Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

SENIOR NOTES INDENTURE 
 Dated as
of September 25, 2018 
 Among 

SCHWEITZER-MAUDUIT INTERNATIONAL, INC. 

THE GUARANTORS LISTED ON THE SIGNATURE PAGES HERETO 

and 
 WILMINGTON TRUST, NATIONAL
ASSOCIATION, 
 as Trustee 

6.875% SENIOR NOTES DUE 2026 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
	 Section 1.01
	 	Definitions.	  	 	1	 
	 Section 1.02
	 	Other Definitions.	  	 	38	 
	 Section 1.03
	 	Rules of Construction.	  	 	39	 
	 Section 1.04
	 	Acts of Holders.	  	 	40	 
		
	 ARTICLE 2 THE NOTES
	  	 	42	 
	 Section 2.01
	 	Form and Dating; Terms.	  	 	42	 
	 Section 2.02
	 	Execution and Authentication.	  	 	42	 
	 Section 2.03
	 	Registrar and Paying Agent.	  	 	43	 
	 Section 2.04
	 	Paying Agent to Hold Money in Trust.	  	 	43	 
	 Section 2.05
	 	Holder Lists.	  	 	44	 
	 Section 2.06
	 	Transfer and Exchange.	  	 	44	 
	 Section 2.07
	 	Replacement Notes.	  	 	45	 
	 Section 2.08
	 	Outstanding Notes.	  	 	45	 
	 Section 2.09
	 	Treasury Notes.	  	 	46	 
	 Section 2.10
	 	Temporary Notes.	  	 	46	 
	 Section 2.11
	 	Cancellation.	  	 	46	 
	 Section 2.12
	 	Defaulted Interest.	  	 	46	 
	 Section 2.13
	 	CUSIP and ISIN Numbers.	  	 	47	 
	 Section 2.14
	 	Calculation of Principal Amount of Notes.	  	 	47	 
		
	 ARTICLE 3 REDEMPTION
	  	 	48	 
	 Section 3.01
	 	Notices to Trustee.	  	 	48	 
	 Section 3.02
	 	Selection of Notes to Be Redeemed or Purchased.	  	 	48	 
	 Section 3.03
	 	Notice of Redemption.	  	 	48	 
	 Section 3.04
	 	Effect of Notice of Redemption.	  	 	49	 
	 Section 3.05
	 	Deposit of Redemption or Purchase Price.	  	 	49	 
	 Section 3.06
	 	Notes Redeemed or Purchased in Part.	  	 	50	 
	 Section 3.07
	 	Optional Redemption.	  	 	50	 
	 Section 3.08
	 	Mandatory Redemption.	  	 	51	 
		
	 ARTICLE 4 COVENANTS
	  	 	51	 
	 Section 4.01
	 	Payment of Notes.	  	 	51	 
	 Section 4.02
	 	Maintenance of Office or Agency.	  	 	52	 
	 Section 4.03
	 	Taxes.	  	 	52	 
	 Section 4.04
	 	Stay, Extension and Usury Laws.	  	 	52	 
	 Section 4.05
	 	Corporate Existence.	  	 	52	 
	 Section 4.06
	 	Reports and Other Information.	  	 	53	 
	 Section 4.07
	 	Compliance Certificate.	  	 	54	 
	 Section 4.08
	 	Limitation on Restricted Payments.	  	 	54	 
	 Section 4.09
	 	Limitation on Incurrence of Debt.	  	 	58	 
	 Section 4.10
	 	Limitation on Liens.	  	 	59	 

  
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	 	 	 	  	Page	 
	 Section 4.11
	 	Future Guarantors.	  	 	60	 
	 Section 4.12
	 	Limitation on Dividend and other Payment Restrictions Affecting Restricted Subsidiaries.	  	 	60	 
	 Section 4.13
	 	Transactions with Affiliates.	  	 	63	 
	 Section 4.14
	 	Offer to Repurchase Upon Change of Control.	  	 	65	 
	 Section 4.15
	 	Limitation on Asset Sales.	  	 	66	 
	 Section 4.16
	 	Effectiveness of Covenants.	  	 	69	 
		
	 ARTICLE 5 SUCCESSORS
	  	 	70	 
	 Section 5.01
	 	Consolidation, Merger, Conveyance, Transfer or Lease.	  	 	70	 
	 Section 5.02
	 	Successor Entity Substituted.	  	 	72	 
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	72	 
	 Section 6.01
	 	Events of Default.	  	 	72	 
	 Section 6.02
	 	Acceleration.	  	 	74	 
	 Section 6.03
	 	Other Remedies.	  	 	75	 
	 Section 6.04
	 	Waiver of Past Defaults.	  	 	75	 
	 Section 6.05
	 	Control by Majority.	  	 	76	 
	 Section 6.06
	 	Limitation on Suits.	  	 	76	 
	 Section 6.07
	 	Rights of Holders to Receive Payment.	  	 	76	 
	 Section 6.08
	 	Collection Suit by Trustee.	  	 	76	 
	 Section 6.09
	 	Restoration of Rights and Remedies.	  	 	77	 
	 Section 6.10
	 	Rights and Remedies Cumulative.	  	 	77	 
	 Section 6.11
	 	Delay or Omission Not Waiver.	  	 	77	 
	 Section 6.12
	 	Trustee May File Proofs of Claim.	  	 	77	 
	 Section 6.13
	 	Priorities.	  	 	78	 
	 Section 6.14
	 	Undertaking for Costs.	  	 	78	 
		
	 ARTICLE 7 TRUSTEE
	  	 	78	 
	 Section 7.01
	 	Duties of Trustee.	  	 	78	 
	 Section 7.02
	 	Rights of Trustee.	  	 	79	 
	 Section 7.03
	 	Individual Rights of Trustee.	  	 	80	 
	 Section 7.04
	 	Trustee’s Disclaimer.	  	 	81	 
	 Section 7.05
	 	Notice of Defaults.	  	 	81	 
	 Section 7.06
	 	Compensation and Indemnity.	  	 	81	 
	 Section 7.07
	 	Replacement of Trustee.	  	 	82	 
	 Section 7.08
	 	Successor Trustee by Merger, etc.	  	 	83	 
	 Section 7.09
	 	Eligibility; Disqualification.	  	 	83	 
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	83	 
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance.	  	 	83	 
	 Section 8.02
	 	Legal Defeasance and Discharge.	  	 	83	 
	 Section 8.03
	 	Covenant Defeasance.	  	 	84	 
	 Section 8.04
	 	Conditions to Legal Defeasance or Covenant Defeasance.	  	 	85	 
	 Section 8.05
	 	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.	  	 	86	 
	 Section 8.06
	 	Repayment to the Company.	  	 	86	 

  
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	 	 	 	  	Page	 
	 Section 8.07
	 	Reinstatement.	  	 	87	 
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	87	 
	 Section 9.01
	 	Without Consent of Holders.	  	 	87	 
	 Section 9.02
	 	With Consent of Holders.	  	 	88	 
	 Section 9.03
	 	Revocation and Effect of Consents.	  	 	90	 
	 Section 9.04
	 	Notation on or Exchange of Notes.	  	 	90	 
	 Section 9.05
	 	Trustee to Sign Amendments, etc.	  	 	90	 
		
	 ARTICLE 10 GUARANTEES
	  	 	91	 
	 Section 10.01
	 	Guarantee.	  	 	91	 
	 Section 10.02
	 	Limitation on Guarantor Liability.	  	 	92	 
	 Section 10.03
	 	Execution and Delivery.	  	 	93	 
	 Section 10.04
	 	Subrogation.	  	 	93	 
	 Section 10.05
	 	Benefits Acknowledged.	  	 	93	 
	 Section 10.06
	 	Release of Note Guarantees.	  	 	93	 
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	 	94	 
	 Section 11.01
	 	Satisfaction and Discharge.	  	 	94	 
	 Section 11.02
	 	Application of Trust Money.	  	 	95	 
		
	 ARTICLE 12 MISCELLANEOUS
	  	 	96	 
	 Section 12.01
	 	Notices.	  	 	96	 
	 Section 12.02
	 	Communication by Holders with Other Holders.	  	 	97	 
	 Section 12.03
	 	Certificate and Opinion as to Conditions Precedent.	  	 	97	 
	 Section 12.05
	 	Rules by Trustee and Agents.	  	 	98	 
	 Section 12.06
	 	No Personal Liability of Stockholders, Partners, Officers or Directors.	  	 	98	 
	 Section 12.07
	 	Governing Law.	  	 	98	 
	 Section 12.08
	 	Waiver of Jury Trial.	  	 	98	 
	 Section 12.09
	 	Submission to Jurisdiction.	  	 	98	 
	 Section 12.10
	 	Appointment of Agent.	  	 	99	 
	 Section 12.11
	 	Force Majeure.	  	 	99	 
	 Section 12.12
	 	No Adverse Interpretation of Other Agreements.	  	 	99	 
	 Section 12.13
	 	Successors.	  	 	99	 
	 Section 12.14
	 	Severability.	  	 	99	 
	 Section 12.15
	 	Counterpart Originals.	  	 	100	 
	 Section 12.16
	 	Table of Contents, Headings, etc.	  	 	100	 
	 Section 12.17
	 	Facsimile and PDF Delivery of Signature Pages.	  	 	100	 
	 Section 12.18
	 	U.S.A. PATRIOT Act.	  	 	100	 
	 Section 12.19
	 	Payments Due on Non-Business Days.	  	 	100	 

  
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	Appendix A	  	Provisions Relating to Initial Notes and Additional Notes
		
	Exhibit A	  	Form of Note
		
	Exhibit B	  	Form of Institutional Accredited Investor Transferee Letter of Representation
		
	Exhibit C	  	Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors

  
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 INDENTURE, dated as of September 25, 2018, among Schweitzer-Mauduit International,
Inc., a Delaware corporation (the “Company”), the Guarantors listed on the signature pages hereto and Wilmington Trust, National Association, as Trustee. 

W I T N E S S E T H 

WHEREAS, the Company has duly authorized the creation and issue of $350,000,000 aggregate principal amount of 6.875% Senior Notes due 2026
(the “Initial Notes”); and 
 WHEREAS, the Guarantors have duly authorized the execution and delivery of this Indenture; 

NOW, THEREFORE, the Company, the Guarantors and the Trustee agree 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. 

“Acquired Debt” means, with respect to any specified Person, (1) Debt of any other Person or any of its Subsidiaries
existing at the time such Person is merged with or into or became a Restricted Subsidiary of such specified Person, (2) Debt assumed in connection with the acquisition of assets from such Person, or (3) Debt secured by a Lien encumbering
any assets acquired by such specified Person, in each case, whether or not Incurred by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary or such acquisition. Acquired Debt shall be
deemed to have been Incurred, with respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clauses (2) and (3) of the preceding sentence, on the date of
consummation of such acquisition of assets. 
 “Additional Notes” means additional Notes (other than the Initial Notes)
issued from time to time under this Indenture in accordance with Section 2.01 and Section 4.09, whether or not they bear the same CUSIP number as the Initial Notes. 

“Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such 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 that correspond to the foregoing. 

“Agent” means any Registrar or Paying Agent. 

“Applicable Premium” means, with respect to a Note on any date of redemption as determined by the Company, the greater of:

  

	 	(1)	 1.0% of the principal amount of such Note, and 

 

	 	(2)	 the excess, if any, of (a) the present value as of such date of redemption of (i) the Redemption
Price of such Note on October 1, 2021 (such Redemption Price being set forth in the table appearing in Section 3.07(d)), plus (ii) all required interest payments 

	 	
due on such Note through October 1, 2021 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the Treasury Rate as of such date of
redemption plus 50 basis points, over (b) the then outstanding principal amount of such Note. 

 “Asset
Acquisition” means: 
 (1) an Investment by the Company or any Restricted Subsidiary in any other Person pursuant to
which such Person shall become a Restricted Subsidiary, or shall be merged with or into the Company or any Restricted Subsidiary; or 

(2) the acquisition by the Company or any Restricted Subsidiary of the assets of any Person which constitute all or
substantially all of the assets of such Person, any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business. 

“Asset Sale” means any transfer, conveyance, issuance, sale, lease (other than an operating lease entered into in the
ordinary course of business) or other disposition (including, without limitation, dispositions pursuant to any consolidation or merger) by the Company or any of its Restricted Subsidiaries to any Person (other than to the Company or one or more of
its Restricted Subsidiaries) in any single transaction or series of related transactions of: 
 (1) Capital Interests in any
Restricted Subsidiary of the Company (other than Preferred Interests or Redeemable Capital Interests issued in compliance with Section 4.09 and directors’ qualifying shares or shares or interests required to be held by foreign nationals
pursuant to local law); or 
 (2) any other property or assets of the Company or any of its Restricted Subsidiaries; 

provided, however, that the term “Asset Sale” shall exclude: 

(a) any asset disposition permitted by Section 5.01 that constitutes a disposition of all or substantially all of the
assets of the Company and its Restricted Subsidiaries taken as a whole or any disposition that constitutes a Change of Control pursuant to this Indenture; 

(b) any transfer, conveyance, sale, lease or other disposition of property or assets having a Fair Market Value of less than
$20.0 million; 
 (c) sales or other dispositions of cash or Eligible Cash Equivalents in the ordinary course of
business; 
 (d) any sale of Capital Interests in, or Debt or other securities of, an Unrestricted Subsidiary; 

(e) the sale and leaseback of any assets within 90 days of the acquisition thereof; 

(f) the disposition of obsolete, worn out, uneconomical or surplus assets or assets no longer used or useful in the business in
the ordinary course of business or any disposition of inventory or goods (or other assets) held for sale in the ordinary course of business; 

  
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 (g) a Restricted Payment or Permitted Investment that is otherwise permitted
by this Indenture; 
 (h) any trade-in of equipment in exchange for other equipment;
provided that in the good faith judgment of the Company, the Company or such Restricted Subsidiary receives equipment having a Fair Market Value equal to or greater than the equipment being traded in; 

(i) the creation of a Permitted Lien (but not the sale or other disposition of the property subject to such Lien); 

(j) leases, subleases or assignments in the ordinary course of business to third persons not interfering in any material
respect with the business of the Company or any of its Restricted Subsidiaries and otherwise in accordance with the provisions of this Indenture; 

(k) any disposition of assets or the sale or issuance of Capital Interests by a Restricted Subsidiary to the Company or by the
Company or a Restricted Subsidiary to a Restricted Subsidiary (other than a Receivables Subsidiary); 
 (l) dispositions of
accounts receivable and related assets, or participations therein, in connection with (i) any Receivables Facility or (ii) the collection or compromise thereof (including sales to factors or other third parties or discount and/or
forgiveness thereof or to insurers which have provided insurance as to collection thereof) in the ordinary course of business; 

(m) (i) licensing or sublicensing of intellectual property or other general intangibles in the ordinary course of business and
(ii) the granting of access and use rights in respect of intellectual property or other general intangibles in the context of joint development arrangements and joint marketing arrangements entered into in the ordinary course of business; 

(n) any transfer, conveyance, sale or other disposition of property or assets consisting of auction rate securities; 

(o) foreclosures on assets to the extent it would not otherwise result in a Default or Event of Default; 

(p) a disposition of inventory in the ordinary course of business; 

(q) the lapse or abandonment of intellectual property rights in the ordinary course of business, which in the reasonable good
faith determination of the Company are not material to the conduct of the Company and its Restricted Subsidiaries taken as a whole; 

(r) sales, transfers and other dispositions of investments in joint ventures to the extent required by, or made pursuant to,
customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

(s) any surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any
kind; 

  
 -3- 

 (t) any disposition of property or assets or issuance of securities by a
Restricted Subsidiary of the Company to the Company or by the Company or a Restricted Subsidiary of the Company to another Restricted Subsidiary of the Company; 

(u) any disposition of Capital Interests of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a
Person (other than the Company or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired, or from whom such Restricted Subsidiary acquired its business and assets (having been newly formed in connection with such acquisition),
made as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition; 

(v) the unwinding of any Swap contracts or Hedging Obligations; 

(w) the sale or disposition of the Capital Interests and/or assets of the Philippines Subsidiaries, including through the
liquidation or dissolution thereof; and 
 (x) any Asset Swaps. 

For purposes of this definition, any series of related transactions that, if effected as a single transaction, would constitute an Asset Sale, shall be deemed
to be a single Asset Sale effected when the last such transaction which is a part thereof is effected. 
 “Asset Swap”
means an exchange (or concurrent purchase and sale) of property, plant, equipment or other assets (excluding working capital or current assets) of the Company or any of its Restricted Subsidiaries for Related Business Assets of another Person. 

“Attributable Debt” in respect of a Sale and Leaseback Transaction means, at the time of determination, the present value
(discounted at the rate of interest implicit in such transaction) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction (including any period for which such
lease has been or may, at the option of the lessor, be extended); provided, however, that if such Sale and Leaseback Transaction results in a Capital Lease Obligation, the amount of Debt represented thereby, will be determined in
accordance with the definition of “Capital Lease Obligations.” 
 “Average Life” means, as of any date of
determination, with respect to any Debt or Preferred Interests, the quotient obtained by dividing (1) the sum of the products of (a) the number of years from the date of determination to the dates of each successive scheduled principal
payment (including any sinking fund or mandatory redemption payment requirements) of such Debt multiplied by (b) the amount of such principal payment of such Debt or redemption or similar payment with respect to such Preferred Interests by
(2) the sum of all such principal payments. 
 “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, with respect to the Company or any Restricted Subsidiary, its board of directors (or the
substantial equivalent if such entity is not a corporation) or any duly authorized committee thereof, as applicable. 

  
 -4- 

 “Business Day” means each day that is not a Saturday, Sunday or other day
on which banking institutions in New York, New York or at the place of payment are authorized or required by law to close. 

“Capital Interests” in any Person means any and all shares, interests (including Preferred Interests), participations or
other equivalents in the equity interest (however designated) in such Person and any rights (other than Debt securities convertible or exchangeable into an equity interest), warrants or options to acquire an equity interest in such Person. 

“Capital Lease Obligations” means any obligation of a Person under a lease that is required to be capitalized for financial
reporting purposes in accordance with GAAP; and the amount of Debt represented by such obligation shall be the capitalized amount of such obligations determined in accordance with GAAP; and the Stated Maturity thereof shall be the date of the last
payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. 

“Change of Control” means: 

(1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other
than a Permitted Parent, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Voting Interests of the Company; 

(2) the merger or consolidation of the Company with or into another Person or the merger of another Person with or into the
Company or the merger of any Person with or into a Restricted Subsidiary of the Company if Capital Interests of the Company are issued in connection therewith, unless the holders of a majority of the aggregate voting power of the Voting Interests of
the Company, immediately prior to such transaction, hold securities of the surviving or transferee Person that represent, immediately after such transaction, at least a majority of the aggregate voting power of the Voting Interests of the surviving
or transferee Person; 
 (3) the sale, assignment, conveyance, transfer, lease 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 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) other than transactions with a Permitted Parent; or 
 (4) the adoption by the shareholders of the
Company or any direct or indirect parent entity of the Company of a plan or proposal for the liquidation or dissolution of the Company. 
 Notwithstanding
the foregoing, a transaction will not be deemed to involve a Change of Control if immediately following that transaction no Person (other than a Permitted Parent) is the beneficial owner, directly or indirectly, of more than 50% of the total voting
power of the Voting Interests of the Company. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Common Interests” of any Person means Capital Interests in such Person that do not rank prior, as to the payment of
dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to Capital Interests of any other class in such Person. 

  
 -5- 

 “Company” means the party named as such in the first paragraph of this
Indenture or any successor obligor to its obligations under this Indenture and the Notes pursuant to Article 5. 
 “Consolidated
Cash Flow Available for Fixed Charges” means, with respect to any Person for any period: 
 (1) the sum of, without
duplication, the amounts for such period, taken as a single accounting period, of: 
 (a) Consolidated Net Income; 

(b) Consolidated Non-cash Charges; 

(c) Consolidated Interest Expense and, without duplication, Consolidated Fixed Charges, in each case to the extent the same was
deducted in computing Consolidated Net Income; 
 (d) Consolidated Income Tax Expense; 

(e) (i) any net loss from discontinued operations, (ii) the amount of non-recurring losses or charges and (iii) any
fees, costs, expenses or charges related to any actual, proposed or contemplated issuance or registration (actual or proposed) of any Capital Interests or any Investment, acquisition, disposition, asset sale, recapitalization, Restricted Payment,
Receivables Fees or the incurrence or registration (actual or proposed) of Debt (including a refinancing thereof) (in each case, whether or not consummated or successful), including (x) such fees, expenses or charges related to the offering of
the Notes, the Senior Credit Facilities, any other Debt Facilities or any Receivables Facilities and (y) any amendment, waiver or other modification of the Notes, this Indenture, the Senior Credit Facilities, any other Debt Facilities or any
Receivables Facility, any other Debt or any offering of Capital Interests, in each case, whether or not consummated, to the extent the same was deducted in computing Consolidated Net Income; 

(f) any costs or expenses incurred by the Company or a Restricted Subsidiary pursuant to any management equity plan or stock
option plan or any other management or employee benefit plan or agreement, any stock subscription or shareholder agreement, to the extent that such costs or expenses are funded with cash proceeds contributed to the capital of the Company or net cash
proceeds of an issuance of Capital Interests of the Company (other than Redeemable Capital Interests), solely to the extent that such cash proceeds are excluded from clause (3) of Section 4.08(a); 

(g) any restructuring charges, reserves, integration costs or other business optimization expenses or costs (including charges
directly related to implementation of cost-savings initiatives), that are deducted in such period in computing Consolidated Net Income, including, without limitation, those related to severance, retention, signing bonuses, relocation, recruiting and
other employee related costs, contract termination costs, future lease commitments and costs related to the opening and closure and/or consolidation of facilities; 

  
 -6- 

 (h) reduction in costs and other operating improvements, costs savings and
synergies (without duplication) determined by the Company in good faith to be realized as a result of specified actions taken or expected to be taken prior to or during such period (which cost savings, improvements or synergies shall be subject only
to certification by Senior Management of the Company and shall be calculated on a pro forma basis as though such cost savings, improvements or synergies had been realized on the first day of such period), net of the amount of actual benefits
realized during such period from such actions; provided that (A) such cost savings, improvements or synergies are reasonably identifiable and factually supportable and (B) such actions have been taken or are expected to be taken
within 18 months after the date of determination to take such action; provided, further, that the aggregate amount added back pursuant to this clause (h) in any Four Quarter period shall not exceed 15.0% of Consolidated Cash Flow
Available for Fixed Charges for such period (calculated prior to giving effect to any increase pursuant to this clause (h)); 

(i) any non-recurring charges or expenses of such Person or its Restricted Subsidiaries or of a company or business acquired by
such Person or its Restricted Subsidiaries (in each case, including those relating to severance, relocation costs and one time compensation charges and any charges or expenses in connection with conforming accounting policies or re-audited,
combining or restating financial information), in each case, incurred in connection with the purchase or acquisition of such acquired company or business by such Person or its Restricted Subsidiaries; minus 

(2) (a) (i) net gains from discontinued operations and (ii) the amount of non-recurring gains; minus 

(b) an amount equal to any net gain realized by such Person or any of its Restricted Subsidiaries in connection with an Asset
Sale, to the extent such gains were included in computing Consolidated Net Income; plus or minus, as applicable; 
 (c) the
effects of adjustments (including the effects of such adjustments pushed down to the Company and its Restricted Subsidiaries) in any line item in such Person’s consolidated financial statements in such period pursuant to GAAP resulting from the
applicability of purchase accounting; 
 in each case, on a consolidated basis and determined in accordance with GAAP. 

“Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person, the ratio of (1) the aggregate amount of
Consolidated Cash Flow Available for Fixed Charges of such Person for the four full fiscal quarters, treated as one period, for which financial information in respect thereof is available immediately preceding the date of the transaction (the
“Transaction Date”) (such four full fiscal quarter period being referred to herein as the “Four Quarter Period”) giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio to (2) the
aggregate amount of Consolidated Fixed Charges of such Person for the Four Quarter Period. In addition to and without limitation of the foregoing, for purposes of this definition and to the extent otherwise provided for in this Indenture,
“Consolidated Cash Flow Available for Fixed Charges” and “Consolidated Fixed Charges” (and the component definitions thereof) shall be calculated after giving effect on a pro forma basis for the period of such calculation,
to any Asset Sales or other dispositions or Asset Acquisitions, investments, mergers, consolidations and discontinued operations (as determined in accordance with GAAP) occurring during the Four Quarter Period or any time subsequent to the last day
of the Four Quarter Period and on or prior to the Transaction Date, as if such Asset Sale or other disposition or Asset Acquisition (including the 

  
 -7- 

 
Incurrence or assumption of any such Acquired Debt), investment, merger, consolidation or disposed operation occurred on the first day of the Four Quarter Period. For purposes of this definition,
pro forma calculations shall be made in the good faith determination of a responsible financial or accounting officer of the Company. Any such pro forma calculation may include, without limitation, adjustments calculated in accordance
with Regulation S-X under the Securities Act. 
 Furthermore, in calculating this “Consolidated Fixed Charge Coverage Ratio”: 

(1) if the Company or any Restricted Subsidiary has Incurred any Debt since the beginning of the applicable Four Quarter Period
that remains outstanding on such date of determination or if the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio includes an Incurrence of Debt, Consolidated Cash Flow Available for Fixed Charges and
Consolidated Interest Expense for such Four Quarter Period will be calculated after giving effect on a pro forma basis to such Debt as if such Debt had been Incurred on the first day of such Four Quarter Period and the discharge of any other
Debt repaid, repurchased, redeemed, retired, defeased or otherwise discharged with the proceeds of such new Debt as if such discharge had occurred on the first day of such Four Quarter Period; 

(2) if the Company or any Restricted Subsidiary has repaid, repurchased, redeemed, retired, defeased or otherwise discharged
any Debt since the beginning of the Four Quarter Period that is no longer outstanding on such Transaction Date or if the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio includes a discharge of Debt (in
each case, other than Debt Incurred under any revolving Debt Facility unless such Debt has been permanently repaid and the related commitment terminated and not replaced), Consolidated Interest Expense for such period will be calculated after giving
effect on a pro forma basis to such discharge of Debt, including with the proceeds of such new Debt, as if such discharge had occurred on the first day of such Four Quarter Period; 

(3) the amount of Debt under any revolving Debt Facility outstanding on the Transaction Date (other than any Debt Incurred
under such facility in connection with the transaction giving rise to calculate the Consolidated Fixed Charge Coverage Ratio) will be deemed to be: (A) the average daily balance of such Debt during such Four Quarter Period or such shorter
period for which such facility was outstanding or (B) if such facility was created after the end of such Four Quarter Period, the average daily balance of such Debt during the period from the date of creation of such facility to the date of
such determination; 
 (4) interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by a responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP; 

(5) if any Debt to which pro forma effect is being given bears a floating rate of interest, the interest expense on such
Debt will be calculated as if the rate in effect on the Transaction Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to such Debt); and 

(6) if interest on any Debt actually Incurred on the Transaction Date may optionally be determined at an interest rate based
upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the Transaction Date will be deemed to have been in effect during the Four Quarter Period. 

If such Person or any of its Restricted Subsidiaries directly or indirectly Guarantees Debt of a third Person (excluding credit support for
third party customer financing in the ordinary course of 

  
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business) and such Guarantee or the Debt subject thereto is not otherwise included in the calculation of Consolidated Fixed Charges, the calculation of the Consolidated Fixed Charge Coverage
Ratio shall give effect to the Incurrence of such Guaranteed Debt as if such Person or such Subsidiary had directly Incurred or otherwise assumed such Guaranteed Debt as if such Guarantee occurred on the first day of the Four Quarter Period. 

“Consolidated Fixed Charges” means, with respect to any Person for any period, the sum of, without duplication, the amounts
for such period of: 
 (1) Consolidated Interest Expense; and 

(2) the product of (a) all cash dividends and other distributions paid during such period in respect of Redeemable Capital
Interests of such Person and its Restricted Subsidiaries or on Preferred Interests of Non-Guarantor Subsidiaries (other than dividends paid in Qualified Capital Interests), times (b) a fraction, the numerator of which is one and the denominator
of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case, on a consolidated basis in accordance with GAAP. 

“Consolidated Income Tax Expense” means, with respect to any Person for any period, the provision for taxes based on income
or profits or capital, including, without limitation, federal, state, provincial, local, foreign, unitary, excise, property, franchise and similar taxes and foreign withholding and similar taxes, in each case of such Person and its Restricted
Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP paid or accrued during such period, including any penalties and interest related to such taxes or arising from any tax examinations, to the extent the same
were deducted in computing Consolidated Net Income. 
 “Consolidated Interest Expense” means, with respect to any Person
for any period, without duplication, the sum of: 
 (1) the total interest expense of such Person and its Restricted
Subsidiaries with respect to all outstanding Debt of such Person and its Restricted Subsidiaries, for such period as determined on a consolidated basis in accordance with GAAP: 

(2) the interest component of Capital Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and
its Restricted Subsidiaries during such period determined on a consolidated basis in accordance with GAAP; and 
 (3) all
capitalized interest of such Person and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; minus 

(4) the total interest income of such Person and its Restricted Subsidiaries for such period as determined on a consolidated
basis in accordance with GAAP; provided, however, that Consolidated Interest Expense will exclude (a) the amortization or write-off of debt issuance costs and deferred financing fees, commissions, fees and expenses, (b) any
expensing of interim loan commitment, bridge and other financing fees, (c) capitalized costs incurred in connection with the initial closing of any Hedging Obligation or Swap Contract, (d) any 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 (e) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Receivables
Facility. 

  
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 “Consolidated Net Income” means, with respect to any Person, for any
period, the consolidated net income (or loss) of such Person and its Restricted Subsidiaries for such period as determined in accordance with GAAP, adjusted, to the extent included in calculating such net income, by: 

(1) excluding, without duplication, 

(a) all extraordinary gains or losses (net of fees and expenses relating to the transaction giving rise thereto), income,
expenses or charges; 
 (b) the portion of net income of such Person and its Restricted Subsidiaries allocable to minority or
non-controlling interests or Investments in Unrestricted Subsidiaries to the extent that cash dividends or distributions have not actually been received by such Person or one of its Restricted Subsidiaries; provided that for the avoidance of
doubt, Consolidated Net Income shall be increased in amounts equal to the amounts of cash actually received; 
 (c) gains or
losses in respect of any Asset Sales by such Person or one of its Restricted Subsidiaries (net of fees and expenses relating to the transaction giving rise thereto), on an after-tax basis; 

(d) solely for purposes of determining the amount available for Restricted Payments under clause (3) of
Section 4.08(a), the net income of any Restricted Subsidiary (other than a Guarantor) or such Person to the extent that the declaration of dividends or similar distributions by that Restricted Subsidiary of that income is not at the time
permitted, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulations applicable to that Restricted Subsidiary or its stockholders (other than
(i) restrictions that have been waived or otherwise released, (ii) restrictions imposed pursuant to Acquired Debt which has been irrevocably called for redemption, repurchase or other acquisition or repayment or in respect of which the
required steps have been taken to have such Acquired Debt defeased or discharged, or a deposit has been made for such purpose, (iii) restrictions pursuant to the Senior Credit Facilities, any other Debt Facilities, the Notes or this Indenture
and (iv) restrictions specified in Sections 4.12(b)(1)(B) and 4.12(b)(14)); 
 provided that for the avoidance of doubt,
Consolidated Net Income shall be increased in amounts equal to the amounts of cash actually received; 
 (e) any gain or loss
realized as a result of the cumulative effect of a change in accounting principles; 
 (f) any fees and expenses paid in
connection with the issuance of the Notes; 
 (g) non-cash compensation expense Incurred with any issuance of equity
interests to an employee of such Person or any Restricted Subsidiary; 
 (h) any net after-tax gains or losses attributable
to the early extinguishment or conversion of Debt or any Hedging Obligations; 
 (i) any non-cash impairment charges or asset
write-off or write-down resulting from the application of Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 350 “Intangibles—Goodwill and Other” or ASC Topic 360 “Property,
Plant and Equipment,” and the amortization of intangibles arising pursuant to ASC Topic 805 “Business Combinations” or any related subsequent Statement of Financial Accounting Standards; 

  
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 (j) non-cash gains, losses, income and expenses resulting from fair value
accounting required by ASC Topic 815 “Derivatives and Hedging” or any related subsequent Statement of Financial Accounting Standards; 

(k) any net unrealized gains and losses relating to mark-to-market of amounts denominated in foreign currencies resulting from
the application of ASC Topic 830 “Foreign Currency Matters” or any related subsequent Statement of Financial Accounting Standards; 

(l) any accruals and reserves that are established within 12 months after the closing of any acquisition that are so required
to be established as a result of such acquisition in accordance with GAAP; 
 (m) any accruals and reserves that are
established for expenses and losses, in respect of equity-based awards compensation expense (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect
thereof in such future period shall reduce Consolidated Net Income to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period); 

(n) any expenses, charges or losses that are covered by indemnification or other reimbursement provisions in connection with
any Investment or any sale, conveyance, transfer or other disposition of assets permitted under this Indenture, to the extent actually reimbursed, or, so long as the Company has made a determination that a reasonable basis exists for indemnification
or reimbursement and only to the extent that such amount is in fact indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or
reimbursed within such 365 days); and 
 (o) to the extent covered by insurance and actually reimbursed, or, so long as the
Company has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is in fact reimbursed within 365 days of the date of such determination (with a
deduction in the applicable future period for any amount so added back to the extent not so reimbursed within such 365 days), expenses, charges or losses with respect to liability or casualty events or business interruption; and 

(2) including, without duplication, dividends and distributions from joint ventures actually received in cash by such Person or
that could have been distributed by such joint venture during such period to such Person as a dividend or other distribution or return on investment. 

“Consolidated Non-cash Charges” means, with respect to any Person for any period, the aggregate depreciation, amortization
(including amortization of goodwill, other intangibles, deferred financing fees, debt issuance costs, commissions, fees and expenses) and other non-cash expenses, charges, losses and other items of such Person and its Restricted Subsidiaries
reducing Consolidated Net Income of such Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP (excluding any charge which requires an accrual of or a reserve for cash charges for any
future period). 

  
 -11- 

 “Consolidated Total Assets” means total assets of the Company and its
Restricted Subsidiaries on a consolidated basis, shown on the most recent balance sheet of the Company and its Restricted Subsidiaries, or, in the case of Foreign Subsidiaries, the total assets of such Foreign Subsidiaries on a combined basis, shown
on the most recent balance sheet of such Foreign Subsidiaries, in each case as may be expressly stated without giving effect to any amortization of the amount of intangible assets since the Issue Date, with such pro forma adjustments as are
appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Consolidated Fixed Charge Coverage Ratio”. 

“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. 
 “Custodian” means the Trustee, as
custodian with respect to the Notes in global form, or any successor entity thereto. 
 “Debt” means at any time (without
duplication), with respect to any Person, without duplication, the following: (1) all indebtedness of such Person (a) for money borrowed or (b) for the deferred purchase price of property, excluding any accounts payables or trade
payables or other current liabilities Incurred in the normal course of business or any earn-outs or other purchase price adjustments; (2) all obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments;
(3) all reimbursement obligations of such Person with respect to letters of credit (other than letters of credit that are secured by cash or Eligible Cash Equivalents), bankers’ acceptances or similar facilities (excluding obligations in
respect of letters of credit or bankers’ acceptances issued in respect of trade payables) issued for the account of such Person; provided that such obligations shall not constitute Debt except to the extent drawn and not repaid within
ten Business Days; (4) all indebtedness created or arising under any conditional sale or other title retention agreement (other than operating leases) with respect to property or assets acquired by such Person; (5) all Capital Lease
Obligations of such Person; (6) the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or the principal component or liquidation preference of all obligations of
such Person with respect to the redemption, repayment or other repurchase of any Redeemable Capital Interests or, with respect to any Non-Guarantor Subsidiary, any Preferred Interests (but excluding, in each case, any accrued dividends);
(7) any Swap Contracts and Hedging Obligations of such Person at the time of determination; (8) Attributable Debt with respect to any Sale and Leaseback Transaction to which such Person is a party; and (9) all obligations of the types
referred to in clauses (1) through (8) of this definition of another Person, the payment of which, in either case, (a) such Person has Guaranteed or (b) is secured by (or the holder of such Debt or the recipient of such dividends
or other distributions has an existing right, whether contingent or otherwise, to be secured by) any Lien upon the property or other assets of such Person, even though such Person has not assumed or become liable for the payment of such Debt. 

