar Loan or Fixed Rate Loan other than on the last day of
the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.18, then, in any such event,
the Borrower shall compensate each Lender for the loss and the actual cost and expense attributable to such event. In the case
of a Eurodollar Loan, the loss to any Lender attributable to any such event shall be deemed to include an amount reasonably determined
by such Lender to be equal to the excess, if any, of (i) the amount of interest that such Lender would pay for a deposit equal
to the principal amount of such Loan for the period from the date of such payment, conversion, failure or assignment to the last
day of the then current Interest Period for such Loan (or, in the case of a failure to borrow, convert or continue, the duration
of the Interest Period that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on
such deposit were equal to the Adjusted LIBO Rate (in the case of a Eurodollar Revolving Loan) or the LIBO Rate (in the case of
a Eurodollar Competitive Loan) for such Interest Period, over (ii) the amount of interest that such Lender would earn on such principal

 

     

    41 

    

 

amount for such period if such Lender were to invest
such principal amount for such period at the interest rate that would be bid by such Lender (or an Affiliate of such Lender) for
dollar deposits from other banks in the eurodollar market at the commencement of such period. A certificate of any Lender setting
forth any amount or amounts that such Lender is entitled to receive (including the basis therefor and the calculation thereof)
pursuant to this Section shall be delivered to the Borrower and shall be presumptively correct absent manifest error. The Borrower
shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

SECTION 2.16. Taxes. (a) Any and all
payments by or on account of any obligation of the Borrower hereunder or under any Loan Document shall be made free and clear of
and without deduction for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith
discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding
Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full
amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified
Tax, then the sum payable by the Borrower shall be increased as necessary so that after making all required deductions (including
deductions and withholdings applicable to additional sums payable under this Section) the Administrative Agent, each Lender or
each Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions or withholding
been made.

 

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

 

(c)  
The Borrower shall indemnify the Administrative Agent, each Lender and each Issuing Bank,
within 30 days after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed
or asserted on or attributable to amounts payable under this Section) paid by the Administrative Agent, such Lender or such Issuing
Bank, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto to the
extent such penalties, interest and expenses shall not result from any action or inaction on the part of the Administrative Agent,
such Lender or such Issuing Bank, as the case may be, whether or not such Indemnified Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability (including the basis
therefor and the calculation thereof) delivered to the Borrower by a Lender or an Issuing Bank (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or an Issuing Bank, shall be presumptively correct
absent manifest error. 

 

(d)  
Each Lender and each Issuing Bank shall severally indemnify the Administrative Agent for any
Taxes (but, in the case of any Indemnified Taxes, only to the extent that the Borrower has not already indemnified the Administrative
Agent for such Indemnified Taxes, and without limiting the obligation of the Borrower to do so) attributable to such Lender or
such Issuing Bank that are paid or payable by the Administrative Agent in connection with any Loan Document and any reasonable
expenses arising therefrom or with 

 

     

    42 

    

 

respect thereto, whether or not such Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this Section 2.16(d) shall be paid within
30 days after the Administrative Agent delivers to the applicable Lender or Issuing Bank a certificate stating the amount of such
payment or liability (including the basis therefor and the calculation thereof). Such certificate shall be presumptively correct
absent manifest error.

 

(e)  
As soon as practicable after any payment of Indemnified 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. 

 

(f)   
(i) Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding
Tax with respect to any payments under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time
or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably
requested by the Borrower or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of,
withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation
prescribed by law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative
Agent to determine whether or not such Lender is subject to any withholding (including backup withholding) or information reporting
requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission
of such documentation (other than such documentation set forth in Sections 2.16(f)(ii)(A) through (E) below) shall not be required
if in the Lender’s judgment such completion, execution or submission would subject such Lender to any material unreimbursed
cost or expense (or, in the case of a Change in Law, any incremental material unreimbursed cost or expense) or would materially
prejudice the legal or commercial position of such Lender. Upon the reasonable request of such Borrower or the Administrative Agent,
any Lender shall update any form or certification previously delivered pursuant to this 

 

Section 2.16(f). If any form or certification previously
delivered pursuant to this Section 2.16(f) expires or becomes obsolete or inaccurate in any respect with respect to a Lender, such
Lender shall promptly (and in any event within 10 days after such expiration, obsolescence or inaccuracy) notify such Borrower
and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy and update the form or certification if
it is legally eligible to do so.

 

(ii)   
Without limiting the generality of the foregoing, each Lender shall, if it is legally eligible
to do so, deliver to such Borrower and the Administrative Agent (in such number of copies reasonably requested by such Borrower
and the Administrative Agent) on or prior to the date on which such Lender becomes a party hereto (and from time to time thereafter
upon the reasonable request of the Borrower or the Administrative Agent), duly completed and executed copies of whichever of the
following is applicable: 

 

A.   
in the case of a Lender that is a “U.S. Person” as defined in Section 7701(a)(30)
of the Code, IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding Tax; 

 

     

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B.   
in the case of a Foreign Lender claiming the benefits of an income Tax treaty to which the
United States is a party (1) with respect to payments of interest under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest”
article of such tax treaty and (2) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS
Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business
profits” or “other income” article of such Tax treaty; 

 

C.   
in the case of a Foreign Lender for whom payments under any Loan Document constitute income
that is effectively connected with such Foreign Lender’s conduct of a trade or business in the United States, IRS Form W-8ECI;

 

D.   
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest
under Section 881(c) of the Code both (1) IRS Form W-8BEN and (2) a certificate substantially in the form of Exhibit G-1 (a “U.S.
Tax Certificate”) to the effect that such Foreign Lender is not (a) a “bank” within the meaning of Section
881(c)(3)(A) of the Code, (b) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B)
of the Code, (c) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (d) conducting
a trade or business in the United States with which the relevant interest payments are effectively connected and (3) IRS Form W-8BEN
or IRS Form W-8BEN-E, as applicable; 

 

E.   
in the case of a Foreign Lender that is not the beneficial owner of payments made under any
Loan Document (including a partnership or a participating Lender) (1) an IRS Form W-8IMY on behalf of itself, (2) the relevant
forms prescribed in clauses (A), (B), (C), (D) and (F) of this paragraph (f)(ii) that would be required of each such beneficial
owner or partner of such partnership if such beneficial owner or partner were a Lender and (3) a U.S. Tax Certificate substantially
in the form of Exhibit G-2 or Exhibit G-3; provided, however, that if the Lender is a partnership and one or more
of its direct or indirect partners are claiming the exemption for portfolio interest under Section 881(c) of the Code, such Lender
may provide a U.S. Tax Certificate substantially in the form of Exhibit G-4 on behalf of such partners; or 

 

F.   
any other form prescribed by law as a basis for claiming exemption from, or a reduction of,
U.S. federal withholding Tax together with such supplementary documentation necessary to enable the Borrower or the Administrative
Agent to determine the amount of Tax (if any) required by law to be withheld. 

 

(iii)   
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 

 

     

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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 Section 2.16(f)(iii), “FATCA” shall include any amendments made to FATCA
after the date of this Agreement.

 

(g)        
If the Borrower determines in good faith that a reasonable basis exists for contesting a Tax, the relevant Lender or the Administrative
Agent, as applicable, shall cooperate with the Borrower in challenging such Tax at the Borrower’s expense if requested by
the Borrower. If any Lender or the Administrative Agent, as applicable, obtains a credit against or receives a refund or reduction
(whether by way of direct payment or by offset) of any Tax for which payment has been made pursuant to this Section, which credit,
refund or reduction in the good faith judgment of such Lender or the Administrative Agent, as the case may be, (and without any
obligation to disclose its tax records) is allocable to such payment made under this Section, the amount of such credit, refund
or reduction (together with any interest received thereon) promptly shall be paid to the Borrower to the extent payment has been
made in full by the Borrower pursuant to this Section and net of all out-of-pocket expenses (including any Taxes) of the Administrative
Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to
such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to the Administrative Agent or
such Lender the amount paid over pursuant to this Section 2.16(g) (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) in the event that the Administrative Agent or such Lender is required to repay such refund to
such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will any Lender or the
Administrative Agent be required to pay any amount to the Borrower pursuant to this paragraph (g) the payment of which would place
such Lender or the Administrative Agent in a  less favorable net after-Tax position than such Lender or the Administrative
Agent would have been in if the Tax subject to indemnification and giving rise to such credit, refund or reduction had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never
been paid. This paragraph shall not be construed to require any Lender or the Administrative Agent to make available its Tax returns
(or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person. 

 

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

 

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 reimbursement of LC Disbursements, or under Section 2.14, 2.15 or 2.16, or otherwise) prior to 12:00 noon, New York City
time, on the date when due, in immediately available funds, without set-off or counterclaim (the Administrative Agent will use
commercially reasonable efforts to provide an invoice with respect to interest and fees payable hereunder at least 10 Business
Days prior to the date such payment is due; provided that the Administrative Agent shall have no liability for any failure
or delay in providing any such invoice). Any amounts received after such time on any date may, in the discretion of the

 

     

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Administrative Agent, be deemed to have been received
on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative
Agent at its offices at 270 Park Avenue, New York, New York, except payments to be made directly to an Issuing Bank as expressly
provided herein and except that payments pursuant to Sections 2.14, 2.15, 2.16 and 9.03 shall be made directly to the Persons entitled
thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the
appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business
Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension at the same applicable rate. All payments hereunder shall be
made in Dollars.

 

(b)  
If at any time insufficient funds are received by and available to the Administrative Agent
to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be
applied (i) first, to pay 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, to pay principal and unreimbursed LC Disbursements then
due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements
then due to such parties. 

 

(c)  
Except as provided in Sections 2.09(a) and 2.10(c) with respect to Loans of a Non-Approving
Lender, if any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any
principal of or interest on any of its Revolving Loans or participations in LC Disbursements resulting in such Lender receiving
payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and accrued
interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase
(for cash at face value) participations in the Revolving Loans and participations in LC Disbursements of other Lenders to the extent
necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount
of principal of and accrued interest on their respective Revolving Loans and participations in LC Disbursements; provided
that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the
provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance
with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of
a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to the Borrower
or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the
foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant
to the foregoing arrangements may, subject to Section 9.08, 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 

 

     

    46 

    

 

Lenders or an Issuing Bank hereunder that the Borrower
will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Lenders or such Issuing Bank, as the case may be, the amount
due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or such Issuing Bank, as the case
may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such
Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding
the date of payment to the Administrative Agent, at the Federal Funds Effective Rate.

 

(e) If any Lender shall fail to make
any payment required to be made by it pursuant to Section 2.05(d) or (e), 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.
Mitigation Obligations; Replacement of Lenders. (a) If any Lender or a Participant in such Lender’s Loans requests
compensation under Section 2.14, or if the Borrower is required to pay any additional amount to any Lender or a Participant in
such Lender’s Loans or any Governmental Authority for the account of any Lender or Participant pursuant to Section 2.16,
then such Lender or Participant shall use reasonable efforts to designate a different lending office for funding or booking its
Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the
reasonable judgment of such Lender or Participant, 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 or Participant to any
unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or Participant. The Borrower hereby agrees
to pay all reasonable costs and expenses incurred by any Lender or Participant in connection with any such designation or assignment.
Without limiting the generality of the foregoing, each Lender and Participant shall use all reasonable efforts to mitigate the
effect upon the Borrower of any increased capital requirement and shall assess any cost related to such increased capital on a
nondiscriminatory basis among the Borrower and other borrowers of such Lender or Participant to which such cost applies and such
Lender or Participant shall not be entitled to be compensated for any increased capital requirement unless it is, as a result
of such law, regulation, guideline or request, such Lender’s or Participant’s policy generally to seek to exercise
such rights, where available, against other borrowers of such Lender or Participant.

 

(b) If any Lender or a Participant in such
Lender’s Loans requests compensation under Section 2.14, or if the Borrower is required to pay any additional amount to any
Lender or Participant or any Governmental Authority for the account of any Lender or Participant pursuant to Section 2.16, or if
any Lender becomes a Defaulting Lender, or if any Lender shall have a credit rating of C/D (or its equivalent) or lower by Thomson
BankWatch, Inc. (or any successor thereto), then the Borrower shall have the right, at its sole expense, upon notice to such Lender
and the Administrative Agent, to 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 and the other Loan
Documents (other than any outstanding Competitive Loans held by it) to an assignee that shall assume such obligations (which assignee

 

     

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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 (and, if a Commitment
is being assigned, each Issuing Bank) which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment
of an amount equal to the outstanding principal of its Loans (other than Competitive Loans) and participations in LC Disbursements,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such
outstanding principal and accrued interest and fees) 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 2.19. Defaulting Lenders.