For purposes of the foregoing: (a) the maximum mandatory repurchase price of any Redeemable Capital Interests or Preferred Interests that
do not have a mandatory repurchase price shall be calculated in accordance with the terms of such Redeemable Capital Interests or Preferred Interests as if such Redeemable Capital Interests or Preferred Interests were repurchased on any date on
which Debt shall be required to be determined pursuant to this Indenture; provided, however, that if such Redeemable Capital Interests or Preferred Interests are not then permitted to be repurchased, the repurchase price shall be the
book value of such Redeemable Capital Interests or Preferred Interests, but in any case under this clause (a), exclusive of any accrued dividends; (b) the amount outstanding at any time of any Debt issued with original issue discount is the
principal amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt at such time as determined in conformity with GAAP, but such 

  
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Debt shall be deemed Incurred only as of the date of original issuance thereof; (c) the amount of any Debt described in clause (7) is the net amount payable (after giving effect to
permitted set off) if such Swap Contracts or Hedging Obligations are terminated at that time due to default of such Person; (d) the amount of any Debt described in clause (9)(a) above shall be the stated or determinable amount of or, if
not stated or if indeterminable, the maximum reasonably anticipated liability under any such Guarantee and (e) the amount of any Debt described in clause (9)(b) above shall be the lesser of (i) the maximum amount of the obligations so
secured and (ii) the Fair Market Value of such property or other assets. 
 Notwithstanding the foregoing, (1) in connection with
the purchase by the Company or any Restricted Subsidiary of any business or assets, the term “Debt” will exclude (a) customary indemnification obligations and (b) 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 is otherwise contingent; provided, however, that at the time of closing, the amount of any such payment is not determinable and, to the
extent such payment thereafter becomes fixed and determined, the amount is paid within 60 days thereafter and (2) the term “Debt” will exclude debt that has been defeased, satisfied and discharged, repaid, retired, repurchased or
redeemed in accordance with its terms and, to the extent such defeasance, satisfaction and discharge, repayment, retirement, repurchase or redemption constitutes a Restricted Payment, in accordance with Section 4.08. 

The amount of Debt of any Person at any date shall be the outstanding balance at such date of all unconditional obligations and Guarantees as
described above and, only upon the occurrence of the contingency giving rise to the obligations, the maximum reasonably anticipated liability of any contingent obligations (other than Guarantees) at such date. If such Person or any of its Restricted
Subsidiaries directly or indirectly Guarantees Debt of a third Person, the amount of Debt of such Person shall give effect to the Incurrence of such Guaranteed Debt (excluding credit support for third party customer financing in the ordinary course
of business) as if such Person or such Subsidiary had directly Incurred or otherwise assumed such Guaranteed Debt. 
 “Debt
Facilities” means one or more debt facilities (including, without limitation, the Senior Credit Facilities) or commercial paper facilities with banks or other institutional lenders providing for revolving credit loans, term loans, term
debt, 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 issuances of debt securities evidenced by
notes, debentures, bonds or similar instruments, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced (including by means of sales of debt securities) in whole or in part from time to time (and whether or not with
the original administrative agent, lenders or trustee or another administrative agent or agents, other lenders or trustee and whether provided under the original Senior Credit Facilities or any other credit or other agreement or indenture). 

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

“Definitive Note” means a certificated Initial Note or Additional 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. 

  
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 “Designated Non-cash Consideration” means the Fair Market Value of non-cash
consideration, including Related Business Assets and Capital Interests in a Restricted Subsidiary or a Person that is designated as a Restricted Subsidiary, received by the Company or a Restricted Subsidiary in connection with an Asset Sale that is
so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation less the amount of cash or Eligible Cash Equivalents received in connection with a subsequent sale of or
collection on such Designated Non-cash Consideration. 
 “DTC” means The Depository Trust Company. 

“Eligible Cash Equivalents” means any of the following Investments: (i)(a) Euro, Pounds Sterling, Yen, Swiss Francs, Canadian
Dollars, or any national currency of any member state in the European Union or (b) local currencies held from time to time in the ordinary course of business; (ii) securities issued or directly and fully and unconditionally guaranteed or
insured by the United States government or any country that is a member state of the European Union or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such
government with maturities of 24 months or less from the date of acquisition; (iii) certificates of deposit, time deposits, and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances
with maturities not exceeding one year, and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than $250,000,000 (determined at the date of acquisition thereof); (iv) repurchase obligations for
underlying securities of the types described in clauses (ii), (iii), and (viii) of this definition entered into with any financial institution meeting the qualifications specified in clause (iii) of this definition (determined at the date
of acquisition thereof); (v) commercial paper rated at least “P 2” by Moody’s (or the equivalent thereof) or at least “A-2” by S&P (or the equivalent thereof) (determined at the date of acquisition thereof) (or, if
at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized ratings agency) and, in each case, maturing within 24 months after the date of creation thereof;
(vi) marketable short term money market and similar securities having a rating of at least “P 2” from Moody’s (or the equivalent thereof) or “A-2” from S&P (or the equivalent thereof), respectively (or, if at any
time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized ratings agency) (determined at the date of acquisition thereof) and, in each case, maturing within 24 months after the
date of creation or acquisition thereof; (vii) readily marketable direct obligations issued by any state, commonwealth, or territory of the United States or any political subdivision or taxing authority thereof having one of the two highest
rating categories obtainable from either Moody’s or S&P (determined at the date of acquisition thereof) with maturities of 24 months or less from the date of acquisition; (viii) indebtedness or preferred stock issued by Persons with a
rating of “A” or higher from S&P or “A2” or higher from Moody’s (determined at the date of acquisition thereof) with maturities of 24 months or less from the date of acquisition; (ix) investments equivalent to those
referred to in clauses (i) through (viii) above or funds equivalent to those referred to in clause (xi) below denominated in U.S. dollars or any foreign currency issued by a foreign issuer or bank comparable in credit quality and
tender to those referred to in such clauses and customarily used by corporations for cash management purposes in jurisdictions outside the United States to the extent reasonably required in connection with any business conducted by any Restricted
Subsidiary, all as determined in good faith by the Company; (x) in the case of investments by any Foreign Subsidiary or investments made in a country outside the United States, Eligible Cash Equivalents shall also include investments of the
type and maturity described in clauses (i) through (ix) of this definition of foreign obligors, which investments have ratings, described in such clauses or equivalent ratings from comparable foreign rating agencies (determined at the date
of acquisition thereof), and (xi) investment funds investing substantially all of their assets in securities of the types described in clauses (i) through (ix) of this definition (determined at the date of acquisition thereof).
Notwithstanding the foregoing, Eligible Cash Equivalents shall include amounts denominated in currencies other than Dollars and those set forth in clause (ii) above; provided 

  
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that such amounts are converted into U.S. Dollars or any currency listed in clause (ii) above as promptly as practicable. Any items identified as Eligible Cash Equivalents under this
definition will be deemed to be Eligible Cash Equivalents for all purposes under this Indenture regardless of the treatment of such items under GAAP. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “Expiration Date” has the meaning set forth in the definition of “Offer to
Purchase.” 
 “Fair Market Value” means, with respect to the consideration received or paid in any transaction or
series of related transactions, the fair market value thereof as determined in good faith by the Company. In the case of a transaction between the Company or a Restricted Subsidiary, on the one hand, and a Receivables Subsidiary, on the other hand,
if the Company determines in its sole discretion that such determination is appropriate, a determination as to Fair Market Value may be made at the commencement of the transaction and be applicable to all dealings between the Receivables Subsidiary
and the Company or such Restricted Subsidiary during the course of such transaction. 
 “Foreign Subsidiary” means any
Restricted Subsidiary other than any Restricted Subsidiary incorporated or otherwise organized or existing under the laws of the United States or any state thereof or the District of Columbia. 

“Four Quarter Period” has the meaning set forth in the definition of “Consolidated Fixed Charge Coverage Ratio.”

 “GAAP” means generally accepted accounting principles in the United States, consistently applied, as 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 may be approved by a significant segment of the accounting profession of the United States, which are in effect on the Issue Date. 

“Government Securities” means securities that are (1) direct obligations of the United States for the timely payment of
which its full faith and credit is pledged or (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the timely payment of which is unconditionally Guaranteed as a full faith and
credit obligation of the United States, 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 Government Securities or a specific payment of principal of or interest on any such Government Securities 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 Government Securities or the
specific payment of principal of or interest on the Government Securities evidenced by such depositary receipt. 

“Guarantee” means , as applied to any Debt of another Person, (1) a guarantee (other than by endorsement of negotiable
instruments for collection in the normal course of business, and excluding any credit support to suppliers or customers provided in the ordinary course of business), direct or indirect, in any manner, of any part or all of such Debt, (2) any
direct or indirect obligation, contingent or otherwise, of a Person guaranteeing or having the effect of guaranteeing the Debt of any other Person in any manner and (3) an agreement of a Person, direct or indirect, contingent or otherwise, the
practical effect of which is to assure in any way the payment (or payment of damages in the event of non-payment) of all or any part of such Debt of another Person (and “Guaranteed” and “Guaranteeing” shall have
meanings that correspond to the foregoing). 

  
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 “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 after the Issue Date); 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. 

“Immaterial Subsidiary” means, at any date of determination, each Restricted Subsidiary of the Company (other than any
Foreign Subsidiary) that (i) has consolidated total assets, together with all Immaterial Subsidiaries (other than Foreign Subsidiaries), as of the last day of the then most recent fiscal year of the Company for which financial statements have
been delivered, of less than or equal to 5.0% of the total assets of the Company and the Restricted Subsidiaries at such date, measured at the end of the most recent fiscal period for which internal financial statements are available on a pro
forma basis giving effect to any acquisitions or dispositions of companies, divisions or lines of business since the start of such four quarter period and on or prior to the date of acquisition of such Restricted Subsidiary and (ii) has
consolidated revenues (other than revenues generated from the sale or license of property between any of the Company and its Restricted Subsidiaries), together with all Immaterial Subsidiaries (other than Foreign Subsidiaries), for the then most
recent fiscal year of the Company for which financial statements have been delivered, of less than or equal to 5.0% of the consolidated revenues (other than revenues generated from the sale or license of property between any of the Company and its
Restricted Subsidiaries) of the Company and the Restricted Subsidiaries for such period, measured for the most recently ended four consecutive fiscal quarters ended for which internal consolidated financial statements are available on a pro
forma basis giving effect to any acquisitions or dispositions of companies, divisions or lines of business since the start of such four quarter period and on or prior to the date of acquisition of such Restricted Subsidiary. 

“Incur” means, with respect to any Debt of any Person, to create, issue, incur (by conversion, exchange or otherwise),
assume, Guarantee or otherwise become liable in respect of such Debt or the recording, as required pursuant to GAAP, of any such Debt on the balance sheet of such Person; provided, however, that any Debt or Capital Interests 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.
“Incurrence,” “Incurred,” “Incurrable” and “Incurring” shall have meanings that correspond to the foregoing. In addition, the following shall not be deemed a separate Incurrence of
Debt: 
 (1) amortization of debt discount or accretion of principal with respect to a non-interest bearing or other discount
security; 
 (2) the payment of regularly scheduled interest in the form of additional Debt of the same instrument or the
payment of regularly scheduled dividends on Capital Interests in the form of additional Capital Interests of the same class and with the same terms; 

(3) the obligation to pay a premium in respect of Debt arising in connection with the issuance of a notice of redemption or
making of a mandatory offer to purchase such Debt; and 

  
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 (4) unrealized losses or charges in respect of Hedging Obligations. 

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

“Independent Financial Advisor” means an accounting, appraisal, investment banking firm or consultant to Persons engaged in
Permitted Businesses of nationally recognized standing that is, in the good faith judgment of the Company, qualified to perform the task for which it has been engaged. 

“Initial Notes” has the meaning set forth in the recitals hereto. 

“Interest Payment Date” means April 1 and October 1 of each year to Stated Maturity of the Notes. 

“Investment” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the
form of any advance, loan or other extensions of credit (including by way of Guarantee or similar arrangement, but excluding (i) accounts receivable and other extensions of trade credit and/or accrued expenses, in each case arising in the
ordinary course of business and payable in accordance with customary practices and (ii) any debt or extension of credit represented by a bank deposit (other than a time deposit)) or capital contribution to (by means of any transfer of cash or
other property to others), or any purchase or acquisition of Capital Interests, Debt or securities issued by, such Person and other investments that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of such Person
in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property; provided that none of the following will be deemed to be an Investment: 

 

	 	(1)	 Hedging Obligations entered into in the ordinary course of business and in compliance with this Indenture;

  

	 	(2)	 endorsements of negotiable instruments and documents in the ordinary course of business and any credit support
to suppliers or customers provided in the ordinary course of business; 

  

	 	(3)	 an acquisition of assets, Capital Interests or other securities by the Company or a Subsidiary for
consideration to the extent such consideration consists of Common Interests of the Company; 

  

	 	(4)	 the acquisition of property and other assets from suppliers and other vendors in the ordinary course of
business; and 

  

	 	(5)	 prepaid expenses and workers’ compensation, utility, lease and similar deposits in the normal course of
business. 

 For purposes of Section 4.08 and the definition of “Unrestricted Subsidiary”: 

 

	 	(1)	 “Investment” will include the portion (proportionate to the Company’s equity interest in a
Restricted Subsidiary that is to be designated an Unrestricted Subsidiary) of the Fair Market Value of the net assets of such Restricted Subsidiary at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company will be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive)
equal to (a) the Company’s aggregate “Investment” in such Subsidiary as of the time of such redesignation less (b) the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value
of the net assets of such Subsidiary at the time that such Subsidiary is so redesignated a Restricted Subsidiary; 

  
 -17- 

	 	(2)	 any property transferred to or from an Unrestricted Subsidiary will be valued at its Fair Market Value at the
time of such transfer; and 

  

	 	(3)	 if the Company or any Restricted Subsidiary sells or otherwise disposes of any Voting Interests of any
Restricted Subsidiary such that, after giving effect to any such sale or disposition, such entity is no longer a Subsidiary of the Company, the Company shall be deemed to have made an Investment on the date of any such sale or disposition equal to
the Fair Market Value of the Capital Interests of such Subsidiary not sold or disposed of. 

 “Investment Grade
Rating” designates a rating of BBB- or higher by S&P or Baa3 or higher by Moody’s or the equivalent of such ratings by S&P or Moody’s. In the event that the Company shall select any other Rating Agency as provided under
the definition of “Rating Agencies,” the equivalent of such ratings by such Rating Agency shall be used. 

“Investment Grade Securities” means (i) securities issued or directly and fully guaranteed or insured by the United
States government or any agency or instrumentality thereof (other than Eligible Cash Equivalents); (ii) debt securities or debt instruments with an Investment Grade Rating (determined at the date of acquisition thereof); (iii) investments
in any fund that invests substantially all of its assets in investments of the type described in clauses (i) and (ii) (determined at the date of acquisition thereof) which fund may also hold cash pending investment or distribution; and
(iv) corresponding instruments in countries other than the United States customarily utilized for high quality investments. 

“Issue Date” means September 25, 2018. 

“Lien” means, with respect to any property or other asset, any mortgage, deed of trust, deed to secure debt, pledge,
hypothecation, assignment for security purposes, deposit arrangement, security interest, lien (statutory or otherwise), charge, easement, preference, priority, encumbrance or other security agreement or arrangement of any kind or nature whatsoever
on or with respect to such property or other asset, whether or not filed, recorded or otherwise perfected under applicable law, including, without limitation, any conditional sale or other title retention agreement, any lease in the nature thereof
or Sale and Leaseback Transaction, any option or other agreement to sell or give a security interest in and any authorized filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction; provided that in no event shall an operating lease be deemed to constitute a Lien. 
 “Moody’s”
means Moody’s Investors Service, Inc. or any successor to its rating agency business. 
 “Net Cash Proceeds” means,
with respect to Asset Sales of any Person, cash and Eligible Cash Equivalents received, net of: 
 (1) all reasonable
out-of-pocket costs and expenses of such Person incurred in connection with such a sale, including, without limitation, all legal, accounting, title and recording tax expenses, commissions, investment banking fees and other fees and expenses
incurred and all federal, state, foreign and local taxes arising in connection with such an Asset Sale that are paid or required to be accrued as a liability under GAAP by such Person; 

(2) all payments made by such Person on any Debt that is secured by such properties or other assets in accordance with the
terms of any Lien upon or with respect to such properties or 

  
 -18- 

 
other assets that must, by the terms of such Lien or such Debt, or in order to obtain a necessary consent to such transaction or by applicable law, be repaid to any other Person (other than the
Company or a Restricted Subsidiary thereof) in connection with such Asset Sale and any fees, costs and expenses associated therewith; and 

(3) all contractually required distributions and other payments made to minority interest holders in Restricted Subsidiaries of
such Person as a result of such transaction; 
 provided, however, that: (a) in the event that any consideration for an
Asset Sale (which would otherwise constitute Net Cash Proceeds) is required by (i) contract to be held in escrow pending determination of whether a purchase price adjustment will be made or (ii) GAAP to be reserved against other
liabilities in connection with such Asset Sale, such consideration (or any portion thereof) shall become Net Cash Proceeds only at such time as it is released to such Person from escrow or otherwise; and (b) any non-cash consideration received
in connection with any transaction, which is subsequently converted to cash, shall become Net Cash Proceeds only at such time as it is so converted. 

“Net Leverage Ratio” means, as of any date of determination, the ratio of (x) the Debt of the Company and its Restricted
Subsidiaries (other than any Debt set forth in clause (7) of the definition thereof), determined on a consolidated basis in accordance with GAAP as of the end of the most recent Four Quarter Period for which internal financial statements are
available, minus Unrestricted Cash not to exceed $200.0 million to (y) the Consolidated Cash Flow Available for Fixed Charges for the most recent Four Quarter Period for which internal financial statements are available, in each case, on a
pro forma basis in a manner consistent with the definition of “Consolidated Fixed Charge Coverage Ratio.” 

“Non-Guarantor Subsidiary” means any Restricted Subsidiary that is not a Guarantor. 

“Note Guarantee” means, individually, any Guarantee of payment of the Notes and the Company’s other Obligations under
this Indenture by a Guarantor pursuant to the terms of this Indenture and any supplemental indenture thereto, and, collectively, all such Guarantees. 

“Notes” means the Initial Notes and more particularly means any Note authenticated and delivered under this Indenture. For
all purposes of this Indenture, the term “Notes” shall also include any Additional Notes that may be issued under a supplemental indenture and Notes to be issued or authenticated upon transfer, replacement or exchange of Notes. 

“Obligations” means any principal, premium, 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), 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, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Debt. 

“Offer” has the meaning set forth in the definition of “Offer to Purchase.” 

“Offer to Purchase” means a written offer (the “Offer”) sent by the Company by first class mail, postage
prepaid, to each Holder at such Holder’s address appearing in the security register on the date of the Offer, offering to purchase up to the aggregate principal amount of Notes set forth in such Offer at the purchase price set forth in such
Offer (as determined pursuant to this Indenture). Unless otherwise required by applicable law, the Offer shall specify an expiration date (the “Expiration Date”) of the Offer to Purchase which shall be, subject to any contrary
requirements of applicable law, not less than 

  
 -19- 

 
30 days or more than 60 days after the date of mailing of such Offer (or, if such Offer is conditioned upon the occurrence of a Change of Control, not more than 60 days after the date of such
Change of Control) and a settlement date (the “Purchase Date”) for purchase of Notes within five Business Days after the Expiration Date. The Company shall notify the Trustee in writing on or prior to the mailing of the Offer of the
Company’s obligation to make an Offer to Purchase, and the Offer shall be mailed by the Company or, at the Company’s written request, by the applicable Paying Agent in the name and at the expense of the Company. The Offer shall contain all
instructions and materials necessary to enable such Holders to tender Notes pursuant to the Offer to Purchase. The Offer shall also state: 

(1) the Section of this Indenture pursuant to which the Offer to Purchase is being made; 

(2) the Expiration Date and the Purchase Date; 

(3) the aggregate principal amount of the outstanding Notes offered to be purchased pursuant to the Offer to Purchase
(including, if less than 100%, the manner by which such amount has been determined pursuant to Indenture covenants requiring the Offer to Purchase) (the “Purchase Amount”); 

(4) the purchase price to be paid by the Company for each $2,000 minimum principal amount of Notes (and integral multiples of
$1,000 in excess thereof) accepted for payment (as specified pursuant to this Indenture) (the “Purchase Price”); 

(5) if such notice is delivered prior to the occurrence of a Change of Control, that the Offer to Purchase is conditioned upon
the occurrence of such Change of Control and setting forth a brief description of the definitive agreement for the Change of Control; 

(6) that the Holder may tender all or any portion of the Notes registered in the name of such Holder and that any portion of a
Note tendered must be tendered in a minimum amount of $2,000 principal amount (and integral multiples of $1,000 in excess thereof); 

(7) the place or places where Notes are to be surrendered for tender pursuant to the Offer to Purchase, if applicable; 

(8) that, unless the Company defaults in making such purchase, any Note accepted for purchase pursuant to the Offer to Purchase
will cease to accrue interest on and after the Purchase Date, but that any Note not tendered or tendered but not purchased by the Company pursuant to the Offer to Purchase will continue to accrue interest at the same rate; 

(9) that, on the Purchase Date, the Purchase Price will become due and payable upon each Note accepted for payment pursuant to
the Offer to Purchase; 
 (10) that each Holder electing to tender a Note pursuant to the Offer to Purchase will be required
to surrender such Note or cause such Note to be surrendered at the place or places set forth in the Offer prior to the close of business on the Expiration Date (such Note being, if the Company or the Trustee so requires, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing); 

(11) that Holders will be entitled to withdraw all or any portion of Notes tendered if the Company (or its paying agent)
receives, not later than the close of business on the Expiration Date, a facsimile transmission or letter setting forth the name of the Holder, the aggregate principal amount of the Notes the Holder tendered, the certificate number of the Note the
Holder tendered and a statement that such Holder is withdrawing all or a portion of such Holder’s tender; 

  
 -20- 

 (12) that (a) if Notes having an aggregate principal amount less than
or equal to the Purchase Amount are duly tendered and not withdrawn pursuant to the Offer to Purchase, the Company shall purchase all such Notes and (b) if Notes having an aggregate principal amount in excess of the Purchase Amount are tendered
and not withdrawn pursuant to the Offer to Purchase, the Company shall purchase Notes having an aggregate principal amount equal to the Purchase Amount on a pro rata basis (with such adjustments as may be deemed appropriate so that only Notes
in minimum denominations of $2,000 principal amount or integral multiples of $1,000 in excess thereof shall be purchased); and 

(13) if applicable, that, in the case of any Holder whose Note is purchased only in part, the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder, in the aggregate principal amount equal to and in exchange for the unpurchased
portion of the aggregate principal amount of the Notes so tendered. 
 “Offering Memorandum” means the offering memorandum
dated September 14, 2018 related to the offer and sale of the Notes. 
 “Officer” means the Chairman of the Board of
Directors, the Chief Executive Officer, the President, the Chief Financial Officer, any Executive Vice President, Senior Vice President or 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. Officer of any Guarantor has a
correlative meaning. 
 “Officer’s Certificate” means a certificate signed by an Officer of the Company or a
Guarantor, as applicable. 
 “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable
to the Trustee. The counsel may be an employee of or counsel to the Company. 
 “Permitted Business” means any business
similar in nature to any business conducted by the Company and the Restricted Subsidiaries on the Issue Date and any business reasonably ancillary, incidental, complementary or related to, or a reasonable extension, development or expansion of, the
business conducted by the Company and the Restricted Subsidiaries on the Issue Date, in each case, as determined in good faith by the Company. 

“Permitted Debt” means: 

(1) Debt of the Company or any Guarantor Incurred pursuant to any Debt Facilities and the issuance and creation of letters of
credit and bankers’ acceptances thereunder (with undrawn trade letters of credit and reimbursements obligations relating to trade letters of credit satisfied within 30 days being excluded, and bankers’ acceptances being deemed to have a
principal amount equal to the face amount thereof); provided that immediately after giving effect to any such Incurrence, the then outstanding aggregate principal amount of the Debt under this clause (1) does not exceed an amount equal
to the greater of (A) $1,100.0 million (calculated assuming all the commitments relating to the revolving credit tranche of any Debt Facility have been fully drawn) and (B) an amount of Debt at the time of Incurrence that does not cause
the Secured Net Leverage Ratio of the Company and its Restricted Subsidiaries for the most recent 

  
 -21- 

 
Four Quarter Period to exceed 3.50 to 1.00, determined on a pro forma basis for the Incurrence of such Debt and the application of the net proceeds therefrom (provided that any Debt
Incurred pursuant to this clause (B) shall be deemed to be Secured Debt solely for purposes of such calculation); 
 (2)
Debt under the Notes issued on the Issue Date and contribution, indemnification and reimbursement obligations owed by the Company or any Guarantor to any of the other of them in respect of amounts paid or payable on such Notes; 

(3) Guarantees of the Notes; 

(4) Debt of the Company or any Restricted Subsidiary outstanding on the Issue Date (other than clauses (1), (2) and
(3) above or clauses (5), (6), (7), (8), (10), (11), (12), (13), (14), (19) and (26) below); 
 (5) Guarantees
by (a) the Company or Guarantors of Debt permitted to be Incurred by the Company or a Guarantor in accordance with the provisions of this Indenture; provided that in the event such Debt that is being Guaranteed is a Subordinated
Obligation, then the related Guarantee shall be subordinated in right of payment to the Notes or the Note Guarantee, as the case may be, and (b) Non-Guarantor Subsidiaries of Debt Incurred by Non-Guarantor Subsidiaries in accordance with the
provisions of this Indenture; 
 (6) Debt of the Company owing to and held by any Restricted Subsidiary or Debt of a
Restricted Subsidiary (other than a Receivables Subsidiary) owing to and held by the Company or any other Restricted Subsidiary (other than a Receivables Subsidiary); provided, however, 

(a) if the Company is the obligor on Debt owing to a Non-Guarantor Subsidiary, such Debt is expressly subordinated in right of
payment to the obligations with respect to the Notes; 
 (b) if a Guarantor is the obligor on Debt owing to a Non-Guarantor
Subsidiary, such Debt is expressly subordinated in right of payment to the Note Guarantee of such Guarantor; and 
 (c) (i)
any subsequent issuance or transfer of Capital Interests or any other event which results in any such Debt being beneficially held by a Person other than the Company or a Restricted Subsidiary of the Company (other than a Receivables Subsidiary);
and (ii) any sale or other transfer of any such Debt to a Person other than the Company or a Restricted Subsidiary of the Company (other than a Receivables Subsidiary), 

shall be deemed, in each case, under this clause (6)(c), to constitute an Incurrence of such Debt by the Company or such Restricted Subsidiary,
as the case may be; 
 (7) Debt Incurred in respect of workers’ compensation claims, health, disability or other
employee benefits or property, casualty or liability insurance and self-insurance obligations, and, for the avoidance of doubt, indemnity, bid, performance, warranty, release, appeal, surety and similar bonds or bankers’ acceptances, letters of
credit, warehouse receipts and similar facilities for operating purposes and completion guarantees (not for borrowed money) provided or Incurred (including Guarantees thereof) by the Company or a Restricted Subsidiary in the ordinary course of
business; 

  
 -22- 

 (8) Debt under Swap Contracts and Hedging Obligations that are Incurred in
the ordinary course of business (and not for speculative purposes); 
 (9) Debt (including Capital Lease Obligations,
Synthetic Lease Obligations and Purchase Money Debt) Incurred by the Company or any of its Restricted Subsidiaries, to finance the purchase, lease, construction or improvement of property (real or personal) or equipment that is used or useful in a
Permitted Business, whether through the direct purchase of assets or the Capital Interests of any Person owning such assets, in an aggregate principal amount or liquidation preference outstanding which, together with any other Debt incurred and
outstanding under this clause (9), does not exceed at the time of Incurrence thereof, the greater of (x) $50.0 million and (y) 3.25% of the Consolidated Total Assets of the Company and its Restricted Subsidiaries; 

(10) Debt arising from agreements of the Company or a Restricted Subsidiary providing for indemnification, contribution,
earnout, adjustment of purchase price, deferred compensation or similar obligations, in each case, Incurred or assumed in connection with the acquisition or disposition of any business, assets or Capital Interests of a Restricted Subsidiary
otherwise permitted under this Indenture, to the extent that: 
 (a) the maximum aggregate liability in respect of all such
Debt does not exceed the gross proceeds, including non-cash proceeds (the Fair Market Value of such non-cash proceeds being measured at the time received and without giving effect to subsequent changes in value) actually received by the Company and
its Restricted Subsidiaries in connection with such disposition; and 
 (b) such Debt is not reflected on the balance sheet
of the Company or any of its Restricted Subsidiaries (contingent obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet will not be deemed to be reflected on such balance sheet for purposes of
this clause (10)); 
 (11) Debt arising from the honoring by a bank or other financial institution of a check, draft or
similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Debt is extinguished within five Business Days of Incurrence and Debt arising from negative account balances in cash
pooling arrangements arising in the ordinary course of business; 
 (12) obligations of the Company or its Subsidiaries in
respect of customer advances received and held in the ordinary course of business; 
 (13) Debt constituting credit support
for third party customer financing in the ordinary course of business; 
 (14) performance bonds or performance guaranties
(or bank guaranties or letters of credit in lieu thereof) entered into in the ordinary course of business and not for borrowed money; 

(15) Debt of Restricted Subsidiaries that are Foreign Subsidiaries of the Company not to exceed the greater of (x) $100.0
million and (y) 8.0% of the Consolidated Total Assets of all Restricted Subsidiaries that are Foreign Subsidiaries outstanding at the time of Incurrence (it being understood that any Debt Incurred pursuant to this clause (15) shall cease
to be deemed Incurred or outstanding for purposes of this clause (15) but shall be deemed Incurred for the purposes of Section 4.09(a) from and after the first date on which the Company or such Restricted Subsidiary could have Incurred
such Debt under Section 4.09(a) without reliance on this clause (15)); 

  
 -23- 

 (16) Debt of Persons Incurred and outstanding on the date on which such
Person became a Restricted Subsidiary or was acquired by, or merged into, the Company or any Restricted Subsidiary (other than Debt Incurred (a) to provide all or any portion of the funds utilized to consummate the transaction or series of
related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was otherwise acquired by the Company or (b) otherwise in connection with, or in contemplation of, such acquisition); provided,
however, that at the time such Person is acquired, either 
 (a) the Company would have been able to Incur $1.00 of
additional Debt pursuant to Section 4.09(a) on a pro forma basis after giving effect to the Incurrence of such Debt pursuant to this clause (16); or 

(b) on a pro forma basis, the Consolidated Fixed Charge Coverage Ratio of the Company and its Restricted Subsidiaries is
equal to or greater than such ratio immediately prior to such acquisition or merger; 
 (17) Debt of the Company or any
Restricted Subsidiary not otherwise permitted pursuant to this definition, in an aggregate principal amount not to exceed the greater of (x) $150.0 million and (y) 10.0% of the Consolidated Total Assets of the Company and its Restricted
Subsidiaries outstanding at the time of Incurrence (it being understood that any Debt Incurred pursuant to this clause (17) shall cease to be deemed Incurred or outstanding for purposes of this clause (17) but shall be deemed Incurred for
the purposes of Section 4.09(a) from and after the first date on which the Company or such Restricted Subsidiary could have Incurred such Debt under Section 4.09(a) without reliance on this clause (17)); 

(18) the Incurrence by the Company or any Restricted Subsidiary of Refinancing Debt that serves to refund or refinance any Debt
Incurred as permitted underSection 4.09(a) and clauses (2), (3), (4), (9), (15), (16), (17), (24), (26), (28) and this clause (18); 

(19) the issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries
(other than a Receivables Subsidiary) of shares of Preferred Interests; provided, however, that: (a) any subsequent issuance or transfer of Capital Interests that results in any such Preferred Interests being held by a Person
other than the Company or a Restricted Subsidiary (other than a Receivables Subsidiary); and (b) any sale or other transfer of any such Preferred Interests to a Person that is not either the Company or a Restricted Subsidiary (other than a
Receivables Subsidiary) shall be deemed, in each case, to constitute an issuance of such Preferred Interests by such Restricted Subsidiary that was not permitted by this clause (19); 

(20) Debt arising as a result of the endorsement in the ordinary course of business of negotiable instruments in the course of
collection; 
 (21) Debt of the Company or any of its Restricted Subsidiaries consisting of (i) the financing of
insurance premiums or (ii) take-or-pay obligations contained in supply arrangements in each case, incurred in the ordinary course of business; 

(22) Debt of the Company or any of its Restricted Subsidiaries undertaken in connection with cash management and related
activities with respect to any Subsidiary or joint venture in the ordinary course of business; 

  
 -24- 

 (23) Debt Incurred in the ordinary course of business in respect of
obligations of the Company or any Restricted Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided, that such obligations are incurred in connection with
open accounts extended by suppliers on customary trade terms in the ordinary course of business; 
 (24) Debt deemed to exist
in connection with a Sale and Leaseback Transaction in an aggregate amount at any one time outstanding not to exceed $50.0 million; 

(25) Debt consisting of Debt issued by the Company or any of its Restricted Subsidiaries to current or former officers,
directors and employees thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Capital Interests of the Company to the extent described in Section 4.08; 

(26) Debt in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Debt
Incurred pursuant to this clause and then outstanding, will not exceed 100% of the net cash proceeds received by the Company from the issuance or sale (other than to a Restricted Subsidiary) of its Capital Interests (other than Redeemable Capital
Interests) or otherwise contributed to the equity (other than through the issuance of Redeemable Capital Interests) of the Company, in each case, subsequent to the Issue Date; provided, however, that (i) any such net cash proceeds that
are so received or contributed shall not increase the amount available for making Restricted Payments to the extent the Company and its Restricted Subsidiaries Incur Debt in reliance thereon and (ii) any net cash proceeds that are so received
or contributed shall be excluded for purposes of incurring Debt pursuant to this clause to the extent the Company or any of its Restricted Subsidiaries makes a Restricted Payment in reliance thereof; 

(27) Debt (i) owed on a short-term basis of no longer than 30 days to banks and other financial institutions incurred in
the ordinary course of business of the Company and its Restricted Subsidiaries with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances of the Company and its Restricted
Subsidiaries and (ii) in respect of overdraft facilities, employee credit card programs, netting services, automatic clearinghouse arrangements and other cash management services entered into in the ordinary course of business; and 

(28) Debt Incurred pursuant to any Receivables Facility in an aggregate amount not to exceed the greater of (x) $150.0
million and (y) 10.0% of the Consolidated Total Assets of the Company and its Restricted Subsidiaries. 
 “Permitted
Investment” means an Investment by the Company or any Restricted Subsidiary in: 
  

	 	(1)	 the Company or a Restricted Subsidiary (other than a Receivables Subsidiary); 

 

	 	(2)	 any Investment by the Company or any of its Restricted Subsidiaries in a Person if as a result of such
Investment: 

  

	 	(a)	 such Person becomes a Restricted Subsidiary; or 

 

	 	(b)	 such Person, in one transaction or a series of related transactions, is merged or consolidated with or into, or
transfers or conveys all or substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary, 

  
 -25- 

 and, in each case, any Investment held by such Person; provided that such Investment
was not acquired by such Person in contemplation of such acquisition, merger, consolidation or transfer; 
  

	 	(3)	 cash and Eligible Cash Equivalents; 

 

	 	(4)	 Investments in exchange for consideration consisting only of Capital Interests (other than Redeemable Capital
Interests) of the Company or net cash proceeds from a substantially concurrent sale of Capital Interests of the Company; provided, however, that the issuance of such Capital Interests or such net cash proceeds will be excluded from
Section 4.08(a)(3)(ii); 

  

	 	(5)	 receivables owing to the Company or any Restricted Subsidiary created or acquired in the ordinary course of
business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under
the circumstances; 

  

	 	(6)	 payroll, commission, travel and similar advances to cover matters that are reasonably expected at the time of
such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 

  

	 	(7)	 loans or advances to employees, officers or directors of the Company or any Restricted Subsidiary in the
ordinary course of business in an aggregate amount not to exceed $15.0 million with respect to all loans or advances made since the Issue Date; 

  

	 	(8)	 any Investment acquired by the Company or any of its Restricted Subsidiaries: 

 

	 	(a)	 in exchange for any other Investment or accounts receivable held by the Company or any such Restricted
Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable; or 

 

	 	(b)	 as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured
Investment or other transfer of title with respect to any secured Investment in default; 

  

	 	(9)	 Investments received in settlement of amounts due to the Company or any Restricted Subsidiary effected in the
ordinary course of business; 

  

	 	(10)	 Investments made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant
to and in compliance with Section 4.15 or any other disposition of assets not constituting an Asset Sale; 

  

	 	(11)	 any Investment existing on the Issue Date or made pursuant to binding commitments in effect on the Issue Date
or an Investment consisting of any extension, modification or renewal of any Investment existing on the Issue Date; 

  

	 	(12)	 currency agreements, interest rate agreements, commodity agreements and related Hedging Obligations, which
transactions or obligations are Incurred in compliance with Section 4.09; 

  
 -26- 

	 	(13)	 Guarantees issued in accordance with Section 4.09; 

 

	 	(14)	 Investments made in connection with the funding of contributions under any non-qualified retirement plan or
similar employee compensation plan in an amount not to exceed the amount of compensation expense recognized by the Company and its Restricted Subsidiaries in connection with such plans; 

 

	 	(15)	 Investments in joint ventures of the Company or any of its Restricted Subsidiaries, together with all other
Investments pursuant to this clause (xv), in an aggregate amount at the time of each such Investment not to exceed the greater of (i) $100.0 million and (ii) 6.5% of Consolidated Total Assets of the Company and its Restricted Subsidiaries
at the time such Investment is made (with the Fair Market Value of each such Investment being measured at the time made and without giving effect to subsequent changes in value); 

 

	 	(16)	 Investments consisting of (i) the licensing, sublicensing or contribution of intellectual property
pursuant to joint marketing arrangements and joint development arrangements with other Persons (including the grant of use and access rights in respect thereof) or (ii) the licensing, sublicensing, cross-licensing, pooling or contribution of,
or similar arrangements with respect to, intellectual property; 

  

	 	(17)	 prepaid expenses, negotiable instruments held for collection, lease, utility, workers’ compensation,
performance and other similar deposits provided to third parties in the ordinary course of business; 

  

	 	(18)	 Investments by the Company or any of its Restricted Subsidiaries, together with all other Investments pursuant
to this clause (18), in an aggregate amount at the time of each such Investment not to exceed the greater of (i) $100.0 million and (ii) 6.5% of Consolidated Total Assets of the Company and its Restricted Subsidiaries at the time such
Investment is made (with the Fair Market Value of each such Investment being measured at the time made and without giving effect to subsequent changes in value); 

 

	 	(19)	 any transaction to the extent it constitutes an Investment that is permitted and made in accordance with the
provisions of Section 4.13(b); 

  

	 	(20)	 Investments consisting of purchases and acquisitions of inventory, supplies, material or equipment, or other
similar assets in the ordinary course of business; 

  

	 	(21)	 pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course of
business or Liens otherwise described in the definition of “Permitted Liens” or made in connection with Liens permitted under Section 4.10; 

  

	 	(22)	 Investments consisting of earnest money deposits required in connection with a purchase agreement, or letter of
intent, or other acquisitions to the extent not otherwise prohibited by this Indenture; 

  

	 	(23)	 contributions to a “rabbi” trust for the benefit of employees or other grantor trust subject to
claims of creditors in the case of a bankruptcy of the Company; 

  

	 	(24)	 Investments in any Subsidiary or any joint venture in connection with intercompany cash management arrangement
or related activities arising in the ordinary course of business; and 

  
 -27- 

	 	(25)	 Investments relating to a Receivables Subsidiary that, in the good faith determination of the Company are
necessary or advisable to effect any Receivables Facility or any repurchases in connection therewith. 

“Permitted Liens” means: 

(1) Liens existing at the Issue Date (excluding Liens permitted by clause (2), which clause (2) includes Liens securing
Obligations under the Senior Credit Facilities); 
 (2) Liens that secure (a) Debt under Debt Facilities permitted to be
Incurred pursuant to clause (1) of the definition of “Permitted Debt,” (b) Hedging Obligations and Swap Contracts relating to such Debt Facilities and permitted under the agreements related thereto and (c) fees, expenses and
other amounts payable under such Debt Facilities or payable pursuant to cash management agreements or agreements with respect to similar banking services relating to such Debt Facilities and permitted under the agreements related thereto; 

(3) any Lien for taxes or assessments or other governmental charges or levies not then delinquent for more than 90 days, that
are then remaining payable without penalty or which are being contested in good faith and for which adequate reserves are being maintained to the extent required by GAAP; 

(4) any warehousemen’s, materialmen’s, mechanic’s, repairmen’s, landlord’s or other similar Liens
arising by law for sums not then due and payable (or which, if due and payable, remain payable without penalty or are being contested in good faith and with respect to which adequate reserves are being maintained, to the extent required by GAAP);

 (5) survey exceptions, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way,
sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other similar restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its
properties which do not individually or in the aggregate materially adversely affect the value of the Company and its Restricted Subsidiaries taken as a whole or materially impair the operation of the business of the Company and its Restricted
Subsidiaries taken as a whole; 
 (6) pledges or deposits (a) in connection with workers’ compensation,
unemployment and other insurance, other social security legislation and other types of statutory obligations or the requirements of any official body; (b) to secure the performance of tenders, bids, surety or performance bonds, leases,
purchase, construction, sales or servicing contracts (including utility contracts) and other similar obligations Incurred in the ordinary course of business; (c) to obtain or secure obligations with respect to letters of credit, Guarantees,
bonds or other sureties or assurances given in connection with the activities described in clauses (a) and (b) above, in each case not Incurred or made in connection with the borrowing of money, the obtaining of advances or credit or the
payment of the deferred purchase price of property or services or imposed by ERISA or the Code in connection with a “plan” (as defined in ERISA); or (d) arising in connection with any attachment unless such Liens shall not be
satisfied or discharged or stayed pending appeal within 60 days after the entry thereof or the expiration of any such stay; 

(7) Liens on property or assets or shares of Capital Interests of a Person existing at the time such Person acquires such
property or assets, is merged with or into or consolidated with the Company or a Restricted Subsidiary or becomes a Restricted Subsidiary (and not created or Incurred in anticipation of such transaction); provided that such Liens are not
extended to the property and assets of the Company and its Restricted Subsidiaries other than the property or assets acquired and the proceeds thereof; 

  
 -28- 

 (8) Liens securing Debt of a Restricted Subsidiary owed to and held by the
Company or a Restricted Subsidiary (other than a Receivables Subsidiary) thereof; 
 (9) for the avoidance of doubt, other
Liens (not securing Debt) incidental to the conduct of the business of the Company or any of its Restricted Subsidiaries, as the case may be, or the ownership of their assets which do not individually or in the aggregate materially adversely affect
the value of the Company and its Restricted Subsidiaries taken as a whole or materially impair the operation of the business of the Company and its Restricted Subsidiaries taken as a whole; 

(10) Liens to secure any extension, renewal, refinancing or refunding (or successive extensions, renewals, refinancings or
refundings), in whole or in part, in accordance with the terms of this Indenture of any Debt secured by Liens referred to in clauses (1), (2), (7), (8), (13), (16), (23), (29), (33) and (38) hereof to the extent that such Liens do not
extend to any other property or assets and the principal amount of the obligations secured by such Liens is not increased; 

(11) Liens in favor of customs or revenue authorities arising as a matter of law to secure payment of custom duties in
connection with the importation of goods incurred in the ordinary course of business; 
 (12) (i) licensing or sublicensing
of intellectual property or other general intangibles in the ordinary course of business and (ii) the granting of access and use rights in respect of intellectual property or other general intangibles in the context of joint marketing
arrangements and joint development arrangements entered into in the ordinary course of business; 
 (13) Liens to secure Debt
(including Capital Lease Obligations, Synthetic Lease Obligations and Purchase Money Debt) permitted to be Incurred pursuant to clause (9) of the definition of “Permitted Debt”; provided that such Liens do not extend to or
cover any property or assets that are not property being purchased, leased, constructed or improved with the proceeds of such Debt; 

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

(15) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligation in
respect of letters of credit and banker’s acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(16) Liens that secure Debt of Restricted Subsidiaries that are Foreign Subsidiaries permitted pursuant to clause (15) of
the definition of “Permitted Debt”; provided that such Liens may not extend to any assets other than assets owned by a Restricted Subsidiary that is a Foreign Subsidiary; 

(17) Liens on property or shares of Capital Interests of another Person at the time such other Person becomes a Subsidiary of
such Person; provided, however, that (a) the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than assets and property affixed or appurtenant thereto) and (b) such
Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming a Restricted Subsidiary; 

  
 -29- 

 (18) Liens (a) that are contractual rights of set-off (i) relating
to the establishment of depository relations with banks not given in connection with the issuance of Debt, (ii) relating to pooled deposit or sweep accounts of the Company or any of its Restricted Subsidiaries to permit satisfaction of
overdraft or similar obligations and other cash management activities incurred in the ordinary course of business of the Company and/or any of its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into
with customers of the Company or any of its Restricted Subsidiaries in the ordinary course of business, (b) of a collecting bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection,
(c) encumbering reasonable customary initial deposits and margin deposits and attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and (d) in favor of banking institutions arising
as a matter of law or pursuant to customary account agreements encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 

(19) Liens securing judgments or judicial attachment for the payment of money not constituting an Event of Default under clause
(7) of Section 6.01(a) so long as such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such
proceedings may be initiated has not expired; 
 (20) leases, subleases, licenses or sublicenses granted to others in the
ordinary course of business which do not materially interfere with the ordinary conduct of the business of the Company or any Restricted Subsidiaries and do not secure any Debt; 

(21) any interest of title of (a) an owner of equipment or inventory on loan or consignment, or as part of a conditional
sale, to the Company or any of its Restricted Subsidiaries and Liens arising from Uniform Commercial Code financing statement filings regarding operating leases and bailments of paper and paper products entered into by the Company or any Restricted
Subsidiary in the ordinary course of business; and (b) a lessor or secured by a lessor’s interest under any lease permitted under this Indenture; 

(22) deposits in the ordinary course of business to secure liability to insurance carriers; 

(23) Liens securing the Notes and the Note Guarantees; 

(24) 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 permitted hereunder; 
 (25) options, put and
call arrangements, rights of first refusal and similar rights relating to Investments in joint ventures, partnerships and the like permitted to be made under this Indenture; 

(26) Liens arising in connection with repurchase agreements that constitute Investments; 

(27) Liens on cash and other deposits or net worth imposed in connection with contracts entered into the ordinary course of
business; 

  
 -30- 

 (28) Liens securing Obligations for third party customer financing in the
ordinary course of business; 
 (29) Liens not otherwise permitted under this Indenture in an aggregate amount not to exceed
at the time of creation the greater of (x) $150.0 million and (y) 10.0% of the Consolidated Total Assets of the Company and its Restricted Subsidiaries at the time such Lien is created; 

(30) Liens on cash, Eligible Cash Equivalents or other property arising in connection with the defeasance, discharge or
redemption of Debt permitted by this Indenture; 
 (31) Liens on equipment of the Company or any of its Restricted
Subsidiaries granted in the ordinary course of business; 
 (32) Liens on the Capital Interests of Unrestricted Subsidiaries
that secure Debt of such Unrestricted Subsidiaries; 
 (33) Liens arising out of any Sale and Leaseback Transaction permitted
under clause (24) under the definition of “Permitted Debt”, so long as such Liens attach only to the property sold and being leased in such transaction and any accessions and additions thereto or proceeds and products thereof and
related property; 
 (34) Liens on any amounts held by a trustee (a) in the funds and accounts under an indenture
securing any revenue bonds issued for the benefit of the Company or any Restricted Subsidiary, (b) under any indenture or other debt agreement issued in escrow pursuant to customary escrow arrangements pending the release thereof, or
(c) under any indenture pursuant to customary discharge, redemption or defeasance provisions; 
 (35) in the case of
real property that constitutes a leasehold interest, any Lien to which the fee simple interest (or any superior leasehold interest) is subject; 

(36) Liens arising out of conditional sale, title retention or similar arrangements for the sale or purchase of goods by the
Company or any of the Restricted Subsidiaries in the ordinary course of business; 
 (37) Liens on the identifiable proceeds
of any property or asset subject to a Lien otherwise permitted under this Indenture; and 
 (38) Liens on the accounts
receivable and related assets incurred in connection with a Receivables Facility and permitted under clause (28) under the definition of “Permitted Debt”. 

“Permitted Parent” means any direct or indirect parent entity of the Company that beneficially owns, together with any other
Permitted Parent, 100% of the Capital Interests of the Company; provided that the ultimate beneficial ownership of the Company has not been modified, solely by virtue of the transaction by which such parent entity became the beneficial owner
of 100% of the Capital Interests of the Company and such parent entity owns no assets other than Eligible Cash Equivalents and the Capital Interests of the Company or any other Permitted Parent. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof. 
 “Philippines Subsidiaries” means each of
Schweitzer-Mauduit RTL Philippines, Inc., PDM Philippines Industries Inc. and Luna Rio Landholding Corporation. 

  
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 “Preferred Interests,” as applied to the Capital Interests in any Person,
means Capital Interests in such Person of any class or classes (however designated) that rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such
Person, to shares of Common Interests in such Person. 
 “Purchase Amount” has the meaning set forth in the definition of
“Offer to Purchase.” 
 “Purchase Date” has the meaning set forth in the definition of “Offer to
Purchase.” 
 “Purchase Money Debt” means: 

(1) Debt Incurred to finance the purchase or construction (including additions and improvements thereto) of any assets (other
than Capital Interests) of such Person or any Restricted Subsidiary; and 
 (2) Debt that is secured by a Lien on such assets
where the lender’s sole security is to the assets so purchased or constructed or substantially similar assets leased or purchased from such lender under a master lease or similar agreement and proceeds of the foregoing; 

in either case that does not exceed 100% of the cost and to the extent the purchase or construction prices for such assets are or should be
included in “addition to property, plant or equipment” in accordance with GAAP. 
 “Purchase Price” has the
meaning set forth in the definition of “Offer to Purchase.” 
 “Qualified Capital Interests” in any Person means
a class of Capital Interests other than Redeemable Capital Interests. 
 “Qualified Equity Offering” means (1) an
underwritten public equity offering of Qualified Capital Interests pursuant to an effective registration statement under the Securities Act yielding gross proceeds to either of the Company, or any direct or indirect parent company of the Company, of
at least $25.0 million or (2) a private equity offering of Qualified Capital Interests of the Company, or any direct or indirect parent company of the Company, other than (a) any such public or private sale to an entity that is an
Affiliate of the Company, (b) any public offerings registered on Form S-4 or S-8, (c) any issuance to any employee benefit plan of the Company or (d) any offering of Qualified Capital Interests in connection with a transaction that is
a Change of Control; provided that, in the case of an offering or sale by a direct or indirect parent company of the Company, such parent company contributes to the capital of the Company the portion of the net cash proceeds of such offering
or sale necessary to pay the aggregate Redemption Price (plus accrued interest to the redemption date) of the Notes to be redeemed pursuant to Section 3.07. 

“Rating Agencies” means Moody’s and S&P or if Moody’s or S&P or both shall not make a rating on the Notes
publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company which shall be substituted for Moody’s or S&P or both, as the case may be. 

“Receivables Facility “ means any of one or more receivables financing facilities as amended, supplemented, modified,
extended, renewed, restated or refunded from time to time, the Obligations of which are non-recourse (except for Standard Securitization Undertakings) to the Company or any of its Restricted Subsidiaries (other than a Receivables Subsidiary)
pursuant to which the Company or any of its Restricted Subsidiaries sells its accounts receivable and related assets to either (a) a Person 

  
 -32- 

 
that is not a Restricted Subsidiary or (b) a Receivables Subsidiary that in turn sells its accounts receivable and related assets to a Person that is not a Restricted Subsidiary. 

“Receivables Fees” means distributions or payments made directly or by means of discounts with respect to any accounts
receivable or participation interest therein issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Facility. 

“Receivables Subsidiary” means any Subsidiary formed for the purpose of, and that solely engages only in one or more
Receivables Facilities and other activities reasonably related thereto. 
 “Record Date” for the interest, if any, payable
on any applicable Interest Payment Date means the March 15 or September 15 (whether or not a Business Day) next preceding such Interest Payment Date. 

“Redeemable Capital Interests” in any Person means any equity security of such Person that by its terms (or by terms of any
security into which it is convertible or for which it is exchangeable), or otherwise (including the passage of time or the happening of an event), is required to be redeemed, is redeemable at the option of the holder thereof in whole or in part
(including by operation of a sinking fund), or is convertible or exchangeable for Debt or Redeemable Capital Interests of such Person at the option of the holder thereof, in whole or in part, at any time on or prior to the date 91 days after the
earlier of the Stated Maturity of the principal amount of the Notes or the date the Notes are no longer outstanding; provided that only the portion of such equity security which is required to be redeemed, is so convertible or exchangeable or
is so redeemable at the option of the holder thereof before such date will be deemed to be Redeemable Capital Interests; and provided further that if such equity security is issued to any plan for the benefit of employees of the Company or
its Subsidiaries or by any such plan to such employees, such equity securities shall not constitute Redeemable Capital Interests solely because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable
statutory or regulatory obligations. 
 Notwithstanding the preceding sentence, any equity security that would constitute Redeemable Capital
Interests solely because the holders of the equity security have the right to require the Company to repurchase such equity security upon the occurrence of a Change of Control or an Asset Sale will not constitute Redeemable Capital Interests if the
terms of such equity security provide that the Company may not repurchase or redeem any such equity security pursuant to such provisions prior to compliance by the Company with Section 4.14 and Section 4.15 and such repurchase or
redemption complies with Section 4.08. The amount of Redeemable Capital Interests deemed to be outstanding at any time for purposes of this Indenture will be the maximum amount that the Company and its Restricted Subsidiaries may become
obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Redeemable Capital Interests or portion thereof, exclusive of accrued dividends. 

“Redemption Price,” when used with respect to any Note to be redeemed, means the price at which it is to be redeemed pursuant
to this Indenture. 
 “Refinancing Debt” means Debt that refunds, refinances, renews, replaces or extends any Debt
permitted to be Incurred by the Company or any Restricted Subsidiary pursuant to the terms of this Indenture (including additional Debt Incurred to pay premiums (including reasonable tender premiums, as determined in good faith by the Senior
Management of the Company), defeasance costs, accrued interest and fees and expenses (including fees and expenses relating to the Incurrence of such Refinancing Debt) in connection with any such refinancing), whether involving the same or any other
lender or creditor or group of lenders or creditors (including, with respect to any Guarantee of Debt, the refinancing of the guaranteed Debt and incurrence of a Guarantee with respect to the new Debt), but only to the extent that: 

  
 -33- 

 (1) the Refinancing Debt is subordinated in right of payment to the Notes to
at least the same extent as the Debt being refunded, refinanced or extended, if such Debt was subordinated in right of payment to the Notes, 

(2) the Refinancing Debt is scheduled to mature either (a) no earlier than the Debt being refunded, refinanced or extended
or (b) at least 91 days after the maturity date of the Notes, 
 (3) the Refinancing Debt has an Average Life at the
time such Refinancing Debt is Incurred that is equal to or greater than the Average Life of the Debt being refunded, refinanced, renewed, replaced or extended, 

(4) such Refinancing Debt is in an aggregate principal amount that is less than or equal to the sum of (a) the aggregate
principal or accreted amount (in the case of any Debt issued with original issue discount, as such) then outstanding under the Debt being refunded, refinanced, renewed, replaced or extended, (b) the amount of accrued and unpaid interest, if
any, and premiums owed (including tender premiums and defeasance costs), if any and (c) the amount of reasonable and customary fees, expenses and costs related to the Incurrence of such Refinancing Debt (including underwriting discounts and
commissions), and 
 (5) such Refinancing Debt is Incurred by the same Persons (or their successors) that initially Incurred
the Debt being refunded, refinanced, renewed, replaced or extended, except that the Company or any Guarantor may Incur Refinancing Debt to refund, refinance, renew, replace or extend Debt of any Restricted Subsidiary of the Company. 

“Related Business Assets” means assets (other than cash or Eligible Cash Equivalents or current assets) used or useful in a
Permitted Business; provided that any assets received by the Company or a Restricted Subsidiary in exchange for assets transferred by the Company or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of
securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary. 

“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 Investment” means any Investment other than a Permitted Investment. 

“Restricted Payment” is defined to mean any of the following: 

(1) any dividend or other distribution declared or paid on the Capital Interests in the Company or on the Capital Interests in
any Restricted Subsidiary of the Company that are held by, or declared or paid to, any Person other than the Company or a Restricted Subsidiary of the Company (other than (a) dividends, distributions or payments made solely in Qualified Capital
Interests in the Company or a Restricted Subsidiary and (b) dividends or distributions payable to the Company or a Restricted Subsidiary of the Company or to the holders of Capital Interests of a Restricted Subsidiary on a pro rata
basis); 
 (2) any payment made by the Company or any of its Restricted Subsidiaries to purchase, redeem, acquire or retire
any Capital Interests in the Company (including the conversion into, or exchange for, Debt of any Capital Interests) other than any such Capital Interests owned by the Company or any Restricted Subsidiary; 

  
 -34- 

 (3) any principal payment made by the Company or any of its Restricted
Subsidiaries on, or any payment made by the Company or any of its Restricted Subsidiaries to redeem, repurchase, defease (including a defeasance or covenant defeasance) or otherwise acquire or retire for value (including pursuant to mandatory
repurchase covenants), prior to any scheduled maturity, scheduled sinking fund or mandatory redemption payment, any Subordinated Obligations (excluding any Debt owed to the Company or any Restricted Subsidiary); except payments of principal and
interest in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case, within one year of the due date thereof; and 

(4) any Restricted Investment. 

“Restricted Subsidiary” means any Subsidiary that has not been designated as an “Unrestricted Subsidiary” in
accordance with this Indenture. Unless otherwise indicated, when used herein the term “Restricted Subsidiary” shall refer to a Restricted Subsidiary of the Company. 

“S&P” means S&P Global Inc. or any successor to its rating agency business. 

“Sale and Leaseback Transaction” means any direct or indirect arrangement pursuant to which property is sold or transferred
by the Company or a Restricted Subsidiary and is thereafter leased back as a capital lease by the Company or a Restricted Subsidiary. 

“Secured Debt” means any Debt of the Company or any of its Restricted Subsidiaries secured by a Lien. 

“Secured Net Leverage Ratio” means, as of any date of determination, the ratio of (1) the Secured Debt of the Company
and its Restricted Subsidiaries (other than any Debt set forth in clause (7) of the definition thereof), determined on a consolidated basis in accordance with GAAP, as of the end of the most recent Four Quarter Period for which internal
financial statements are available, minus Unrestricted Cash not to exceed $200.0 million to (2) the Company’s Consolidated Cash Flow Available for Fixed Charges for the most recent Four Quarter Period for which internal financial
statements are available, in each case, on a pro forma basis in a manner consistent with the definition of “Consolidated Fixed Charge Coverage Ratio.” 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder. 
 “Senior Credit Facilities” means the Company’s Senior Credit Agreement, dated as of the Issue Date,
among the Company and guarantors named therein and JPMorgan Chase Bank, N.A., as administrative agent, and the other agents and lenders named therein, together with all related notes, letters of credit, collateral documents, guarantees, and any
other related agreements and instruments executed and delivered in connection therewith, in each case as amended, modified, supplemented, restated, refinanced, refunded or replaced in whole or in part from time to time including by or pursuant to
any agreement or instrument that extends the maturity of any Debt thereunder, or increases the amount of available borrowings thereunder (provided that such increase in borrowings is permitted under Section 4.09), or adds Subsidiaries of
the Company as additional borrowers or guarantors thereunder, in each case with respect to such agreement or any successor or replacement agreement and whether by the same or any other agent, lender, group of lenders, purchasers or debt holders.

 “Senior Management” means the chief executive officer, the chief financial officer, the treasurer and the vice chairman
and executive vice president of strategy and corporate development of the Company. 

  
 -35- 

 “Significant Subsidiary” has the meaning set forth in Rule 1-02 of
Regulation S-X under the Securities Act and the Exchange Act, but shall not include any Unrestricted Subsidiary. 
 “Standard
Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Company or any Restricted Subsidiary which are reasonably customary in an accounts receivable or other financial asset
securitization transaction as determined in good faith by the Company, including Guarantees and repurchase obligations by the Company or any Restricted Subsidiary of any of the foregoing obligations of the Company or a Restricted Subsidiary. 

“Stated Maturity” when used with respect to (1) any Note or any installment of interest thereon, means the date
specified in such Note as the fixed date on which the principal amount of such Note or such installment of interest is due and payable and (2) any other Debt or any installment of interest thereon, means the date specified in the instrument
governing such Debt as the fixed date on which the principal of such Debt or such installment of interest is due and payable. 

“Subordinated Obligations” means any Debt of the Company or any Guarantor (whether outstanding on the Issue Date or
thereafter Incurred) that is subordinate or junior in right of payment to the Notes or the Note Guarantees pursuant to a written agreement to that effect. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a
contingency) are at the time beneficially owned or controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. 

“Swap Contract” means (1) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including, without limitation, any fuel price caps and fuel price collar or floor agreements and similar agreements or arrangements designed to protect against or manage fluctuations in fuel
prices and any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, but excluding fixed price commodity purchase contracts entered into with commodity suppliers in the
ordinary course of business and not for speculative purposes, and (2) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published
by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement. 
 “SWM Luxembourg” means SWM Luxembourg, a
Luxembourg private limited liability company (société à responsabilité limitée), having its registered office at 17, rue Edmond Reuter, L-5326 Contern, Grand-Duchy of Luxembourg and registered with the
Luxembourg Register of Commerce and Companies (Registre de Commerce et des Sociétés, Luxembourg) under number B 180.186. 

“Synthetic Lease Obligations” means any monetary obligation of a Person under (1) a so-called synthetic, off-balance
sheet or tax retention lease, or (2) an agreement for the use or possession of property (including Sale and Leaseback Transactions), in each case, creating obligations that do not appear on the balance sheet of such Person but which, upon the
application of any bankruptcy or insolvency laws to such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

  
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 “Transfer Restricted Notes” means Definitive Notes and any other Notes that
bear or are required to bear the Restricted Notes Legend. 
 “Treasury Rate” means as of any date of redemption of Notes
the yield to maturity at the time of computation of U.S. Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two
Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source or similar market data)) most nearly equal to the period from the redemption date to October 1, 2021;
provided, however, that if the period from the redemption date to October 1, 2021 is not equal to the constant maturity of a U.S. 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 U.S. Treasury securities for which such yields are given, except that if the period from the redemption date to October 1, 2021 is less
than one year, the weekly average yield on actually traded U.S. Treasury securities adjusted to a constant maturity of one year will be used. 

“Trustee” means Wilmington Trust, National Association, as trustee, until a successor replaces it in accordance with the
applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Cash” means,
as of any date of determination, the aggregate amount of cash and Eligible Cash Equivalents included in the cash accounts that would be listed on the consolidated balance sheet of the Company and its Restricted Subsidiaries as at such date, to the
extent that such cash and Eligible Cash Equivalents are not classified as “restricted” unless such classification solely because of any provision in an agreement governing Debt of the Company or its Restricted Subsidiaries. 

“Unrestricted Subsidiary” means: 
  

	 	(1)	 any Subsidiary of the Company which at the time of determination shall be designated an Unrestricted Subsidiary
by the Board of Directors of the Company in the manner provided pursuant to this definition; and 

  

	 	(2)	 any Subsidiary of an Unrestricted Subsidiary. 

The Board of Directors of the Company may designate any Subsidiary of the Company (including any existing Subsidiary and any newly-acquired or
newly-formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Capital Interests or Debt of, or owns or holds any Lien on, any property of, the Company or any Subsidiary of the Company (other
than solely any Subsidiary of the Subsidiary to be so designated); provided that: 
  

	 	(1)	 such designation complies with Section 4.08; and 

 

	 	(2)	 each of (a) the Subsidiary to be so designated and (b) its Subsidiaries has not at the time of
designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Debt pursuant to which the lender has recourse to any of the assets of the Company or any Restricted
Subsidiary. 

 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, no Event of Default shall have occurred and be continuing and either: 

  
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 (x)(1) the Company could incur at least $1.00 of additional Debt pursuant to
the Consolidated Fixed Charge Coverage Ratio test described in Section 4.09(a); or 
 (2) the Consolidated Fixed Charge
Coverage Ratio for the Company and its Restricted Subsidiaries would be equal to or greater than such ratio immediately prior to such designation, 

in each case on a pro forma basis taking into account such designation and (y) no Event of Default shall have occurred and be
continuing as a result of such designation. 
 Any such designation by the Board of Directors of the Company shall be evidenced to the
Trustee by promptly filing with the Trustee a copy of the resolution of the board of directors of the Company or any committee thereof giving effect to such designation and an Officer’s Certificate certifying that such designation complied with
the foregoing provisions. 
 “Voting Interests” means, with respect to any Person, securities of any class or classes of
Capital Interests in such Person entitling the holders thereof generally to vote on the election of members of the Board of Directors or comparable body of such Person. 

“Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the outstanding Capital Interests of which
(other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person. 

Section 1.02 Other Definitions. 
  

			
	 Term
	  	 Defined in Section

	 “Agent Members”
	  	2.1(c) of Appendix A
	 “Affiliate Transaction”
	  	4.13(a)
	 “Applicable Procedures”
	  	1.1(a) of Appendix A
	 “Asset Sale Purchase Date”
	  	4.15(c)
	 “Authentication Order”
	  	2.02(c)
	 “Change of Control Payment”
	  	4.14(a)
	 “Clearstream”
	  	1.1(a) of Appendix A
	 “Covenant Defeasance”
	  	8.03
	 “Definitive Notes Legend”
	  	2.2(e) of Appendix A
	 “Discharge”
	  	11.01(a)
	 “Distribution Compliance Period”
	  	1.1(a) of Appendix A
	 “ERISA Legend”
	  	2.2(e) of Appendix A
	 “Euroclear”
	  	1.1(a) of Appendix A
	 “Event of Default”
	  	6.01(a)
	 “Excess Proceeds”
	  	4.15(c)
	 “Expiration Date”
	  	1.05(j)
	 “Global Note”
	  	2.1(b) of Appendix A
	 “Global Notes Legend”
	  	2.2(e) of Appendix A
	 “Guaranteed Obligations”
	  	10.01(a)
	 “IAI”
	  	1.1(a) of Appendix A
	 “IAI Global Note”
	  	2.1(b) of Appendix A
	 Initial Default
	  	6.01(b)
	 “Increased Amount”
	  	4.10
	 “Legal Defeasance”
	  	8.02(a)
	 “Note Register”
	  	2.03(a)
	 “Pari Passu Debt”
	  	4.15(b)

  
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	 Term
	  	 Defined in Section

	 “Paying Agent”
	  	2.03(a)
	 “PDF”
	  	12.17
	 “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
	 “Reinstatement Date”
	  	4.16(b)
	 “Restricted Notes Legend”
	  	2.2(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
	 “Successor Company”
	  	5.01(a)
	 “Successor Guarantor”
	  	5.01(c)
	 “Suspended Covenants”
	  	4.16(a)
	 “Suspension Date”
	  	4.16(a)
	 “Suspension Period”
	  	4.16(b)
	 “U.S. Person”

“Unrestricted Global Note”
	  	 1.1(a) of Appendix A

1.1(a) of Appendix A

 Section 1.03 Rules of Construction. 

Unless the context otherwise requires: 

(1) a term defined in Section 1.01 or 1.02 has the meaning assigned to it therein; 

(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) provisions apply to successive events and transactions; 

(6) 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; 

(7) 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; 
 (8) “including” means including without
limitation; 
 (9) references to 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 Commission from time to time; 

  
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 (10) 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; and 

(11) in the event that a transaction meets the criteria of more than one category of permitted transactions or listed
exceptions, the Company may classify such transaction as it, in its sole discretion, determines. 
 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. 
 (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; 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) below. 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 

  
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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, (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 as permitted in Section 6.06. 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 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 both the existing and the new Expiration Date. If an Expiration Date is not designated with respect to any record date set
pursuant to 

  
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this Section 1.04, the party hereto which set such record date shall be deemed to have initially designated the 90th 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 Initial Notes, Additional Notes and any other Notes issued under this Indenture are set forth in
Appendix A, 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 exchanges to which the Company or any Guarantor is subject (and the
Company shall promptly notify the Trustee in writing in the event the Notes are listed on any national securities exchange or delisted therefrom), 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 minimum 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 an Offer to Purchase as provided in Section 4.14 or Section 4.15, and otherwise as not prohibited by this Indenture. The Notes shall not be redeemable, other than as provided in Article 3. 

Additional Notes ranking pari passu with the Initial Notes may be created and issued from time to time by the Company without notice to
or consent of the Holders and shall 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 first date from which interest will accrue) as the Initial Notes; provided that the Company’s ability to issue Additional Notes shall be subject to the Company’s compliance with Section 4.09; and
provided further that if any Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, such Additional Notes will be issued as a separate series under this Indenture and will have a separate CUSIP number
and ISIN from the Initial Notes. Any Additional Notes shall be issued with the benefit of an indenture supplemental to this Indenture. 
 Section 2.02
Execution and Authentication. 
 (a) At least one Officer shall execute the Notes on behalf of the Company by manual or facsimile
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. 

  
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 (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. Each Authentication Order shall specify the amount of separate Note certificates to be authenticated,
the principal amount of each of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated, the registered holder of each of the Notes and delivery instructions. 

(d) The Trustee may appoint an authenticating agent reasonably 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, the Company or
an Affiliate of the Company. 
 (e) 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 $350,000,000, (b) subject to the terms of this Indenture, Additional Notes and (c) any other 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 other Unrestricted Global Notes. 
 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. 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) The Company initially appoints DTC to act as 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 11:00 a.m. (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. The Company shall require each Paying Agent other than the Trustee to agree in writing 

  
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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 shall have no further liability for the money. If the Company or a Restricted 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
Trustee 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. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least five
Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of 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. 
 (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 imposed in connection with any registration of transfer or exchange, but the Holders shall be required to pay
any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 4.14, 4.15 and 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 15 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, or tendered for repurchase (and not withdrawn) in connection with an Offer to Purchase under Section 4.14 or Section 4.15, in whole or in part, except the unredeemed or unpurchased portion of any Note being
redeemed or repurchased 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. 

  
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 (g) Upon surrender for registration of transfer of any Note at the office or agency of the
Company designated pursuant to Section 4.01, 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 or Definitive Notes are so surrendered for exchange, in the case of
Definitive Notes, the Company shall execute, and the Trustee shall authenticate and mail, the replacement Definitive Notes, or in the case of Global Notes, the Company shall cause the positions in the Global Notes to be adjusted by the Trustee, each
in accordance with which the Holder making the exchange is entitled to in accordance with the provisions of Appendix A. 
 (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 transmission.

 Section 2.07 Replacement Notes. 

If a mutilated Note is surrendered to the Trustee 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 or the Company, an indemnity bond must be provided by the Holder that is sufficient in the judgment of the Trustee to protect the Trustee and in the judgment of 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. 

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. 

  
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 (d) If a Paying Agent (other than the Company, a Restricted Subsidiary or an Affiliate of
any thereof) holds, on the maturity date, any redemption date or any date of purchase pursuant to an Offer to Purchase, 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. 
 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 actually 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.
Notwithstanding the foregoing, Notes that are to be acquired by the Company or by any Affiliate of the Company pursuant to an exchange offer, tender offer or other agreement shall not be deemed to be owned by such entity until legal title to such
Notes passes to such entity; provided, however, the Trustee shall not be charged with such knowledge until a Responsible Officer of the Trustee is so informed in writing. 

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 

  
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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
Company 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 ten days prior to the related payment date for such defaulted interest. The Company shall
promptly notify the Trustee 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 mail or deliver by
electronic transmission in accordance with the applicable procedures of the Depositary, or cause to be mailed or delivered by electronic transmission in accordance with the applicable procedures of the Depositary to each Holder a notice that states
the special record date, the related payment date and the amount of such interest to be paid. 
 (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 or ISIN numbers (if then generally in use) and, if so, the Trustee shall use CUSIP or ISIN
numbers in notices of redemption or exchange or in Offers to Purchase 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 Offers to Purchase and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or exchange or Offer to Purchase shall not be
affected by any defect in or omission of such numbers. The Company shall as promptly as practicable notify the Trustee in writing of any change in the CUSIP or ISIN numbers. 

Section 2.14 Calculation of Principal Amount of Notes. 