 

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

 

(a)   
fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender
pursuant to Section 2.11(a); 

 

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

 

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

 

(i)   
all or any part of LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting
Lenders in accordance with their respective Applicable Percentages but only to the extent the sum of all non-Defaulting Lenders’
Revolving Credit Exposure plus such Defaulting Lender’s LC Exposure does not exceed the total of all non-Defaulting Lenders’
Commitments; 

 

(ii)   
if the reallocation described in clause (i) above cannot, or can only partially, be effected,
the Borrower shall within one Business Day following notice by the Administrative Agent cash collateralize for the benefit of the
Issuing Bank only the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect
to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.05(j) for so
long as such LC Exposure is outstanding; 

 

     

    48 

    

 

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

 

(iv)   
if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above,
then the fees payable to the Lenders pursuant to Section 2.11(a) and (b) shall be adjusted in accordance with such non-Defaulting
Lenders’ Applicable Percentages; and 

 

(v)   
if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated
nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing
Bank or any other Lender hereunder, all fees payable under Section 2.11(b) with respect to such Defaulting Lender’s LC Exposure
shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and

 

(d) so long as such Lender is a Defaulting
Lender, the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the
related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the
non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.05(j), and participating
interests in any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent
with Section 2.19(c)(i) (and such Defaulting Lender shall not participate therein).

 

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

 

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

 

     

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ARTICLE III

 

Representations and Warranties

 

The Borrower represents and warrants to the Lenders
that:

 

SECTION 3.01. Organization; Powers.
Each of the Borrower and the Significant Subsidiaries 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, except
where the failure to do so, individually or in the aggregate, would not result in a Material Adverse Effect, is qualified to do
business in, and is in good standing in, every jurisdiction where such qualification is required.

 

SECTION 3.02. Authorization; Enforceability.
The Transactions are within the Borrower’s corporate powers and have been duly authorized by all necessary corporate action
of the Borrower. This Agreement has been duly executed and delivered by the Borrower and constitutes, and each Note and each other
Loan Document when executed and delivered by the Borrower will constitute, a legal, valid and binding obligation of the Borrower,
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) do not require any consent or approval of, registration or filing with, or any other action
by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate
any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any Subsidiary or
any order of any Governmental Authority, (c) will not violate or result in a default, or give rise to a right to require any material
payment, under any indenture, agreement or other instrument binding upon the Borrower, any Subsidiary or any of their respective
assets, any indenture, agreement or other instrument a violation, default or required payment under which would result in a Material
Adverse Effect), and (d) will not result in the creation or imposition of any Lien on any material asset of the Borrower or any
Subsidiary, any Lien on any of its assets if such Lien would result in a Material Adverse Effect).

 

SECTION 3.04. Financial Condition;
No Material Adverse Change. (a) The Borrower has heretofore furnished to the Lenders its consolidated statement of financial
position, and statements of earnings, changes in shareholders’ equity and cash flows as of and for the fiscal year ended
December 31, 2018, reported on by Ernst & Young LLP, independent public accountants, certified by a Financial Officer. Such
financial statements present fairly, in all material respects, the financial position and results of operations and cash flows
of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP.

 

(b) Since December 31, 2018, there has been no Material
Adverse Effect.

 

     

    50 

    

 

SECTION 3.05. Properties. (a)
Each of the Borrower and the Subsidiaries has good title to, or valid leasehold interests in or rights to use, all its real and
personal property material to its business, except for such irregularities that, individually or in the aggregate, would not result
in a Material Adverse Effect.

 

(b) Each of the Borrower and the
Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material
to its business, and the use thereof by the Borrower and the Subsidiaries does not infringe upon the rights of any other Person,
except for any such infringements that, individually or in the aggregate, would not result in a Material Adverse Effect.

 

SECTION 3.06. Litigation and Environmental
Matters. (a) There is no pending litigation or administrative proceeding or other legal or regulatory development that is reasonably
likely to result in a Material Adverse Effect or to materially adversely affect the rights and remedies of the Lenders hereunder.

 

(b) Except for the Disclosed Matters
and except with respect to any other matters that, individually or in the aggregate, would not result in a Material Adverse Effect,
neither the Borrower nor any Subsidiary (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with
any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability,
(iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental
Liability.

 

SECTION 3.07. Compliance with Laws
and Agreements. Each of the Borrower and the Subsidiaries is in compliance with all laws, regulations and orders (other than
Environmental Laws) of any Governmental Authority applicable to it or its property (including Regulation U) and all indentures,
agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate,
would not result in a Material Adverse Effect. No Default has occurred and is continuing.

 

SECTION 3.08. Investment Company
Status. Neither the Borrower nor any Subsidiary is an “investment company” as defined in, or subject to regulation
under, the Investment Company Act of 1940.

 

SECTION 3.09. Taxes. Each of
the Borrower and the Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed
and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good
faith by appropriate proceedings and for which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate
reserves in accordance with GAAP or (b) to the extent that the failure to do so would not result in a Material Adverse Effect.

 

SECTION 3.10. ERISA. No ERISA
Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability
is reasonably expected to occur, would result in a Material Adverse Effect.

 

     

    51 

    

 

SECTION 3.11. Disclosure. 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 any other Loan Document or delivered hereunder or thereunder
(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 or pro forma financial information, the Borrower represents only that such information
was prepared in good faith based upon assumptions believed to be reasonable at the time, it being understood that such pro forma
statements or projections are inherently subjective and are subject to significant uncertainties and contingencies many of which
are beyond the control of the Borrower and that no assurance can be given that such projections or pro forma financial statements
will be realized.

 

SECTION 3.12. Anti-Corruption Laws and
Sanctions. The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the
Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
Sanctions, and the Borrower, its Subsidiaries and their respective officers and employees, and to the knowledge of the Borrower,
its directors and agents are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of
(a) the Borrower, any Subsidiary or, to the knowledge of the Borrower or such Subsidiary, any of their respective directors, officers
or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity
in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit,
use of proceeds or other transaction contemplated by the Agreement will violate Anti-Corruption Laws or applicable Sanctions.

 

ARTICLE IV

 

Conditions

 

SECTION 4.01. Closing Date.
This Agreement shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance
with Section 9.02):

 

(a)  
The Administrative Agent (or its counsel) shall have received from the Borrower and the Lenders
either (i) counterparts of this Agreement signed on behalf of such parties or (ii) written evidence satisfactory to the Administrative
Agent (which may include telecopy or electronic pdf transmission of a signed signature page of this Agreement) that such parties
have each signed a counterpart of this Agreement. 

 

(b)  
The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders
and dated the Closing Date) of (i)  Davis Polk & Wardwell LLP, special counsel for the Borrower, substantially in the
form of Exhibit C, and (ii) the General Counsel, an Assistant General Counsel or Chief 

 

     

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Legal Officer of the Borrower, substantially in
the form of Exhibit D. The Borrower hereby requests such counsel to deliver such opinions.

 

(c)  
The Administrative Agent shall have received (i) a certificate of the Borrower, dated the
Closing Date, as to the incumbency and signature of the officers of the Borrower executing this Agreement and authorized to execute
Notes reasonably satisfactory in form and substance to the Administrative Agent and (ii) true and complete copies of the certificate
of incorporation and by-laws of the Borrower, certified as of the Closing Date as complete and correct copies thereof by the Secretary
or an Assistant Secretary of the Borrower. 

 

(d)  
The Administrative Agent shall have received a certificate, dated the Closing Date and signed
by the President, a Vice President or a Financial Officer of the Borrower, confirming that (i) the representations and warranties
of the Borrower set forth in this Agreement are true and correct as of the Closing Date and (ii) upon the effectiveness of this
Agreement, no Default shall have occurred and be continuing. 

 

(e)  
The Borrower shall have paid all fees required to be paid, and all expenses required to be
paid and for which invoices have been presented, on or before the Closing Date. 

 

(f)   
Concurrently with the effectiveness of this Agreement, (i) the Borrower shall (and does hereby)
terminate the commitments under the Existing Credit Agreement and 

 

(ii) 
all principal, interest and fees under the Existing Credit Agreement shall be paid in full.
Any advance notice required in connection with such termination or prepayment is hereby waived by the Lenders (to the extent such
Lenders are parties to the Existing Credit Agreement). 

 

(g)  
The Administrative Agent shall have received, at least three Business Days prior to the Closing
Date, all documentation and other information regarding the Borrower requested in connection with applicable “know your customer”
and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the Borrower
at least 10 Business Days prior to the Closing Date. 

 

The Administrative Agent shall notify the Borrower
and the Lenders of the Closing 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, and of each Issuing Bank
to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:

 

(a) The representations and
warranties of the Borrower set forth in this Agreement (other than the representations and warranties set forth in Sections 3.04(b)
and 3.06) or any other Loan Document shall be true and correct on and as of the date of such Borrowing or the date of issuance,
amendment, renewal or extension of such Letter of Credit, as applicable.

 

     

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(b) At
the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter
of Credit, as applicable, no Default shall have occurred and be continuing.

 

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

 

ARTICLE V

 

Affirmative Covenants

 

Until all Commitments shall have expired or
been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and
all Letters of Credit shall have expired or been terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants
and agrees with the Lenders that:

 

SECTION 5.01. Financial Statements
and Other Information. The Borrower will furnish to each Lender through the Administrative Agent:

 

(a)  
as soon as available but in any event within 120 days after the end of each fiscal year of
the Borrower, its audited consolidated statement of financial position and related statements of earnings, changes in shareholders’
equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous
fiscal year, all reported on by Ernst & Young LLP or other independent public accountants of recognized national standing (without
a “going concern” or like qualification or exception and without any qualification or exception as to the scope of
such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial position,
results of operations and cash flows of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with
GAAP; provided, however, that the Borrower may deliver, in lieu of the foregoing, the annual report of the Borrower
for such fiscal year on Form 10-K filed with the SEC, but only so long as the financial statements contained in such annual report
on Form 10-K are substantially the same in content as the financial statements referred to in the preceding provisions of this
paragraph (a); 

 

(b)  
as soon as available but in any event within 60 days after the end of each of the first three
fiscal quarters of each fiscal year of the Borrower, its consolidated statement of financial position and related statements of
earnings 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 position, results of operations and cash flows of the Borrower and its consolidated Subsidiaries on a consolidated
basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes; provided, however,
that 

 

     

    54 

    

 

the Borrower may deliver, in lieu of the foregoing,
the quarterly report of the Borrower for such fiscal quarter on Form 10-Q filed with the SEC, but only so long as the financial
statements contained in such quarterly report on Form 10-Q are substantially the same in content as the financial statements referred
to in the preceding provisions of this paragraph (b);

 

(c)
   concurrently with each delivery of financial statements under clause (a) or (b)  above, a certificate of a Financial Officer
of the Borrower substantially in the form of Exhibit H hereto (i) certifying as to whether, to the best knowledge of such Financial
Officer, a Default has occurred and is continuing and, if a Default has occurred and is continuing, specifying the details thereof
and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating
compliance with Section 6.05 and (iii) stating whether any change in GAAP or in the application thereof has occurred since the
date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect
of such change on the financial statements accompanying such certificate; 

 

(d)  
promptly after the same become publicly available, copies of all periodic and other reports
on Forms 8-K, 10-Q and 10-K and all proxy statements filed by the Borrower or any Subsidiary with the SEC or any other documents
distributed by the Borrower to its shareholders generally which contain the equivalent information to that contained in such Forms
or proxy statements; and 

 

(e)  
promptly following any request therefor, such other information regarding the operations and
financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement or any other Loan Document,
or requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, as
the Administrative Agent or any Lender may reasonably request. 

 

Information required to be delivered
pursuant to this Section 5.01 shall be deemed to have been delivered to the Lenders on the date on which the Borrower provides
written notice to the Lenders that such information has been posted on the Borrower’s website on the Internet at http://www.csx.com
or is available on the website of the SEC at http://www.sec.gov (to the extent such information has been posted or is available
as described in such notice). Information required to be delivered pursuant to this Section 5.01 may also be delivered by electronic
communication pursuant to procedures approved by the Administrative Agent pursuant to Section 9.01(b).