The aggregate principal amount of the Notes, at any date of determination, shall be the principal amount of the Notes at such date of
determination. With respect to any matter requiring consent, waiver, approval or other action of the holders of a specified percentage of the principal amount of all the Notes, such percentage shall be calculated, on the relevant date of
determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the holders of which have so consented, by (b) the aggregate principal amount, as of such date of determination, of the Notes then
outstanding, in each case, as determined in accordance with the preceding sentence and Section 2.09 of this Indenture. Any calculation of the Applicable Premium made pursuant to this Indenture or the Notes or made pursuant to this
Section 2.14 shall be made by the Company and delivered to the Trustee pursuant to an Officer’s Certificate. 

  
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 ARTICLE 3 

REDEMPTION 
 Section 3.01 Notices to
Trustee. 
 If the Company elects to redeem Notes pursuant to Section 3.07, it shall furnish to the Trustee, at least five Business
Days before notice of redemption is required to be mailed or caused to be mailed 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
Officer’s Certificate setting forth (1) the paragraph or subparagraph of such Note 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. 
 Section 3.02 Selection of Notes to Be Redeemed or Purchased. 

(a) If less than all of the Notes are to be redeemed pursuant to Section 3.07 or purchased in an Offer to Purchase at any time, the
Trustee shall select the Notes or portions thereof to be redeemed by lot, pro rata or by any other method the Trustee shall deem fair and appropriate (subject to DTC procedures as applicable). 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 30 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. 
 (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 minimum amounts of $2,000 or integral multiples of $1,000;
provided that no Notes of a minimum denomination of $2,000 in principal amount or less shall be redeemed in part. 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 or purchase date, upon surrender of a
Note to be redeemed or purchased in part only, a new Note or Notes in principal amount equal to the unredeemed or unpurchased portion of the original Note, representing the same Debt to the extent not redeemed or not purchased, 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). 

Section 3.03 Notice of Redemption. 

(a) The Company shall mail or deliver by electronic transmission in accordance with the applicable procedures of the Depositary, or cause to
be mailed (or delivered by electronic transmission in accordance with the applicable procedures of the Depositary) notices of redemption of Notes not less than 30 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 applicable procedures of the Depositary, except that redemption notices may be mailed more than 60 days prior to a redemption
date if the notice is issued in connection with Article 8 or Article 11. Except as set forth in Section 3.07(f), notices of redemption may not be conditional. 

(b) The notice shall identify the Notes to be redeemed (including CUSIP and ISIN number, if applicable) and shall state: 

  
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 (1) the redemption date; 

(2) the Redemption Price, 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; 

(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 or Section of this Indenture pursuant to which the Notes called for redemption
are being redeemed; 
 (8) that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if
any, listed in such notice or printed on the Notes; and 
 (9) if applicable, any condition to such redemption. 

(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 five 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 Officer’s 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 notice of redemption is mailed in accordance with Section 3.03, Notes called for redemption become irrevocably due and payable on
the redemption date at the Redemption Price (except as provided for in Section 3.07(f)). The notice, if mailed or delivered by electronic transmission 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, 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 11:00 a.m. (New York City time) on the redemption or purchase date (or such later time as such date to which the Trustee may
reasonably agree), the Company shall deposit with the Trustee or 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. If a Note is
redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date, 

  
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then any accrued and unpaid interest shall be paid to the Holder of record on such Record Date. The Paying Agent shall promptly mail to each Holder whose Notes are to be redeemed or repurchased
the applicable redemption or purchase price thereof and accrued and unpaid interest thereon. Subject to applicable security procedures, the Trustee or the Paying Agent shall promptly return to the 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 or purchase date, interest shall cease to
accrue on the Notes or the portions of Notes called for redemption or purchase. 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
or purchase date in respect of such Note will be paid on such redemption or purchase date to the Person in whose name such Note is 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 or purchase date until such principal is paid, and, to the
extent lawful, on any interest accrued to the redemption 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 Debt to the extent not redeemed or purchased; provided that each new Note shall be in a minimum 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 Officer’s Certificate is required for the Trustee to authenticate such new Note. 

Section 3.07 Optional Redemption. 

(a) Prior to October 1, 2021, the Company may redeem the Notes, in whole or in part, on one or more occasions, upon notice pursuant to
Section 3.03, at a Redemption Price equal to 100% of the aggregate principal amount of the Notes, plus the Applicable Premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. 

(b) Prior to October 1, 2021, the Company may from time to time, with the net cash proceeds of one or more Qualified Equity Offerings,
redeem up to 35% of the aggregate principal amount of the then outstanding Notes (calculated after giving effect to any issuance of Additional Notes), upon notice pursuant to Section 3.03, at a Redemption Price equal to 106.875% of the
principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption; provided that (1) at least 65% of the original aggregate principal amount of the Notes then outstanding (calculated
after giving effect to any issuance of Additional Notes) remains outstanding (unless all of such Notes are redeemed) immediately after the occurrence of any such redemption (excluding Notes held by the Company or its Subsidiaries) and (2) any
such redemption occurs within 120 days following the closing of any such Qualified Equity Offering. 
 (c) Except pursuant to clause
(a) or (b) of this Section 3.07, the Notes shall not be redeemable at the Company’s option prior to October 1, 2021. 

  
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 (d) On and after October 1, 2021, the Company may redeem the Notes, in whole or in
part, on one or more occasions, upon notice pursuant to Section 3.03, at the Redemption Prices (expressed as a percentage of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest on the Notes, if any,
to, but excluding, the applicable date of redemption, if redeemed during the 12-month period beginning on October 1 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2021
	  	 	105.156	% 
	 2022
	  	 	103.438	% 
	 2023
	  	 	101.719	% 
	 2024 and thereafter
	  	 	100.000	% 

 (e) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections
3.01 through 3.06. 
 (f) Any redemption notice in connection with this Section 3.07 may, at the Company’s discretion, be subject
to one or more conditions precedent, including the consummation of any related Qualified Equity Offering or other corporate transaction or event. In addition, if such redemption or notice is subject to satisfaction of one or more conditions
precedent, such notice shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or 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 by the redemption date, or by the redemption date so delayed. If any such condition precedent has not been satisfied, the Company shall provide notice to the Trustee and each of the
Holder of the Notes prior to the close of business on the Business Day prior to the redemption date. Upon receipt of such notice, the notice of redemption shall be rescinded and the redemption of the Notes shall not occur. If requested by the
Company, upon receipt of the rescission notice, the Trustee shall provide such notice to each Holder of the Notes in the same manner in which the notice of redemption was given if such notice was delivered by the Trustee. 

Section 3.08 Mandatory Redemption. 

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

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 Restricted Subsidiary, holds as of 11:00 a.m. (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. 

  
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 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 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 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 (a) such as are being contested in good faith and by appropriate negotiations or
proceedings or (b) where the failure to effect such payment is not adverse in any material respect to the Holders. 
 Section 4.04 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 4.05 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. 

  
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 Section 4.06 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 or
otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to the rules and regulations promulgated by the Commission, the Company will file with the Commission within the time periods
specified in the Commission’s rules and regulations that are then applicable to the Company (or if the Company is not then subject to the reporting requirements of the Exchange Act, then the time periods for filing applicable to a filer that is
not an “accelerated filer” as defined in such rules and regulations): 
 (1) all quarterly and annual financial information that
would be required to be contained in a filing with the Commission on Forms 10-Q (or any successor or comparable form) and 10-K (or any successor or comparable form) if the Company were required to file such Forms, including a “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Company’s certified independent accountants; and 

(2) all current reports that would be required to be filed with the Commission on Form 8-K (or any successor or comparable form) if the
Company were required to file such reports, 
 in each case, in a manner that complies in all material respects with the requirements
specified in such form. 
 (b) Notwithstanding Section 4.06(a), the Company will not be obligated to file such reports with the
Commission if the Commission does not permit such filing, so long as the Company provides such information to the Trustee and the Holders and makes available such information to prospective purchasers of the Notes, in each case, at the
Company’s expense and by the applicable date the Company would be required to file such information pursuant to Section 4.06(a). In addition, to the extent not satisfied by the foregoing, for so long as any Notes are outstanding, the
Company will furnish to Holders and to prospective purchasers of the Notes, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(c) The requirements set forth in Section 4.06(a) and 4.06(b) may be satisfied by delivering such information to the Trustee and posting
copies of such information on a website (which may be non-public and may be maintained by the Company or a third party) to which access will be given to Holders and prospective purchasers of the Notes.  

(d) If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries (other than Unrestricted Subsidiaries that, when taken
together with all other Unrestricted Subsidiaries, would not be a Significant Subsidiary), then the quarterly and annual financial information required by Section 4.06(a) shall include a reasonably detailed presentation, either on the face of
the financial statements or in the footnotes thereto, and in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section, of the financial condition and results of operations of the Company and
its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company. 

(e) Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such 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 Officer’s Certificates). 

  
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 Section 4.07 Compliance Certificate. 

(a) The Company will 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 has 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 has 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 is taking or proposes to take with respect thereto). 

(b) When any Default or Event of Default has occurred and is continuing under this Indenture, or if the Trustee or the holder of any other
evidence of Debt of the Company or any Subsidiary gives any notice or takes any other action with respect to a claimed Default or Event of Default, the Company will promptly (which shall be within five Business Days following the date on which the
Company becomes aware of such Default or Event of Default, receives notice of such Default or Event of Default or becomes aware of such action, as applicable,) send to the Trustee an Officer’s Certificate specifying such event, its status and
what action the Company is taking or proposes to take with respect thereof. 
 Section 4.08 Limitation on Restricted Payments. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, make any Restricted Payment
unless, at the time of and after giving effect to the proposed Restricted Payment: 
 (1) no Default or Event of Default
shall have occurred and be continuing or will result as a consequence thereof; 
 (2) after giving effect to such Restricted
Payment on a pro forma basis, the Company would be permitted to Incur at least $1.00 of additional Debt pursuant to Section 4.09(a); and 

(3) after giving effect to such Restricted Payment on a pro forma basis, the aggregate amount expended or declared for
all Restricted Payments made on or after the Issue Date (including Restricted Payments permitted by clauses (1), (8), and (11) of Section 4.08(b), but excluding all other Restricted Payments permitted by Section 4.08(b)) shall not
exceed the sum (without duplication) of: 
 (i) 50% of the Consolidated Net Income (or, if Consolidated Net Income shall be a
deficit, minus 100% of such deficit) of the Company accrued on a cumulative basis during the period (taken as one accounting period) from the Issue Date and ending on the last day of the fiscal quarter immediately preceding the date of such proposed
Restricted Payment; plus 
 (ii) 100% of the aggregate net proceeds (including the Fair Market Value of property other than
cash) received by the Company on or after the Issue Date either (A) as a contribution to its Qualified Capital Interests or (B) from the issuance and sale (other than to a Subsidiary) of its Qualified Capital Interests, including Qualified

  
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Capital Interests issued upon the conversion of Debt or Redeemable Capital Interests of the Company, and from the exercise of options, warrants or other rights to purchase such Qualified Capital
Interests (other than, in each case, net proceeds received from an issuance or sale of Capital Interests or Debt sold to a Subsidiary of the Company or to an employee stock ownership plan or similar trust); plus 

(iii) the amount equal to the net reduction on or after the Issue Date in Restricted Investments made by the Company or any of
its Restricted Subsidiaries in any Person resulting from: 
 (A) repurchases or redemptions of such Restricted Investments
by such Person, proceeds realized upon the sale of such Restricted Investment to an unaffiliated purchaser, repayments of loans or advances or other transfers of assets (including by way of dividend or distribution) by such Person to the Company or
any Restricted Subsidiary (other than for reimbursement of tax payments) and the amount of any cancellation of any guarantee or other contingent obligation constituting a Restricted Investment; or 

(B) to the extent that any Unrestricted Subsidiary of the Company designated as such on and after the Issue Date is
redesignated as a Restricted Subsidiary pursuant to the terms of this Indenture, an amount not to exceed the amount of Investments previously made by the Company or any of its Restricted Subsidiaries in such Unrestricted Subsidiary; 

which amount in each case under this clause (iii) was previously included in the calculation of the amount of Restricted Payments;
provided, however, that no amount will be included under this clause (iii) to the extent it is already included in Consolidated Net Income; plus 

(iv) 100% of any dividends or interest payments received by the Company or a Restricted Subsidiary on or after the Issue Date
from an Unrestricted Subsidiary, to the extent such dividends or interest payments were not otherwise included in the calculation of Consolidated Net Income of the Company for such period; plus 

(v) $100.0 million. 

(b) Notwithstanding whether Section 4.08(a) would prohibit the Company and its Restricted Subsidiaries from making a Restricted Payment,
the Company and its Restricted Subsidiaries may make the following Restricted Payments: 
 (1) the payment of any dividend or
distribution on Capital Interests in the Company or a Restricted Subsidiary or the consummation of any irrevocable redemption of Subordinated Obligations, within 60 days after declaration thereof or the delivery of any irrevocable notice of
redemption, as the case may be, if at the declaration date or date of the notice of redemption, as the case may be, such payment or redemption was permitted by this Section 4.08; 

(2) the purchase, repurchase, redemption, defeasance or other acquisition or retirement of any Capital Interests or
Subordinated Obligations of the Company or any Guarantor by conversion into, or by or in exchange for, Qualified Capital Interests, or out of net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of other

  
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Qualified Capital Interests of the Company; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will not be considered to be net
proceeds of Qualified Capital Interests for purposes of clause (3)(ii) of Section 4.08(a) and will not be considered to be net cash proceeds from a Qualified Equity Offering for purposes of Section 3.07; 

(3) the redemption, defeasance, repurchase or acquisition or retirement for value of any Subordinated Obligations of the
Company or any Guarantor made by conversion into, or in exchange for, or out of the net cash proceeds of a substantially concurrent issue and sale of, Subordinated Obligations of the Company or any redemption, defeasance, repurchase or acquisition
or retirement for value of Subordinated Obligations of any Guarantor made by conversion into or in exchange for, or out of the net cash proceeds of a substantially concurrent issue and sale of Subordinated Obligations of a Guarantor, so long as such
refinancing Subordinated Obligations are permitted to be Incurred pursuant to Section 4.09 and constitute Refinancing Debt; 

(4) the purchase, redemption, retirement or other acquisition for value of Capital Interests in the Company held by any future,
present or former employee, director or consultant of the Company or any of its Subsidiaries (or their estates or beneficiaries under their estates) pursuant to any management equity plan or stock option plan or any other management or employee
benefit plan or agreement, or any stock subscription or shareholder agreement or pursuant to the terms of any agreement or plan under which such Capital Interests were issued; provided that the aggregate cash consideration paid for such
purchase, redemption, retirement or other acquisition of such Capital Interests does not exceed $10.0 million in any calendar year; provided, further, that any unused amounts in any calendar year may be carried forward to one or more
future periods subject to a maximum aggregate amount of repurchases made pursuant to this clause (4) in any calendar year not to exceed $20.0 million in the aggregate, although such amount in any calendar year may be increased by an amount not
to exceed (i) the cash proceeds received by the Company or any of its Restricted Subsidiaries from the sale of Qualified Capital Interests of the Company or any direct or indirect parent company of the Company (to the extent contributed to the
Company) to any future, present or former employee, director or consultant of the Company or any of its Subsidiaries (or their estates or beneficiaries under their estates) that occurs after the Issue Date; plus (ii) the cash proceeds of key
man life insurance policies received by the Company and its Restricted Subsidiaries after the Issue Date; less the amount of any Restricted Payments made since the Issue Date with the cash proceeds described in clauses (i) and (ii) of this
clause (4); and in addition, cancellation of Debt owing to the Company or any Restricted Subsidiary from members of management of the Company or any of the Company’s Restricted Subsidiaries, not to exceed $2.5 million in the aggregate, in
connection with a repurchase of Capital Interests of the Company will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Indenture; 

(5) repurchase of Capital Interests deemed to occur upon (i) the exercise of stock options, stock appreciation rights,
restricted stock units, warrants or other convertible or exchangeable securities or (ii) for purposes of satisfying any required tax withholding obligation upon the exercise or vesting of a grant or award that was granted or awarded to an
employee; 
 (6) cash payment, in lieu of issuance of fractional shares, in connection with the exercise of warrants, options
or other securities convertible into or exchangeable for the Capital Interests of the Company or a Restricted Subsidiary; 

  
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 (7) the declaration and payment of dividends to holders of any class or
series of Redeemable Capital Interests of the Company issued or Incurred in compliance with Section 4.09 to the extent such dividends are included in the definition of “Consolidated Fixed Charges”; 

(8) the defeasance, redemption, repurchase or other acquisition of any Subordinated Obligations (a) in the event of a
Change of Control pursuant to provisions substantially similar to those described under Section 4.14 or (b) pursuant to provisions substantially similar to those described under Section 4.15; provided that prior to or
contemporaneously with such defeasance, redemption, repurchase or other acquisition, the Company has made an Offer to Purchase with respect to the Notes and has repurchased all Notes validly tendered for payment and not withdrawn in connection
therewith; 
 (9) other Restricted Payments that do not exceed in the aggregate, at the time such Restricted Payments are
made, $100.0 million; 
 (10) any Restricted Payment so long as on the date of such Restricted Payment, after giving pro
forma effect thereto and to any related transactions as if the same had occurred at the beginning of the Company’s most recently ended Four Quarter Period for which internal financial statements are available, the Company’s Net
Leverage Ratio would not have exceeded 3.50 to 1.00; 
 (11) the payment of cash dividends on shares of the Company’s
outstanding common stock; provided that the aggregate dollar amount of such dividends in any calendar year shall not exceed $100.0 million; 

(12) the distribution, by dividend or otherwise, of shares of Capital Interests of, or Debt owed to the Company or a Restricted
Subsidiary of the Company by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash and/or Eligible Cash Equivalents); 

(13) the repurchase, redemption or other acquisition for value of Capital Interests or other securities convertible into or
exercisable for Capital Interests of the Company deemed to occur in connection with paying cash in lieu of fractional shares of such Capital Interests in connection with a share dividend, distribution, share split, reverse share split, merger,
consolidation, amalgamation or other business combination of the Company, or conversion thereof, in each case, permitted under this Indenture; and 

(14) the distributions or payments of Receivables Fees. 

provided, however, that at the time of and after giving effect to any Restricted Payment permitted under clauses (7), (8), (9),
(10), (11) and (12) of this Section 4.08(b), no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof. 

(c) For purposes of this Section 4.08, if a particular Restricted Payment involves a non-cash payment, including a distribution of assets,
then such Restricted Payment shall be deemed to be an amount equal to the cash portion of such Restricted Payment, if any, plus an amount equal to the Fair Market Value of the non-cash portion of such Restricted Payment. The Fair Market Value of any
assets or securities that are required to be valued by this Section 4.08 will be determined conclusively by the Company acting in good faith. 

(d) For purposes of this Section 4.08, if any Investment or Restricted Payment (or a portion thereof) would be permitted pursuant to one
or more provisions described above and/or one or 

  
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more of the exceptions contained in the definition of “Permitted Investments,” the Company may divide and classify such Investment or Restricted Payment (or a portion thereof) in any
manner that complies with this covenant and may later divide and reclassify any such Investment or Restricted Payment so long as the Investment or Restricted Payment (as so divided and/or reclassified) would be permitted to be made in reliance on
the applicable exception as of the date of such reclassification. 
 Section 4.09 Limitation on Incurrence of Debt. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Debt (including
Acquired Debt); provided, that the Company and any of the Guarantors may Incur any Acquired Debt or any other Debt if: 

(1) immediately after giving effect to the Incurrence of such Debt and the receipt and application of the proceeds therefrom,
the Consolidated Fixed Charge Coverage Ratio of the Company and its Restricted Subsidiaries, determined on a pro forma basis as if any such Debt (including any other Debt being Incurred contemporaneously), and any other Debt Incurred since
the beginning of the Four Quarter Period, had been Incurred and the proceeds thereof had been applied at the beginning of the Four Quarter Period, and any other Debt repaid (other than Debt Incurred under the revolving portion of a Debt Facility)
since the beginning of the Four Quarter Period had been repaid at the beginning of the Four Quarter Period, would be at least 2.00 to 1.00; and 

(2) no Default or Event of Default shall have occurred and be continuing at the time or as a consequence of the Incurrence of
such Debt. 
 (b) Notwithstanding the provisions of Section 4.09(a), the Company and its Restricted Subsidiaries may Incur Permitted
Debt. 
 (c) For purposes of determining compliance with this Section 4.09, in the event that an item of Debt (or any portion thereof)
meets the criteria of more than one of the categories of Permitted Debt or is permitted to be Incurred under Section 4.09(a), the Company, in its sole discretion, shall classify or divide, and from time to time may reclassify or redivide, all
or any portion of such item of Debt in any manner that complies with this Section 4.09, including the definition of “Permitted Debt”; provided that all Debt outstanding on the Issue Date under the Senior Credit Facilities, and
all Debt (or the portion thereof) Incurred under clause (1) of the definition of “Permitted Debt”, shall be deemed Incurred under clause (1) of the definition of “Permitted Debt” and not Section 4.09(a) or clause
(4) of the definition of “Permitted Debt” and may not later be reclassified. At the time of Incurrence, the Company will be entitled to divide and classify an item of Debt in more than one of the types of Debt described in Sections
4.09(a) and (b) above. If obligations in respect of letters of credit are Incurred pursuant to a Debt Facility and relate to other Debt, then such letters of credit shall be treated as Incurred pursuant to clause (1) of the definition of
“Permitted Debt” and such other Debt shall not be included. In addition, except as provided in the preceding sentence of this Section 4.09(c), Guarantees of, or obligations in respect of letters of credit relating to, Debt that is
otherwise included in the determination of a particular amount of Debt shall not be included. 
 (d) For purposes of determining compliance
of any non-U.S. dollar-denominated Debt with this Section 4.09, the U.S. dollar-equivalent principal amount of Debt denominated in a foreign currency shall at all times be calculated based on the relevant currency exchange rate in effect on the
date such Debt was Incurred, in the case of term Debt, or first committed, in the case of revolving credit Debt; provided, however, that if such Debt is Incurred to refinance other Debt denominated in the same or different currency,
and such refinancing 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, 

  
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such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Debt does not exceed the principal amount of such Debt being
refinanced. Notwithstanding any other provision of this Section 4.09, the maximum amount of Debt that the Company may Incur pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange
rate of currencies. The principal amount of any Debt Incurred to refinance other Debt, if Incurred in a different currency from the Debt being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which
such Refinancing Debt is denominated that is in effect on the date of such refinancing. 
 (e) The accrual of interest, accrual of
dividends, the accretion of accreted value, the accretion or amortization of debt discount or original issue discount and the payment of interest on Debt in the form of additional Debt and the payment of dividends on Capital Interests in the form of
additional shares of Capital Interests (other than Redeemable Capital Interests) will not be deemed to be an Incurrence of Debt for purposes of this Section 4.09. 

(f) The following shall not be deemed a separate Incurrence of Debt: (1) the obligation to pay a premium in respect of Debt arising in
connection with the issuance of a notice of redemption or making a mandatory offer to purchase such Debt, (2) in the context of the Incurrence of any Refinancing Debt, any additional Debt Incurred to pay premiums (including tender premiums),
underwriting discounts, defeasance costs, accrued and unpaid interest, fees and expenses and other costs in connection with such refinancing and (3) unrealized losses or charges in respect of Hedging Obligations. 

(g) The Company will not, and will not permit any Guarantor to, directly or indirectly, Incur any Debt (including Acquired Debt) that is or
purports to be by its terms (or by the terms of any agreement governing such Debt) subordinated or junior in right of payment to any other Debt (including Acquired Debt) of the Company or such Guarantor, as the case may be, unless such Debt is
expressly subordinated in right of payment to the Notes or such Guarantor’s Guarantee, as the case may be, to the same extent and in the same manner as such Debt is subordinated to such other Debt of the Company or such Guarantor, as the case
may be. For purposes of the foregoing, no Debt will be deemed to be contractually subordinate or junior in right of payment to any other Debt solely by virtue of (1) being unsecured or (2) its having a junior priority with respect to the
same collateral. 
 Section 4.10 Limitation on Liens. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, create, Incur, assume or
suffer to exist any Liens of any kind (other than Permitted Liens) on or with respect to any of its property or assets (including Capital Interests of Subsidiaries), or income or profits therefrom, or assign or convey any right to receive income
therefrom, now owned or hereafter acquired or any of its interest therein or any income or profits therefrom, which Liens secure Debt, unless contemporaneously with the Incurrence of such Liens: 

(1) in the case of Liens securing Subordinated Obligations, the Notes and related Note Guarantees are secured by a Lien on such
property, assets or proceeds that is senior in priority to such Liens; or 
 (2) in all other cases, the Notes and related
Note Guarantees are equally and ratably secured or are secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens. 

  
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 Any Lien created for the benefit of Holders pursuant to this Section 4.10 shall be
automatically and unconditionally released and discharged upon the release and discharge of each of the related Liens described in clauses (1) and (2) above. 

With respect to any Lien securing Debt that was permitted to secure such Debt at the time of the Incurrence of such Debt, such Lien shall also
be permitted to secure any Increased Amount of such Debt. The “Increased Amount” of any Debt shall mean any increase in the amount of such Debt in connection with any accrual of interest, the accretion of accreted value, the amortization
of original issue discount, the payment of interest in the form of additional Debt with the same terms, accretion of original issue discount or liquidation preference and increases in the amount of Debt outstanding solely as a result of fluctuations
in the exchange rate of currencies or increases in the value of property securing Debt. 
 Section 4.11 Future Guarantors. 

(a) On the Issue Date or thereafter, if any Restricted Subsidiary that is a Wholly-Owned Subsidiary (other than an Immaterial Subsidiary),
including any newly-acquired or newly-created Restricted Subsidiary that is a Wholly-Owned Subsidiary, is or becomes a borrower under the Senior Credit Facilities or Guarantees the Obligations under the Senior Credit Facilities or any other
syndicated loan or capital markets Debt of the Company or any of its Restricted Subsidiaries of at least $40.0 million in principal amount, then that Restricted Subsidiary shall become a Guarantor by execution of a supplemental indenture
substantially in the form of Exhibit C hereto within 30 days of the date of such event, pursuant to which such Subsidiary will irrevocably and unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the principal of,
premium, if any, and interest in respect of the Notes on a senior basis and all other Obligations under this Indenture; provided, however, that (x)(i) no Unrestricted Subsidiary shall be required to become a Guarantor or (ii) any
Restricted Subsidiary that constitutes an Immaterial Subsidiary need not become a Guarantor until such time as it ceases to be an Immaterial Subsidiary, within 30 days of which it shall provide a Guarantee as contemplated above and (y) no
Restricted Subsidiary that is a Foreign Subsidiary shall be required to become a Guarantor unless it becomes a borrower under the Senior Credit Facilities or Guarantees Obligations under the Senior Credit Facilities or under any other syndicated
loan or capital markets Debt of the Company or any of its Restricted Subsidiaries that is not a Foreign Subsidiary of at least $40.0 million in principal amount. 

(b) The Company may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to become a
Guarantor, in which case such Subsidiary shall only be required to execute and deliver a supplemental indenture to this Indenture substantially in the form of Exhibit C hereto providing for a Guarantee by such Subsidiary. 

(c) Each Note Guarantee by a Restricted Subsidiary will be limited to an amount not to exceed the maximum amount that can be guaranteed by
that Restricted Subsidiary without rendering the Guarantee, as it relates to such Restricted Subsidiary, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors
generally. 
 (d) Each Note Guarantee shall be released in accordance with the provisions of Section 10.06. 

Section 4.12 Limitation on Dividend and other Payment Restrictions Affecting Restricted Subsidiaries. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries that is not a Guarantor to, directly or indirectly, create or
otherwise cause or permit to exist or become effective or enter into any consensual encumbrance or consensual restriction on the ability of such Restricted Subsidiary to: 

  
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 (1) pay dividends or make any other distributions on its Capital Interests
owned by the Company or any Restricted Subsidiary, or with respect to any other interest or participation in, or measured by, its profits, or pay any Debt owed to the Company or any Restricted Subsidiary (it being understood that the priority of any
Preferred Interests in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Common Interests shall not be deemed a restriction on the ability to make distributions in Capital Interests); 

(2) make loans or advances to the Company or any Restricted Subsidiary (it being understood that the subordination of loans or
advances made to the Company or any Restricted Subsidiary to other Debt Incurred by the Company or any Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances); or 

(3) sell, lease or transfer any of its property or assets to the Company or any Restricted Subsidiary (it being understood that
such transfers shall not include any type of transfer described in clause (1) or (2) of this Section 4.12(a)). 
 (b)
Section 4.12(a) will not apply to the following encumbrances or restrictions (including those existing under or by reason of): 

(1) contractual encumbrances or restrictions pursuant to (A) the Senior Credit Facilities and related documentation and
(B) other agreements or instruments in effect at or entered into on the Issue Date; 
 (2) any encumbrance or
restriction under this Indenture, the Notes and the Note Guarantees; 
 (3) any encumbrance or restriction existing at the
time of the acquisition of property, so long as the encumbrances or restrictions relate solely to the property so acquired (and are not or were not created in anticipation of or in connection with the acquisition thereof); 

(4) any encumbrance or restriction which exists with respect to a Person that becomes a Restricted Subsidiary or merges with or
into a Restricted Subsidiary of the Company on or after the Issue Date, which is in existence at the time such Person becomes a Restricted Subsidiary or merges with or into a Restricted Subsidiary, but not created in connection with or in
anticipation of such Person becoming a Restricted Subsidiary or merging with or into a Restricted Subsidiary, and which is not applicable to any Person or the property or assets of any Person other than such Person or the property or assets of such
Person; 
 (5) any encumbrance or restriction pursuant to an agreement effecting a permitted renewal, refunding, replacement,
refinancing or extension of Debt issued pursuant to an agreement containing any encumbrance or restriction referred to in the foregoing clauses (1) through (4) and clauses (14) and (17) , so long as such encumbrances and
restrictions contained in any such agreement are not materially more restrictive, taken as a whole, with respect to such encumbrances and restrictions than those contained in the agreements governing the Debt being renewed, refunded, replaced,
refinanced or extended in the good faith judgment of the Company; 
 (6) customary provisions restricting subletting or
assignment of any lease, sublease, contract, or license of the Company or any Restricted Subsidiary or provisions in agreements that restrict the assignment of such agreement or any rights thereunder; 

  
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 (7) any encumbrance or restriction by reason of applicable law, rule,
regulation, order, approval, license, permit or similar restriction; 
 (8) any encumbrance or restriction in connection with
the sale of assets or Capital Interests, including, without limitation, any agreement for the sale or other disposition of a Subsidiary that restricts distributions by that Subsidiary pending its sale or other disposition; 

(9) restrictions on cash and other deposits or net worth imposed by direct or indirect customers or suppliers under contracts
entered into the ordinary course of business; 
 (10) encumbrances and restrictions under any instrument governing Debt or
Capital Interests of a Person acquired by the Company or any of the Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Debt or Capital Interests were Incurred or issued in connection with or in
contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in
the case of Debt, such Debt was permitted by the terms of this Indenture to be Incurred; 
 (11) encumbrances or restrictions
that are customary provisions with respect to the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, stock sale agreements, sale leaseback agreements and other similar agreements; 

(12) encumbrances and restrictions arising in respect of Debt (including Capital Lease Obligations, Synthetic Lease Obligations
and Purchase Money Debt) Incurred to finance the purchase, lease, construction or improvement of property (real or personal) or equipment acquired in the ordinary course of business permitted under this Indenture, in each case, to the extent such
restrictions and encumbrances apply to the property or assets so acquired (and proceeds thereof) and are of the nature described in clause (3) of Section 4.12(a); 

(13) in the case of clause (3) of Section 4.12(a), Liens securing Debt or other obligations otherwise permitted to be
Incurred under this Indenture, including pursuant to the provisions of Section 4.10 that limit the right of the debtor to dispose of the assets subject to such Liens; 

(14) any other agreement governing Debt entered into after the Issue Date in compliance with Section 4.09 that contains
encumbrances and restrictions that are, in the good faith judgment of the Company, not materially more restrictive, taken as a whole, with respect to any Restricted Subsidiary than those in effect on the Issue Date with respect to that Restricted
Subsidiary pursuant to agreements in effect on the Issue Date; 
 (15) restrictions on the sale, lease or transfer of
property or assets arising or agreed to in the ordinary course of business, not relating to any Debt, and that do not, individually or in the aggregate, detract from the value of property or assets of the Company or any Restricted Subsidiary in any
manner material to the Company and the Restricted Subsidiaries taken as a whole; 
 (16) encumbrances or restrictions arising
under deferred compensation arrangements or any “rabbi trust” formed in connection with any such arrangement; 

(17) encumbrances or restrictions arising under other Debt, Redeemable Capital Interests or Preferred Interests of
Non-Guarantor Subsidiaries permitted to be incurred subsequent to the Issue Date pursuant to Section 4.09; provided that (i) such encumbrances and 

  
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restrictions contained in any agreement or instrument will not materially affect the Company’s ability to make anticipated principal or interest payments on the Notes (as determined by the
Company in good faith) or (ii) such encumbrances and restrictions are not materially more restrictive, taken as a whole, with respect to any Restricted Subsidiary than those in effect on the Issue Date with respect to that Restricted Subsidiary
pursuant to agreements in effect on the Issue Date (as determined by the Company in good faith); and 
 (18) restrictions
created in connection with any Receivables Facility that, in the good faith determination of the Company, are necessary or advisable to effect such Receivables Facility. 

Section 4.13 Transactions with Affiliates. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of related transactions, contract, agreement, loan, advance or guarantee with, or for the benefit of,
any Affiliate of the Company (each of the foregoing, an “Affiliate Transaction”) involving with respect to each such Affiliate Transaction or series of related Affiliate Transactions aggregate consideration in excess of $7.5
million, unless: 
 (1) such Affiliate Transaction is on terms that are not materially less favorable, taken as a
whole, to the Company or the relevant Restricted Subsidiary than those that could have been obtained in a comparable arm’s-length transaction by the Company or such Subsidiary with a Person that is not an Affiliate; and 

(2) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of $25.0 million, the Company delivers to the Trustee a resolution adopted by a majority of the members of the Board of Directors of the Company and by a majority of the members of such Board of Directors having no personal stake in such
transaction, if any, approving such Affiliate Transaction together with an Officer’s Certificate certifying that such Affiliate Transaction complies with clause (1) of this Section 4.13(a). 

(b) Section 4.13(a) will not limit, and shall not apply to: 

(1) Restricted Payments that are permitted by the provisions of this Indenture described under Section 4.08 or under the
definition of “Permitted Investment”. 
 (2) the provision of reasonable and customary compensation, indemnities,
insurance and other benefits to members of the Board of Directors of the Company or a Restricted Subsidiary and others who are not otherwise Affiliates of the Company; 

(3) the provision of reasonable and customary compensation and other benefits (including retirement, health, option, severance,
deferred compensation and other benefit plans), indemnities and insurance to officers, directors, employees or consultants of the Company or any Restricted Subsidiary in the ordinary course of business to the extent permitted by law; 

(4) transactions between or among the Company and/or its Restricted Subsidiaries (other than a Receivables Subsidiary) or any
entity that becomes a Restricted Subsidiary (other than a Receivables Subsidiary) as a result of such transaction; 

  
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 (5) any agreement or arrangement as in effect on the Issue Date and any
amendment or modification thereto so long as such amendment or modification is not more disadvantageous, taken as a whole, in any material respect to the Holders than the agreement or arrangement in existence on the Issue Date; 

(6) the issuance or transfer of Capital Interests (other than Redeemable Capital Interests) of the Company and the granting of
registration and other customary rights in connection therewith or any contribution to capital of the Company or any Restricted Subsidiary; 

(7) transactions permitted by, and complying with, the provisions of Article 5; 

(8) (i) any transaction with a joint venture, partnership, limited liability company or other entity that constitutes an
Affiliate solely because the Company or a Restricted Subsidiary owns an equity interest in such joint venture, partnership, limited liability company or other entity and (ii) transactions with joint ventures for the purchase or sale of goods,
equipment and services entered into in the ordinary course of business; 
 (9) transactions with customers, clients,
suppliers or purchasers or sellers of goods or services, or lessors or lessees of property, in each case in the ordinary course of business that are fair to the Company and its Restricted Subsidiaries, as the case may be, as determined in good faith
by the Company, or are on terms that could be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate of the Company; 

(10) sales or leases of goods or the provision of other services to joint ventures and Affiliates (but excluding any officers
or directors) in the ordinary course of business; 
 (11) any employment, severance or consulting agreement or other
compensation agreement, arrangement or plan, or any amendment thereto, entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business; 

(12) sales of Capital Interests (excluding Capital Interests constituting Debt) to Affiliates of the Company; 

(13) any transaction in which the Company or its Restricted Subsidiaries, as the case may be, deliver to the Trustee (a) a
letter from an accounting, appraisal or investment banking firm of national standing stating that such transaction is fair to the Company or its Restricted Subsidiary from a financial point of view or that such transaction complies with clause
(1) of Section 4.13(a) and (b) an Officer’s Certificate certifying that such transaction complies with clause (1) of Section 4.13(a); 

(14) transactions between the Company or any of its Restricted Subsidiaries and any Person that constitutes an Affiliate solely
because a director of which is also a director of the Company; provided that such director abstains from voting as a director of the Company on any matter involving such other Person; 

(15) transactions with Unrestricted Subsidiaries in the ordinary course of business that are, in the aggregate (taking into
account all of the costs and benefits associated with such transactions), on terms that are not materially less favorable to the Company or such Restricted Subsidiary, as the case may be, as determined in good faith by the Company, than those that
could be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate of the Company; 

  
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 (16) payments or loans (or cancellation of loans) to employees, officers,
directors or consultants of the Company or any of its Restricted Subsidiaries and employment agreements, stock option plans and other similar arrangements with such employees, directors or consultants which, in each case, are approved by the Company
in good faith; 
 (17) sales of accounts receivable and related assets, or participations therein, in connection with any
Receivables Facility; and 
 (18) any purchases by the Company’s Affiliates of Debt, Redeemable Capital Interests or
Preferred Interests of the Company or any of its Restricted Subsidiaries the majority of which Debt, Redeemable Capital Interests or Preferred Interests is purchased by Persons who are not the Company’s Affiliates; provided that such
purchases by the Company’s Affiliates are on the same terms as such purchases by such Persons who are not the Company’s Affiliates. 

Section 4.14 Offer to Repurchase Upon Change of Control. 

(a) Within 30 days following the occurrence of a Change of Control, unless the Company has given a notice of redemption with respect to
all of the Notes pursuant to Sections 3.03 and 3.07, the Company will make an Offer to Purchase all of the outstanding Notes at a Purchase Price in cash equal to 101% of the principal amount of the Notes tendered, together with accrued and unpaid
interest, if any, to but not including the Purchase Date (the “Change of Control Payment”). 
 (b) On the Purchase 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 Offer to Purchase; 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 a minimum
of $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 at a minimum denomination of $2,000; 

(2) deposit with the applicable Paying Agent an amount equal to the Purchase Price in respect of all Notes or portions of Notes
so tendered; and 
 (3) deliver or cause to be delivered to the Trustee for cancellation the Notes so accepted together with
an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company in accordance with the terms of this Section 4.14. 

(c) The applicable Paying Agent will promptly mail (or otherwise deliver in accordance with the applicable procedures of DTC) to each Holder
of Notes so tendered the Purchase Price for such Notes, and the Trustee, upon receipt of an Authentication Order from the Company, will promptly authenticate and mail (or otherwise deliver in accordance with the applicable procedures of DTC) (or
cause to be transferred by book entry) to each Holder a new Note (it being understood that, notwithstanding anything in this Indenture to the contrary, no Opinion of Counsel or Officer’s Certificate will be required for the Trustee to
authenticate and mail or deliver such 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 minimum principal amount of $2,000 or integral multiples of
$1,000 in excess thereof. 

  
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 (d) If a Purchase Date is on or after a Record Date and on or before the related Interest
Payment Date, any accrued and unpaid interest to the Purchase Date will be paid on the Purchase Date to the Person in whose name a Note is registered at the close of business on such Record Date. 

(e) If Holders of not less than 90% in aggregate principal amount of the then outstanding Notes validly tender and do not withdraw such Notes
in an Offer to Purchase the Notes upon a Change of Control and the Company, or any third party making an offer to purchase the Notes upon a Change of Control in lieu of the Company purchases all of the Notes validly tendered and not withdrawn by
such Holders, the Company shall have the right, upon not less than 30 nor more than 60 days’ prior written notice, given not more than 30 days following the Purchase Date, to redeem all Notes that remain outstanding following such purchase at a
Redemption Price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of redemption. 

(f) The Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other
applicable securities laws or regulations in connection with any repurchase of the Notes pursuant to this Section 4.14. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the
Company will comply with the applicable securities laws and regulations and will be deemed to have complied with its obligations under this Indenture by virtue of such compliance. 

(g) Other than as specifically provided in this Section 4.14, any purchase pursuant to this Section 4.14 shall be made pursuant to
the provisions of Sections 3.02, 3.05 and 3.06. 
 (h) The Company will not be required to make an Offer to Purchase upon a Change of
Control if (1) a third party makes such an Offer to Purchase contemporaneously with or upon a Change of Control in the manner, at the times and otherwise in compliance with the requirements of this Indenture and purchases all Notes validly
tendered and not validly withdrawn under such Offer to Purchase or (2) a notice of redemption for all then outstanding Notes has been given pursuant to Sections 3.03 and 3.07, unless and until there is a default in payment of the applicable
Redemption Price or the redemption is not consummated due to the failure of a condition precedent contained in the applicable notice of redemption to be satisfied. 

(i) An Offer to Purchase may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is
in place for the Change of Control at the time the Offer to Purchase is made. 
 Section 4.15 Limitation on Asset Sales. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale, unless: 

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

(2) at least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary, as the case may
be, is in the form of cash or Eligible Cash Equivalents. 
 For purposes of Section 4.15(a)(2) and for no other purpose, each of the following will be
deemed to be cash: 

  
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 (i) any liabilities (as shown on the Company’s or such Restricted
Subsidiary’s most recent consolidated balance sheet or in the footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Company’s consolidated balance
sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such balance sheet, as determined in good faith by the Company) of the Company or such Restricted Subsidiary (other than Subordinated
Obligations of the Company or a Guarantor) that are assumed by the transferee of any such assets (or are otherwise extinguished by the transferee in connection with the transactions relating to such Asset Sale) and for which the Company and all such
Restricted Subsidiaries have been validly released; 
 (ii) any securities, notes or other obligations received by the
Company or any such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash or Eligible Cash Equivalents within 180 days of their receipt to the extent of the cash or Eligible Cash
Equivalents received in that conversion; and 
 (iii) any Designated Non-cash Consideration received by the Company or any
such Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (iii) that is at that time outstanding, not to exceed the
greater of (x) $50.0 million and (y) 3.25% of the Consolidated Total Assets of the Company and its Restricted Subsidiaries at the time of the receipt of such Designated Non-cash Consideration, with the Fair Market Value of each item of
Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value. 
 (b)
Within 360 days after the receipt of any Net Cash Proceeds from an Asset Sale, or, if with respect to clauses (3), (4) and (5) of this Section 4.15(b), within 360 days after the receipt of any Net Cash Proceeds from any Asset Sale the
Company or any Restricted Subsidiary entered into a contractual commitment, pursuant to a binding agreement, to apply any such Net Cash Proceeds, then, within 540 days after the receipt of such Net Cash Proceeds, the Company (or the applicable
Restricted Subsidiary, as the case may be) may apply such Net Cash Proceeds at its option to any combination of the following: 

(1) to permanently reduce (and permanently reduce commitments with respect thereto): (A) Secured Debt under the Senior
Credit Facilities, (B) Secured Debt of the Company (other than any Redeemable Capital Interests or Subordinated Obligations) or Secured Debt of a Guarantor (other than any Redeemable Capital Interests or Subordinated Obligations) or
(C) Debt of a Non-Guarantor Subsidiary, in each case, other than Debt owed to the Company or an Affiliate of the Company; 

(2) to permanently repay or reduce other Debt that ranks pari passu in right of payment with the Notes (“Pari
Passu Debt”), other than Redeemable Capital Interests and Debt owed to the Company or an Affiliate of the Company; provided that if the Company shall so reduce any such Pari Passu Debt, the Company shall equally and ratably reduce
Obligations under the Notes as provided either, at the Company’s option, under Section 3.07, through open-market purchases (to the extent such purchases are at or above 100% of the principal amount thereof) or by making an offer (in
accordance with the procedures set forth in this Section 4.15 for an Offer to Purchase) to all Holders of Notes to purchase their Notes at 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, on the
amount of Notes that would otherwise be paid; 

  
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 (3) to acquire all or substantially all of the assets of, or any Capital
Interests of, another Person engaged in a Permitted Business, if, after giving effect to any such acquisition of Capital Interests, such Person is or becomes a Restricted Subsidiary of the Company; 

(4) to make capital expenditures in or that are used or useful in a Permitted Business or to make expenditures for maintenance,
repair or improvement of existing properties and assets in accordance with the provisions of this Indenture; 
 (5) to
acquire other assets that are not classified as current assets under GAAP that are used or useful in a Permitted Business; or 

(6) any combination of the foregoing; 

provided that pending the final application of any such Net Cash Proceeds in accordance with clause (1), (2), (3), (4),
(5) or (6) of this Section 4.15(b), the Company or any Restricted Subsidiary may temporarily reduce revolving credit borrowings under any Debt Facility or otherwise invest the Net Cash Proceeds in any manner not prohibited by this
Indenture. 
 (c) Any Net Cash Proceeds from Asset Sales that are not applied or invested as provided in Section 4.15(b) will
constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $75.0 million, the Company will, within five days thereof (the “Asset Sale Purchase Date”), make an Offer to Purchase to all Holders
of Notes (on a pro rata basis among the Notes, subject to adjustments to maintain the authorized denominations for the Notes), and to all holders of other Pari Passu Debt containing provisions similar to those set forth in this Indenture with
respect to offers to purchase the maximum principal amount of Notes and such other Pari Passu Debt that may be purchased out of the Excess Proceeds. The offer price in any Offer to Purchase will be equal to 100% of the principal amount, plus accrued
and unpaid interest, if any, to the date of purchase and will be payable in cash, in accordance with the procedures set forth in the definition of Offer to Purchase or the agreements governing the Pari Passu Debt, as applicable, in the case of the
Notes in integral multiples of $1,000; 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 a minimum of $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 a minimum $2,000. The Company shall commence an Offer to Purchase with respect to Excess
Proceeds by mailing (or otherwise communicating in accordance with the applicable procedures of the Depositary) the notice required pursuant to the definition of Offer to Purchase, with a copy to the Trustee. 

If any Excess Proceeds remain after consummation of an Offer to Purchase, the Company may use those funds for any purpose not otherwise
prohibited by this Indenture and they will no longer constitute Excess Proceeds. If the aggregate principal amount of Notes and other Pari Passu Debt tendered in such Offer to Purchase exceeds the amount of Excess Proceeds, the Company will select
the Notes and such other Pari Passu Debt to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of a minimum of $2,000 or any integral multiple of $1,000 in
excess thereof will be purchased). Upon completion of each Offer to Purchase, the amount of Excess Proceeds will be reset at zero. 
 (d) If
the Asset Sale Purchase Date is on or after an applicable Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest to the Asset Sale Purchase Date will be paid on the Asset Sale Purchase Date to the Person in
whose name a Note is registered at the close of business on such record date. 

  
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 (e) The Company will comply, to the extent applicable, with the requirements of Rule 14e-1
under the Exchange Act and any other applicable securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Offer to Purchase. To the extent that the
provisions of any securities laws or regulations conflict with the Asset Sale provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and will be deemed to have complied with its obligations under
the Asset Sale provisions of this Indenture by virtue of such compliance. 
 Section 4.16 Effectiveness of Covenants. 

(a) Following the first day (a “Suspension Date”): 

(1) the Notes have Investment Grade Ratings from both Rating Agencies; and 

(2) no Default or Event of Default has occurred and is continuing under this Indenture, 

the Company and its Restricted Subsidiaries will not be subject to the provisions of Sections 4.08, 4.09, 4.11 (but only with respect to any
Person that is required to become a Guarantor after the date of the commencement of the applicable Suspension Date), 4.12, 4.13, 4.15 and 5.01(a)(3) (collectively, the “Suspended Covenants”). 

(b) In the event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants with respect to the Notes
following any Suspension Date and, subsequently, either one or both Rating Agencies withdraws its rating or downgrades the rating assigned to the Notes below the required Investment Grade Rating, then the Suspended Covenants will thereafter be
reinstated as if such covenants had never been suspended (the “Reinstatement Date”) and be applicable pursuant to the terms of this Indenture (including in connection with performing any calculation or assessment to determine compliance
with the terms of this Indenture), unless and until the Notes subsequently attain an Investment Grade Rating from both of the Rating Agencies and no Default or Event of Default is in existence; provided, however, that no Default, Event of Default or
breach of any kind shall be deemed to exist under this Indenture, the Notes or the Note Guarantees with respect to the Suspended Covenants based on, and none of the Company or any of its Subsidiaries shall bear any liability for, any actions taken
or events occurring during the Suspension Period, regardless of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. The period of time between the Suspension Date and
the Reinstatement Date is referred to as the “Suspension Period.” 
 (c) On the Reinstatement Date, all Debt Incurred during the
Suspension Period will be classified to have been Incurred or issued pursuant to Section 4.09(a) or, at the Company’s option, pursuant to one of the clauses set forth in the definition of “Permitted Debt” (in each case to the
extent such Debt would be permitted to be Incurred thereunder as of the Reinstatement Date and after giving effect to Debt Incurred prior to the Suspension Period and outstanding on the Reinstatement Date) and subject to Section 4.09. To the
extent such Debt would not be so permitted to be Incurred pursuant to Section 4.09, such Debt will be deemed to have been outstanding on the Issue Date, so that it is classified or permitted under clause (4) of the definition of
“Permitted Debt.” 

  
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 (d) Calculations made after the Reinstatement Date of the amount available to be made as
Restricted Payments under Section 4.08 will be made as though such covenant had been in effect from the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount
available to be made as Restricted Payments under Section 4.08(a), subject to the exceptions set forth therein. 
 (e) During any
period when the Suspended Covenants are suspended, the Board of Directors of the Company may not designate any of the Company’s Subsidiaries as Unrestricted Subsidiaries pursuant to this Indenture. 

(f) For the purposes of Section 4.15, on the Reinstatement Date, the amount of Excess Proceeds, if any, will be reset to zero. 

(g) Promptly following the occurrence of any Suspension Date or Reinstatement Date, the Company will provide an Officer’s Certificate to
the Trustee regarding such occurrence. The Trustee shall have no obligation to independently determine or verify if a Suspension Date or Reinstatement Date has occurred or notify the Holders of any Suspension Date or Reinstatement Date. The Trustee
may provide a copy of such Officer’s Certificate to any Holder of the Notes upon request. 
 ARTICLE 5 

SUCCESSORS 
 Section 5.01 Consolidation,
Merger, Conveyance, Transfer or Lease. 
 (a) The Company will not in any transaction or series of related transactions, consolidate or
merge with or into or wind up into any other Person (whether or not the Company is the surviving corporation), or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of the properties or assets of the Company and
its Restricted Subsidiaries, taken as a whole, to any other Person, unless: 
 (1) the resulting or surviving Person
or the Person to which such sale, assignment, conveyance, transfer, lease or other disposition has been made (such Person, the “Successor Company”), (A) shall be a corporation, partnership, limited liability company or similar
entity organized and validly existing under the laws of the United States, any political subdivision thereof or any state thereof or the District of Columbia (and, if such entity is not a corporation, a co-obligor of the Notes is a corporation
organized under any such laws) and (B) if other than the Company, shall expressly assume, by a supplemental indenture, all of the obligations of the Company under the Notes and this Indenture; 

(2) immediately after giving effect to such transaction or series of related transactions on a pro forma basis
(including, without limitation, any Debt Incurred or anticipated to be Incurred in connection with or in respect of such transaction or series of related transactions), no Default or Event of Default shall have occurred and be continuing; 

(3) immediately after giving effect to any such transaction or series of related transactions on a pro forma basis
(including, without limitation, any Debt Incurred or anticipated to be Incurred in connection with or in respect of such transaction or series of related transactions) as if such transaction or series of related transactions had occurred on the
first day of the determination period, (A) the Successor Company could Incur $1.00 of additional Debt under Section 4.09(a), or (B) the Consolidated Fixed Charge Coverage Ratio for the Successor Company and its Restricted Subsidiaries
for the most recent Four Quarter Period shall be equal to 

  
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or greater than such Consolidated Fixed Charge Coverage Ratio immediately prior to such transaction (or the first such transaction if there are a series of related transactions); 

(4) each Guarantor (unless it is the other party to the transactions described above, in which case clause (1) of
Section 5.01(c) shall apply) shall have by a supplemental indenture confirmed that its Note Guarantee shall apply to such Successor Company’s obligations under this Indenture and the Notes; and 

(5) the Company delivers, or causes to be delivered, to the Trustee, an Officer’s Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, sale, conveyance, assignment, transfer, lease or other disposition complies with the requirements of this Indenture. 

(b) Subject to certain limitations set forth in this Indenture, the Successor Company will succeed to, and be substituted for, the Company
under this Indenture, the Notes and the Note Guarantees. Notwithstanding the foregoing, failure to satisfy the requirements of clauses (2) and (3) of Section 5.01(a) will not prohibit: 

(1) a merger between the Company and a Restricted Subsidiary that is a Wholly-Owned Subsidiary of the Company or the sale,
assignment, conveyance, transfer, lease or other disposition of all or substantially all of the assets of the Company to a Restricted Subsidiary that is a Wholly-Owned Subsidiary of the Company; or 

(2) a merger between the Company and an Affiliate incorporated solely for the purpose of converting the Company into a
corporation organized under the laws of the United States or any political subdivision or state thereof; so long as, in each case, the amount of Debt of the Company and its Restricted Subsidiaries is not increased thereby. 

(c) The Company will not permit any Guarantor in any transaction or series of related transactions, to consolidate or merge with or into or
wind up into any other Person (whether or not such Guarantor is the surviving corporation), or directly or indirectly sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties or assets to any Person
(other than, in the case of a Guarantor, to the Company or another Guarantor) unless: 
 (1) (A) if such entity remains a
Guarantor, the resulting, surviving or transferee Person (the “Successor Guarantor”) is a Person (other than an individual) organized and existing under the laws of the United States, any political subdivision thereof or any state
thereof or the District of Columbia; 
 (B) the Successor Guarantor, if other than such Guarantor, expressly assumes all the
obligations of such Guarantor under this Indenture, the Notes and its Note Guarantee pursuant to a supplemental indenture; 

(C) immediately after giving effect to such transaction or series of related transactions on a pro forma basis
(including, without limitation, any Debt Incurred or anticipated to be Incurred in connection with or in respect of such transaction or series of related transactions), no Default or Event of Default shall have occurred and be continuing; and 

(D) the Company delivers, or causes to be delivered, to the Trustee, an Officer’s Certificate and an Opinion of Counsel,
each stating that such 

  
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consolidation, merger, sale, conveyance, assignment, transfer, lease or other disposition complies with the requirements of this Indenture; or 

(2) in the event the transaction results in the release of the Subsidiary’s Note Guarantee under clause (1)(A) of
Section 10.06(a), the transaction is made in compliance with Section 4.15 (it being understood that only such portion of the Net Cash Proceeds as is required to be applied on the date of such transaction in accordance with the terms of
this Indenture needs to be applied in accordance therewith at such time). 
 (d) Subject to the limitations set forth in this Indenture, the
Successor Guarantor will succeed to, and be substituted for, such Guarantor under this Indenture and the Note Guarantee of such Guarantor. 

(e) Notwithstanding the foregoing, any Guarantor may merge with or into or transfer all or part of its properties and assets to a Guarantor or
the Company or merge with a Restricted Subsidiary of the Company, so long as the resulting entity remains or becomes a Guarantor. 
 (e) For
purposes of this Section 5.01, the sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Company or a Guarantor, as the case may be, which
properties and assets, if held by the Company or such Guarantor instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company or such Guarantor on a consolidated basis, will be deemed to be the
disposition of all or substantially all of the properties and assets of the Company or such Guarantor, as applicable. 
 Section 5.02 Successor
Entity Substituted. 
 Upon any consolidation, merger, winding up, sale, assignment, conveyance, transfer, lease or other disposition of
all or substantially all of the assets of the Company or a Guarantor in accordance with Section 5.01, the Company and a Guarantor, as the case may be, will be released from its obligations under this Indenture and the Notes or its Note
Guarantee, as the case may be, and the Successor Company and the Successor Guarantor, as the case may be, will succeed to, and be substituted for, and may exercise every right and power of, the Company or a Guarantor, as the case may be, under this
Indenture, the Notes, and such Note Guarantee; provided that, in the case of a lease of all or substantially all of its assets, the Company will not be released from the obligation to pay the principal of and interest on the Notes, and a
Guarantor will not be released from its obligations under its Note Guarantee. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 
 Section 6.01
Events of Default. 
 (a) Each of the following is an “Event of Default”: 

(1) default in the payment in respect of the principal of (or premium, if any, on) any Note when due and payable (whether at
Stated Maturity or upon repurchase, acceleration, optional redemption or otherwise); 
 (2) default in the payment of any
interest upon any Note when it becomes due and payable, and continuance of such default for a period of 30 days; 

  
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 (3) failure to perform or comply with Section 4.06 and continuance of
such failure to perform or comply for a period of 90 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding
Notes; 
 (4) except as permitted by or in accordance with the terms of this Indenture, any Note Guarantee of any Significant
Subsidiary (or any group of its Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) shall for any reason cease to be, or it shall be asserted by any Officer of such Guarantor or the Company not to be, in full
force and effect and enforceable in accordance with its terms; 
 (5) default in the performance, or breach, of any covenant
or agreement of the Company or any Guarantor in this Indenture (other than a covenant or agreement, a default in whose performance or whose breach is specifically dealt with in clauses (1), (2), (3) or (4) above), and continuance of such
default or breach for a period of 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Notes; 

(6) a default or defaults under any mortgage, indenture or instrument under which there is issued or by which there is secured
or evidenced any Debt for money borrowed by the Company or any Restricted Subsidiary (or the payment of which is Guaranteed by the Company or any Restricted Subsidiary) having, individually or in the aggregate, a principal or similar amount
outstanding of at least $65.0 million, whether such Debt now exists or shall hereafter be created, which default or defaults shall have resulted in the acceleration of the maturity of such Debt prior to its express maturity or (except in the case of
any Debt owing to the Company by any Restricted Subsidiary or any Debt of any Restricted Subsidiary owing to the Company or another Restricted Subsidiary) shall constitute a failure to pay an amount of such Debt equal to at least $65.0 million when
due and payable after the expiration of any applicable grace period with respect thereto; 
 (7) the entry against the
Company or any Restricted Subsidiary of a final judgment or final judgments for the payment of money in an aggregate amount in excess of $65.0 million (net of amounts covered by indemnity provided by, or insurance issued by, reputable and
creditworthy companies), by a court or courts of competent jurisdiction, which judgments remain undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of 60 consecutive days; or 

(8) (A) the Company or a 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, pursuant to or within the meaning of any Bankruptcy Law: 

(i) commences proceedings to be adjudicated bankrupt or insolvent; 

(ii) 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; 

(iii) 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; 

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

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

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

(i) is for relief against the Company, any Restricted Subsidiary that is a 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, in a proceeding in which the Company, any such
Restricted Subsidiary that is a 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, is to be adjudicated bankrupt or insolvent; 
 (ii) appoints a receiver, interim
receiver, receiver and manager, liquidator, assignee, trustee, sequestrator or other similar official of the Company, any Restricted Subsidiary that is a 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 for all or substantially all of the property of the Company, any Restricted Subsidiary that
is a 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 
 (iii) orders the liquidation, dissolution or winding up of the Company, or any Restricted Subsidiary that
is a 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 the order or decree remains unstayed and in effect for 60 consecutive days. 

(b) If a Default for a failure to report or failure to deliver a required certificate in connection with another default (an “Initial
Default”) occurs, then, at the time such Initial Default is cured, such Default for a failure to report or failure to deliver a required certificate in connection with another default that resulted solely because of that Initial Default
will also be cured without any further action. For the avoidance of doubt, any Default for the failure to comply with the time periods prescribed in Section 4.06 hereto or otherwise to deliver any notice or certificate pursuant to any other
provision of this Indenture shall be deemed to be cured upon the delivery of any such report required by such covenant or such notice or certificate, as applicable, even though such delivery is not within the prescribed period specified in this
Indenture. 
 Section 6.02 Acceleration. 

(a) If an Event of Default (other than an Event of Default described in clause (8) of Section 6.01(a) with respect to the Company)
occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the principal of the Notes and any accrued interest on the Notes to be due and
payable 

  
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immediately by a notice in writing to the Company (and to the Trustee if given by Holders); provided, however, that after such acceleration, but before a judgment or decree based on
acceleration, the Holders of a majority in aggregate principal amount of the outstanding Notes may, under certain circumstances, rescind and annul such acceleration if all Events of Default, other than the non-payment of accelerated principal of or
interest on the Notes, have been cured or waived as provided in this Indenture, if (1) the rescission would not conflict with any judgment or decrees and (2) all existing Events of Default, other than the non-payment of principal of,
premium on, of any, or interest, if any, on the Notes that have become due solely by such declaration of acceleration, have been cured or waived. 

(b) In the event of a declaration of acceleration of the Notes solely because an Event of Default described in clause (6) of
Section 6.01(a) has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the event of default or payment default triggering such Event of Default pursuant to clause
(6) of Section 6.01(a) shall be remedied or cured by the Company or a Restricted Subsidiary of the Company or waived by the holders of the relevant Debt within 20 Business Days after the declaration of acceleration with respect thereto and
if the rescission and annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction that may have been obtained by the Trustee for the payment of amounts due on the Notes. 

(c) If an Event of Default described in clause (8) of Section 6.01(a) occurs with respect to the Company, the principal of and any
accrued interest on the Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

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, and interest on the Notes 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 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. 
 Section 6.04 Waiver of Past Defaults. 

The Holders of not less than a majority in aggregate principal amount of the outstanding Notes (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer for, Notes) may on behalf of the Holders of all the Notes waive any past Default under this Indenture and its consequences, except a default: 

(1) in any payment in respect of the principal of (or premium, if any) or interest on any Notes (including any Note which is
required to have been purchased pursuant to an Offer to Purchase which has been made by the Company); or 
 (2) in respect of
a covenant or provision hereof which under this Indenture cannot be modified or amended without the consent of the Holder of each outstanding Note affected. 

  
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 provided that, subject to Section 6.02, the Holders of a majority in principal
amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. 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 outstanding Notes may direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law, this Indenture, the Notes or any Note Guarantee, or that the Trustee
determines in good faith is unduly prejudicial to the rights of any other Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such holders)
or that would involve the Trustee in personal liability. 
 Section 6.06 Limitation on Suits. 

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

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

(2) the Holders of at least 25% in aggregate principal amount of the then outstanding Notes have requested in writing to the Trustee to pursue
the remedy; 
 (3) such Holders have offered the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss,
liability or expense; 
 (4) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of
security or indemnity; and 
 (5) the Holders of a majority in aggregate principal amount of the then outstanding Notes have not given the
Trustee a direction that, in the opinion of the Trustee, is inconsistent with such written 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. 
 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,
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 an Offer to Purchase), 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 Sections 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 

  
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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 compensation, reasonable 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 such compensation as agreed in writing between the Company and the Trustee, and the reasonable 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 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 compensation as agreed in writing between the Company and the Trustee and the reasonable 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 

  
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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 collects any money or property pursuant to this Article 6, it shall pay out the money in the following order: 

(1) First, to the Trustee and its 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 costs and expenses of collection; 

(2) Second, 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) Third, 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 outstanding Notes. 
 ARTICLE 7 

TRUSTEE 
 Section 7.01 Duties of
Trustee. 
 (a) The Trustee, prior to the occurrence of an Event of Default with respect to the Notes and after the curing or waiving of
all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. If an Event of Default has occurred and is continuing, the Trustee shall 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. 

  
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 (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. The Trustee shall be under no duty to make any investigation as to any statement contained in
any such instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions. 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 will be under no obligation to exercise any of the rights or powers vested in it by this Indenture, the Notes and the Note Guarantees at the request or
direction of any of the Holders unless such Holders have provided to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses, fees and liabilities which might be incurred by it in compliance with such request or
direction. 
 (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 in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 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. 

  
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 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s
Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s 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 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. 

(j) The Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person authorized to sign an Officer’s 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. 

  
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 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. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.08 and 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 or Event of Default occurs and is continuing with respect to the Notes and if a Responsible Officer of the Trustee has notice of
such Default or Event of Default as described in Section 7.02(g), the Trustee will mail to each Holder a notice of the Default or Event of Default within 90 days after it occurs; provided, however, that in any event the Trustee
shall not be required to mail such notice prior to 10 days after a Responsible Officer receives notice of such Default or Event of Default as described in Section 7.02(g). 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 (except in the case of a Default or Event of Default in payment of principal of, premium, if any, and interest on any Note then
outstanding) if the Trustee in good faith determines that withholding notice is in the interests of the Holders of the Notes. 
 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. 
 (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 (including reasonable attorneys’ fees and expenses) and including taxes (other than taxes based
upon, measured by or determined by the income of 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. The
Company shall defend the claim and the Trustee may have separate counsel and the Company shall pay the fees and expenses of such counsel. The Company need 

  
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not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct or gross negligence. 

(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 and interest on particular Notes. Such Lien shall survive the
satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an Event of Default
specified in Section 6.01(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. 

(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. 
 (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. 

  
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 (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 mail 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. 

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

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 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, in the case of Section 8.03 pursuant to a resolution of its Board of Directors set forth
in an Officer’s Certificate, elect to have either Section 8.02 or Section 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 set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to this Indenture, 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 shall be deemed to have paid  

  
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and discharged the entire Debt 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) through (5) below, and to have satisfied all of its other obligations under such Notes and this Indenture, including that of the Guarantors (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 of such Notes to receive payments in respect of the principal of and any premium, if any, and
interest on such Notes when 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 such Notes concerning issuing temporary Notes, registration of Notes,
mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; 

(3) the rights, powers, trusts, duties, privileges, protections, indemnities and immunities of the Trustee and the
Company’s obligations in connection therewith; 
 (4) the Company’s right of optional redemption pursuant to
Section 3.07; and 
 (5) 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. 
 (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, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15 and 4.16 and
clause (3) of Section 5.01(a) with respect to the outstanding Notes, and the Guarantors shall be deemed to have been discharged from their obligations with respect to all Note Guarantees, 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 (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to this Indenture and the outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such 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, 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, an Event of Default specified in Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5) (only with respect to covenants that are
released as a result of such Covenant Defeasance), 6.01(a)(6), 6.01(a)(7) and 6.01(a)(8) (solely with respect to Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, in
each case, shall not constitute an Event of Default. 

  
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 Section 8.04 Conditions to Legal Defeasance or Covenant Defeasance. 

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 outstanding Notes: 
 (1) the Company must irrevocably have deposited or
caused to be deposited with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to the benefits of the Holders of such Notes: (A) money in an amount,
(B) U.S. government obligations, which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount or (C) a
combination thereof, in each case sufficient without reinvestment, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and
which shall be applied by the Trustee to pay and discharge, the entire indebtedness in respect of the principal of and premium, if any, and interest on such Notes on the Stated Maturity thereof or (if the Company has made irrevocable 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) the redemption date thereof, as the case may be, in accordance with the terms of this Indenture and such Notes; 

(2) in the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel stating that: 

(A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or 

(B) since the Issue Date, there has been a change in the applicable U.S. federal income tax law, 

in either case (A) or (B) to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to customary
exclusions and assumptions, the beneficial owners of such outstanding Notes will not recognize gain or loss for U.S. federal income tax purposes as a result of the deposit, Legal Defeasance and discharge to be effected with respect to such Notes and
will be subject to U.S. federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit, Legal Defeasance and discharge were not to occur; 

(3) in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that, subject to customary exclusions and assumptions, the beneficial owners of such outstanding Notes will not recognize gain or loss for U.S. federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with
respect to such Notes and will be subject to U.S. federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur; 

(4) no Default or Event of Default with respect to the outstanding Notes shall have occurred and be continuing at the time of
such deposit after giving effect thereto (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 and simultaneous deposit relating to other Debt and, in each case, the
granting of Liens in connection therewith); 

  
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 (5) such Legal Defeasance or Covenant Defeasance shall not result in a
breach or violation of, or constitute a default under, any material agreement or material instrument (other than this Indenture and the agreements governing any other Debt being defeased, discharge or replaced) to which the Company or any of the
Guarantors is a party or by which the Company or any of the Guarantors is bound; 
 (6) the Company shall have delivered to
the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary exclusions and assumptions), each stating that all conditions precedent with respect to such Legal Defeasance or Covenant
Defeasance have been complied with; 
 (7) the Company shall have delivered to the Trustee an Officer’s Certificate
stating that the deposit was not made by the Company with the intent of preferring the Holders of Notes over the other creditors of the Company, any Guarantors or others, with the intent of defeating, hindering, delaying or defrauding any creditors
of the Company, any Guarantor or others; and 
 (8) the Company has delivered irrevocable instructions to the Trustee 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 Officer’s Certificate referred to in clause (6) above). 

Section 8.05 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 

(a) Subject to Section 8.06, all money and Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to
Section 8.04 in respect of the outstanding Notes shall be held in trust and applied by the 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 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 will pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the cash or Government Securities 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 will deliver or pay to the Company from time to time
upon the written request of the Company any money or Government Securities held by it as provided in Section 8.04 which, in the opinion of an Independent Financial Advisor expressed in a written certification thereof delivered to the Trustee
(which may be the opinion delivered under Section 8.04(a)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

Section 8.06 Repayment to the Company. 

Subject to any applicable abandoned property law, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal, premium, if 

  
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any, or interest on any Note and remaining unclaimed for one year 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; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published
once, in The New York Times or The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 
 Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or government obligations in accordance with Section 8.02 or
Section 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 Section 8.03 until such time as the Trustee or Paying Agent is permitted to apply all such
money in accordance with Section 8.02 or Section 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 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, the Company, the Guarantors and the Trustee, at any time and from time to time, may without the consent
of any Holders enter into one or more indentures supplemental to this Indenture, the Notes and the Note Guarantees for any of the following purposes: 

(1) to evidence the succession of another Person to the Company or a Guarantor and the assumption by any such successor of the
covenants of the Company or a Guarantor in this Indenture, the Note Guarantees and the Notes in accordance with Section 5.01; 

(2) to add to the covenants of the Company and its Restricted Subsidiaries for the benefit of the Holders or to make any change
that does not materially and adversely affect the legal rights under this Indenture of any such Holder, or to surrender any right or power herein conferred upon the Company or any Guarantor; 

(3) to add additional Events of Default for the benefit of the Holders; 

(4) to provide for or facilitate the issuance of Global Notes in addition to or in place of the definitive Notes; 

(5) to evidence and provide for the acceptance of appointment under this Indenture by a successor Trustee; provided that
the successor Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture; 

  
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 (6) to provide for or confirm the issuance of Additional Notes in accordance
with the terms of this Indenture; 
 (7) to add a Guarantor or to release a Guarantor in accordance with this Indenture; 

(8) to cure any ambiguity, defect, omission, mistake or inconsistency; 

(9) to make any other provisions with respect to matters or questions arising under this Indenture; provided that such
actions pursuant to this clause (9) shall not adversely affect the interests of the Holders in any material respect, as determined in good faith by the Board of Directors of the Company; 

(10) to conform the text of this Indenture, the Notes or the Note Guarantees to any provision of the “Description of
notes” of the Offering Memorandum to the extent that the Trustee has received an Officer’s Certificate stating that such text constitutes an unintended conflict with the description of the corresponding provision in the “Description
of notes” of the Offering Memorandum; 
 (11) to secure the Notes and the Note Guarantees; or 

(12) to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by
this Indenture, including, without limitation to facilitate the issuance and administration of the Notes; provided that (i) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the
Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Notes. 

(b) Upon the request of the Company, and upon receipt by the Trustee of the documents described in Section 12.03, the Trustee shall join
with the Company and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture 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, privileges, protections, indemnities or immunities under this Indenture or otherwise. Notwithstanding the foregoing, no
Opinion of Counsel shall be required in connection with the addition of a Guarantor under this Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture to this Indenture, the form of which is attached as
Exhibit C, and delivery of an Officer’s Certificate, except as provided in Section 5.01(c). 
 Section 9.02 With Consent of Holders.