 

SECTION 5.02. Notices of Material
Events. The Borrower will furnish to each Lender through the Administrative Agent prompt written notice of the following:

 

(a)  
within three Business Days after any Financial Officer obtains knowledge of the occurrence
of any Default which is continuing, the occurrence of such Default; 

 

(b)  
the filing or commencement of any action, suit or proceeding by or before any arbitrator or
Governmental Authority against or affecting the Borrower or any Subsidiary 

 

     

    55 

    

 

that would, in the reasonable judgment of the Borrower,
result in a Material Adverse Effect;

 

(c)  
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that
have occurred, would, in the reasonable judgment of the Borrower, result in a Material Adverse Effect; and 

 

(d)  
any other development that results in, or would in the reasonable judgment of the Borrower
result in, a Material Adverse Effect. 

 

Each notice delivered under this Section shall be accompanied
by a statement of a Financial Officer or other executive officer of the 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 5.03. Existence; Conduct of Business.
The Borrower will, and will cause each Significant Subsidiary to, do or cause to be done all things necessary to preserve, renew
and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises it reasonably
deems necessary to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation or disposition
not prohibited under Section 6.04 or prohibit the Borrower or any Significant Subsidiary from discontinuing any business or forfeiting
any right, license, permit, privilege or franchise to the extent it reasonably deems appropriate in the ordinary course of its
business.

 

SECTION 5.04. Payment of Obligations.
The Borrower will, and will cause each Subsidiary to, pay its obligations, including Tax liabilities, that, if not paid, would
result in a Material Adverse Effect before the same shall become delinquent or in default, except where the validity or amount
thereof is being contested in good faith by appropriate proceedings.

 

SECTION 5.05. Maintenance of Properties;
Insurance. The Borrower will, and will cause each Significant Subsidiary to, (a) keep and maintain all property material to
the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain insurance with
financially sound insurance companies (including captive or affiliated insurance companies) or, to the extent consistent with prudent
business practice, programs of self-insurance, in each case in such amounts, with such deductibles and against such risks as are
reasonably appropriate.

 

SECTION 5.06. Books and Records;
Inspection Rights. The Borrower will, and will cause each Significant Subsidiary to, keep and maintain proper books of record
and account in accordance with GAAP. The Borrower will, and will cause each Subsidiary to, permit any representatives designated
by the Administrative Agent or any Lender, upon reasonable prior notice and coordinated with the Administrative Agent, 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 during normal business hours and at such reasonable times and as often as reasonably
requested.

 

     

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SECTION 5.07. Compliance with Laws.
The Borrower will, and will cause each Subsidiary to, comply with all laws, rules, regulations and orders of any Governmental Authority
applicable to it or its property, except where the failure to do so, individually or in the aggregate, would not result in a Material
Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower,
its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

 

SECTION 5.08. Use of Proceeds, Commitments
and Letters of Credit. The proceeds of the Loans and Letters of Credit shall be used for working capital and other general
corporate purposes. The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not directly or knowingly
indirectly use the proceeds of any Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization
of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or (B) for
the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or
in any Sanctioned Country to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted
by a corporation incorporated in the United States.

 

SECTION 5.09. Federal Regulations.
No part of the proceeds of any Loan will be used for “purchasing” or “carrying” (within the respective
meanings of each of the quoted terms under Regulation U of the Board as now and from time to time hereafter in effect) any Margin
Stock in violation of the applicable requirements of such Regulation. If requested by any Lender or the Administrative Agent, the
Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements
of FR Form G-3 or FR Form U-1 referred to in said Regulation U, as the case may be.

 

ARTICLE VI

 

Negative Covenants

 

Until all Commitments shall have expired or
been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and
all Letters of Credit shall have expired or been terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants
and agrees with the Lenders that:

 

SECTION 6.01.
Limitation on Subsidiary Debt. The Borrower will not permit any Subsidiary to create, incur or assume any Debt (other than
Debt substantially secured by a Lien or Liens on assets of such Subsidiary permitted under Section 6.02) after the Closing Date,
except:

 

(a)  
extensions, renewals and replacements of any Debt existing on the date hereof that do not
increase the outstanding principal amount thereof (other than to finance payments made in connection therewith); 

 

		(b)	Debt of any Subsidiary to the Borrower or any other Subsidiary; 

 

     

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(c)  
Debt of any Person that becomes a Subsidiary after the date hereof; provided that such
Debt exists at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person
becoming a Subsidiary; 

 

		(d)	Debt of any Subsidiary as an account party in respect of letters
of credit; and 

 

(e)  
other Debt; provided that at the time of the creation, incurrence or assumption of
such Debt and after giving effect thereto, the aggregate principal amount of all such Debt of the Subsidiaries does not exceed
an amount equal to 15% of Total Capitalization at such time. 

 

SECTION 6.02. Liens. The Borrower
will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now
owned or hereafter acquired by it (other than Unrestricted Margin Stock) to secure Debt of the Borrower or any Subsidiary, except:

 

		(a)	Permitted Encumbrances; 

 

(b)  
any Lien on any property or asset of the Borrower or any Subsidiary existing on the date hereof;
provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and (ii) such
Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof
that do not increase the outstanding principal amount thereof (other than to finance payments made in connection therewith); 

 

(c)  
any Lien existing on any property or asset prior to the acquisition thereof by the Borrower
or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the
time such Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with
such acquisition or such Person becoming a Subsidiary, (ii) such Lien shall not apply to any other property or assets of the Borrower
or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the
date such Person becomes a Subsidiary and extensions, renewals and replacements thereof that do not increase the outstanding principal
amount thereof (other than to finance payments made in connection therewith); 

 

(d)  
Liens on railroad locomotives, auto racks, rolling stock, vessels, barges, containers, vehicles, terminals and other fixed or
capital assets acquired, constructed, improved or refurbished by or for the Borrower or any Subsidiary; provided that (i)
such Liens and the Debt secured thereby are incurred prior to or within three years after such acquisition or the completion of
such construction, improvement or refurbishment, (ii)  the Debt secured thereby does not exceed 100% of the cost of acquiring,
constructing, improving or refurbishing such assets and (iii) such Liens shall not apply to any other property or assets of the
Borrower or any Subsidiary; 

 

		(e)	Liens securing Debt in respect of the transactions described in Schedule
6.02; 

 

     

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(f)   
Liens on assets owned by a Securitization Subsidiary granted in connection with a Securitization
Transaction so long as the aggregate principal amount of Indebtedness outstanding with respect to all such Securitization Transactions
does not exceed $750,000,000 at any time; and 

 

(g)  
Liens not otherwise permitted hereunder; provided that, at the time of the creation,
incurrence or assumption of any Debt secured by any such Lien and after giving effect thereto, the aggregate principal amount of
Debt of the Borrower and the Subsidiaries secured by Liens permitted under this clause (g), together with the Attributable Debt
then outstanding in respect of Sale/Leaseback Transactions permitted under Section 6.03(c) in respect of which the obligations
of the Borrower or any Subsidiary do not constitute Capital Lease Obligations, does not exceed an amount equal to 15% of Total
Capitalization at such time. 

 

SECTION 6.03. Limitation on Sale/Leaseback
Transactions. The Borrower will not, and will not permit any Subsidiary to, enter into any arrangement with any Person providing
for the leasing by the Borrower or any Subsidiary of real or personal property (other than Unrestricted Margin Stock) which has
been or is to be sold or transferred by the Borrower or such Subsidiary to such Person or to any other Person to whom funds have
been or are to be advanced by such Person on the security of such property or rental obligations of the Borrower or such Subsidiary
(a “Sale/Leaseback Transaction”), except:

 

		(a)	any Sale/Leaseback Transaction described in Schedule 6.02; 

 

(b)  
any arrangement with respect to any railroad locomotive, auto rack, rolling stock, vessel,
barge, container, vehicle, terminal or other fixed or capital asset; provided that such arrangement is entered into prior
to or within three years after the acquisition, construction, improvement or refurbishment of such railroad locomotive, auto rack,
rolling stock, vessel, barge, container, vehicle, terminal or other fixed or capital asset; and 

 

(c)  
Sale/Leaseback Transactions not otherwise permitted hereunder; provided that, (i) if
the obligations of the Borrower or any Subsidiary in respect of any such Sale/Leaseback Transaction constitute Capital Lease Obligations,
the Liens created in respect of such Sale/Leaseback Transactions are permitted under Section 6.02 and (ii) if the obligations of
the Borrower or any Subsidiary in respect of any such Sale/Leaseback Transaction do not constitute Capital Lease Obligations, at
the time of the creation, incurrence or assumption of any Attributable Debt in connection with such Sale/Leaseback Transaction
and after giving effect thereto, the aggregate principal amount of Attributable Debt of the Borrower and the Subsidiaries then
outstanding in respect of leases entered into in connection with Sale/Leaseback Transactions permitted under this clause (ii),
together with the aggregate principal amount of Debt of the Borrower and the Subsidiaries then secured by Liens permitted under
Section 6.02(g) does not exceed an amount equal to 15% of Total Capitalization at such time. 

 

SECTION 6.04. Fundamental Changes.
The Borrower will not merge into or consolidate with any other Person, or sell, transfer, lease or otherwise dispose of (in one
transaction or in a series of transactions) all or substantially all of its assets (whether now owned

 

     

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or hereafter acquired), unless (a) if the Borrower is
not the surviving corporation, the surviving corporation in any such merger or consolidation or the Person which acquires all or
substantially all of the assets of the Borrower shall be a corporation organized and existing under the laws of the United States
of America, any State thereof or the District of Columbia (the “Successor Corporation”) and shall expressly
assume, by amendment to this Agreement executed by the Borrower, the Successor Corporation and the Administrative Agent, the due
and punctual payment of the principal of and interest on the Loans and all other amounts payable under this Agreement and any Notes
and the payment and performance of every covenant hereof on the part of the Borrower to be performed or observed, (b) immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing and (c) if the Borrower
is not the surviving corporation, the Borrower shall have delivered a certificate of a Financial Officer and a written opinion
of counsel reasonably satisfactory to the Administrative Agent (who may be counsel to the Borrower), each stating that such transaction
and amendment comply with this Section and that all conditions precedent herein provided for relating to such transaction have
been satisfied; provided that the Borrower and the Subsidiaries will be permitted to sell, transfer and otherwise dispose of Unrestricted
Margin Stock without regard to the foregoing restrictions.

 

SECTION 6.05.
Financial Covenant. The Borrower shall not permit the ratio of Total Debt to Total Capitalization to exceed 0.70 to 1.00.
Notwithstanding the foregoing, once the Credit Rating Event occurs, the Borrower shall not thereafter be required to comply with
the financial covenant in this Section, regardless of the Ratings.

 

SECTION 6.06. Railroad Ownership.
The Borrower shall own, directly or indirectly, all of the shares of capital stock of CSX Transportation, Inc., or the successor
thereto by merger, consolidation or share exchange or the Person, if any, who has acquired substantially all of such corporation’s
assets.