 (a) Except as provided in Section 9.01 and this Section 9.02, the Company, the Guarantors and the Trustee may, with the consent
of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), enter into an
indenture or indentures supplemental to this Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture, the Notes or the Note Guarantees or of modifying in any manner the
rights of the Holders of the Notes under this Indenture, including the definitions therein and, subject to Sections 6.04 and 6.07, waive any existing Default or Event of Default (other than a Default or Event of Default in the payment of the
principal, 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 with the consent of the
Holders of a 

  
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majority in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a 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 delivery to the Trustee of evidence of the consent of the Holders as aforesaid, and upon
receipt by the Trustee of the documents described in Section 7.02 and Section 12.03, the Trustee shall join with the Company and the Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental
indenture directly affects the Trustee’s own rights, duties, privileges, protections, indemnities or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such
amended or supplemental indenture. 
 (c) It shall not be necessary for the consent of the Holders under this Section 9.02 to approve
the particular form of any proposed amendment, supplement or waiver. It is sufficient if such consent approves the substance of the proposed amendment, supplement or waiver. 

(d) After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall give to the Holders a notice
briefly describing such amendment, supplement or waiver. However, the failure of the Company to give such notice to all the Holders, or any defect in the notice, will not 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) change the Stated Maturity of any Note or of any installment of interest
on any Note, or reduce the amount payable in respect of the principal thereof or the rate of interest thereon or any premium payable thereon, or reduce the amount that would be due and payable on acceleration of the maturity thereof, or change the
coin or currency in which, any Note or any premium or interest thereon is payable, or amend the contractual right to bring suit for the enforcement of any such payment on or after the Stated Maturity thereof, or change the date on which any Notes
may be subject to redemption or reduce the Redemption Price therefor; 
 (2) reduce the percentage in aggregate principal
amount of the outstanding Notes, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences) provided for in this Indenture; 
 (3) modify or change any provision of this Indenture
affecting the ranking of the Notes or any Note Guarantee in a manner adverse to the Holders of the Notes; 
 (4) modify any
of the provisions of this Section 9.02 or provisions relating to waiver of defaults or certain covenants, except to increase any such percentage required for such actions or to provide that certain other provisions of this Indenture cannot be
modified or waived without the consent of the Holder of each outstanding Note affected thereby; or 
 (5) release any
Guarantees required to be maintained under this Indenture (other than in accordance with the terms of this Indenture). 

  
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 (f) A consent to any amendment, supplement or waiver of this Indenture, the Notes or the
Note Guarantees by any Holder given in connection with a tender of such Holder’s Notes will not be rendered invalid by such tender. 

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 upon the (i) receipt by the Company or the Trustee of consents by the Holders of the requisite principal amount of the Notes, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture
supplemental hereto containing such amendment, supplement or waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the Company, the Guarantors and the Trustee, 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 to Sign Amendments, etc. 

The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment, supplement or waiver does
not adversely affect the rights, duties, liabilities, privileges, protections, indemnities or immunities of the Trustee. In executing any amendment, supplement or waiver, the Trustee shall be entitled to receive indemnity satisfactory to it and
shall be provided with, and (subject to Section 7.01) shall be fully protected in relying upon, in addition to the documents required by Section 12.03, (i) an Officer’s Certificate and an Opinion of Counsel stating that all
conditions precedent are satisfied with respect to any amendment, supplemental indenture or waiver, that such amendment, supplemental indenture or waiver is authorized or permitted by this Indenture and that such amendment, supplemental indenture or
waiver is the legal, valid and binding obligation of the Company and each Guarantor party thereto, enforceable against each of them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof, (ii) a
copy of the resolution of the Board of Directors, certified by the Secretary or Assistant Secretary of the Company, authorizing the execution of such amendment, supplement or waiver and (iii) if such amendment, supplement or waiver is executed
pursuant to Section 9.02, evidence provided to the Trustee of the consent of the Holders required to consent thereto. 

  
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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 unsecured 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
collectively, the “Guaranteed Obligations”. 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 of the Note Guarantees shall be 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 (other than any waiver or consent expressly releasing such Guarantor’s obligations hereunder), 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 (including reasonable and documented attorneys’ fees and expenses) 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 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. 

  
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 (f) 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. 

(a) 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 Note 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 will 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. 

(b) Notwithstanding any provision to the contrary herein, the obligations of SWM Luxembourg in respect of the Guaranteed Obligations under the
Note Guarantee shall be limited at any time, with no double counting, to an aggregate amount not exceeding the higher of: 

(i) ninety-five per cent (95%) of the sum of SWM Luxembourg’s own funds (capitaux propres) (as referred to in
Schedule 1 of the Luxembourg Regulation dated 18 December 2015 defining the form and the content of the balance sheet and profit and loss account layouts and implementing among others article 34 of the Luxembourg Act of 19 December 2002 on
the Register of Commerce and Companies, on accounting and on annual accounts of the companies, as amended) and SWM Luxembourg’s debt which is subordinated in right of payment (whether generally or specifically) to any claim of any Holder, as
determined in good faith by the Company, as at the date of this Note Guarantee; and 

  
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 (ii) ninety-five per cent (95%) of the sum of SWM Luxembourg’s own
funds (capitaux propres) (as referred to in Schedule 1 of the Luxembourg Regulation dated 18 December 2015 defining the form and the content of the balance sheet and profit and loss account layouts and implementing among others article 34 of
the Luxembourg Act of 19 December 2002 on the Register of Commerce and Companies, on accounting and on annual accounts of the companies, as amended) and SWM Luxembourg’s debt which is subordinated in right of payment (whether generally or
specifically) to any claim of any Holder, as determined in good faith by the Company, as on the date of payment of the Note Guarantee hereunder. 
 The
above limitation shall not apply to the proceeds of the issue of the Notes directly or indirectly transferred to, or incurred for, the benefit of SWM Luxembourg or any of its (current or future) direct or indirect Subsidiaries. 

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 shall be executed on
behalf of such Guarantor by an Officer or person holding an equivalent title. 
 (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 whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the Note, the Note
Guarantees 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 4.11, the Company shall cause any newly-created or newly-acquired Restricted Subsidiary to comply with the provisions of Section 4.11 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 automatically and unconditionally released and
discharged, and no further action by such Guarantor, the Company or the Trustee shall be required for the release of such Guarantor’s Note Guarantee, upon: 

(1) (A) any sale, assignment, transfer, conveyance, exchange or other disposition (by merger, consolidation or otherwise)
of the Capital Interests of such Guarantor 

  
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after which the applicable Guarantor is no longer a Restricted Subsidiary, which sale, assignment, transfer, conveyance, exchange or other disposition is made in compliance with the provisions of
this Indenture, including Section 4.15 (it being understood that only such portion of the Net Cash Proceeds as is required to be applied on or before the date of such release in accordance with the terms of this Indenture needs to be applied in
accordance therewith at such time) and Section 5.01(a); 
 (B) the release or discharge of such Guarantor from its
Guarantee of (i) Debt of the Company and Restricted Subsidiaries under the Senior Credit Facilities (including, by reason of the termination of the Senior Credit Facilities) and (ii) other syndicated loan or capital markets Debt of the
Company or any of its Restricted Subsidiaries (other than Debt of less than $40.0 million in principal amount), including the Guarantee that resulted in the obligation of such Guarantor to Guarantee the Notes, if such Guarantor would not then
otherwise be required to Guarantee the Notes pursuant to this Indenture, except a release or discharge by or as a result of payment under such Guarantee and other than Guarantees permitted to be provided by Non-Guarantor Subsidiaries pursuant to the
terms of this Indenture; provided that if such Guarantor has Incurred any Debt in reliance on its status as a Guarantor under Section 4.09, such Guarantor’s obligations under such Debt, as the case may be, so Incurred are satisfied
in full and discharged or are otherwise permitted to be Incurred by a Restricted Subsidiary (other than a Guarantor) under Section 4.09; 

(C) the proper designation of any Guarantor as an Unrestricted Subsidiary; 

(D) such Subsidiary becoming an Immaterial Subsidiary; or 

(E) the Company’s exercise of its Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 or
the discharge of the Company’s obligations under this Indenture in accordance with the terms of this Indenture; and 

(2) each such Guarantor delivering to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for in this Indenture relating to such transaction or release have been complied with. 
 (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. 

ARTICLE 11 
 SATISFACTION AND
DISCHARGE 
 Section 11.01 Satisfaction and Discharge. 

This Indenture will be discharged, and will cease to be of further effect as to all Notes, when: 

(a) either: (A) all Notes theretofore authenticated and delivered, except lost, stolen or destroyed Notes that have been replaced or paid
and Notes for whose payment money has been deposited 

  
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in trust, have been delivered to the Trustee for cancellation; or (B) all such Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable by reason
of the giving of a notice of redemption or otherwise or (ii) will become due and payable within one year or are to be called for redemption within one year (a “Discharge”) under irrevocable 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 has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire
indebtedness on the Notes, not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest to the Stated Maturity or date of redemption; 

(b) the Company or any Guarantor has paid or caused to be paid all other sums then due and payable under this Indenture; 

(c) no Default or Event of Default has occurred and is continuing on the date of such deposit or will occur as a result 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 and simultaneous deposit relating to other Debt and, in each case, the granting of Liens in connection therewith) and the
deposit will not result in a breach or violation of, or constitute a default under, the Senior Credit Facilities or any other material agreement or material instrument (other than this Indenture and the agreements governing any other Debt being
defeased, discharge or replaced) to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; 
 (d)
the Company has delivered irrevocable written instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be; and 

(e) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject
to customary exclusions and assumptions) each stating that all conditions precedent under this Indenture relating to the Discharge have been complied with. 

Section 11.02 Application of Trust Money. 

(a) Subject to the provisions of Section 8.06, all money deposited with the 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 (including the Company acting as its own Paying Agent) as the 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, but such money need not be segregated from other funds except to the extent required by law. 

(b) If the Trustee or Paying Agent is unable to apply any money or Government Securities 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 has made any payment of principal, premium, if any, or interest on any Notes because
of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent, 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 Schweitzer-Mauduit International, Inc. 

100 North Point Center East, Suite 600 

Alpharetta, Georgia 30022 
 Fax
No.: (770) 569-4275 
 Email: rnunez@swmintl.com and sshell@swmintl.com 

Attention: General Counsel and the Controller 

with a copy to: 

Alston & Bird LLP 
 1201
W. Peachtree St. 
 Atlanta, GA 30309 

Fax No: (404) 881-7777 

Email: jeremy.silverman@alston.com 

Attention: Jeremy Silverman 
 if
to the Trustee: 
 Wilmington Trust, National Association 

Global Capital Markets 
 50 South
Sixth Street, Suite 1290 
 Minneapolis, MN 55402 

Fax No. (612) 217-5651 

Attention: Schweitzer-Mauduit International, Inc. Notes Administrator 

The Company, any Guarantor or the Trustee, by like notice, may designate additional or different addresses for subsequent notices or
communications. 
 (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; when receipt acknowledged, if sent by facsimile or electronic transmission; provided that any notice or communication delivered to the Trustee
shall be deemed effective upon actual receipt thereof. 
 (c) Any notice or communication to a Holder shall be mailed by first-class mail
(certified or registered, return receipt requested) 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. 

  
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 (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) Notwithstanding any other provision of this Indenture or
any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption pursuant to Section 3.07) to any Holder of an interest in a Global Note (whether by mail or otherwise), such notice shall be
sufficiently given if given to DTC or any other applicable Depositary for such Note (or its designee), according to the applicable procedures of such Depositary, if any, 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
electronic transmission; 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) 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 mails a notice
or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
 Section 12.02 Communication by Holders with
Other Holders. 
 Holders may communicate with other Holders with respect to their rights under this Indenture or the Notes. 

Section 12.03 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: 
 (a) an Officer’s Certificate in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth in Section 12.04) 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 
 (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which
shall include the statements set forth in Section 12.04) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with; provided that (A) subject to Section 5.01(c), no
Opinion of Counsel shall be required in connection with the addition of a Guarantor under this Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture to this Indenture, the form of which is attached as
Exhibit C and (B) no Opinion of Counsel pursuant to this Section shall be required in connection with the issuance of Notes on the Issue Date. 

  
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 Section 12.04 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 4.07) shall include: 
 (a) a statement that the Person making such certificate or opinion has read such
covenant or condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such 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
Officer’s Certificate as to matters of fact); and 
 (d) a statement as to whether or not, in the opinion of such Person, such
condition or covenant has been complied with. 
 Section 12.05 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 12.06 No Personal Liability of Stockholders, Partners, Officers or Directors. 

No director, manager, officer, employee, equity owner, general or limited partner, incorporator or other Person acting in any capacity similar
to any of the foregoing, past, present or future, of the Company or any of its Subsidiaries, as such or in such capacity, shall have any personal liability for any obligations of the Company under the Notes, any Note Guarantee or this Indenture by
reason of such status. 
 Each Holder of Notes by accepting a Note expressly waives and releases all such liability. The waiver and release
are part of the consideration for the issuance of the Notes. 
 Section 12.07 Governing Law. 

THIS INDENTURE, THE NOTES AND ANY NOTE GUARANTEE WILL BE GOVERNED BY, AND WILL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 Section 12.08 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, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 12.09 Submission to Jurisdiction. 

THE COMPANY AND EACH OF THE GUARANTORS HEREBY SUBMITS, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, TO THE EXCLUSIVE

  
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JURISDICTION OF THE U.S. FEDERAL AND NEW YORK STATE COURTS IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE GUARANTEE OR THE
TRANSACTIONS CONTEMPLATED HEREBY. The parties irrevocably and unconditionally waive, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, any objection to the laying of venue of any suit, action or other proceeding in the U.S. federal and state courts
located in the located in the borough of Manhattan in the City of New York and irrevocably and unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. 

Section 12.10 Appointment of Agent. 

In furtherance of the foregoing, each Guarantor not incorporated in a state of the United States of America or the District of Columbia hereby
irrevocably designates and appoints Alston & Bird LLP, 90 Park Avenue, 15th Floor, New York, New York 10016-1387, as its agent to receive service of all process brought against it with respect to any such suit, action or proceeding in any
of the U.S. federal or state courts located in the borough of Manhattan in the City of New York, such service being hereby acknowledged by it to be effective and binding service in every respect. Copies of any such process so served shall also be
given to the Company in accordance with Section 12.01 hereof, but the failure of the Company to receive such copies shall not affect in any way the service of such process as aforesaid. 

Section 12.11 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 12.12 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 12.13 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 12.14 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. 

  
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 Section 12.15 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. 
 Section 12.16 Table of Contents, Headings, etc. 

The Table of Contents 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 12.17
Facsimile and PDF Delivery of Signature Pages. 
 The exchange of copies of this Indenture and of signature pages by facsimile or
portable document format (“PDF”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties
hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section 12.18 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. 
 Section 12.19 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] 

  
 -100- 

 
					
	SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
		
	 By:
	 	 /s/ Robert A Wamser, Jr.

		 	Name:	 	Robert A Wamser, Jr.
		 	Title:	 	Executive Vice President and Chief Financial Officer

 [Signature page to Indenture for 6.875% Senior Notes due 2026] 

 
					
	CORETEC TUBING, INC.
	U.S. NETTING, INC.
	DELSTAR TECHNOLOGIES, INC.
	DELSTAR AIR, INC.
	DELSTAR ELECTROSTATIC, INC.
		
	By:	 	 /s/ David Timothy Cullen

		 	Name:	 	David Timothy Cullen
		 	Title:	 	President

 [Signature page to Indenture for 6.875% Senior Notes due 2026] 

 
					
	SWM HOLDCO GP, LLC
	SWM ARGOTEC, LLC
	ARGOTEC LLC
	CONWED PLASTICS, LLC
	CONWED PLASTICS ACQUISITION
	COMPANY V LLC
		
	By:	 	 /s/ Daniel Lister

		 	Name:	 	Daniel Lister
		 	Title:	 	President

 [Signature page to Indenture for 6.875% Senior Notes due 2026] 

 
					
	SWM LUXEMBOURG SERVICES, LLC
	SWM LUXEMBOURG
		
	By:	 	 /s/ D. Ronald Surbey

		 	Name:	 	D. Ronald Surbey
		 	Title:	 	Director B
		
	By:	 	 /s/ John Blasko

		 	Name:	 	John Blasko
		 	Title:	 	Director A

 [Signature page to Indenture for 6.875% Senior Notes due 2026] 

 
					
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Jane Schweiger

		 	Name:	 	Jane Schweiger
		 	Title:	 	Vice President

 [Signature page to Indenture for 6.875% Senior Notes due 2026] 

 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 for such Global Note, Euroclear or Clearstream, 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,” with respect to any Note, means 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 date of issuance with respect to such Note or any predecessor of such Note. 
 “Euroclear” means Euroclear
Bank S.A./N.Y., as operator of Euroclear systems Clearance System or any successor securities clearing agency. 
 “IAI”
means an institution that is an “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act and is not a QIB. 

“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) 
	 “Definitive Notes Legend”
	  	 	2.2	(e) 
	 “ERISA Legend”
	  	 	2.2	(e) 
	 “Global Note”
	  	 	2.1	(b) 

					
	 Term:
	  	Defined in
Section:	 
	 “Global Notes Legend”
	  	 	2.2	(e) 
	 “IAI Global Note”
	  	 	2.1	(b) 
	 “Regulation S Global Note”
	  	 	2.1	(b) 
	 “Regulation S Notes”
	  	 	2.1	(a) 
	 “Restricted Notes Legend”
	  	 	2.2	(e) 
	 “Rule 144A Global Note”
	  	 	2.1	(b) 
	 “Rule 144A Notes”
	  	 	2.1	(a) 

 Section 2.1 Form and Dating 

(a) The Initial Notes issued on the date hereof shall be (i) offered and sold by the Company to the initial purchasers thereof 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 certificate, in 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. One or more global Notes certificates, in fully registered form without interest coupons and bearing the Global Notes Legend and the Restricted Notes Legend, numbered RIAI-1 upward (collectively, the “IAI Global Note”)
shall also be issued on the Issue Date deposited 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 to
accommodate transfers of beneficial interests in the Notes to IAIs subsequent to the initial distribution. The Rule 144A Global Note, the IAI 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 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 2.2(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 2.02 of
this Indenture 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. 

  
 A-2 

 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 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 2.2 or Section 2.3 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
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 his 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 2.2(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, delivery of 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 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, delivery of such legal opinions, certifications and other information as may be requested pursuant thereto; and 

  
 A-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 the applicable
Global Note is not then outstanding, the Company shall issue and the Trustee shall authenticate, upon an Authentication Order, a new applicable 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 in Section 2.2(d) of this Appendix A, 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
and 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. 
 (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 2.3 of this Appendix
A), a Global Note may not be transferred except as a whole and not in part if the transfer is 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
Global Notes; Voluntary Exchange of Interests in Transfer Restricted Global Notes for Interests in Unrestricted Global Notes. 
 (i)
Transfers by an owner of a beneficial interest in a Rule 144A Global Note or an IAI Global Note to a transferee who takes delivery of such interest through another Transfer Restricted Global Note shall be made in accordance with the Applicable
Procedures and the Restricted Notes Legend and only upon receipt by the Trustee of 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, delivery of such legal opinions, certifications and other information as may be requested pursuant thereto. In addition, in the case of a transfer of a beneficial interest in either a Regulation S Global Note or a
Rule 144A Global Note for an interest in an IAI Global Note, the transferee must furnish a signed letter substantially in the form of Exhibit B to the Trustee. 

  
 A-4 

 (ii) During the Distribution Compliance Period, beneficial ownership interests in the
Regulation S Global Note may only be sold, pledged or transferred through Euroclear or Clearstream in accordance with the Applicable Procedures, the Restricted Notes Legend on such Regulation S Global Note and any applicable securities laws of any
state of the U.S. 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 a Rule 144A Global Note
or an IAI Global Note shall be made only in accordance with the Applicable Procedures and the Restricted Notes Legend 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 for exchange or registration of transfers. Such written certification shall no longer be required after the expiration of the Distribution Compliance Period. 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. 

(iii) Upon the expiration of the Distribution Compliance Period, beneficial interests in the Regulation S Global Note may be exchanged
for beneficial interests in an Unrestricted Global Note upon certification in the form provided on the reverse side of the Form of Note in Exhibit A for an exchange from a Regulation S Global Note to an Unrestricted Global Note. 

(iv) Beneficial interests in a Transfer Restricted Note that is a Rule 144A Global Note or an IAI Global Note may be exchanged for beneficial
interests in an Unrestricted Global Note if the Holder certifies in writing to the Registrar that its request for such exchange is in respect of a transfer made in reliance on Rule 144 (such certification to be in the form set forth on the reverse
side of the Form of Note in Exhibit A) and/or upon delivery of such legal opinions, certifications and other information as the Company or the Trustee may reasonably request. 

(v) If no Unrestricted Global Note is outstanding at the time of a transfer contemplated by the preceding clauses (iii) and (iv), the
Company shall issue and the Trustee shall authenticate, upon an Authentication Order, a new Unrestricted Global Note in the appropriate principal amount. 

(e) Legends. 

(i) Except as permitted by Section 2.2(d), this Section 2.2(e) and Section 2.2(i) of this Appendix A, 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”): 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR
ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: SIX MONTHS AFTER THE LATER OF
THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY 

  
 A-5 

 
ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY)] [IN THE CASE OF REGULATION S
NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN
DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT,
(C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE
UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED
INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF SECURITIES OF AT LEAST $250,000 OR (F) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE CASE OF REGULATION S NOTES: BY ITS
ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.]

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

  
 A-6 

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 Each Note shall bear the following additional legend
(“ERISA Legend”): 
 BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND
WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY 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 PROVISIONS UNDER 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”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR
ARRANGEMENT (EACH OF THE FOREGOING, A “PLAN”), OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY (INCLUDING ANY INTEREST THEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 
 (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 Restricted Notes Legend and the Definitive Notes Legend 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 is in respect of a transfer made in reliance on Rule 144 (such certification to be in the form
set forth on the reverse side of the Form of Note in Exhibit A) and provides such legal opinions, certifications and other information as the Company or the Trustee may reasonably request. 

(iii) Any Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend. 

  
 A-7 

 (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 Registrar (if it is then the Custodian for such Global Note) with respect to such
Global Note, by the Registrar or the Custodian, to reflect such reduction. 
 (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 imposed in connection
with any registration of transfer or exchange, but the Holders shall be required to pay any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon
exchange or transfer pursuant to Sections 2.10, 3.06, 4.14, 4.15 and 9.04 of this Indenture). 
 (iii) Prior to the due presentation
for registration of transfer of any Note, the Company, 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, premium, if any, and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, 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. 
 (v) In order to
effect any transfer or exchange of an interest in any Transfer Restricted Note for an interest in a Note that does not bear the Restricted Notes Legend and has not been registered under the Securities Act, if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel, in form reasonably acceptable to the Registrar to the effect that no registration under the Securities Act is required in respect of such exchange or transfer or the re-sale of such interest
by the beneficial holder thereof, shall be required to be delivered to the Registrar and the Trustee. 
 (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. 

  
 A-8 

 (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. 
 Section 2.3 Definitive Notes. 

(a) A Global Note deposited with the Depositary or with the Trustee as Custodian pursuant to Section 2.1 may 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 2.2 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 or after the Company becomes aware of such cessation, (ii) an Event of Default has occurred and is continuing and the Registrar has received a
request from the Depository 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 2.3 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 2.3 shall be executed, authenticated and delivered only in minimum denominations of $2,000 and integral multiples of $1,000 in
excess thereof and registered in such names as the Depositary shall direct. Any Definitive Note delivered in exchange for an interest in a Global Note that is a Transfer Restricted Note shall, except as otherwise provided by Section 2.2(e) of
this Appendix A, bear the Restricted Notes Legend. 
 (c) 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 2.3(a) 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. 

  
 A-9 

 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, if applicable, pursuant to the provisions of the Indenture.] 

  
 A-1 

 CUSIP
[                ] 
 ISIN
[                ]1 

[RULE 144A][REGULATION S] GLOBAL NOTE 

6.875% Senior Notes due 2026 
 No. [RA-
    ] [RS-     ] [RIAI-     ] 
 [Up to]2 [$ ] 
 SCHWEITZER-MAUDUIT INTERNATIONAL, INC. 

promises to pay to [CEDE & CO.]3
[            ] or registered assigns the principal sum [set forth on the Schedule of Exchanges of Interests in the Global Note attached
hereto]4 [of $         (
            Dollars)]5 on October 1, 2026. 

Interest Payment Dates: April 1 and October 1 
 Record
Dates: March 15 and September 15 
  

	1 	 Rule 144A Note CUSIP: 808541 AA4 
Rule 144A Note ISIN: US808541AA42 
Regulation S Note CUSIP: U8068M AA8

Regulation S Note ISIN: USU8068MAA81 
IAI Note CUSIP: 808541 AB2 
IAI Note ISIN: US808541AB25 

	2 	 Include in Global Notes. 

	3 	 Include in Global Notes. 

	4 	 Include in Global Notes. 

	5 	 Include in Definitive Notes. 

  
 A-2 

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

 

							
	Dated:	 		 	SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
				
		 		 	 By:
	 	 
		 		 		 	Name:
		 		 		 	Title:

  
 A-3 

 CERTIFICATE OF AUTHENTICATION 

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

 

			
	WILMINGTON TRUST, National Association, as Trustee
		
	By:	 	 
		 	Authorized Signatory

 Dated: 

  
 A-4 

 [Reverse Side of Note] 

6.875% Senior Notes due 2026 

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

1. INTEREST. Schweitzer-Mauduit International, Inc., a Delaware corporation (the “Company”), promises to pay interest on the
principal amount of this Note at 6.875% per annum until but excluding maturity. The Company shall pay interest semi-annually in arrears on April 1 and October 1 of each year, or if any such day is not a Business Day, on the next
succeeding Business Day (each, an “Interest Payment Date”). 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 [•]; provided
that the first Interest Payment Date shall be [•]. The Company shall 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 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 periods) from time to
time on demand at the interest rate on the Notes to the extent lawful. 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 the Notes to the Persons who are registered holders of Notes at the close of business
on the March 15 or September 15 (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
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 the Company or the Paying Agent at least five Business Days
prior to the applicable payment date. Such payment shall be in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. 

3. PAYING AGENT AND REGISTRAR. Initially, Wilmington Trust, National Association, the Trustee under the Indenture, shall act as Paying Agent
and 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 September 25, 2018 (as amended or supplemented from time to
time, the “Indenture”), among the Company, the Guarantors named therein and the Trustee. This Note is one of a duly authorized issue of notes of the Company designated as its 6.875% Senior Notes due 2026. The Company shall be
entitled to issue Additional Notes pursuant to Section 2.01 and 4.09 of the Indenture. The Notes and any Additional Notes issued under the Indenture shall be treated as a single class of securities under the Indenture. The terms of the Notes
include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. Any term used in this Note that is defined in the Indenture shall have the meaning assigned to
it in 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. 

  
 A-5 

 5. REDEMPTION AND REPURCHASE. The Notes are subject to optional redemption, and may be the
subject of an Offer to Purchase, 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 minimum 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 and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents in connection with a transfer of Notes, 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 or tendered for repurchase in connection with an Offer to Purchase, except for the unredeemed portion of any Note being redeemed or repurchased in part. 

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 provisions in the
Indenture, the Note Guarantees or the Notes may be waived, in each case, as provided in the Indenture. 
 9. DEFAULTS AND REMEDIES. The
Events of Default relating to the Notes are defined in Section 6.01(a) 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. 

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: 

  
 A-6 

 c/o Schweitzer-Mauduit International, Inc. 

100 North Point Center East, Suite 600 

Alpharetta, Georgia 30022 
 Fax No.:
(770) 569-4275 
 Email: rnunez@swmintl.com and sshell@swmintl.com 

Attention: General Counsel and the Controller 

  
 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 TRANSFERS 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 a Global Note
held by the Depositary a Note or Notes in definitive, registered form of authorized denominations and 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 subsidiary thereof; 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, as amended (the “Securities Act”); or
			
	(4)	  	☐	 	to a Person that the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) that purchases for its own account or for
the account of a qualified institutional buyer and to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A; or
			
	(5)	  	☐	 	pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation S under the Securities Act (and if the transfer is being made prior to the expiration of the Distribution
Compliance Period, the Notes shall be held immediately thereafter through Euroclear or Clearstream); or
			
	(6)	  	☐	 	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter containing certain representations and
agreements; or
			
	(7)	  	☐	 	pursuant to Rule 144 under the Securities Act; or
			
	(8)	  	☐	 	pursuant to another available exemption from registration under the Securities Act.

 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), (6), (7) or (8) is checked, the Company or the Trustee may require, prior

  
 A-9 

 
to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Company or the Trustee 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. 
  

									
					
		 		 		 		 	 
		 		 		 		 	Your Signature
					
	Date:	 	 	 		 		 	 
		 		 		 		 	Signature of Signature Guarantor

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

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it
has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

											
	Dated:	 	 	 		 	 
		 		 		 		 	NOTICE:	 	To be executed by an executive officer
		 		 		 		 	Name:	 	
		 		 		 		 	Title:	 	
	Signature Guarantee*:	 	 	 	

  

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

  
 A-10 

 TO BE COMPLETED IF THE HOLDER REQUIRES AN EXCHANGE FROM A REGULATION S GLOBAL NOTE TO AN
UNRESTRICTED GLOBAL NOTE, PURSUANT TO SECTION 2.2(d)(iii) OF APPENDIX A TO THE INDENTURE 
 The undersigned represents and warrants that either:

  

	☐	 the undersigned is not a dealer (as defined in the Securities Act) and is a non-U.S. person (within the meaning
of Regulation S under the Securities Act); or 

  

	☐	 the undersigned is not a dealer (as defined in the Securities Act) and is a U.S. person (within the meaning of
Regulation S under the Securities Act) who purchased interests in the Notes pursuant to an exemption from, or in a transaction not subject to, the registration requirements under the Securities Act; or 

 

	☐	 the undersigned is a dealer (as defined in the Securities Act) and the interest of the undersigned in this Note
does not constitute the whole or a part of an unsold allotment to or subscription by such dealer for the Notes. 

  

					
	
Dated:                  
                                         
              
	  		  	  

		  		  	Your Signature

  
 A-11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.14 or Section 4.15 of the Indenture, check the
appropriate box below: 
 [    ]
Section 4.14                 [    ] Section 4.15 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.14 or Section 4.15 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-12 

 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 Note or
Definitive Note for an interest in this Global Note, have been made: 
  

																	
	 Date of Exchange
	  	Amount of decrease
in Principal Amount of
this Global Note	 	  	Amount of
increase
in Principal
Amount of
this
Global Note	 	  	Principal
Amount of
this Global
Note
following
such
decrease or
increase	 	  	Signature of
authorized signatory
of Trustee,
Depositary or
Custodian	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  

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

  
 A-13 

 EXHIBIT B 

FORM OF 
 TRANSFEREE LETTER OF
REPRESENTATION 
 Schweitzer-Mauduit International, Inc. 
 100
North Point Center East, Suite 600 
 Alpharetta, Georgia 30022 

Fax No.: (770) 569-4275 
 Email: rnunez@swmintl.com
and sshell@swmintl.com 
 Attention: General Counsel and the Controller 

Ladies and Gentlemen: 
 This certificate is
delivered to request a transfer of $[                    ] principal amount of the 6.875% Senior Notes due 2026 (the “Notes”)
of Schweitzer-Mauduit International, Inc. (the “Company”). 
 Upon transfer, the Notes would be registered in the name of
the new beneficial owner as follows: 
  

			
	Name: 	  	  

			
	 Address: 
	  	  

			
	 Taxpayer ID Number: 
	  	  

 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act
of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are acquiring the Notes,
for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the
merits and risks of our investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its
investment. 
 2. We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold
except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of
the date of original issue and the last date on which the Company or any affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only in accordance with the
Restricted Notes Legend (as such term is defined in the indenture under which the Notes were issued) on the Notes and any applicable securities laws of any state of the United States. The foregoing restrictions on resale will not apply subsequent to
the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the
transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2),
(3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right
prior to 

  
 B-1 

 
the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes with respect to applicable transfers described in the Restricted Notes Legend to require the
delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee. 
  

					
	TRANSFEREE:  	 	                                    
                    ,

 
									
			
		 	by: 	 	 

  
 B-2 

 EXHIBIT C 

FORM OF SUPPLEMENTAL INDENTURE 
TO BE DELIVERED BY SUBSEQUENT GUARANTORS 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
[                    ] [        ], 20[        ],
among                             (the “Guaranteeing Subsidiary”), a subsidiary of
Schweitzer-Mauduit International, Inc., a Delaware corporation (the “Company”), and Wilmington Trust, National Association, as trustee (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
each of the Company and the Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of September 25, 2018, providing for the
issuance of an unlimited aggregate principal amount of 6.875% Senior Notes due 2026 (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. Notices. All notices or other communications to the
Guaranteeing Subsidiary shall be given as provided in Section 12.01 of the Indenture. 
 4. Trustee Makes No Representation. 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. 
 5. Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 
 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, THE NOTE GUARANTEES OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. 

  
 C-1 

 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. 
 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. 

  
 C-2 

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

			
	 [NAME OF GUARANTEEING SUBSIDIARY]

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	
	 WILMINGTON TRUST, NATIONAL

ASSOCIATION, as Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  
 C-3EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

 
 

 
 CREDIT AGREEMENT 

dated as of 
 September 25,
2018 
 among 

SCHWEITZER-MAUDUIT INTERNATIONAL, INC. 

and 
 SWM LUXEMBOURG, 

as Borrowers, 
 The Lenders Party
Hereto, 
 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent, 
 JPMORGAN
CHASE BANK, N.A., 
 BARCLAYS BANK PLC, 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

SUNTRUST ROBINSON HUMPHREY, INC., and 

AGFIRST FARM CREDIT BANK, 
 as
Joint Bookrunners and Joint Lead Arrangers, 
 and 

BARCLAYS BANK PLC, 
 MERRILL LYNCH,
PIERCE, FENNER & SMITH INCORPORATED, 
 SUNTRUST BANK, and 

AGFIRST FARM CREDIT BANK, 
 as Co-Syndication Agents 
  
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I Definitions
	  	 	1	 
		
	 SECTION 1.01. Defined Terms
	  	 	1	 
	 SECTION 1.02. Classification of Loans and Borrowings
	  	 	37	 
	 SECTION 1.03. Terms Generally
	  	 	37	 
	 SECTION 1.04. Accounting Terms; GAAP
	  	 	38	 
	 SECTION 1.05. Interest Rates
	  	 	38	 
	 SECTION 1.06. Currency Equivalents
	  	 	38	 
	 SECTION 1.07. Limited Condition Acquisitions
	  	 	39	 
	 SECTION 1.08. Luxembourg Terms
	  	 	39	 
		
	 ARTICLE II The Credits
	  	 	40	 
		
	 SECTION 2.01. Commitments
	  	 	40	 
	 SECTION 2.02. Loans and Borrowings
	  	 	40	 
	 SECTION 2.03. Requests for Borrowings
	  	 	41	 
	 SECTION 2.04. Reserved
	  	 	42	 
	 SECTION 2.05. Swingline Loans
	  	 	42	 
	 SECTION 2.06. Letters of Credit
	  	 	43	 
	 SECTION 2.07. Funding of Borrowings
	  	 	48	 
	 SECTION 2.08. Interest Elections
	  	 	48	 
	 SECTION 2.09. Termination, Reduction and Increase of Commitments
	  	 	50	 
	 SECTION 2.10. Repayment of Loans; Evidence of Debt
	  	 	52	 
	 SECTION 2.11. Prepayment of Loans
	  	 	53	 
	 SECTION 2.12. Fees
	  	 	54	 
	 SECTION 2.13. Interest
	  	 	55	 
	 SECTION 2.14. Alternate Rate of Interest
	  	 	56	 
	 SECTION 2.15. Increased Costs.
	  	 	57	 
	 SECTION 2.16. Break Funding Payments
	  	 	58	 
	 SECTION 2.17. Withholding of Taxes; Gross-Up
	  	 	59	 
	 SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	  	 	63	 
	 SECTION 2.19. Mitigation Obligations; Replacement of Lenders
	  	 	65	 
	 SECTION 2.20. Defaulting Lenders
	  	 	66	 
	 SECTION 2.21. Extension of Maturity Date
	  	 	68	 
		
	 ARTICLE III Representations and Warranties
	  	 	70	 
		
	 SECTION 3.01. Organization; Powers
	  	 	70	 
	 SECTION 3.02. Authorization; Enforceability
	  	 	70	 
	 SECTION 3.03. Governmental Approvals; No Conflicts
	  	 	71	 
	 SECTION 3.04. Financial Condition; No Material Adverse Change
	  	 	71	 
	 SECTION 3.05. Properties
	  	 	71	 
	 SECTION 3.06. Litigation and Environmental Matters
	  	 	71	 
	 SECTION 3.07. Compliance with Laws
	  	 	72	 
	 SECTION 3.08. Investment Company Status
	  	 	72	 
	 SECTION 3.09. Taxes
	  	 	72	 
	 SECTION 3.10. ERISA
	  	 	72	 
	 SECTION 3.11. Disclosure
	  	 	72	 
	 SECTION 3.12. Subsidiaries
	  	 	72	 

  
 i 

					
	 SECTION 3.13. [Reserved]
	  	 	72	 
	 SECTION 3.14. Labor Relations
	  	 	73	 
	 SECTION 3.15. EEA Financial Institutions
	  	 	73	 
	 SECTION 3.16. Plan Assets; Prohibited Transactions
	  	 	73	 
	 SECTION 3.17. Margin Regulations
	  	 	73	 
	 SECTION 3.18. Solvency
	  	 	73	 
	 SECTION 3.19. Insurance
	  	 	73	 
	 SECTION 3.20. Common Enterprise
	  	 	73	 
	 SECTION 3.21. Foreign Borrower
	  	 	74	 
	 SECTION 3.22. Compliance with Domiciliation Law
	  	 	74	 
	 SECTION 3.23. Anti-Corruption Laws and Sanctions
	  	 	74	 
	 SECTION 3.24. COMI
	  	 	74	 
	 SECTION 3.25. Security Interest in Collateral
	  	 	74	 
	 SECTION 3.26. Status of SWM Luxembourg
	  	 	75	 
	 SECTION 3.27. Beneficial Ownership
	  	 	75	 
		
	 ARTICLE IV Conditions
	  	 	75	 
		
	 SECTION 4.01. Effective Date
	  	 	75	 
	 SECTION 4.02. Each Credit Event
	  	 	77	 
		
	 ARTICLE V Affirmative Covenants
	  	 	78	 
		
	 SECTION 5.01. Financial Statements and Other Information
	  	 	79	 
	 SECTION 5.02. Notices of Material Events
	  	 	80	 
	 SECTION 5.03. Existence; Conduct of Business
	  	 	80	 
	 SECTION 5.04. Payment of Taxes
	  	 	80	 
	 SECTION 5.05. Maintenance of Properties; Insurance
	  	 	81	 
	 SECTION 5.06. Books and Records; Inspection Rights
	  	 	81	 
	 SECTION 5.07. Compliance with Laws
	  	 	81	 
	 SECTION 5.08. Use of Proceeds and Letters of Credit
	  	 	81	 
	 SECTION 5.09. Further Assurances; Additional Borrowers
	  	 	82	 
	 SECTION 5.10. OFAC
	  	 	84	 
	 SECTION 5.11. [Reserved]
	  	 	84	 
	 SECTION 5.12. Centre of Main Interest
	  	 	84	 
	 SECTION 5.13. Post Closing Matters
	  	 	84	 
	 SECTION 5.14. Designation of Subsidiaries
	  	 	84	 
		
	 ARTICLE VI Negative Covenants
	  	 	85	 
		
	 SECTION 6.01. Indebtedness
	  	 	85	 
	 SECTION 6.02. Liens
	  	 	88	 
	 SECTION 6.03. Fundamental Changes
	  	 	89	 
	 SECTION 6.04. Dispositions
	  	 	90	 
	 SECTION 6.05. Investments, Loans, Advances, Guarantees and Acquisitions
	  	 	91	 
	 SECTION 6.06. Swap Agreements
	  	 	93	 
	 SECTION 6.07. Restricted Payments
	  	 	93	 
	 SECTION 6.08. Transactions with Affiliates
	  	 	94	 
	 SECTION 6.09. Restrictive Agreements
	  	 	95	 
	 SECTION 6.10. Amendment of Organizational Documents
	  	 	96	 
	 SECTION 6.11. Financial Covenants
	  	 	96	 
	 SECTION 6.12. Prepayments of Junior Indebtedness
	  	 	96	 

  
 ii 

					
	 SECTION 6.13. Use of Proceeds
	  	 	97	 
		
	 ARTICLE VII Events of Default
	  	 	97	 
		
	 SECTION 7.01. Events of Default
	  	 	97	 
	 SECTION 7.02. Application of Payments
	  	 	100	 
		
	 ARTICLE VIII The Administrative Agent
	  	 	102	 
		
	 SECTION 8.01. Authorization and Action
	  	 	102	 
	 SECTION 8.02. Administrative Agent’s Reliance, Indemnification, Etc.
	  	 	104	 
	 SECTION 8.03. Posting of Communications
	  	 	105	 
	 SECTION 8.04. The Administrative Agent Individually
	  	 	106	 
	 SECTION 8.05. Successor Administrative Agent
	  	 	106	 
	 SECTION 8.06. Acknowledgements of Lenders and Issuing Banks
	  	 	107	 
	 SECTION 8.07. Collateral Matters
	  	 	108	 
	 SECTION 8.08. Credit Bidding
	  	 	108	 
	 SECTION 8.09. Certain ERISA Matters
	  	 	109	 
		
	 ARTICLE IX Miscellaneous
	  	 	110	 
		
	 SECTION 9.01. Notices
	  	 	110	 
	 SECTION 9.02. Waivers; Amendments
	  	 	112	 
	 SECTION 9.03. Expenses; Indemnity; Damage Waiver
	  	 	114	 
	 SECTION 9.04. Successors and Assigns
	  	 	116	 
	 SECTION 9.05. Survival
	  	 	121	 
	 SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution
	  	 	121	 
	 SECTION 9.07. Severability
	  	 	121	 
	 SECTION 9.08. Right of Setoff
	  	 	121	 
	 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process
	  	 	122	 
	 SECTION 9.10. WAIVER OF JURY TRIAL
	  	 	123	 
	 SECTION 9.11. Headings
	  	 	123	 
	 SECTION 9.12. Confidentiality
	  	 	123	 
	 SECTION 9.13. Material Non-Public Information
	  	 	124	 
	 SECTION 9.14. Interest Rate Limitation
	  	 	124	 
	 SECTION 9.15. No Fiduciary Duty, etc.
	  	 	124	 
	 SECTION 9.16. USA PATRIOT Act
	  	 	125	 
	 SECTION 9.17. Judgment Currency
	  	 	125	 
	 SECTION 9.18. Acknowledgement and Consent to Bail-In of
EEA Financial Institutions
	  	 	126	 
		
	 ARTICLE X Loan Guaranty
	  	 	126	 
		
	 SECTION 10.01. Guaranty
	  	 	126	 
	 SECTION 10.02. Guaranty of Payment
	  	 	127	 
	 SECTION 10.03. No Discharge or Diminishment of Loan Guaranty
	  	 	127	 
	 SECTION 10.04. Defenses Waived
	  	 	127	 
	 SECTION 10.05. Rights of Subrogation
	  	 	128	 
	 SECTION 10.06. Reinstatement; Stay of Acceleration
	  	 	128	 
	 SECTION 10.07. Information
	  	 	128	 
	 SECTION 10.08. Termination
	  	 	128	 
	 SECTION 10.09. Taxes
	  	 	128	 
	 SECTION 10.10. Maximum Liability
	  	 	129	 
	 SECTION 10.11. Liability Cumulative
	  	 	129	 
	 SECTION 10.12. Keepwell
	  	 	129	 

  
 iii 

 SCHEDULES: 
  

			
	Schedule 2.01A –	  	Commitments
	Schedule 2.01B –	  	Swingline Commitments
	Schedule 2.01C –	  	Letter of Credit Commitments
	Schedule 3.06 –	  	Disclosed Matters
	Schedule 3.12 –	  	Subsidiaries
	Schedule 3.19 –	  	Insurance
	Schedule 5.13 –	  	Post Closing Matters
	Schedule 6.01 –	  	Existing Indebtedness
	Schedule 6.02 –	  	Existing Liens
	Schedule 6.05 –	  	Existing Investments
	Schedule 6.08 –	  	Transactions with Affiliates

 EXHIBITS: 
  

			
	Exhibit A –	  	Form of Assignment and Assumption
	Exhibit B –	  	Form of Borrowing Request
	Exhibit C –	  	Form of Interest Election Request
	Exhibit D –	  	Form of Compliance Certificate
	Exhibit E-1 –	  	U.S. Tax Certificate (For Non-U.S. Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit E-2 –	  	U.S. Tax Certificate (For Non-U.S. Lenders that are Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit E-3 –	  	U.S. Tax Certificate (For Non-U.S. Participants that are not Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit E-4 –	  	U.S. Tax Certificate (For Non-U.S. Participants that are Partnerships for U.S. Federal Income Tax Purposes)

  

  
 iv 

 CREDIT AGREEMENT 

CREDIT AGREEMENT, dated as of September 25, 2018 (as it may be amended, restated, modified, extended or supplemented from time to time,
this “Agreement”) by and among SCHWEITZER-MAUDUIT INTERNATIONAL, INC., a Delaware corporation (“Parent” or “U.S. Borrower”), SWM LUXEMBOURG, a Luxembourg private limited
liability company (société à responsabilité limitée), having its registered office at 17, rue Edmond Reuter, L-5326 Contern, Grand-Duchy of Luxembourg and registered
with the Luxembourg Register of Commerce and Companies (Registre de Commerce et des Sociétés, Luxembourg) under number B 180.186 (“SWM Luxembourg” and, together with U.S. Borrower, the
“Borrowers” and, individually, each a “Borrower”), the Lenders (as defined below) that are from time to time a party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent, JPMORGAN CHASE BANK,
N.A., BARCLAYS BANK PLC, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, SUNTRUST ROBINSON HUMPHREY, INC., and AGFIRST FARM CREDIT BANK, as Joint Lead Arrangers and Joint Bookrunners, and BARCLAYS BANK PLC, MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED, SUNTRUST BANK, and AGFIRST FARM CREDIT BANK, as Co-Syndication Agents. 

R E C I T A L S: 

WHEREAS, simultaneously with the execution of this Agreement, the Borrowers intend to refinance in full and terminate the outstanding
obligations under the Existing Credit Agreement (as defined below); 
 WHEREAS, the Borrowers have requested that the Lenders provide
Commitments of (i) $500,000,000 in the aggregate to be available for Revolving Loans and Swingline Loans to the Borrowers and Letters of Credit issued for the account of the Borrowers, and (ii) $200,000,000 in the aggregate for Term Loans; and

 WHEREAS, the applicable Lenders have indicated their willingness to lend and the Issuing Bank has indicated its willingness to so issue
Letters of Credit, in each case, on the terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, in consideration of the
foregoing Recitals and the mutual covenants set forth below, and intending to be legally bound, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

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

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, bear interest at a rate determined by reference to the Alternate Base Rate. 
 “Acquisition Expenses”
means fees, costs and expenses related to any Permitted Acquisition or Investment permitted hereunder. 
 “Adjusted LIBO
Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied
by (b) the Statutory Reserve Rate. 

 “Administrative Agent” means JPMorgan Chase Bank, N.A. in its
capacity as administrative agent for the Lenders hereunder. 
 “Administrative Questionnaire” means an
Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Adverse Tax Ruling” means a final
ruling by the Supreme Court of Brazil against the taxpayer, SWM Brazil, and in favor of the applicable tax authorities regarding either one or more assessments by the tax authorities of the State of Rio de Janeiro for Imposto sobre
Circulação de Mercadorias e Serviços for the period January 1995 through November 2017. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agent
Indemnitee” has the meaning assigned to such term in Section 9.03(c). 
 “Agreement” has the
meaning set forth in the Preamble. 
 “AHYDO Catch-Up Payment” means any
payment with respect to any obligations of the Loan Parties and their Restricted Subsidiaries, including subordinated debt obligations, in each case to avoid the application of Section 163(e)(5) of the Code. 

“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 NYFRB Rate in effect on such day plus  1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such
day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that for the purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen
Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate
shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to
Section 2.14 hereof, then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as so determined
would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 “Anti-Corruption
Laws” means any provision (including any rules and regulations promulgated thereunder) of the U.S. Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act 2010, or similar anti-bribery or anti-corruption laws of a
jurisdiction in which the Parent or any of its Subsidiaries conduct their business and to which they are lawfully subject. 

“Applicable Party” has the meaning assigned to such term in Section 8.03(c). 

“Applicable Percentage” means, with respect to any Revolving Lender, the percentage of the total Revolving Commitments
represented by such Revolving Lender’s Revolving Commitment; provided that in the case of Section 2.20 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the
total Revolving Commitments (disregarding any Defaulting Lender’s Revolving Commitment) represented by such Lender’s Revolving Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentages shall be
determined based upon the Revolving Commitments most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination. 

  
 2 

 “Applicable Rate” means, for any day, with respect to any
ABR Loan or Eurodollar Revolving Loan, or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurodollar Revolving Loans Spread and Letter of
Credit Fees”, “ABR Revolving Loans Spread”, “ Eurodollar Term Loans Spread”, “ABR Term Loans Spread” or “Commitment Fee Rate”, as the case may be, based upon the Borrowers’ Net Debt to EBITDA
Ratio as of the most recent determination date: 
  

																							
	 Level:
	  	 Net Debt to

EBITDA Ratio
	  	Eurodollar
Revolving
Loans Spread
and Letter of
Credit Fees	 	 	ABR
Revolving
Loans
Spread	 	 	Eurodollar
Term Loans
Spread	 	 	ABR
Term
Loans
Spread	 	 	Commitment
Fee Rate	 
	I	  	 Greater than or equal to

4.00 to 1.00
	  	 	2.25	% 	 	 	1.25	% 	 	 	2.50	% 	 	 	1.50	% 	 	 	0.40	% 
	II	  	 Greater than or equal to

3.25 to 1.00 but less than
 4.00 to
1.00
	  	 	2.00	% 	 	 	1.00	% 	 	 	2.25	% 	 	 	1.25	% 	 	 	0.35	% 
	III	  	 Greater than or equal to

2.50 to 1.00 but less than 3.25 to 1.00
	  	 	1.75	% 	 	 	0.75	% 	 	 	2.00	% 	 	 	1.00	% 	 	 	0.30	% 
	IV	  	 Greater than or equal to

1.75 to 1.00 but less than 2.50 to 1.00
	  	 	1.50	% 	 	 	0.50	% 	 	 	1.75	% 	 	 	0.75	% 	 	 	0.25	% 
	V	  	 Greater than or equal to

1.00 to 1.00 but less than 1.75 to 1.00
	  	 	1.25	% 	 	 	0.25	% 	 	 	1.50	% 	 	 	0.50	% 	 	 	0.20	% 
	VI	  	Less than 1.00 to 1.00	  	 	1.00	% 	 	 	0.0	% 	 	 	1.25	% 	 	 	0.25	% 	 	 	0.15	% 

 For purposes of the foregoing, (a) until the delivery to the Administrative Agent of the annual or
quarterly consolidated financial statements delivered pursuant to Section 5.01 and corresponding compliance certificate of the Parent for the first fiscal quarter following the Effective Date, the Applicable

  
 3 

 
Rate shall be deemed to be the applicable rate in Level III set forth above, (b) the Applicable Rate shall be determined as of the end of each fiscal quarter of Parent based upon
Parent’s annual or quarterly consolidated financial statements delivered pursuant to Section 5.01 and (c) each change in the Applicable Rate resulting from a change in the Net Debt to EBITDA Ratio shall be
effective during the period commencing on and including the date of delivery to the Administrative Agent of such consolidated financial statements indicating such change and ending on the date immediately preceding the effective date of the next
such change; provided that, the Net Debt to EBITDA Ratio shall be deemed to be at Level I set forth above (A) at any time that an Event of Default has occurred and is continuing or (B) if the Borrowers fail to deliver the annual or
quarterly consolidated financial statements required to be delivered by them pursuant to Section 5.01, during the period from the expiration of the time for delivery thereof until such consolidated financial statements are
delivered. 
 In the event that any financial statement or certification delivered pursuant to Section 5.01 is
shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Rate for any period (an
“Applicable Period”) than the Applicable Rate applied for such Applicable Period, (i) Parent shall immediately (a) deliver to the Administrative Agent a corrected compliance certificate for such Applicable Period
and (b) determine the Applicable Rate for such Applicable Period based upon the corrected compliance certificate, and (ii) the applicable Borrower shall immediately pay to the Administrative Agent for the benefit of the Lenders the accrued
additional interest and other fees owing as a result of such increased Applicable Rate for such Applicable Period, which payment shall be promptly distributed by the Administrative Agent to the Lenders entitled thereto. 

“Approved Electronic Platform” has the meaning assigned to such term in Section 8.03(a). 

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

“Arranger” means any of JPMorgan Chase Bank, N.A., Barclays Bank PLC, Merrill Lynch, Pierce, Fenner & Smith
Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services
or related businesses may be transferred following the date of this Agreement), SunTrust Robinson Humphrey, Inc., and AgFirst Farm Credit Bank in their capacity as joint bookrunners and joint arrangers hereunder. 

“Asset Disposition” means any sale, transfer, lease (other than an operating lease entered into in the ordinary course
of business) or other disposition of any properties or assets of any Borrower or any of its Restricted Subsidiaries (including, without limitation, pursuant to a Sale and Leaseback Transaction, any such sale, transfer or disposition of Equity
Interests and any disposition of property to a Delaware Divided LLC pursuant to a Delaware LLC Division) in a single transaction or in a series of related transactions, other than Excluded Asset Dispositions. 

“Asset Swap” means an exchange (or concurrent purchase and sale) of property, plant, equipment or other assets
(excluding working capital or current assets) of Parent or any of its Restricted Subsidiaries for Related Business Assets of another Person. 

“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. 

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the
Revolving Maturity Date and the date of termination of the Revolving Commitments. 

  
 4 

 “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. 
 “Banking Services” means each and any of
the following bank services provided to any Loan Party or any of their Subsidiaries by any Lender or any Affiliate thereof at the time of making or entering into such Banking Services (or any Banking Services in existence as of the Effective Date):
(a) credit cards for commercial customers (including, without limitation, “commercial credit cards” and purchasing cards), (b) stored value cards, (c) merchant processing services, and (d) treasury management services (including,
without limitation, controlled disbursement, concentration, automated clearinghouse transactions, return items, any direct debit scheme or arrangement, overdrafts and interstate depository network services). 

“Banking Services Obligations” means any and all obligations of the Loan Parties or its Subsidiaries, whether absolute
or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the
Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in
effect, or any successor statute. 
 “Bankruptcy Event” means, with respect to any Person, such Person becomes the
subject of a voluntary or involuntary 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 or has had
any order for relief in such proceeding entered in respect thereof, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental
Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

“Bankruptcy Action” means any proceeding, filing or other action (whether judicial or
non-judicial) seeking a liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership or other similar laws now or hereinafter in effect, or any other
cessation of operations and settlement with creditors. 
 “Benefit Plan” means any of (a) an “employee
benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose
assets include (for purposes of the Plan Asset Regulations 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”. 

  
 5 

 “Borrower” and/or “Borrowers” has the
meaning set forth in the Preamble. 
 “Borrowing” means (a) Revolving Loans of the same Class and 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, (b) Term Loans of the same Class and 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 (c) a Swingline Loan. 
 “Borrowing
Request” means a request by the applicable Borrower for a Revolving Borrowing in accordance with Section 2.03, which shall be, in the case of any such written request, substantially in the form of Exhibit B or any other form
approved by the Administrative Agent. 
 “Brazil Tax Assessment” means those certain tax assessments existing as of
the Effective Date against SWM Brazil by the tax authorities of the State of Rio de Janeiro, Brazil with respect to the transaction tax on the Circulation of Goods and Services for Interstate and Intermunicipal Transportation and Communications
(ICMS) for the period from January 1995 through November 2017. 
 “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, if a determination of a Business Day shall relate to (a) a Eurodollar Loan, the term
“Business Day” shall also exclude any day on which banks are closed for dealings in U.S. Dollar deposits in the London interbank market, (b) an Offshore Currency Loan or Letter of Credit denominated in Euros, or any other
dealings in Euros to be carried out pursuant to this Agreement, the term “Business Day” shall also exclude any day that is not a TARGET Day, (c) any other Loan or Letter of Credit in any Offshore Currency, the term “Business
Day” shall also exclude any day on which dealings in deposits in the relevant Offshore Currency are not conducted by and between banks in the applicable offshore interbank market for such Offshore Currency and (d) any Foreign Borrower, the
term “Business Day” shall also exclude any day on which banks in the Grand-Duchy of Luxembourg are authorized or required by law to remain closed. 

“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 or financing 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 the acquisition of ownership, directly or indirectly, beneficially or of record, by any
Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the
issued and outstanding Equity Interests of Parent. 
 “Change in Law” means the occurrence after the date of this
Agreement or, with respect to any Lender, such later date on which such Lender becomes a party to this Agreement) of (a) the adoption of or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation
or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) compliance by any Lender or Issuing Bank (or, for purposes of Section 2.15(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;
provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in the
implementation thereof and 

  
 6 

 
(y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States or foreign regulatory authorities, in each case pursuant to Basel III, shall, in each case, be deemed to be a “Change in Law,” regardless of the date enacted, adopted, issued or implemented. 

“Charges” has the meaning assigned to such term in Section 9.14. 

“Class” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are U.S. Revolving Loans, EUR Revolving Loans, Term Loans, or Swingline Loans. 
 “Code” means the
Internal Revenue Code of 1986, as amended. 
 “Collateral” means any and all personal property owned, leased or
operated by any Loan Party, now existing or hereafter acquired, that may at any time be, become or be intended to be, subject to a security interest or Lien in favor of the Administrative Agent, on behalf of itself and the Lenders and other Secured
Parties, to secure the Secured Obligations; provided, however, that Collateral shall not include the Excluded Assets. 

“Collateral Documents” means, collectively, the Security Agreement, the Pledge Agreement and any other agreements,
instruments and documents executed in connection with this Agreement that are intended to create, perfect or evidence Liens to secure the Secured Obligations, including, without limitation, all other security agreements, pledge agreements,
guarantees whether theretofore, now or hereafter executed by any Loan Party and delivered to the Administrative Agent. 

“Commitment” means, with respect to each Lender, such Lender’s Term Loan Commitment and Revolving Commitment, as
applicable. 
 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended
from time to time, and any successor statute. 
 “Communications” has the meaning assigned to such term in
Section 8.03(c). 
 “Computation Date” means (a) each date of a delivery of a Borrowing Request,
(b) with respect to any Letter of Credit, each of the following: (i) each date of a Borrower’s delivery of a request for the issuance of a Letter of Credit, (ii) each date of a Borrower’s request for an amendment of any such
Letter of Credit having the effect of increasing the amount thereof, and (iii) each date of any payment by the Issuing Bank under any Letter of Credit, and (c) the last day of each fiscal quarter. 

“Consolidated Income Tax Expense” means, with respect to Parent and its Restricted Subsidiaries for any period, the
provision for taxes based on income or profits or capital, including, without limitation, federal, state, provincial, local, foreign, unitary, excise, property, franchise and similar taxes and foreign withholding and similar taxes, in each case of
Parent and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP paid or accrued during such period, including any penalties and interest related to such taxes or arising from any tax examinations,
to the extent the same were deducted in computing Net Income. 
 “Consolidated Non-cash
Charges” means, with respect to Parent and its Restricted Subsidiaries for any period, the aggregate depreciation, amortization (including amortization of goodwill, other intangibles, deferred financing fees, debt issuance costs,
commissions, fees and expenses) and other non-cash expenses, charges, losses and other items of Parent and its Restricted Subsidiaries reducing Net Income of Parent and its Restricted Subsidiaries for such
period, determined on a consolidated basis in accordance with GAAP (excluding any charge which requires an accrual of or a reserve for cash charges for any future period). 

  
 7 

 “Consolidated Total Assets” means, as of any date of determination,
the total amount of assets of the U.S. Borrower and its Restricted Subsidiaries or, in the case of Foreign Subsidiaries, the total assets of such Foreign Subsidiaries on an combined basis, determined on a consolidated basis in accordance with GAAP,
as reflected in most recent balance sheet delivered pursuant to Section 5.01(a) or 5.01(b), as applicable. 

“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 Event” has the meaning assigned to such term in Section 4.02. 

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

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or
both would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any Lender that
(a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay
over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith
determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Administrative Agent and Parent 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 and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such
Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (A) a Bankruptcy Event or
(B) a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent
company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. 

“Delaware LLC” means any limited liability company organized or formed under the laws of the State of Delaware. 

“Delaware Divided LLC” means any Delaware LLC which has been formed upon the consummation of a Delaware LLC Division.

  
 8 

 “Delaware LLC Divisions” means the statutory division of any
Delaware LLC into two or more Delaware LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company Act. 

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

 “Domestic Subsidiary” means any direct or indirect Subsidiary of Parent that is organized under the laws of the
United States, any State or commonwealth thereof (not including any territory or possession thereof) or the District of Columbia. 

“EBITDA” means, with respect to Parent and its Restricted Subsidiaries, for any period: 

 

	 	(i)	 the sum of, without duplication, the amounts for such period, taken as a single accounting period, of:

  

	 	(a)	 Net Income; 

  

	 	(b)	 Consolidated Non-cash Charges; 

 

	 	(c)	 Interest Expense to the extent deducted in computing Net Income; 

 

	 	(d)	 Consolidated Income Tax Expense; 

 

	 	(e)	 (i) any net loss from discontinued operations and (ii) any fees, costs, expenses or charges related to any
actual, proposed or contemplated issuance or registration (actual or proposed) of any Equity Interests or any Investment, acquisition, disposition, asset sale, recapitalization, Restricted Payment, or the incurrence or registration (actual or
proposed) of Indebtedness (including a refinancing thereof)(in each case, whether or not consummated or successful), including (x) such fees, expenses or charges related to the offering of the Senior Notes or the entry and maintenance of any
credit facilities, including the Loans hereunder and (y) any amendment, waiver or other modification of the Senior Notes or any documents governing the Senior Notes, the Loan Documents, any other Indebtedness or any offering of Equity
Interests, in each case, whether or not consummated, to the extent the same was deducted in computing Net Income; 

  

	 	(f)	 any costs or expenses incurred by Parent or a Restricted Subsidiary pursuant to any management equity plan or
stock option plan or any other management or employee benefit plan or agreement, any stock subscription or shareholder agreement, to the extent that such costs or expenses are funded with cash proceeds contributed to the capital of Parent or net
cash proceeds of an issuance of Equity Interests of Parent, to the extent the same was deducted in computing Net Income; 

  

	 	(g)	 any (i) restructuring charges, reserves, integration costs or other business optimization expenses or
costs (including charges directly related to implementation of cost-savings initiatives), that are deducted in such period in computing Net Income, including, without limitation, those related to severance, retention, signing bonuses, relocation,
recruiting and other employee related costs, contract termination costs, future lease commitments and costs related to the opening and closure and/or consolidation of facilities, (ii) reduction in costs and other operating improvements,
costs savings and synergies (without duplication) determined by Parent in good faith to be realized as a result of specified actions taken or expected to be taken prior to or 

  
 9 

	 	
during such period (which cost savings, improvements or cost-saving synergies shall be subject only to certification by a Financial Officer of Parent and shall be calculated on a pro forma basis
as though such cost savings, improvements or cost-saving synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period from such actions; provided that (A) such cost
savings, improvements or synergies are reasonably identifiable and factually supportable and (B) such actions have been taken or are expected to be taken within 18 months after the date of determination to take such action and (iii) non-recurring charges or expenses of Parent or its Restricted Subsidiaries or of a company or business acquired by Parent or its Restricted Subsidiaries (in each case, including those relating to
severance, relocation costs and one time compensation charges and any charges or expenses in connection with conforming accounting policies or re-audited, combining or restating financial information) that are
deducted in such period in computing Net Income, in each case, incurred in connection with the purchase or acquisition of such acquired company or business by Parent or its Restricted Subsidiaries; provided, that the aggregate amount added
back pursuant to this clause (g) in any four quarter period shall not exceed 15.0% of EBITDA for such period (calculated prior to giving effect to any increase pursuant to this clause (g)); minus 

 

	 	(ii)	 (a)        (x) net gains from discontinued operations and (y) the
amount of non-recurring gains; 

  

	 	(b)	 an amount equal to any net gain realized by Parent or any of its Restricted Subsidiaries in connection with an
Asset Disposition or Excluded Asset Disposition, to the extent such gains were included in computing Net Income; and 

  

	 	(c)	 the effects of adjustments in any line item in Parent’s consolidated financial statements in such period
pursuant to GAAP resulting from the applicability of purchase accounting; 

 in each case, on a consolidated basis and
determined in accordance with GAAP. In addition to and without limitation of the foregoing, for purposes of this definition and to the extent otherwise provided for in this Agreement, “EBITDA” and “Net Income” (and the component
definitions thereof) shall be calculated after giving effect on a pro forma basis for the period of such calculation, to any Asset Dispositions or other dispositions or asset acquisitions, investments, mergers, consolidations and discontinued
operations (as determined in accordance with GAAP) occurring during any period of four consecutive fiscal quarters (the “Reference Period”), as if such Asset Disposition or other disposition or acquisition of assets,
investment, merger, consolidation or discontinuance of operations occurred on the first day of the Reference Period. For purposes of this definition, pro forma calculations shall be made in the good faith determination of a Financial Officer of
Parent. Any such pro forma calculation may include, without limitation, adjustments calculated in accordance with Regulation S-X under the Securities Act of 1933, as amended. 

“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. 

  
 10 

 “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. 

“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in
accordance with Section 9.02). 
 “Electing Guarantors” means any Excluded Subsidiary that, at the option, and
in the sole discretion, of Parent has been designated a Loan Party and is reasonably acceptable to the Administrative Agent; provided, that no Electing Guarantors shall be re-designated as Excluded
Subsidiaries to the extent an Event of Default has occurred and is continuing. 
 “Electronic Signature” means an
electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. 

“EMU” means the economic and monetary union in accordance with the Treaty of Rome 1957, as amended by the Single
European Act 1986, the Maastricht Treaty of 1992 and the Amsterdam Treaty of 1998. 
 “EMU Legislation” means the
legislative measures of the EMU for the introduction of, changeover to or operation of a single or unified European currency. 

“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 (i) the environment, (ii) preservation or reclamation of natural resources, (iii) the management, release or
threatened release of any Hazardous Material or (iv) health and safety matters. 
 “Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrowers, any Restricted Subsidiary, or solely in respect of Section 9.03(b), any
other 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. 
 “Equipment” shall have the meaning assigned to such term in the New York Uniform
Commercial Code. 
 “Equity Interests” means shares of capital stock, partnership interests, membership interests in
a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest, but excluding any
debt securities convertible into any of the foregoing. 
 “Equivalent Amount” means, whenever this Agreement
requires or permits a determination on any date of the equivalent in any currency (the “base currency”) of an amount expressed in any other currency (the “other currency”), the equivalent amount in such base currency of such
amount expressed in the other currency as determined by the Administrative Agent or Borrowers, as applicable, on such date on the basis of the Spot Rate for the purchase of the base currency with such other currency on the relevant Computation Date
provided for hereunder. 

  
 11 

 “ERISA” means the Employee Retirement Income Security Act of 1974,
as amended from time to time, and the rules and regulations promulgated thereunder. 
 “ERISA Affiliate” means any
trade or business (whether or not incorporated) that, together with any Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or Section 4001(14) of ERISA or, solely for purposes of Section 302 of
ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
 “ERISA
Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived);
(b) the failure to satisfy the “minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or
Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrowers or any of their ERISA Affiliates of any liability under Title IV of ERISA with
respect to the termination of any Plan; (e) the receipt by the Borrowers 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 Borrowers or any of their 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 Borrowers or any ERISA
Affiliate of any notice imposing Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

“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. 

“Euro”, “EUR” and “€” mean the lawful currency of the
Participating Member States introduced in accordance with the EMU Legislation. 
 “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. 

“EUR Revolving Commitment” means, at any time, with respect to each Lender, the commitment, if any, of such Lender to
make EUR Revolving Loans in Euros and to acquire participations in Letters of Credit issued in Euros in connection therewith up to the amount set forth on the Commitment Schedule (or in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable) as such commitment may be reduced or increased from time to time pursuant to (a) Section 2.09 and (b) assignments by or to such Lender pursuant to Section 9.04. The EUR Revolving Commitment
of each EUR Revolving Credit Lender is a sub-commitment of its Revolving Commitment. The initial aggregate amount of the Lenders’ EUR Revolving Commitments is the Equivalent Amount in Euros of
$480,000,000. 
 “EUR Revolving Credit Exposure” means, with respect to any EUR Revolving Credit Lender at any time,
the sum of the Equivalent Amount in U.S. Dollars of the outstanding principal amount of such Lender’s EUR Revolving Loans and its LC Exposure with respect to Letters of Credit issued in Euros at such time. 

  
 12 

 “EUR Revolving Credit Lender” means a Lender with a EUR Revolving
Commitment or, if the EUR Revolving Commitments have terminated or expired, a Lender with EUR Revolving Credit Exposure. 
 “EUR
Revolving Loan” means a Loan made pursuant to Section 2.01(b). 
 “Event of Default” has the
meaning assigned to such term in Section 7.01. 
 “Excluded Assets” means (i) all leasehold interests in
real property, (ii) all fee-owned real property, (iii) interests in partnerships, joint ventures and non-wholly-owned subsidiaries which cannot be pledged
without the consent of one or more third parties pursuant to the applicable partnership, joint venture or shareholders’ agreement (after giving effect to the applicable anti-assignment provisions of the UCC or other applicable law), (iv) Equity
Interests of Immaterial Subsidiaries (except to the extent perfection can be achieved with a UCC-1 financing statement), captive insurance subsidiaries, not-for-profit subsidiaries, special purpose entities and Unrestricted Subsidiaries, (v) Margin Stock (to the extent prohibited by applicable margin regulations to be pledged), (vi) security interests to
the extent the same would result in adverse tax consequences, as reasonably determined by the Borrowers in good faith, (vii) any property and assets the pledge of which would require governmental consent, approval, license or authorization or
is prohibited or restricted by applicable law (after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code or other applicable law), (viii) any lease, license or agreement to the extent that a grant of a security
interest therein would violate or invalidate such lease, license or agreement or create a right of termination in favor of any other party thereto or otherwise require consent thereunder (after giving effect to the applicable anti-assignment
provisions of the Uniform Commercial Code or other applicable law), the assignment of which is expressly deemed effective under the Uniform Commercial Code or other applicable law notwithstanding such prohibition (only so long as such consent has
not been obtained and such prohibition exists and only to the extent prohibition is not created in contemplation of such grant), (ix) motor vehicles, airplanes and other assets subject to certificates of title (except to the extent a security
interest therein can be perfected by the filing of Uniform Commercial Code financing statements), (x) letter of credit rights (other than those constituting supporting obligations of other Collateral) of U.S. Loan Parties below a threshold of
$10,000,000 and commercial tort claims of U.S. Loan Parties below a threshold of $10,000,000, (xi) any “intent-to-use” trademark applications prior to the
filing of a “Statement of Use” or “Amendment to Allege Use” with respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or
enforceability of such intent-to-use trademark application under applicable federal law, (xii) finished goods inventory sold by any Loan Party but the possession of
which is maintained by such Loan Party under any inventory management or similar program, including, but not limited to, any finished goods inventory held at Parent’s Spotswood facility held for Phillip Morris USA, (xiii) any property with
respect to which the Administrative Agent, in its sole discretion, determines that the cost or burden of subjecting such property to a Lien under the Security Documents is disproportionate to the value of the collateral security afforded thereby,
(xiv) except to the extent specifically provided for herein, any property or assets of an Excluded Subsidiary, (xv) Equipment or other assets otherwise constituting Collateral owned by any Loan Party on the date hereof or hereafter
acquired that is subject to a Lien securing purchase money Indebtedness or Capital Lease Obligations permitted to be incurred pursuant to the provisions of this Agreement (including, for the avoidance of doubt, any Indebtedness permitted to be
incurred pursuant to Section 6.01(e)) if the contract or other agreement in which such Lien is granted (or the documentation providing for such purchase money Indebtedness, Capital Lease Obligations or Indebtedness permitted to be incurred
pursuant to Section 6.01(e)) validly prohibits the creation of any other Lien on such Equipment or such other asset, (xvi) any Equity Interests of the type which are not required to be pledged pursuant to
Section 5.09(c) of this Agreement and (xvii) Excluded Accounts (as such term is defined in the Security Agreement). 