 

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 or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become
due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; provided that,
if any such failure shall result from the malfunctioning or shutdown of any wire transfer or other payment system reasonably employed
by the Borrower to make such payment or from an inadvertent error of a technical or clerical nature by the Borrower or any bank
or other entity reasonably employed by the Borrower to make such payment, no Event of Default shall result under this paragraph
(a) during the period (not in excess of two Business Days) required by the Borrower to make alternate payment arrangements;

 

     

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(b)  
the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other
than an amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due and
payable, and such failure shall continue unremedied for a period of ten days (provided that the Borrower shall not be in default
under this Section for any failure to pay interest or fees due hereunder when due or within such ten day grace period if it does
not receive an invoice from the Administrative Agent by the date that is ten Business Days prior to the relevant due date or if
it believes that an invoice is not correct so long as (i) the Borrower shall promptly (and, in any event, within two Business Days
of the date that is ten Business Days prior to the relevant due date) notify the Administrative Agent that it has not received
an invoice by such date or that it believes that an invoice is not correct, (ii) (x) to the extent the Borrower has not received
an invoice, the Borrower shall have paid the amount of interest and/or fees that it believes is due on the due date therefor or
(y) to the extent the Borrower has received an invoice, the Borrower shall have paid the amount of interest and/or fees stated
on such invoice on the due date therefor and (iii) the Borrower shall make any additional payment required within two Business
Days after receipt by the Borrower of an invoice from the Administrative Agent that correctly sets forth the amount of interest
and fees so due); 

 

(c)  
any representation or warranty made or deemed made by or on behalf of the Borrower or any
Subsidiary in or in connection with this Agreement, any other Loan Document or any amendment or modification hereof or thereof,
or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement,
any other Loan Document or any amendment or modification hereof or thereof, 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 this Agreement (other than those specified in clause (a), (b) or (c) of this Article) or any other Loan Document, and such failure
shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent (given at the request of any
Lender) to the Borrower; 

 

(e)  
any event of default or similar event or condition occurs (and continues after any applicable grace period) under any mortgage,
indenture or instrument under which there may be issued, or by which there may be secured or evidenced, any Material Indebtedness,
whether such Material Indebtedness now exists or shall hereafter be created and shall result in any Material Indebtedness becoming
due prior to its scheduled maturity (other than any such event or condition arising solely out of the violation by the Borrower
or any Subsidiary of any covenant in any way restricting the Borrower’s, or any such Subsidiary’s, right or ability
to sell, pledge or otherwise dispose of Unrestricted Margin Stock) and such acceleration shall not be rescinded or annulled in
accordance with the terms of such mortgage, indenture or investment, as the same case may be; provided that this clause
(e) shall not apply to secured Indebtedness that becomes due as a  result of the voluntary permitted sale or transfer of
the property or assets securing such Indebtedness; 

 

     

    61 

    

 

(f)   
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking
(i) liquidation, reorganization or other relief in respect of the Borrower or any Significant Subsidiary or its debts, or of a
substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or
hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for
the Borrower or any Significant Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition
shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 

 

(g)  
the Borrower or any Significant Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or
hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding
or petition described in clause (f) of this Article, (iii)  apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for the Borrower or any Significant Subsidiary or for a substantial part
of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v)
make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

 

(h)  
the Borrower or any Significant Subsidiary shall become unable, admit in writing 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 (to the extent not covered
by insurance) in excess of $200,000,000 shall be rendered against the Borrower, any Subsidiary or any combination thereof and the
same shall remain unpaid or undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed;

 

(j)   
an ERISA Event shall have occurred that, in the reasonable opinion of the Majority Lenders,
when taken together with all other ERISA Events that have occurred, would result in a Material Adverse Effect; or 

 

(k)   
a Change in Control shall occur and on the date which is four months after the occurrence
of such Change in Control the Index Debt rating shall be lower than the highest ratings specified in Category 5 of the definition
of “Applicable Rate” by each of S&P and Moody’s (or such other rating agency as then shall be relevant for
purposes of determining the Applicable Rate); 

 

then, and in every such event (other than an event with
respect to the Borrower described in clause (f) or (g) of this Article as a result of which the Administrative Agent and the Lenders
shall not be permitted, without special relief, to exercise their rights or remedies under clause (i) or (ii) below), and at any
time thereafter during the continuance of such event, the Administrative Agent (with the consent of the Majority Lenders) may,
and at the request of the Majority Lenders shall, by notice to the Borrower, take either or both of the following actions, at

 

     

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the same or different times: (i) terminate the Commitments,
and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in
whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable),
and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees
and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the
Borrower described in clause (f) or

 

(g) of this Article described above, 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 Agents

 

SECTION 8.01. Authorization and Action.

 

Each of the Lenders and Issuing Banks
hereby irrevocably appoints JPMorgan Chase Bank, N.A. as its agent and authorizes JPMorgan Chase Bank, N.A. 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. Each Lender acknowledges that Citibank, N.A., Credit Suisse AG, Cayman
Islands Branch, Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc., PNC Bank, National Association, The Northern Trust Company
and UBS Securities LLC shall be Syndication Agents with respect to this Agreement and that Bank of America, N.A. and Barclays Bank
PLC shall be Documentation Agents with respect to this Agreement. The Syndication Agents and Documentation Agents shall have no
duties in such capacities in addition to any duties in their capacity as Lenders.

 

Each bank serving as an 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 an 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 an Agent hereunder.

 

No Agent shall have any duties or
obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) no Agent shall be subject
to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) 
no Agent shall 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 Lenders entitled
to so require, and (c)  except as expressly set forth herein, no Agent shall have any duty to disclose, nor shall such Agent
be liable for the failure to disclose, any information relating to the Borrower or any of the Subsidiaries that is communicated
to or obtained by such Agent or any of its Affiliates in any 

 

     

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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 Lenders entitled to so require or in the absence of its
own gross negligence or willful misconduct, as determined by a final non-appealable judgement of a court of competent jurisdiction.
No Agent shall be deemed 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 no Agent shall be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made to any Lender in or in connection with this Agreement or any other Loan Document, (ii)
the contents of any certificate, report or other document delivered hereunder or in connection herewith or any other Loan Document,
(iii) the performance or observance by the Borrower of any of the covenants, agreements or other terms or, except as provided in
clause (v) below, conditions set forth herein, (iv) with respect to parties other than such Agent, 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.

 

Each 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 in good faith to be genuine and to have been signed or sent by the proper Person. Each Agent also
may rely upon any statement made to it orally or by telephone and believed by it in good faith to be made by the proper Person,
and shall not incur any liability for relying thereon. Each 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 and for which it is responsible. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise
its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply
to any such sub-agent reasonably selected by the Administrative Agent and to the Related Parties of the Agents 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 Agent.

 

Subject to the appointment and acceptance
of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying
the Lenders, the Issuing Banks and the Borrower. Upon any such resignation, the Majority Lenders shall have the right, with the
consent of the Borrower (which consent shall not be required if at the time of such appointment any Default or Event of Default
shall have occurred and be continuing), to appoint a successor. If no successor shall have been so appointed by the Majority Lenders
and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation,
then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative
Agent which shall be a commercial bank with an office in New York, New York and having a combined capital and surplus of at least
$1,000,000,000. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed
to and become

 

     

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vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those
payable to its predecessor unless otherwise agreed between the Borrower and such successor.

 

After the Administrative Agent’s resignation
hereunder, the provisions of this Article and Section 9.03 shall continue in effect for its benefit in respect of any actions taken
or omitted to be taken by it while it was acting as Administrative Agent.

 

Each Lender acknowledges that it has,
independently and without reliance upon any 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 and each other Loan Document to which it is
a party. Each Lender represents that it has not relied upon the Unrestricted Margin Stock in its credit analysis or its decision
to enter into this Agreement and each other Loan Document to which it is a party. Each Lender also acknowledges that it will, independently
and without reliance upon any 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, each other
Loan Documents to which it is a party, any related agreement or any document furnished hereunder or thereunder.

 

SECTION 8.02. Certain ERISA Matters.
(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,
the Administrative Agent, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the
following is and will be true:

 

(i)   
such Lender is not using “plan assets” (within the meaning of Section 3(42) of
ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments, or this Agreement, 

 

(ii)   
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption
for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain
transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance
company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds)
or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to
such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the
Commitments and this Agreement, 

 

(iii)   
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager”
(within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf
of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this
Agreement, (C) the entrance into, participation in, 

 

     

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administration of and performance
of the Loans, the Letters of Credit, the Commitment and this Agreement satisfies the requirements of sub-sections (b) through
(g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14
are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans,
the Letters of Credit, the Commitments and this Agreement, or

 

(iv)    such other representation,
warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

 

(b)    In addition, unless sub-clause (i) in
the immediately preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty
and covenant in accordance with sub- clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and
warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender
party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent, and not,
for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not
a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitment and this Agreement (including in connection with the reservation
or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or
thereto).

 

ARTICLE IX

 

Miscellaneous

 

SECTION 9.01. Notices. (a)
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 or, subject to paragraph (b) below, electronic pdf, as follows:

 

(i)   
if to the Borrower, to it at CSX Corporation, 500 Water Street, 9th
Floor, Jacksonville, FL 32202, Attention of Treasurer (Telephone No. (904)-359-1426 and electronic
mail: sean_pelkey@csx.com); 

 

(ii)   
if to the Administrative Agent, to JPMorgan Chase Bank, N.A., JPMorgan Loan Services, 500 Stanton Christiana Road, Ops 2, 3rd
Floor, Newark, DE 19713, Attention: Loan and Agency Services Group (Fax No. (302) 634-3301; electronic mail: 12012443629@tls.ldsprod.com),
with a copy to JPMorgan Chase Bank, N.A. 270 Park Avenue, New York, New York 10017, Attention of Robert Kellas (Telecopy No. (212)
270-5100; electronic mail: Robert.Kellas@jpmorgan.com); and

 

(iii)   
if to any Issuing Bank or any other Lender, to it at its address (or telecopy number or electronic
mail address) set forth in its Administrative Questionnaire. 

 

     

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Any party hereto may change its address,
telecopy number or electronic mail address 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 on the date of receipt.

 

(b) Notices and other communications
to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative
Agent (upon any such procedures’ approval, the Administrative Agent shall provide notice thereof to the applicable Lender);
provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative
Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to procedures approved by it prior to such communication (upon
any such procedures’ approval, the Administrative Agent shall provide notice thereof to the Lenders); provided that
approval of such procedures may be limited to particular notices or communications.

 

SECTION 9.02. Waivers; Amendments.
(a) No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders hereunder are cumulative and are
not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent
to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b)
of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed
as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice
or knowledge of such Default at the time.

 

(b) Neither this Agreement, any other
Loan Document nor any provision hereof or thereof may be waived, amended or modified except pursuant to an agreement or agreements
in writing entered into by the Borrower and the Majority Lenders or by the Borrower and the Administrative Agent with the consent
of the Majority Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written
consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon,
or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the scheduled
date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder,
or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without
the written consent of each Lender affected thereby (it being understood, for the avoidance of doubt, that a Lender who does not
(or is deemed to not) approve an extension of the Maturity Date then in effect in accordance with the terms of this Agreement shall
not be considered affected by such extension, so long as (A) such Lender’s Commitment shall expire on the Maturity Date then
in effect with respect to such Lender, (B) for all purposes of this Agreement “Maturity Date” in respect of such Lender,
the Loans made by it and any other

 

     

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amounts owing to such Lender hereunder shall mean such
Maturity Date and (C) as of the Maturity Date then being extended, upon effectiveness of such extension, the Applicable Percentages
of the Lenders shall be deemed modified as appropriate to reflect the expiration of the Commitment of any Non-Approving Lender
with respect to such extension), (iv) change Section 2.08(c) or change 2.17(b) or (c) in a manner that would alter the pro rata
sharing of payments required thereby, in either case without the written consent of each Lender, or (v) change any of the provisions
of this Section or the definition of “Majority Lenders” or any other provision hereof specifying the number or percentage
of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without
the written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the
rights or duties of the Administrative Agent or any Issuing Bank hereunder without the prior written consent of the Administrative
Agent or such Issuing Bank, as the case may be.

 

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 and administration of this Agreement, any other
Loan Document or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all out-of-pocket expenses incurred by each Issuing Bank in connection
with the issuance, amendment, renewal or extension by it of any Letter of Credit or any demand for payment thereunder and (iii)
all out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank or any Lender, including the reasonable fees,
charges and disbursements of any counsel for the Administrative Agent, any Issuing Bank or any Lender, in connection with the enforcement
or protection of its rights in connection with this Agreement or any other Loan Document, including its rights under this Section,
or in connection with the Loans made or Letters of Credit issued hereunder, including in connection with any workout, restructuring
or negotiations in respect thereof.

 

(b) The Borrower shall indemnify the
Administrative Agent, each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person
being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses, including the reasonable fees, charges and disbursements of any counsel for any Indemnitee, incurred
by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties
hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions
contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by an Issuing
Bank to honor a demand for payment under a Letter of Credit issued by it if the documents presented in connection with such demand
do not strictly comply with the terms of such Letter of Credit), or (iii) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any
Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses are found by a final non-appealable judgement of a court of
competent

 

     

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jurisdiction to have resulted from the gross negligence
or willful misconduct of such Indemnitee. The foregoing indemnification shall not cover any such claims, damages, losses, liabilities
or expenses relating to (i) any Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax
claim or (ii) any costs or capital requirements (whenever imposed) to any Lender or any corporation controlling such Lender as
a result of such Lender’s Commitment or its Loans or participations in Letters of Credit, but in each case without prejudice
to Sections 2.14, 2.15, 2.16 and 9.03.

 

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

 

(d)  
To the extent permitted by applicable law, 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, any other Loan Document or
any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds
thereof. 

 

(e)  
All amounts due under this Section shall be payable promptly after written demand therefor,
accompanied by such documentation as the Borrower may reasonably request to evidence the basis for, and calculation of, such amount.

 

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 or any other Loan Document 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 or any other Loan Document, 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, the Issuing Banks
and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b) Any Lender may, at no additional
cost to the Borrower, assign to one or more assignees, other than a natural person, all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that
(i) except in the case of an assignment to a Lender Affiliate (to the extent the obligations of such Lender Affiliate are guaranteed
by or otherwise remain the obligations of the relevant Lender), the Borrower must give its prior written consent to such assignment
(which consent shall not be unreasonably withheld), (ii) except in the case of an assignment to a Lender,

 

     

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each of the Administrative Agent and the Issuing Banks must
give its prior written consent to such assignment (which consent shall not be unreasonably withheld), (iii) except in the case
of an assignment to a Lender or a Lender Affiliate or an assignment of the entire remaining amount of the assigning Lender’s
then effective Commitment, the amount of the Commitment of the assigning Lender subject to each such assignment and the amount
of its Commitment remaining thereafter (determined in each case as of the date the Assignment and Assumption with respect to such
assignment is delivered to the Administrative Agent) shall not be less than $10,000,000 unless each of the Borrower and the Administrative
Agent otherwise consent, (iv) 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 (including its Revolving Loans), except that this clause (iv) shall
not apply to rights in respect of outstanding Competitive Loans, (v) the parties to each assignment shall execute and deliver to
the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500, and (vi) the assignee,
if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; provided further that
any consent of the Borrower otherwise required under this paragraph shall not be required if an Event of Default under clause (a),
(b), (f) or (g) of Article VII has occurred and is continuing. Upon acceptance and recording pursuant to paragraph (d) 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 (but not greater than) the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned
by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to
be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.15, 2.16 and 9.03 and be subject to Section
9.12). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph
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 (e) of this Section.

 

(c)  
The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain
at one of its offices in The City of New York a copy of each Assignment and Assumption delivered to it and a register for the recordation
of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC
Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries
in the Register shall be prima facie evidence thereof absent manifest error, and the Borrower, the Administrative Agent,
the Issuing Banks 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 during normal business hours by the Borrower at any reasonable time and from time to time upon reasonable advance
notice. 

 

(d)  
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 

 

     

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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.

 

(e)   
Any Lender may, without the consent of, and at no additional cost to, the Borrower, the Administrative Agent or the Issuing Banks,
sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s
rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided
that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii)  such Lender shall remain
solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative
Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells
such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that
such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the
first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (f) of this Section, the Borrower agrees
that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 (and subject to the requirements and limitations
therein, it being understood that the documentation required under Section 2.16(f) shall be delivered to the participating Lender)
to the same (but no greater) extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b)
of this Section. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain
a register on which it enters the name and address of each Participant and the principal amount (and stated interest) of each
Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person
(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) except to the extent that such disclosure is necessary to
establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of
the United States Treasury Regulations. The entries in the Participant Register shall be prima facie evidence thereof 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. 

 

(f)   
A Participant shall not be entitled to receive any greater payment under Section 2.14, 2.15
or 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
except to the extent such entitlement to a greater payment results from a Change in Law that occurs after the Participant acquired
the applicable participation. 

 

(g)  
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 such pledge or assignment 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 

 

     

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security interest shall release a Lender from any of
its obligations hereunder or substitute any such assignee for such Lender as a party hereto.

 

(h) Notwithstanding anything to the
contrary contained herein, any Lender (a “Granting Lender”) may, at no additional cost to the Borrower, grant
to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting
Lender to the Administrative Agent and the Borrower, the option to provide to the Borrower all or any part of any Loan that such
Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing
herein shall constitute a commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise
fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof
in the same manner and to the same extent as if such option had not been granted. The making of a Loan by an SPC hereunder shall
utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender, (1) the
Granting Lender shall have the sole right and responsibility to deliver all consents and waivers required or requested, and to
perform all obligations required, under this Agreement with respect to its SPC, and (2) no SPC shall be entitled to receive any
greater amounts pursuant to any provision of this Agreement than the Granting Lender would have been entitled to receive in respect
of any Loan made by such SPC. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment
obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing,
each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that
is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC,
it will not institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under the laws of the United States or any State thereof; provided, that no such restriction
shall apply with respect to the Granting Lender. In addition, notwithstanding anything to the contrary contained in this Section
9.04, any SPC may, at no additional cost to the Borrower, (x) with notice to, but without the prior written consent of, the Borrower
and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loan
such SPC has made hereunder to its Granting Lender or to any financial institutions (consented to by the Borrower and Administrative
Agent) providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of any
such Loan and (y) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial
paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC. This subsection 9.04(h) may not
be amended without the written consent of any SPC with Loans outstanding hereunder.

 

SECTION 9.05. Survival. All
covenants, agreements, representations and warranties made by the Borrower herein, in the other Loan Documents 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 any other Loan Document and the making
of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf
and notwithstanding that any Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is

 

     

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extended hereunder, and shall continue in full force
and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement
is outstanding and unpaid or any Letter of Credit is outstanding and so long as any Commitment has not expired or terminated. The
provisions of Sections 2.14, 2.15, 2.16, 9.03 and 9.12 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 any Letter
of Credit or Commitment or the termination of this Agreement or any other Loan Document or any provision hereof or thereof.

 

SECTION 9.06. Counterparts; Integration;
Effectiveness. This Agreement, any Augmenting Lender Supplement, any Commitment Increase Supplement and any amendment hereto
or thereto may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents
and any separate letter agreements with respect to fees payable to the Administrative Agent or any Issuing Bank constitute the
entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Delivery of an executed counterpart
of a signature page of this Agreement by telecopy or electronic pdf shall be effective as delivery of a manually executed counterpart
of this Agreement.

 

SECTION 9.07. Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.

 

SECTION 9.08. Right of Setoff.
Upon the taking by the Administrative Agent or the Majority Lenders of any of the actions set forth in the last paragraph of Article
VII, 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) at any time held and other indebtedness at
any time owing by such Lender to or for the credit or the account of the Borrower against any of and all the obligations of the
Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have
made any demand under this Agreement. The rights of each Lender under this Section are in addition to other rights and remedies
(including other rights of setoff) which such Lender may have.

 

SECTION 9.09. Governing Law; Jurisdiction; Consent
to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New
York.

 

     

    73 

    

 

(b)  
The Borrower hereby irrevocably and unconditionally submits, for itself and its property,
to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough
of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough
of Manhattan), 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 resulting therefrom, 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 Federal (to the extent permitted by law) or New York State court . Each of the parties hereto agrees that a final and non-appealable
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, any Issuing
Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement 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 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, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information (as
defined

 

     

    74 

    

 

below), except that Information may be disclosed (i) to its
and its Affiliates’ directors, officers, employees, representatives 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), (ii) to the extent required by applicable laws or regulations
or by any subpoena or similar legal process, or requested by any regulatory authority, but only, except with respect to bank examiners,
after the Administrative Agent or the relevant Issuing Bank or Lender provides such written notice to the Borrower of such proposed
disclosure as is reasonable under the circumstances and permitted by law, (iii) to any other party to this Agreement, (iv) in connection
with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or any Note or the enforcement
of rights hereunder or thereunder, (v) 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, (vi) subject to an agreement containing provisions substantially the same as those of this Section, to any direct
or indirect counterparty to any Swap Agreement (or any professional advisor to such counterparty), (vii) with the consent of the
Borrower or (viii) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section,
(y) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other
than the Borrower (other than a source known to be disclosing such Information in violation of a confidentiality agreement with
the Borrower) or (z) was available to the Administrative Agent or the relevant Issuing Bank or Lender prior to such Person becoming
a Lender. For the purposes of this Section, “Information” means all information received from the Borrower relating
to the Borrower or its business, other than any such information that is available to the Administrative Agent, any Issuing Bank
or any Lender on a nonconfidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement
routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry; provided
that, in the case of information received from the Borrower 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. 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.

 

SECTION 9.14. Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
EEA Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

     

    75 

    

 

(a)   
the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to
any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)
   the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)
   a reduction in full or in part or cancellation of any such liability;

 

(ii)   
a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on
it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Loan Document; or 

 

(iii)   
the variation of the terms of such liability in connection with the exercise of the Write-Down
and Conversion Powers of any EEA Resolution Authority. 

 

[Signature Pages Follow]

 

     

     

    

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.

 

	 	CSX CORPORATION,
	 	as Borrower
	 	 
	 	By:	/s/ Sean Pelkey
	 	 	Name:	Sean Pelkey
	 	 	Title:	Vice President and Treasurer

    [Signature Page to CSX Credit Agreement]
 

     

    

	 	JPMORGAN CHASE BANK, N.A.,
	 	as Administrative Agent and as a Lender
	 	 
	 	By:	/s/ Robert P. Kellas
	 	 	Name:	Robert P. Kellas
	 	 	Title:  	Executive Director

    [Signature Page to CSX Credit Agreement]
 

     

    

	 	Bank of America, N.A.
	 	 	 	 
	 	By:	/s/ Irene Bertozzi Bartenstein
	 	 	Name:	Irene Bertozzi Bartenstein
	 	 	Title:  	Director

    [Signature Page to CSX Credit Agreement]
 

     

    

	 	BARCLAYS BANK, PLC
	 	 	 	 
	 	By:	/s/ Sean Duggan
	 	 	Name:	Sean Duggan
	 	 	Title:  	Vice President

    [Signature Page to CSX Credit Agreement]
 

     

    

	 	Citibank, N.A., as a Lender
	 	 	 	 
	 	By:	/s/ Millie Schild
	 	 	Name:	Millie Schild
	 	 	Title:  	Vice President

    [Signature Page to CSX Credit Agreement]
 

     

    

	 	Credit Suisse AG, Cayman Islands Branch
	 	 	 	 
	 	By:	/s/ Doreen Barr
	 	 	Name:	Doreen Barr
	 	 	Title:  	Authorized Signatory
	 	 	 	 
	 	By:	/s/ Andrew Griffin
	 	 	Name:	Andrew Griffin
	 	 	Title:  	Authorized Signatory

    [Signature Page to CSX Credit Agreement]
 

     

    

	 	MIZUHO BANK, LTD.
	 	 	 	 
	 	By:	/s/ Tracy Rahn
	 	 	Name:	Tracy Rahn
	 	 	Title:  	Authorized Signatory

    [Signature Page to CSX Credit Agreement]
 

     

    

	 	MORGAN STANLEY BANK, N.A.
	 	 	 	 
	 	By:	/s/ Michael King
	 	 	Name:	Michael King
	 	 	Title:  	Authorized Signatory

    [Signature Page to CSX Credit Agreement]
 

     

    

	 	The Northern Trust Company, as a Lender
	 	 	 	 
	 	By:	/s/ Kimberly A. Crotty
	 	 	Name:	Kimberly A. Crotty
	 	 	Title:  	Vice President

    [Signature Page to CSX Credit Agreement]
 

     

    

	 	PNC Bank, N.A.
	 	 	 	 
	 	By:	/s/ James Cullen
	 	 	Name:	James Cullen
	 	 	Title:  	Vice President

    [Signature Page to CSX Credit Agreement]
 

     

    

	 	UBS AG, STAMFORD BRANCH,
	 	as a Lender
	 	 	 	 
	 	By:	/s/ Darlene Arias
	 	 	Name:	Darlene Arias
	 	 	Title:  	Director
	 	 	 	 
	 	By:	/s/ Kenneth Chin
	 	 	Name:	Kenneth Chin
	 	 	Title:	 Director

    [Signature Page to CSX Credit Agreement]
 

     

    

	 	FIFTH THIRD BANK
	 	 	 	 
	 	By:	/s/ Richard Arendale
	 	 	Name:	Richard Arendale
	 	 	Title:  	Managing Director

    [Signature Page to CSX Credit Agreement]
 

     

    

	 	MUFG Bank, Ltd.
	 	 	 	 
	 	By:	/s/ John Margetanski
	 	 	Name:	 John Margetanski
	 	 	Title:  	Director

    [Signature Page to CSX Credit Agreement]
 

     

    

	 	TD BANK, N.A.
	 	 	 	 
	 	By:	/s/ Mark Hogan
	 	 	Name:	Mark Hogan
	 	 	Title:	 Senior Vice President

    [Signature Page to CSX Credit Agreement]
 

     

    

	 	Wells Fargo Bank, N.A.
	 	 	 	 
	 	By:	/s/ Tom Molitor
	 	 	Name:	Tom Molitor
	 	 	Title:  	Managing Director

 

 

    [Signature Page to CSX Credit Agreement]
 

     

    

 

EXHIBIT A 

TO CREDIT AGREEMENT

 

[FORM OF ASSIGNMENT AND ASSUMPTION]

 

This Assignment and Assumption
(the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into between
the Assignor named below (the “Assignor”) and the Assignee named below (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as
amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard
Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a
part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective
Date inserted by the Administrative Agent below (i) all of the Assignor’s rights and obligations in its capacity as a Lender
under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount
and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective
facilities identified below (including any letters of credit, guarantees, and swingline loans included in such facilities) and
(ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the
Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit
Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way
based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all
other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights
and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned
Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment
and Assumption, without representation or warranty by the Assignor.

 

	1.	Assignor:	______________________________
	 	 	 
	2.	Assignee:	______________________________
	 		[and is a Lender Affiliate of [identify Lender]]
	 	 	 
	3.	Borrower:	CSX Corporation
	 	 	 
	4.	Administrative Agent:	 JPMorgan Chase Bank, N.A., as administrative agent under the Credit Agreement
	 	 	 
	5.	Credit Agreement:	The Five-Year Revolving Credit Agreement dated as of March 29, 2019 among CSX Corporation, the Lenders parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent
	 	 	 
	6.	 Assigned Interest:	 
	 	-	 

     

     

    

	Facility Assigned1	Aggregate Amount of Commitment/Loans for all Lenders	Amount of Commitment/Loans Assigned	Percentage Assigned of Commitment/Loans2
	 	$	$	%
	 	$	$	%
	 	$	$	%

 

Effective Date: ______________, 20__ [TO
BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The Assignee agrees to deliver to the Administrative Agent a
completed administrative questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level
information (which may contain material non-public information about the Borrower, the Credit Parties and their Affiliates or their
respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance
procedures and applicable laws, including Federal and state securities laws.

 

The terms set forth in this Assignment and Assumption are hereby
agreed to:

 

	 	ASSIGNOR
	 	 
	 	_________________________________
	 	NAME OF ASSIGNOR
	 	 
	 	 
	 	By:______________________________
	 	   Title:
	 	 
	 	 
	 	ASSIGNEE
	 	 
	 	 
	 	NAME OF ASSIGNEE
	 	 
	 	 
	 	By:______________________________
	 	   Title:

 

 

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

 

2
Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders.

 

     

     

    

	[Consented to and]3 Accepted:	 
	 	 
	[NAME OF ADMINISTRATIVE AGENT], as 	 
	  Administrative Agent	 
	 	 
	 	 
	By_________________________________	 
	  Title:	 
	 	 
	 	 
	[Consented to:]4	 
	 	 
	[NAME OF BORROWER]	 
	 	 
	 	 
	By________________________________	 
	  Title:	 
	 	 
	 	 
	[NAME OF ANY OTHER 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 (e.g. Issuing Bank) is required by the terms of the Credit
Agreement.

 

     

     

    

ANNEX 1

 

FIVE-YEAR REVOLVING CREDIT AGREEMENT

 

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, 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 Non-U.S. 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.

 

3. General Provisions.
This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors
and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption

 

     

     

    

by email or telecopy shall be effective
as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York.

 

     

     

    

EXHIBIT B-1

 

TO CREDIT AGREEMENT

 

[FORM OF REVOLVING LOAN
NOTE]

 

REVOLVING LOAN NOTE

 

	$______________	New York, New York
	 	[Date]

 

FOR VALUE RECEIVED, the undersigned, CSX CORPORATION,
a Virginia corporation (the “Borrower”), hereby unconditionally promises to pay to the order of _____________
(the “Lender”) at the office of JPMorgan Chase Bank, N.A. in lawful money of the United States of America
and in immediately available funds, on the Maturity Date in effect from time to time with respect to such Lender the principal
amount of (a) _____________ DOLLARS ($______________), or, if less, (b) the aggregate unpaid principal amount
of all Revolving Loans of the Lender made to the Borrower pursuant to Section 2.01 of the Credit Agreement (as defined below).
The Borrower further agrees to pay interest in like money at such office on the unpaid principal amount hereof from time to time
outstanding at the rates and on the dates specified in Sections 2.12 and 2.17 of the Credit Agreement.

 

The holder of this Revolving Loan Note is
authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof which shall be attached
hereto and made a part hereof the date, amount and Type of each Revolving Loan made pursuant to the Credit Agreement and the date
and amount of each payment or prepayment of principal thereof, each continuation thereof as the same Type, each conversion of all
or a portion thereof to another Type and, in the case of Eurodollar Loans, the length of each Interest Period and the Adjusted
LIBO Rate with respect thereto. Each such endorsement shall constitute prima facie evidence of the accuracy of the information
endorsed. The failure to make any such endorsement (or any error therein) shall not affect the obligations of the Borrower in respect
of any Revolving Loan.

 

This Revolving Loan Note (a) is one of the
Revolving Loan Notes referred to in Section 2.09 of the Five-Year Revolving Credit Agreement dated as of March 29, 2019 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lender, the
other Lenders from time to time parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, (b) is subject to the provisions
of the Credit Agreement and (c) is subject to optional and mandatory prepayment in whole or in part as provided in the Credit Agreement.

 

Upon the occurrence of any one or more of
the Events of Default, all amounts then remaining unpaid on this Revolving Loan Note shall become, or may be declared to be, immediately
due and payable, all as provided in the Credit Agreement.

 

All parties now and hereafter liable with
respect to this Revolving Loan Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment,
demand, protest and all other notices of any kind, except for notices required under the Credit Agreement.

 

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

 

     

     

    

THIS REVOLVING LOAN NOTE SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

	 	CSX CORPORATION
	 	 	 
	 	By:	_______________
	 	Name:	 
	 	Title:	 

     

     

    

Schedule A to

Revolving Loan
Note

 

LOANS, CONVERSIONS AND
REPAYMENTS OF ABR LOANS

 

	Date	Amount of ABR Loans	
        Amount

        Converted to

        ABR Loans

	
        Amount of

        Principal of

        ABR Loans

        Repaid

	
        Amount of

        ABR Loans

        Converted to

        Eurodollar

        Revolving Loans

	
        Unpaid Principal

        Balance of ABR

        Loans

	
        Notations

        Made By

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

     

     

    

Schedule B to

Revolving Loan Note

 

LOANS, CONTINUATIONS,
CONVERSIONS AND REPAYMENTS OF EURODOLLAR LOANS

 

	Date	
        Amount of

        Eurodollar

        Loans

	
        Amount

        Converted to Eurodollar

        Loans

	
        Interest Period

        and Adjusted

        LIBO Rate with

        Respect Thereto

	
        Amount of Principal of
        Eurodollar Loans Repaid

	
        Amount of

        Eurodollar

        Loans

        Converted to

        ABR Loans

	
        Unpaid

        Principal

        Balance of

        Eurodollar

        Loans

	
        Notations

        Made By

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

     

     

    

EXHIBIT B-2

TO CREDIT AGREEMENT

 

[FORM OF COMPETITIVE LOAN
NOTE]

 

COMPETITIVE LOAN NOTE

 

	$______________	New York, New York

[Date]

 

FOR VALUE RECEIVED, the undersigned, CSX CORPORATION,
a Virginia corporation (the “Borrower”), hereby unconditionally promises to pay to the order of __________ (the
“Lender”) at the office of JPMorgan Chase Bank, N.A. in lawful money of the United States of America and in
immediately available funds, the principal amount of (a) ______________ DOLLARS ($________), or, if less, (b) the
aggregate unpaid principal amount of each Competitive Loan of the Lender made to the Borrower pursuant to Section 2.04 of
the Credit Agreement (as defined below). The principal amount of each Competitive Loan evidenced hereby shall be payable on the
last day of the Interest Period with respect thereto. The Borrower further agrees to pay interest in like money at such office
on the unpaid principal amount of each Competitive Loan evidenced hereby at the rates and on the dates specified in Sections 2.12
and 2.17 of the Credit Agreement. Competitive Loans evidenced by this Competitive Loan Note may not be prepaid without the prior
written consent of the lender thereof.

 

The holder of this Competitive Loan Note is
authorized to endorse on the schedule annexed hereto and made a part hereof or on a continuation thereof which shall be attached
hereto and made a part hereof the date, amount, interest rate, interest payment dates and Interest Period in respect of each Competitive
Loan made pursuant to Section 2.04 of the Credit Agreement and each payment of principal with respect thereto. Each such endorsement
shall constitute prima facie evidence of the accuracy of the information endorsed. The failure to make any such endorsement
(or any error therein) shall not affect the obligations of the Borrower in respect of any Competitive Loan.

 

This Competitive Loan Note is one of the Competitive
Loan Notes referred to in Section 2.09 of the Five-Year Revolving Credit Agreement, dated as of March 29, 2019 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lender,
the other Lenders from time to time parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, and is subject to the
provisions of the Credit Agreement.

 

Upon the occurrence of any one or more of
the Events of Default, all amounts then remaining unpaid on this Competitive Loan Note shall become, or may be declared to be,
immediately due and payable, all as provided in the Credit Agreement.

 

All parties now and hereafter liable with
respect to this Competitive Loan Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment,
demand, protest and all other notices of any kind, except for notices required under the Credit Agreement.

 

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

 

THIS COMPETITIVE LOAN NOTE SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

     

     

    

	 	CSX CORPORATION
	 	 	 
	 	By:	_______________
	 	Name:	 
	 	Title:	 

     

     

    

Schedule to

Competitive
Loan Note

 

SCHEDULE OF COMPETITIVE
LOANS

 

______________________as
Lender

CSX Corporation as Borrower

Five-Year Revolving Credit
Agreement dated as of March 29, 2019

 

	Date of Loan	Amount of Loan	Interest Rate	Interest Payment Dates	Interest Period	
        Principal

        Payment

	
        Notation

        Made By

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

     

     

    

EXHIBIT C

 

TO CREDIT AGREEMENT

 

[FORM
OF OPINION OF DAVIS POLK & WARDWELL LLP]

 

	 	New York

    Northern California

    Washington DC

    São Paulo

    London	Paris

    Madrid

    Tokyo

    Beijing

    Hong Kong
	

         

		 
	Davis Polk & Wardwell LLP

    450 Lexington Avenue

    New York, NY 10017	212
        450 4000 tel

         

        212
        701 5800 fax

         
	 
	 	 	 	 

	March 29, 2019

 

 

	To:	JPMorgan
    Chase Bank, N.A., as Administrative Agent
	 	and
    each of the Lenders listed on the
	 	signature
    pages of the Credit Agreement
	 	referred
    to below

 

 

Ladies
and Gentlemen:

 

We
have acted as special counsel for CSX Corporation, a Virginia corporation (the “Borrower”), in connection with
the Credit Agreement dated as of March 29, 2019 (the “Credit Agreement”) among the Borrower, the lenders listed
on the signature pages thereof (the “Lenders”) and JPMorgan Chase Bank, N.A., as Administrative Agent (the
“Administrative Agent”). Terms used (but not defined) herein have the meanings assigned to them in the Credit
Agreement.

 

We
have reviewed executed copies of:

 

		(a)	the
                                         Credit Agreement; and

 

		(b)	the
                                         Notes issued on the date hereof (the “Notes”).

 

The
documents listed in items (a) and (b) above are sometimes hereinafter referred to as the “Credit Documents”.

 

We
have also conducted such other investigations of fact and law as we have deemed necessary or advisable for purposes of this opinion.
In rendering the opinions expressed herein, we have, without independent inquiry or investigation, assumed that (i) all documents
submitted to us as originals are authentic and complete, (ii) all documents submitted to us as copies conform to authentic, complete
originals, (iii) all signatures on all documents that we reviewed are genuine, (iv) all natural persons executing documents had
and have the legal capacity to do so, (v) all statements in certificates of public officials and officers of the Borrower that
we reviewed were and are accurate and (vi) all

 

     

     

    

representations
made by the Borrower as to matters of fact in the documents that we reviewed were and are accurate.

 

Based
on the foregoing, and subject to the additional assumptions and qualifications set forth below, we are of the opinion that:

 

		1.	The execution,
                                         delivery and performance by the Borrower of each Credit Document require no action by
                                         or in respect of, or filing with, any governmental body, agency or official under United
                                         States federal or New York State law and do not contravene, or constitute a default under,
                                         any provision of applicable United States federal or New York State statutory law, in
                                         each case that in our experience is normally applicable to general business corporations
                                         in relation to transactions of the type contemplated by the Credit Documents.

 

		2.	The Credit
                                         Agreement constitutes a valid and binding agreement of the Borrower and each Note constitutes
                                         a valid and binding obligation of the Borrower, in each case enforceable against the
                                         Borrower in accordance with its terms.

 

		3.	The borrowings
                                         under the Credit Agreement and the use of proceeds thereof as contemplated by the Credit
                                         Agreement do not violate Regulation U of the Board of Governors of the Federal Reserve
                                         System.

 

The
foregoing opinions are subject to the following assumptions and qualifications:

 

		(a)	Our
                                         opinion in paragraph 2 above is subject to applicable bankruptcy, insolvency and similar
                                         laws affecting creditors’ rights generally, concepts of reasonableness and equitable
                                         principles of general applicability.

 

		(b)	We
                                         express no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer
                                         or similar provisions of applicable law on the conclusions expressed above or (ii) any
                                         provision of any Credit Document that purports to avoid the effect of fraudulent conveyance,
                                         fraudulent transfer or similar provisions of applicable law by limiting the amount of
                                         the Borrower’s obligations.

 

		(c)	We
                                         express no opinion as to any provision in the Credit Documents that purports to indemnify
                                         any Person for its own gross negligence or willful misconduct.

 

		(d)	We
                                         express no opinion as to provisions in the Credit Documents that purport to create rights
                                         of set-off in favor of participants or that provide for set-off to be made otherwise
                                         than in accordance with applicable laws.

 

		(e)	We
                                         express no opinion as to provisions in the Credit Documents that purport to waive objections
                                         to venue, claims that a particular jurisdiction is an inconvenient forum or the like.

 

		(f)	We
                                         express no opinion as to whether a New York State or United States federal court would
                                         enforce the exclusivity of the jurisdiction of any New York State or United States federal
                                         court provided for in any Credit Document.

 

		(g)	We
                                         express no opinion as to the validity, binding effect or enforceability of any provision
                                         of any Credit Document that permits a Lender to collect any portion of the stated principal
                                         amount of any Loan upon acceleration or prepayment thereof to the extent determined to
                                         constitute unearned interest.

 

     

     

    

		(h)	We
                                         express no opinion as to whether a United States federal court would have subject-matter
                                         or personal jurisdiction over a controversy arising under the Credit Documents.

 

		(i)	We
                                         express no opinion as to the United States federal or any state securities laws.

 

		(j)	We
                                         have assumed that (i) the Borrower is validly existing and, to the extent applicable,
                                         in good standing under the laws of its jurisdiction of organization, (ii) the Borrower
                                         has duly executed and delivered each Credit Document, (iii) the execution, delivery and
                                         performance by the Borrower of each Credit Document are within its corporate powers,
                                         have been duly authorized by all necessary corporate action on the part of the Borrower
                                         and do not contravene the articles or certificate of incorporation or bylaws of the Borrower
                                         and (iv) the execution, delivery and performance by the Borrower of each Credit Document
                                         do not contravene, or constitute a default under, any law, rule or regulation (other
                                         than United States federal and New York State laws, in each case that in our experience
                                         are normally applicable to general business corporations in relation to transactions
                                         of the type contemplated by the Credit Documents) or any order, injunction, decree, agreement,
                                         contract or instrument to which it is a party or by which it is bound.

 

		(k)	We
                                         express no opinion on the effectiveness of any service of process made other than in
                                         accordance with applicable law.

 

		(l)	We
                                         express no opinion as to the effect (if any) of any law of any jurisdiction (except the
                                         State of New York) in which any Lender is located which may limit the rate of interest
                                         that such Lender may charge or collect.

 

		(m)	As
                                         to various provisions in the Credit Documents that grant the Administrative Agent, the
                                         Issuing Banks or the Lenders certain rights to make determinations or take actions in
                                         their discretion, we assume that such discretion will be exercised in good faith and
                                         in a commercially reasonable manner.

 

		(n)	We
                                         express no opinion with respect to Section 9.14 of the Credit Agreement.

 

The
foregoing opinion is limited to the laws of the State of New York and the federal laws of the United States of America, except
that we express no opinion as to any law, rule or regulation that is applicable to the Borrower, the Credit Documents or the transactions
contemplated thereby solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any
of the Credit Documents or any of its affiliates due to the specific assets or business of such party or such affiliate.

 

This
opinion is delivered to you in connection with the above matter. This opinion may not be relied upon by you for any other purpose
or relied upon by or delivered to any other person without our prior written consent.

 

	Very truly yours,

     

     

    

EXHIBIT D

TO CREDIT AGREEMENT

 

[FORM OF OPINION OF GENERAL COUNSEL, AN
ASSISTANT GENERAL COUNSEL OR CHIEF LEGAL OFFICER]

 

March
29, 2019

 

JPMorgan
Chase Bank, N.A.,

as
Administrative Agent

Loan
and Agency Services Group

1111
Fannin Street, 10th Floor

Houston,
TX 22002-8069

 

and

 

The
Lenders Listed on Schedule 1 Hereto

 

		Re:	Five-Year
                                         Revolving Credit Agreement, dated as of March 29, 2019, among CSX Corporation, as Borrower,
                                         the financial institutions listed on the signature pages thereof as Lenders and JPMorgan
                                         Chase Bank, N.A., as administrative agent.

 

Ladies
and Gentlemen:

 

I
am the Executive Vice President, Chief Legal Officer and Corporate Secretary of CSX Corporation, a Virginia corporation (“Company”),
and have acted in such capacity in connection with that certain Five-Year Revolving Credit Agreement, dated as of March 29, 2019
(the “Credit Agreement”), among the Company, the financial institutions listed on the signature pages thereof as Lenders
(the “Lenders”) and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative
Agent”). This opinion is rendered to you in compliance with subsection 4.01(b) of the Credit Agreement. Capitalized terms
used herein without definition have the same meanings as in the Credit Agreement.

 

In
my capacity as such counsel, I have examined the originals, or copies identified to my satisfaction as being true copies of such
records, documents or other instruments as in my judgment are necessary or appropriate to enable me to render the opinions expressed
below. These records, documents and instruments included the following:

 

		(a)	the
                                         Certificate or Articles of Incorporation of Company and of such of its Subsidiaries as
                                         I have deemed necessary or appropriate to enable me to render the opinions expressed
                                         below, as amended to date;

 

		(b)	the
                                         Bylaws of Company and of such of its Subsidiaries as I have deemed necessary or appropriate
                                         to enable me to render the opinions expressed below, as amended to date;

 

		(c)	all
                                         records of proceedings and actions of the Board of Directors of Company relating to the
                                         Credit Agreement; and

 

		(d)	the
                                         Credit Agreement and the exhibits and schedules annexed thereto.

 

     

     

    

As
to questions of fact material to such opinions, I have, when relevant facts were not independently established by me, relied upon
representations made to me by each of the Company and its Subsidiaries (collectively, the “Parties”) (including the
representations of the Company contained in the Credit Agreement). In addition, I have obtained and relied upon such certificates
and assurances from public officials as I have deemed necessary, copies of which have been delivered to the Administrative Agent.

 

In
my review and examination, I have assumed the genuineness of all signatures on original and certified documents except with respect
to the Parties, the authenticity of all documents submitted to me as originals and the conformity to original or certified documents
of all documents submitted to me as conformed or photostatic copies.

 

I
have investigated such questions of law for the purpose of rendering this opinion as I have deemed necessary. I am opining herein
as to the effect on the subject transactions of only United States Federal law, the General Corporation Law of the State of Delaware
and the laws of the Commonwealth of Virginia (the “Subject Laws”).

 

On
the basis of the foregoing, and in reliance thereon, and subject to the limitations, qualifications and exceptions set forth below,
I am of the opinion that:

 

1.   Each
of Company and its Significant Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization, has all requisite corporate power and authority to own and operate its properties and to carry on its business
as now conducted and, except where the failure to do so, individually or in the aggregate, would 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 such qualification
is required.

 

2.   The
Transactions are within the Company’s corporate powers and have been duly authorized by all necessary corporate action of
the Company.

 

3.   The
Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental
Authority under the laws of the Commonwealth of Virginia, except such as have been obtained or made and are in full force and
effect, (b) will not violate any applicable law or regulation under the laws of the Commonwealth of Virginia, or the charter,
bylaws or other organizational documents of the Company or any of its Subsidiaries or any order of any Governmental Authority
under the Subject Laws, (c) will not violate or result in a default under any indenture, agreement or other instrument binding
upon the Company or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any material payment
to be made by the Company or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any
material asset of the Company or any of its Subsidiaries.

 

4.   There
is no pending litigation or administrative proceeding or other legal or regulatory development that would be reasonably likely
to result in a Material Adverse Effect or to materially adversely affect the rights and remedies of the Lenders under the Credit
Agreement.

 

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

 

     

     

    

The
opinions expressed herein are subject to the following qualifications and comments:

 

(a)   My
opinions in paragraph 3 above as to compliance with certain statutes, rules and regulations are based upon a review of those statutes,
rules and regulations which, in my experience, are normally applicable to transactions of the same type as the Transactions, and
statutes, rules and regulations applicable to corporations conducting businesses similar to those conducted by the Parties.

 

(b)   To
the extent that the obligations of any Party may be dependent upon such matters, I have assumed for purposes of this opinion,
other than with respect to any Party, that each additional party to the agreements and contracts referred to herein is duly organized,
validly existing and in good standing under the laws of its jurisdiction of incorporation; that each such other party has the
requisite corporate or other organizational power and authority to perform its obligations under such agreements and contracts,
as applicable; and that such agreements and contracts have been duly authorized, executed and delivered by, and each of them constitutes
the legally valid and binding obligation of, such other parties, as applicable, enforceable against such other parties in accordance
with their respective terms. Except as expressly covered in this opinion, I am not expressing any opinion as to the effect of
compliance by any Lender with any state or federal laws or regulations applicable to the Transactions because of the nature of
any of its businesses.

 

This
opinion is rendered only to the Administrative Agent and Lenders and is solely for their benefit in connection with the Transactions.
This opinion may not be relied upon by the Administrative Agent or Lenders for any other purpose, or quoted to or relied upon
by any other person, firm or corporation for any purpose without my prior written consent. Finally, I do not undertake to advise
you of any changes in the matters addressed herein which may come to my attention after the date hereof.

 

	 	Very
    truly yours,
	 	 
	 	 
	 	Nathan
    D. Goldman

     

     

    

EXHIBIT E

TO CREDIT AGREEMENT

 

[FORM OF COMMITMENT INCREASE SUPPLEMENT]

 

COMMITMENT INCREASE SUPPLEMENT

 

COMMITMENT INCREASE SUPPLEMENT, dated _________________
(this “Supplement”), to the Five-Year Revolving Credit Agreement dated as of March 29, 2019 (as amended, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among CSX Corporation (the “Borrower”),
the lenders listed on the signature pages thereof (the “Lenders”) and JPMorgan Chase Bank, N.A., as Administrative
Agent for the Lenders (in such capacity, the “Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to Section 2.02(e) of the
Credit Agreement, the Borrower has the right, subject to the terms and conditions thereof, to effectuate from time to time an increase
in the aggregate Commitments under the Credit Agreement by requesting any Lender to increase the amount of its Commitment;

 

WHEREAS, the Borrower has given notice to
the Administrative Agent of its intention to increase the aggregate Commitments pursuant to such Section 2.02(e); and

 

WHEREAS, pursuant to Section 2.02(e) of the
Credit Agreement, the undersigned Increasing Lender now desires to increase the amount of its Commitment under the Credit Agreement
by executing and delivering to the Borrower and the Administrative Agent this Supplement;

 

NOW THEREFORE, each of the parties hereto
hereby agrees as follows:

 

1.   The
undersigned Increasing Lender agrees, subject to the terms and conditions of the Credit Agreement, that on the date of this Supplement
it shall have its Commitment increased by $________, thereby making the aggregate amount of its total Commitment equal to $_______________.

 

2.   The
Borrower hereby represents and warrants that the conditions set forth in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement
are satisfied on and as of the date hereof.

 

3.   Terms
defined in the Credit Agreement shall have their defined meanings when used herein.

 

4.   The
undersigned Increasing Lender may not assign any of its rights and obligations under this Supplement except in accordance with
the provisions of Section 9.04(b) of the Credit Agreement.

 

5.   This
Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

     

     

    

6.   This
Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.

 

[remainder of this page
intentionally left blank]

 

     

     

    

IN WITNESS WHEREOF, each of the undersigned
has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above written.

 

	 	[INSERT NAME OF INCREASING LENDER]
	 	 	 
	 	 	 
	 	By: 	________________________________
	 	Name:	 
	 	Title:	 

Accepted and agreed to as of the date first written above:

 

CSX CORPORATION

 

	By:	____________________________	 
	 	Name:	 
	 	Title:	 

 

 

 

Acknowledged as of the date first written above:

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

	By:	____________________________	 
	 	Name:	 
	 	Title:	 

     

     

    

EXHIBIT F

TO CREDIT AGREEMENT

 

[FORM OF AUGMENTING LENDER SUPPLEMENT]

 

AUGMENTING LENDER SUPPLEMENT

 

AUGMENTING LENDER SUPPLEMENT, dated _________________
(this “Supplement”), to the Five-Year Revolving Credit Agreement dated as of March 29, 2019 (as amended, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among CSX Corporation (the “Borrower”),
the lenders listed on the signature pages thereof and JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders (in such
capacity, the “Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS, the Credit Agreement provides in
Section 2.02(e) thereof that any bank, financial institution or other entity may extend Commitments under the Credit Agreement
subject to the approval of the Borrower, each Issuing Bank and the Administrative Agent, by executing and delivering to the Borrower
and the Administrative Agent a supplement to the Credit Agreement in substantially the form of this Supplement; and

 

WHEREAS, the undersigned Augmenting Lender
was not an original party to the Credit Agreement but now desires to become a party thereto;

 

NOW, THEREFORE, each of the parties hereto
hereby agrees as follows:

 

     

     

    

1.   The
undersigned Augmenting Lender agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the date
of this Supplement, become a Lender for all purposes of the Credit Agreement to the same extent as if originally a party thereto,
with a Commitment of $________________.

 

2.   The
undersigned Augmenting Lender (a) represents and warrants that it is legally authorized to enter into this Supplement; (b) confirms
that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered or
made available pursuant to Section 5.01 thereof, as applicable, and has reviewed such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into this Supplement; (c) agrees 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
deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement,
any other Loan Document or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the
Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement,
any other Loan Document or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative
Agent by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will be bound by the provisions
of the Credit Agreement and any other Loan Document to which it is a party and will perform in accordance with its terms all the
obligations which by the terms of the Credit Agreement or any other Loan Document are required to be performed by it as a Lender.

 

3.   The
undersigned’s address for notices for the purposes of the Credit Agreement is as follows:

 

[FILL IN ADDRESS]

 

4.   The
Borrower hereby represents and warrants that the conditions set forth in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement
are satisfied on and as of the date hereof.

 

5.   Terms
defined in the Credit Agreement shall have their defined meanings when used herein.

 

6.   The
undersigned Augmenting Lender may not assign any of its rights and obligations under this Supplement except in accordance with
the provisions of Section 9.04(b) of the Credit Agreement.

 

7.   This
Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

8.   This
Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.

 

[remainder of this page
intentionally left blank]

 

     

     

    

IN WITNESS WHEREOF, each of the undersigned
has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above written.

 

	 	[INSERT NAME OF AUGMENTING LENDER]
	 	 	 	 
	 	 	 	 
	 	By:	_______________________________
	 	 	Name:	 
	 	 	Title:	 

 

 

Accepted and agreed to as of the date first written above:

 

CSX CORPORATION

 

	By:	____________________________	 
	 	Name:	 
	 	Title:	 

 

 

 

 

Acknowledged as of the date first written above:

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

	By:	____________________________	 
	 	Name:	 
	 	Title:	 

     

     

    

EXHIBIT G-1

 

FORM OF

U.S. TAX CERTIFICATE

 

(For Non-U.S. Lenders That Are Not
Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is made to the Five-Year Revolving
Credit Agreement, dated as of March 29, 2019 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among CSX Corporation (the “Borrower”), the Lenders parties thereto and JPMorgan Chase
Bank, N.A., as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

Pursuant to the provisions of Section 2.16
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s)
(as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank
within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within
the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the Borrower
as described in Section 881(c)(3)(C) of the Code and (v) the interest payments in question are not effectively connected
with the undersigned's conduct of a U.S. trade or business.

 

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

 

IN WITNESS WHEREOF, the undersigned has
duly executed this certificate.

 

[NAME OF LENDER]

 

	By:	____________________________	 
	 	Name:	 
	 	Title:	 

 

 

 

Date: ___________, 20__

 

     

     

    

EXHIBIT G-2

 

FORM OF

U.S. TAX CERTIFICATE

 

(For Non-U.S. Participants That Are
Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is made to the Five-Year Revolving
Credit Agreement, dated as of March 29, 2019 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among CSX Corporation (the “Borrower”), the Lenders parties thereto and JPMorgan Chase
Bank, N.A., as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

Pursuant to the provisions of Section 2.16
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation
in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of
the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the
Code, (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code, and (v) the interest payments in question are not effectively connected with the undersigned's conduct of a U.S. trade
or business.

 

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

 

IN WITNESS WHEREOF, the undersigned has
duly executed this certificate.

 

[NAME OF PARTICIPANT]

 

 

	By:	____________________________	 
	 	Name:	 
	 	Title:	 

 

 

 

Date: ___________, 20__

 

     

     

    

EXHIBIT G-3

 

FORM OF

U.S. TAX CERTIFICATE

 

(For Non-U.S. Participants That Are
Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is made to the Five-Year Revolving
Credit Agreement, dated as of March 29, 2019 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among CSX Corporation (the “Borrower”), the Lenders parties thereto and JPMorgan Chase
Bank, N.A., as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

Pursuant to the provisions of Section 2.16
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect
of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such
participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members
is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its direct or indirect partners/members is
a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest
payments in question are not effectively connected with the undersigned's or its direct or indirect partners/members' conduct of
a U.S. trade or business.

 

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

 

IN WITNESS WHEREOF, the undersigned has
duly executed this certificate.

 

[NAME OF PARTICIPANT]

 

	By:	____________________________	 
	 	Name:	 
	 	Title:	 

 

 

 

Date: ___________, 20__

 

     

     

    

EXHIBIT G-4

 

FORM OF

U.S. TAX CERTIFICATE

 

(For Non-U.S. Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to the Five-Year Revolving
Credit Agreement, dated as of March 29, 2019 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among CSX Corporation (the “Borrower”), the Lenders parties thereto and JPMorgan Chase
Bank, N.A., as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

Pursuant to the provisions of Section 2.16
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as
any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members
are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the
extension of credit pursuant to this Credit Agreement, neither the undersigned nor any of its direct or indirect partners/members
is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the
interest payments in question are not effectively connected with the undersigned's or its direct or indirect partners/members'
conduct of a U.S. trade or business.

 

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

 

IN WITNESS WHEREOF, the undersigned has
duly executed this certificate.

 

[NAME OF LENDER]

 

 

	By:	____________________________	 
	 	Name:	 
	 	Title:	 

 

 

 

Date: ___________, 20__

 

     

     

    

EXHIBIT H

 

FORM OF

COMPLIANCE CERTIFICATE

 

This Compliance Certificate is delivered pursuant
to Section 5.01(c) of the Credit Agreement, dated as of March 29, 2019 (as amended, supplemented or otherwise modified from time
to time (the “Credit Agreement”), among CSX Corporation (the “Borrower”), the Lenders party
thereto and JP Morgan Chase Bank N.A., as administrative agent (in such capacity, the “Administrative Agent”).
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in
the Credit Agreement.

 

		1.	I am the duly elected, qualified and acting Chief Financial Officer of the Borrower.

 

		2.	I have reviewed and am familiar with the contents of this Certificate.

 

		3.	I have reviewed the terms of the Credit Agreement and the Loan Documents and have made or caused to be made under my supervision,
a review in reasonable detail of the transactions and condition of the Borrower during the accounting period covered by the audited
financial statements attached hereto as Attachment 1 (the “Financial Statements”). Such review did not
disclose the existence during or at the end of the accounting period covered by the Financial Statements, and I have no knowledge
of the existence, as of the date of this Certificate, of any condition or event which constitutes a Default or Event of Default
[, except as set forth below5].

 

		4.	Attached hereto as Attachment 2 are the calculations, set forth in reasonable detail, demonstrating compliance with
the covenant set forth in Section 6.05 of the Credit Agreement.

 

		5.	Since December 31, 2018, there has been no change in GAAP or in the application thereof [, except as set forth below6].

 

IN WITNESS WHEREOF, I have executed this Certificate
this _____ day of ___________, 20__.

 

____

 

	 	____________________________
	 	Name:
	 	Title:

 

 

 

 

5
Specify the details relating to such Default or Event of Default and any action taken or proposed action to be taken with respect
thereof.

 

6
Specify the effect of such change on the Financial Statements.

     

     

    

Attachment 1

to Compliance Certificate

 

[Attach Financial Statements]

 

     

     

    

Attachment 2

to Compliance Certificate

 

The information described herein is as of
____________, ____, and pertains to the period from ____________, ____ to ________________, ____.

 

 

 

[Set forth Covenant Calculations]

 

 

 

Form of Covenant Calculations to be substantially
similar to the calculations attached hereto as Annex I to this Attachment 2.

 

     

     

    

Annex I to Attachment 2

to Compliance Certificate

 

[See next page]

 

 

 

 

 

 

 

     

     

    

FINANCIAL OFFICER'S CERTIFICATE

 

The undersigned, Sean Pelkey,
Vice President- Treasurer of CSX Corporation, a Virginia corporation (the ''Borrower"), hereby certifies as follows:

 

		1.	I am a "Financial Officer" as the term is defined in that certain Five-Year Revolving
Credit Agreement, dated as of May 21, 2015, among CSX CORPORATION, a Virginia corporation, as Borrower, the LENDERS party hereto,
CITIBANK, N.A., CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, MIZUHO BANK, LTD. and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Syndication
Agents, MORGAN STANLEY SENIOR FUNDING, INC., PNC BANK, NATIONAL ASSOCIATION, THE NORTHERN TRUST COMPANY and UBS SECURITIES LLC,
as Documentation Agents, and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the "Credit Agreement'').

 

		2.	This Certificate is being delivered pursuant to Section 5.0l(c) of the Credit Agreement. All capitalized
terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Credit Agreement.

 

		3.	As ofthe date hereof:

 

		(i)	To the best of my knowledge, no Default has occurred and is continuing.

 

		(ii)	The following calculations demonstrate the Borrower's compliance with Section 6.05
of the Credit Agreement:

 

	 	 	(Dollars in Millions)
	Total Debt	 	 	 	 	 	$	13,781	 
	Total Capitalization	 	 	 	 	 	 	 	 
	Total Debt	 	$	13,781	 	 	 	 	 
	Total Shareholders' Equity	 	 	17,850	 	 	 	31,631	 
	 	 	 	 	 	 	 	 	 
	Ratio of Total Debt to Total Capitalization:	 	 	 	 	 	 	0.436 (43.6%)	 

 

 

		(iii)	Except as previously reported, no other change in GAAP or the application thereof has occurred since
the date of the audited financials referred to in Section 3.04 of the Credit Agreement.

 

	Date: September 30, 2018	By:	/s/ Sean Pelkey
	 	 	
        Sean Pelkey

        

        Vice President- Treasurer

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