  
 13 

 “Excluded Asset Disposition” means (i) any transfer,
conveyance, sale, lease or other disposition of property or assets having a fair market value of less than, for any single transaction or series of related transactions, $5,000,000; (ii) sales or other dispositions of cash or Permitted Investments
in the ordinary course of business; (iii) any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary; (iv) the disposition of obsolete, worn out, uneconomical or surplus assets or assets no longer
used or useful in the business in the ordinary course of business or any disposition of inventory or goods (or other assets) held for sale in the ordinary course of business; (v) an Investment that is otherwise permitted by this Agreement;
(vi) the creation of a Permitted Lien (but not the sale or other disposition of the property subject to such Lien); (vii) leases, subleases or assignments in the ordinary course of business to third Persons not interfering in any material
respect with the business of Parent or any of its Restricted Subsidiaries and otherwise in accordance with the provisions of this Agreement; (viii) dispositions of aged or non-collectable accounts
receivable and related assets, or participations therein, in connection with the collection or compromise thereof (including sales to factors or other third parties or discount and/or forgiveness thereof or to insurers which have provided insurance
as to collection thereof) in the ordinary course of business; (ix) (a) non-exclusive licensing or sublicensing of intellectual property or other general intangibles in the ordinary course of business and
(b) the non-exclusive granting of access and use rights in respect of intellectual property or other general intangibles in the context of joint development arrangements and joint marketing arrangements
entered into in the ordinary course of business; (x) foreclosures on assets to the extent it would not otherwise result in a Default or Event of Default; (xi) the lapse or abandonment of intellectual property rights in the ordinary course
of business, which in the reasonable good faith determination of Parent are not material to the conduct of Parent and its Restricted Subsidiaries taken as a whole; (xii) sales, transfers and other dispositions of investments in joint ventures
to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements; (xiii) any surrender or waiver of contract rights or the
settlement, release or surrender of contract, tort or other claims of any kind; (xiv) the unwinding of any Swap Agreements; (xv) the sale or disposition of the Equity Interests and/or assets of the Philippine Subsidiaries, including
through the liquidation or dissolution thereof; (xvi) Restricted Payments made by, and the issuance of Equity Interests by, Parent that are not prohibited or would not result in an Event of Default and (xvii) any Asset Swaps;
provided, that in the good faith judgment of the Parent, Parent or the applicable Restricted Subsidiary receives assets having a fair market value equal to or greater than the asset being exchanged. 

“Excluded Subsidiary” means (i) any Subsidiary not wholly owned by Parent or its Subsidiaries, (ii) any
Subsidiary that is prohibited by law or regulation from providing a Guarantee of the Obligations or that would require a consent, approval, license or authorization from a Governmental Authority in order to provide such Guarantee (unless such
consent, approval, license or authorization has been obtained) or where the provision of such Guarantee would result in material adverse tax consequences as reasonably determined by the Borrowers, (iii) any Foreign Subsidiary of Parent (and any
direct or indirect Domestic Subsidiaries of a Foreign Subsidiary), (iv) not-for-profit Subsidiaries, captive insurance Subsidiaries and special purpose entities,
(v) Immaterial Subsidiaries, (vi) Unrestricted Subsidiaries, and (vii) any Subsidiary to the extent that the burden or cost of providing a Guarantee of the Obligations outweighs the benefit afforded thereby as reasonably determined by
the Administrative Agent and the Borrowers. To the extent Parent elects for an Excluded Subsidiary to become an Electing Guarantor, such Electing Guarantor shall cease to be an Excluded Subsidiary until such Subsidiary is re-designated as an Excluded Subsidiary in accordance with the terms hereof. 
 “Excluded Swap
Obligation” means, with respect to any Loan Guarantor, any Swap Agreement Obligation if, and to the extent that, all or a portion of the Guarantee of such Loan Guarantor of, or the grant by such Loan Guarantor of a security interest to
secure, such Swap Agreement Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of
any 

  
 14 

 
thereof) by virtue of such Loan Guarantor’s failure for any reason to constitute an ECP at the time the Guarantee of such Loan Guarantor or the grant of such security interest becomes or
would become effective with respect to such Swap Agreement Obligation. If a Swap Agreement Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Agreement Obligation that
is attributable to swaps for which such Guarantee or security interest is or becomes illegal. 
 “Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax
(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal and United Kingdom withholding Taxes (excluding (x) the portion of United Kingdom withholding Taxes with respect
to which the applicable Lender is entitled to claim a reduction under an income tax treaty, and (y) United Kingdom withholding Taxes on payments made by any guarantor under any guarantee of the obligations) imposed on amounts payable to or for
the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment
(other than pursuant to an assignment request by a Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes
were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes
attributable to such Recipient’s failure to comply with Section 2.17(f) and (d) any withholding Taxes imposed under FATCA. 

“Existing Credit Agreement” means that certain Second Amended and Restated Credit Agreement, dated as of
October 28, 2015, by and among the Borrowers, SWM Holdco 1, a Luxembourg private limited liability company (société à responsabilité limitée), the Administrative Agent and the financial institutions
party thereto as lenders, as amended or modified prior to the Effective Date. 
 “Existing Letters of Credit” means
the letters of credit issued and outstanding under the Existing Credit Agreement as set forth on Schedule 2.22. 
 “Existing
Maturity Date” has the meaning assigned to such term in Section 2.21(a). 
 “Extending Lender” has
the meaning assigned to such term in Section 2.21(b)(ii). 
 “Extension Request” means a written request from
the Borrowers to the Administrative Agent requesting an extension of the Maturity Date pursuant to Section 2.21. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement 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 and implementing such Sections of the Code. 

“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 effective federal funds rate,
provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to zero for the purposes of this Agreement. 

  
 15 

 “Federal Reserve Board” means the Board of Governors of the Federal
Reserve System of the United States of America. 
 “Fee Letter” means that certain fee letter agreement, dated
as of August 10, 2018, among Parent, SWM Luxembourg and the Administrative Agent. 
 “Financial Officer” means
the chief executive officer, chief financial officer, treasurer or controller of the applicable Loan Party. 
 “Foreign
Borrower” means, individually, SWM Luxembourg and each other Borrower which may become a borrower hereunder pursuant to Section 5.09 from time to time that is a Foreign Subsidiary of Parent. 

“Foreign Borrower Documents” has the meaning assigned to such term in Section 3.19. 

“Foreign Lender” means (a) if the applicable Borrower is a U.S. Person, a Lender that is not a U.S. Person, and
(b) if the applicable Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the applicable Borrower is resident for tax purposes. 

“Foreign Subsidiary” means any direct or indirect Subsidiary of Parent that is not a Domestic Subsidiary. 

“GAAP” means generally accepted accounting principles in the United States of America. 

“Governmental Authority” means the government of the United States of America, any other nation or any political
subdivision thereof, whether foreign, state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government. 
 “Guarantee” of or by any Person (the
“guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness 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 to purchase (or to advance or
supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness 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 (d) as an account party in respect of any letter of credit or letter of
guaranty issued to support such Indebtedness; provided, that the term Guarantee shall not include (i) endorsements for collection or deposit in the ordinary course of business, (ii) joint and several liability imposed by
Environmental Laws, (iii) inventory purchase agreements entered into in connection with the sale of a mill or other facility or (iv) credit support to suppliers or customers provided in the ordinary course of business. 

“Guaranteed Obligations” has the meaning assigned to such term in Section 10.01. 

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

  
 16 

 “Immaterial Subsidiaries” means, any Subsidiaries of Parent,
other than Material Subsidiaries. 
 “Impacted Interest Period” has the meaning assigned to such term in the
definition of “LIBO Rate.” 
 “Indebtedness” of any Person means, without duplication, (a) all
obligations of such Person for borrowed money (including, without limitation, with respect to overdrafts), (b) all obligations of such Person evidenced by bonds, debentures, notes, preferred Equity Interests (which preferred Equity Interests are
either mandatorily redeemable or redeemable at the option of the holder, in each case, at any time on or prior to the date that is six months after the Term Loan Maturity Date) or similar instruments, (c) all obligations of such Person under
conditional sale or other title retention agreements (other than operating leases) relating to property acquired by such Person, (d) all obligations of such Person upon which interest charges are customarily paid (excluding trade accounts
payable incurred in the ordinary course of business and repayable in accordance with customary trade practices), (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding trade accounts payable
incurred in the ordinary course of business and repayable in accordance with customary trade practices and excluding earnouts to the extent not required to be reflected as a liability on the balance sheet of such Person in accordance with GAAP), (f)
all Indebtedness of others 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 (excluding credit support
for suppliers or customers in the ordinary course of business), (h) all Capital Lease Obligations of such Person, (i) all reimbursement obligations of such Person with respect to letters of credit (other than letters of credit that are secured
by cash or Permitted Investments), bankers’ acceptances or similar facilities and (j) all Off-Balance Sheet Liabilities. The Indebtedness of any Person shall include the Indebtedness of any other
entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms
of such Indebtedness provide that such Person is not liable therefor. Notwithstanding the foregoing, in connection with the purchase by Parent or any Restricted Subsidiary of any business or assets, Indebtedness will exclude (x) customary
indemnification obligations and (y) 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 is otherwise contingent; provided,
however, that at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within 60 days thereafter. 

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

“Indemnitee” has the meaning assigned to such term in Section 9.03(b). 

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

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

“Information Memorandum” means the Confidential Information Memorandum dated August 15, 2018, relating to the
Loan Parties and the Transactions. 

  
 17 

 “Interest Coverage Ratio” means, on any date of determination, the
ratio of (a) EBITDA to (b) Interest Expense paid or payable in cash, in case of each of clauses (a) and (b) for the most recently completed four fiscal quarters then ended of Parent as of such date. 

“Interest Election Request” means a request by any Borrower to convert or continue a Borrowing in accordance with
Section 2.08, which shall be, in the case of any such written request, substantially in the form of Exhibit C or any other form approved by the Administrative Agent. 

“Interest Expense” means, for any period, (a) total interest expense (including that attributable to Capital
Lease Obligations) of Parent and its Restricted Subsidiaries for such period with respect to all outstanding Indebtedness of Parent and its Restricted Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to
letters of credit and bankers’ acceptance financing and net costs under Swap Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP) calculated on a consolidated basis for
Parent and its Restricted Subsidiaries for such period in accordance with GAAP, minus (b) the total interest income of Parent and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP;
provided, however, that Interest Expense will exclude (i) the amortization or write-off of debt issuance costs and deferred financing fees, commissions, fees and expenses, (ii) any
expensing of interim loan commitment, bridge and other financing fees, (iii) capitalized costs incurred in connection with the initial closing of any Swap Agreement and (iv) any non-cash interest
expense attributable to the movement in the mark to market valuation of Swap Agreements or other derivative instruments pursuant to GAAP. 

“Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day
of each March, June, September and December and the Maturity Date, (b) with respect to any Eurodollar Loan, the last day of each 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 the Maturity Date, and
(c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Maturity Date. 
 “Interest
Period” means, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar week or calendar month that is one week or one, two, three or
six months thereafter, as the applicable Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in
the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar week or month, as applicable, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest
Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last
Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective
date of the most recent conversion or continuation of such Borrowing. 
 “Interpolated Rate” means, at any time, for
any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to
the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period for which the LIBO Screen Rate is available for U.S. Dollars or Euros, as applicable) 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 U.S. Dollars or Euros, as applicable) that exceeds the Impacted Interest Period, in each case, at such time. 

  
 18 

 “Investment” has the meaning assigned to such term in
Section 6.05. 
 “IRS” means the United States Internal Revenue Service. 

“Issuing Bank” means JPMorgan Chase Bank, N.A., Barclays Bank PLC, Bank of America, N.A., SunTrust Bank, and any other
Lender that agrees to act as an Issuing Bank, each in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.06(i). Any Issuing Bank may, in its discretion, arrange for one or
more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. Each reference herein to the
“Issuing Bank” in connection with a Letter of Credit or other matter shall be deemed to be a reference to the relevant Issuing Bank with respect thereto. 

“Judgment Currency” has the meaning assigned to such term in Section 9.16. 

“Junior Indebtedness” has the meaning assigned to such term in Section 6.12. 

“LCA Election” has the meaning assigned to such term in the definition of Permitted Acquisition. 

“LC Borrower” has the meaning assigned to such term in Section 2.06(b). 

“LC Collateral Account” has the meaning assigned to such term in Section 2.06(j). 

“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 Equivalent Amount in U.S. Dollars of the aggregate undrawn
amount of all outstanding Letters of Credit at such time plus (b) the Equivalent Amount in U.S. Dollars of the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrowers at such time; provided,
that, solely with respect to calculation of LC Exposure for purposes of determining whether additional Letters of Credit may be issued under Section 2.06, any Letter of Credit that, by its terms or any document related thereto, provides for one
or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated
amount is in effect at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time. 

“Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a
subsidiary. 
 “Lenders” means the Persons listed on Schedule 2.01A and any other Person that shall have become a
party hereto pursuant to an Assignment and Assumption or otherwise, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise. Unless the context otherwise requires, the term
“Lenders” includes the Swingline Lenders and the Issuing Banks. 
 “Letter of Credit” means any letter of
credit issued pursuant to this Agreement and any Existing Letter of Credit. 
 “Letter of Credit Agreement” has the
meaning assigned to such term in Section 2.06(b). 

  
 19 

 “Letter of Credit Commitment” means, with respect to each Issuing
Bank, the commitment of such Issuing Bank to issue Letters of Credit hereunder. The initial amount of each Issuing Bank’s Letter of Credit Commitment is set forth on Schedule 2.01C, or if an Issuing Bank has entered into an Assignment and
Assumption or has otherwise assumed a Letter of Credit Commitment after the Effective Date, the amount set forth for such Issuing Bank as its Letter of Credit Commitment in the Register maintained by the Administrative Agent. The Letter of Credit
Commitment of an Issuing Bank may be modified from time to time by agreement between such Issuing Bank and the Borrower, and notified to the Administrative Agent. 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any applicable currency and for any Interest Period,
the LIBO Screen Rate at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an
“Impacted Interest Period”) with respect to the applicable currency then the LIBO Rate shall be the Interpolated Rate. 

“LIBO Screen Rate” means, for any day and time, with respect to any Eurodollar Borrowing for any applicable currency
and for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for the relevant currency for a period equal in length to such
Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen
that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion) for deposits (for delivery on the first (1st) day of such period) with a term equivalent to such period in the applicable currency, determined as of approximately 11:00 a.m. (London, England time) on the applicable date of determination;
provided that if the LIBO Screen Rate as so determined would be less than zero percent (0.00%), such rate shall be deemed to zero percent (0.00%). 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation,
encumbrance, charge or security interest in, on or of such asset, and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the
same economic effect as any of the foregoing) relating to such asset. 
 “Limited Condition Acquisition” means any
acquisition (or similar investment) by any of the Borrowers or their Restricted Subsidiaries permitted pursuant to the Loan Documents for which the consummation thereof is not conditioned on the availability of, or on obtaining, third party
financing. 
 “Limited Condition Acquisition Agreement” means, with respect to a Limited Condition Acquisition, the
definitive acquisition or investment agreement for such Limited Condition Acquisition. 
 “Loan Documents” means
this Agreement, including schedules and exhibits hereto, and any agreements entered into in connection herewith by any Borrower or any Loan Party with or in favor of the Administrative Agent and/or the Lenders, including any notes issued pursuant to
Section 2.10(e), the Loan Guaranty, the Collateral Documents, letter of credit applications and any agreements between the Borrower and any Issuing Bank regarding the respective rights and obligations between the Borrowers and the Issuing Bank
in connection with the issuance of Letters of Credit and any other documents prepared in connection with the other Loan Documents, if any, and identified in Section 4.01 or 4.02. Any reference in this Agreement or
any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same
may be in effect at any time and all times such reference becomes operative. 

  
 20 

 “Loan Guarantor” means (i) each Borrower (other than with
respect to its direct Obligations as a primary obligor (as opposed to a guarantor) under the Loan Documents), (ii) each Material Subsidiary of Parent (other than Excluded Subsidiaries), so long as such Material Subsidiary is a Domestic Subsidiary
and a Restricted Subsidiary, and (iii) any other Person (other than an Additional Borrower) who becomes a party to the Loan Guaranty. 

“Loan Guaranty” means, in the case of Parent, Article X of this Agreement and, in all other cases, the
Subsidiary Guaranty. 
 “Loan Parties” means, collectively, the Borrowers, the Loan Guarantors and, in each case,
their successors and assigns, and the term “Loan Party” shall mean any one of them or all of them individually, as the context may require. 

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

“Margin Stock” means margin stock within the meaning of Regulations T, U and X, as applicable. 

“Material Acquisition” means a Permitted Acquisition with an aggregate cash consideration of greater than the
Equivalent Amount of $100,000,000. 
 “Material Acquisition Period” means the fiscal quarter during which a Material
Acquisition was consummated and the immediately following three fiscal quarters; provided, however, that no Material Acquisition Period shall occur unless Parent designates, on or prior to the consummation of the applicable Material
Acquisition, in writing to the Administrative Agent such period as a Material Acquisition Period. 
 “Material Adverse
Effect” means a material adverse effect on (i) the business, assets, financial condition or results of operations, in each case, of Parent and its Restricted Subsidiaries, taken as a whole, (ii) the rights and remedies (taken
as a whole) of the Administrative Agent under this Agreement or any other Loan Document or (iii) the ability of the Loan Parties (taken as a whole) to perform their payment obligations under this Agreement or any other Loan Document. 

“Material Indebtedness” means Indebtedness (other than the Loans, Letters of Credit or intercompany Indebtedness
permitted by Section 6.06), or obligations in respect of one or more Swap Agreements, of any Borrower and its Restricted Subsidiaries in an aggregate principal amount exceeding the Equivalent Amount of $40,000,000. For
purposes of determining Material Indebtedness, the “principal amount” of the obligations of any Borrower or any Restricted Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any
netting agreements) that such Borrower or such Restricted Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 

“Material Subordinated Indebtedness” means Subordinated Indebtedness which constitutes Material Indebtedness. 

“Material Subsidiary” means (a) each Borrower other than Parent and (b) each other consolidated Restricted
Subsidiary of Parent which (i) holds 10% or more of the consolidated assets of Parent, or (ii) generates 10% or more of consolidated EBITDA of Parent and its Restricted Subsidiaries on a consolidated basis, calculated as of the most recent
fiscal period for which the Administrative Agent shall have received financial statements required to be delivered pursuant to Section 5.01(a) and (b). 

“Maturity Date” means (a) with respect to Term Loans, the Term Loan Maturity Date, and (b) with Respect to
Revolving Loans and Swingline Loans, the Revolving Maturity Date. 

  
 21 

 “Maximum Rate” has the meaning assigned to such term in
Section 9.14. 
 “Moody’s” means Moody’s Investors Service, Inc. or any successor thereto. 

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

“Net Cash Proceeds” means, with respect to any Prepayment Event, (a) the cash proceeds received in respect of
such event including (i) any cash received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or
purchase price adjustment receivable or otherwise, but excluding any interest payments), but only as and when received, (ii) in the case of a casualty, insurance proceeds and (iii) in the case of a condemnation or similar event,
condemnation awards and similar payments, minus (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than
Affiliates) in connection with such event, (ii) in the case of a sale, transfer or other disposition of an asset (including pursuant to a sale and leaseback transaction or a casualty or a condemnation or similar proceeding), the amount of all
payments required to be made as a result of such event to repay Indebtedness (other than Loans) secured by such asset or otherwise subject to mandatory prepayment as a result of such event and (iii) the amount of all taxes paid (or reasonably
estimated to be payable) and the amount of any reserves established to fund contingent liabilities reasonably estimated to be payable, in each case during the year that such event occurred or the next succeeding year and that are directly
attributable to such event (as determined reasonably and in good faith by a Financial Officer of Parent). 
 “Net
Debt” means, for any date of determination, (a) Parent’s and its Restricted Subsidiaries’ consolidated Total Debt as of such date minus (b) the sum of Parent’s and its Restricted Subsidiaries’
Unrestricted Cash in an aggregate amount not to exceed $200,000,000 (in each case as defined in and set forth on the consolidated financial statements of Parent for the previous fiscal quarter or year for which financial statements have been
delivered pursuant to Section 5.01(a) or (b)), in each case, as determined in accordance with GAAP. 

“Net Debt to EBITDA Ratio” means, on any date of determination, the ratio of (a) Net Debt as of such date to
(b) EBITDA for the most recently completed four fiscal quarters then ended of Parent as of such date. 
 “Net
Income” means, with respect to Parent, for any period, the consolidated net income (or loss) of Parent and its Restricted Subsidiaries for such period as determined in accordance with GAAP, adjusted, to the extent included in
calculating such net income, by: 
  

	 	(A)	 excluding, without duplication, 

 

	 	(i)	 all extraordinary gains or losses (net of fees and expenses relating to the transaction giving rise thereto),
income, expenses or charges; 

  

	 	(ii)	 the portion of net income of Parent and its Restricted Subsidiaries allocable to minority or non-controlling interests or Investments in Unrestricted Subsidiaries to the extent that cash dividends or distributions have not actually been received by Parent or one of its Restricted Subsidiaries;
provided that for the avoidance of doubt, Net Income shall be increased in amounts equal to the amounts of cash actually received; 

  

	 	(iii)	 gains or losses in respect of any Asset Dispositions or Excluded Asset Disposition by such Person or one of its
Restricted Subsidiaries (net of fees and expenses relating to the transaction giving rise thereto), on an after-tax basis; 

  
 22 

	 	(iv)	 any gain or loss realized as a result of the cumulative effect of a change in accounting principles;

  

	 	(v)	 non-cash compensation expense incurred with any issuance of equity
interests to an employee of Parent or any Restricted Subsidiary; 

  

	 	(vi)	 any net after-tax gains or losses attributable to the early
extinguishment or conversion of Indebtedness or any Swap Agreements; 

  

	 	(vii)	 any non-cash impairment charges or asset
write-off or write-down resulting from the application of Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 350 “Intangibles—Goodwill and
Other” or ASC Topic 360 “Property, Plant and Equipment,” and the amortization of intangibles arising pursuant to ASC Topic 805 “Business Combinations” or any related subsequent Statement of Financial Accounting Standards;

  

	 	(viii)	 non-cash gains, losses, income and expenses resulting from fair value
accounting required by ASC Topic 815 “Derivatives and Hedging” or any related subsequent Statement of Financial Accounting Standards; 

  

	 	(ix)	 any net unrealized gains and losses relating to
mark-to-market of amounts denominated in foreign currencies resulting from the application of ASC Topic 830 “Foreign Currency Matters” or any related
subsequent Statement of Financial Accounting Standards; 

  

	 	(x)	 any accruals and reserves that are established for expenses and losses, in respect of equity-based awards
compensation expense (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period
shall reduce Net Income to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period); 

  

	 	(xi)	 any expenses, charges or losses that are covered by indemnification or other reimbursement provisions in
connection with any Investment or any sale, conveyance, transfer or other disposition of assets permitted under this Agreement, to the extent actually reimbursed, or, so long as the Parent has made a determination that a reasonable basis exists for
indemnification or reimbursement and only to the extent that such amount is in fact indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so
indemnified or reimbursed within such 365 days); and 

  

	 	(xii)	 to the extent covered by insurance and actually reimbursed, or, so long as the Parent has made a determination
that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is in fact reimbursed within 365 days of the date of such determination (with a deduction in the applicable
future period for any amount so added back to the extent not so reimbursed within such 365 days), expenses, charges or losses with respect to liability or casualty events or business interruption; and 

(B) including, without duplication, dividends and distributions from joint ventures actually received in cash by Parent and its Restricted
Subsidiaries. 

  
 23 

 “Non-Consenting Lender” has
the meaning assigned to such term in Section 9.02(d). 

“Non-extending Lender” has the meaning assigned to such term in
Section 2.21(a). 
 “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 (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term
“NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. New York City time on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided,
further, that if any of the aforesaid rates as so determined be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrowers
arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest and fees that accrue after the commencement by or against any Borrower or any Restricted Subsidiary thereof of any proceeding under any debtor relief laws naming such Person as the debtor in such proceeding, regardless of whether
such interest and fees are allowed or allowable claims in such proceeding. Without limiting the foregoing, the Obligations include (a) the obligation to pay principal, interest, Letter of Credit commissions, charges, expenses, fees, indemnities
and other amounts payable by the Borrowers under any Loan Document and (b) the obligation of the Borrowers to reimburse any amount in respect of any of the foregoing that the Administrative Agent or any Lender, in each case in its sole
discretion, may elect to pay or advance on behalf of the Borrower. 
 “OFAC” has the meaning assigned to such term
in Section 5.10. 
 “Off-Balance Sheet Liability”
of a Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any liability under any Sale and Leaseback Transaction other than Capital Lease Obligations,
(c) any liability under any so-called “synthetic lease” arrangement or transaction entered into by such Person or (d) any obligation arising with respect to any other transaction which is
the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheets of such Person. 

“Offshore Currency” means Euros. 

“Offshore Currency Loan” means any Loan denominated in an Offshore Currency. 

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

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

  
 24 

 “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. 
 “P de Mal” means
Papeteries de Malaucene S.A.S. and its subsidiary, Malaucene Industries S.N.C. 
 “Parent” has the meaning assigned
to such term in the Preamble. 
 “Participant” has the meaning assigned to such term in Section 9.04(c). 

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

“Participating Member State” means each state so described in any EMU Legislation. 

“Patriot Act” has the meaning assigned to such term in Section 9.16. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity
performing similar functions. 
 “Permitted Acquisition” means any acquisition, by (i) Borrowers or any of
their respective Restricted Subsidiaries of all or substantially all of the assets of a Person, or of all or substantially all of any business or division of a Person or (ii) Borrowers or any of their respective Restricted Subsidiaries of a
majority of the Equity Interests of any Person, including, without limitation, any Investments in a subsidiary which serves to increase the Borrowers’ or their respective Restricted Subsidiaries’ respective equity ownership therein, in
each case, so long as the following conditions have been satisfied: 
 (a) the Administrative Agent shall receive not less
than ten (10) Business Days (or such shorter period as shall be agreed to by the Administrative Agent) prior written notice of any such acquisition with an aggregate consideration of greater than the Equivalent Amount of $100,000,000
individually or in the aggregate in any fiscal year, which notice shall include a reasonably detailed description of the proposed terms of such acquisition and identify the anticipated closing date thereof; 

(b) the Administrative Agent shall receive, not less than ten (10) Business Days (or such shorter period as shall be
agreed to by the Administrative Agent) prior to the consummation of such acquisition (to the extent notice thereof is required under clause (a) above), a due diligence package, which package shall include, without limitation, the following with
regard to the acquisition of the applicable Target: 

                (i) pro forma financial
projections (after giving effect to such acquisition) for Parent and its Restricted Subsidiaries for the current and next two (2) fiscal years or through the remaining term of the agreement; and 

                (ii) a general description of
(A) the Target’s business and (B) material agreements binding upon the Target or any of its personal or real property and, if requested by the Administrative Agent, copies of such material agreements; 

  
 25 

 (c) the Target’s business shall be in a line of business in compliance
with Section 6.03(b); 
 (d) the Target, any of its applicable subsidiaries, and the Loan Parties shall comply with the
requirements of Section 5.09 to provide guaranties and Collateral; 
 (e) prior to and after giving
effect to such acquisition and the incurrence of any Loans, other Indebtedness or contingent obligations in connection therewith, Parent on a consolidated basis shall be in compliance (after giving pro forma effect to such acquisition) with the then
applicable covenant levels as set forth in Section 6.11(b), in each case, minus 0.25, calculated for the four (4) fiscal quarter period ending on the last day of the most recently ended quarter for which
financial statements of Parent have been delivered to the Administrative Agent pursuant to Section 5.01(a) or (b) prior to such acquisition (after giving effect, in the case of a Material Acquisition, to the
Material Acquisition Period); provided that, in the case of any Limited Condition Acquisition, the then applicable covenant levels as set forth in Section 6.11(b) may, at the election of the Borrowers, be calculated
as of the date the Limited Condition Acquisition Agreement is entered into, as if the acquisition and other pro forma events in connection therewith were consummated on such date (the Borrowers’ election to exercise such option in connection
with any Limited Condition Acquisition, an “LCA Election”); 
 (f) such acquisition is consummated,
in all material respects, in accordance with the applicable acquisition documents; 
 (g) such acquisition shall not be
hostile and (if required) shall have been approved by the board of directors (or other similar body) and/or the stockholders or other equity holders of the Target; and 

(h) with respect to any acquisition that is not a Limited Condition Acquisition, on the date such acquisition is consummated,
no Event of Default is in existence or would occur after giving effect to such acquisition, and (ii) with respect to any Limited Condition Acquisition, as of the date the Limited Condition Acquisition Agreement is executed, no Event of Default
is in existence or would occur after giving effect to such acquisition, and as of the date of consummation of such Limited Condition Acquisition, no Event of Default described in Section 7.01(h) or (i) shall have occurred and be
continuing. 
 “Permitted Encumbrances” means: 

(a) Liens imposed by law for Taxes, or other governmental charges or levies that are not yet due and payable or are being
contested in compliance with Section 5.04; 
 (b) carriers’, warehousemen’s,
mechanics’, materialmen’s, repairmen’s, landlord’s and other like Liens imposed by law or arising in the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days, except where
(i) the validity or amount thereof is being contested in good faith by appropriate proceedings, (ii) the applicable Borrower or Restricted Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP
and (iii) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect; 

(c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment
insurance and other social security laws or regulations or to secure statutory obligations of the Borrowers or their Subsidiaries; 

  
 26 

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

(e) judgment liens in respect of judgments that do not constitute an Event of Default under clause (k) of
Article VII; 
 (f) survey exceptions, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other similar restrictions as to the use of real property or
Liens incidental to the conduct of the business of such Person or to the ownership of its properties which do not individually or in the aggregate materially adversely affect the value of Parent and its Restricted Subsidiaries taken as a whole or
materially impair the operation of the business of Parent and its Restricted Subsidiaries taken as a whole; 
 (g) Liens on
specific items of inventory or other goods (other than fixed or capital assets) and proceeds thereof of any Person securing such Person’s obligations in respect of bankers’ acceptances or letters of credit issued or created for the account
of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business; 

(h) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity
trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 

(i) Liens securing Indebtedness of a Restricted Subsidiary owed to and held by Parent or Loan Guarantor; 

(j) for the avoidance of doubt, other Liens (not securing Indebtedness) incidental to the conduct of the business of Parent or
any of its Restricted Subsidiaries, as the case may be, or the ownership of their assets which do not individually or in the aggregate materially adversely affect the value of Parent and its Restricted Subsidiaries taken as a whole or materially
impair the operation of the business of Parent and its Restricted Subsidiaries taken as a whole; 
 (k) Liens (i) that
are contractual rights of set-off (A) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (B) relating to pooled deposit or
sweep accounts of Parent or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations and other cash management activities incurred in the ordinary course of business of Parent and/or any of its Restricted
Subsidiaries or (C) relating to purchase orders and other agreements entered into with customers of Parent or any of its Restricted Subsidiaries in the ordinary course of business, (ii) of a collecting bank arising under Section 4-210 (or equivalent Section) of the Uniform Commercial Code on items in the course of collection, and (iii) in favor of banking institutions arising as a matter of law or pursuant to customary
account agreements encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 

(l) any interest of title of an owner of equipment or inventory on loan or consignment, or as part of a conditional sale, to
the Parent or any of its Restricted Subsidiaries and Liens arising from Uniform Commercial Code financing statement filings regarding bailments of paper and paper products entered into by the Parent or any Restricted Subsidiary in the ordinary
course of business; 

  
 27 

 (m) options, put and call arrangements, rights of first refusal and similar
rights relating to Investments in joint ventures, partnerships and the like permitted to be made under this Agreement; 
 (n)
Liens arising in connection with repurchase agreements that constitute Investments; 
 (o) Liens securing obligations for
third party customer financings in the ordinary course of business; 
 (p) Liens on cash, Permitted Investments or other
property arising in connection with the defeasance, discharge, prepayment or redemption of Indebtedness not prohibited by this Agreement; 

(q) Liens on the Equity Interests of Unrestricted Subsidiaries that secure Indebtedness of such Unrestricted Subsidiaries; 

(r) Liens arising out of any Sale and Leaseback Transaction permitted under this Agreement; provided, that such Liens
shall not apply to any assets of the Parent or its Restricted Subsidiaries other than the assets subject to such Sale and Leaseback Transaction, including any proceeds and products thereof; 

(s) in the case of real property that constitutes a leasehold interest, any Lien to which the fee simple interest (or any
superior leasehold interest) is subject; and 
 (t) Liens arising out of conditional sale, title retention or similar
arrangements for the sale or purchase of goods by Parent or any of the Restricted Subsidiaries in the ordinary course of business. 

“Permitted Investments” means any of the following Investments: (i)(a) Euro, Pounds Sterling, Yen, Swiss Francs,
Canadian Dollars, or any national currency of any member state in the European Union or (b) local currencies held from time to time in the ordinary course of business; (ii) securities issued or directly and fully and unconditionally
guaranteed or insured by the United States government or any country that is a member state of the European Union or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation
of such government with maturities of one (1) year or less from the date of acquisition; (iii) certificates of deposit, time deposits, and eurodollar time deposits with maturities of one year or less from the date of acquisition,
bankers’ acceptances with maturities not exceeding one year, and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than $250,000,000 (determined at the date of acquisition thereof); (iv)
repurchase obligations for underlying securities of the types described in clauses (ii), (iii), and (viii) of this definition entered into with any financial institution meeting the qualifications specified in clause (iii) of this
definition (determined at the date of acquisition thereof); (v) commercial paper rated at least “P 2” by Moody’s (or the equivalent thereof) or at least “A-2” by S&P (or the
equivalent thereof) (determined at the date of acquisition thereof) (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized ratings agency) and, in each case,
maturing within one (1) year after the date of creation thereof; (vi) marketable short term money market and similar securities having a rating of at least “P 2” from Moody’s (or the equivalent thereof) or “A-2” from S&P (or the equivalent thereof), respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized
ratings agency) (determined at the date of acquisition thereof) and, in each case, maturing within one (1) year after the date of creation or acquisition thereof; (vii) readily marketable direct

  
 28 

 
obligations issued by any state, commonwealth, or territory of the United States or any political subdivision or taxing authority thereof having one of the two highest rating categories
obtainable from either Moody’s or S&P (determined at the date of acquisition thereof) with maturities of one (1) year or less from the date of acquisition; (viii) investments equivalent to those referred to in clauses
(i) through (vii) above or funds equivalent to those referred to in clause (x) below denominated in U.S. Dollars or any foreign currency issued by a foreign issuer or bank comparable in credit quality and tender to those referred to in
such clauses and customarily used by corporations for cash management purposes in jurisdictions outside the United States to the extent reasonably required in connection with any business conducted by any Restricted Subsidiary, all as determined in
good faith by the Parent; (ix) in the case of investments by any Foreign Subsidiary or investments made in a country outside the United States, Permitted Investments shall also include investments of the type and maturity described in clauses
(i) through (viii) of this definition of foreign obligors, which investments have ratings, described in such clauses or equivalent ratings from comparable foreign rating agencies (determined at the date of acquisition thereof); and
(x) investment funds investing substantially all of their assets in securities of the types described in clauses (i) through (viii) of this definition (determined at the date of acquisition thereof). Notwithstanding the foregoing,
Permitted Investments shall include amounts denominated in currencies other than Dollars and those set forth in clause (i) above; provided that such amounts are converted into U.S. Dollars or any currency listed in clause (i) above
as promptly as practicable. Any items identified as Permitted Investments under this definition will be deemed to be a cash equivalent for all purposes under this Agreement regardless of the treatment of such items under GAAP. 

“Permitted Liens” means Liens permitted by Section 6.02 hereof. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Philippine Subsidiaries” means each of Schweitzer Maudit
RTL Philippines, Inc., PDM Philippines Industries Inc. and Luna Rio Landholding Corporation. 
 “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 any Loan Party 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. 

“Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as
modified by Section 3(42) of ERISA, as amended from time to time. 
 “Pledge Agreement” means that
certain Pledge Agreement (including any and all supplements thereto), dated as of the date hereof, among the Foreign Borrowers and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties. 

“Prepayment Event” means: 

(a) any Asset Disposition (including pursuant to a Sale and Leaseback) by any Loan Party or any Restricted Subsidiary, other
than dispositions described in Section 6.04(i), (ii) and (iii); or 
 (b) any
casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of any Loan Party or any Restricted Subsidiary with a fair value immediately prior to such event
equal to or greater than $10,000,000. 

  
 29 

 “Prime Rate” means the rate of interest per annum publicly
announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its office located at 270 Park Avenue, New York, New York; each change in the Prime Rate shall be effective from and including the date such change is publicly
announced as being effective. 
 “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. 
 “Public-Sider” means a Lender whose
representatives may trade in securities of any Borrower or its Controlling Person or any of its Subsidiaries while in possession of the financial statements provided by such Borrower under the terms of this Agreement. 

“Qualified ECP Guarantor” means, in respect of any Swap Agreement Obligation, each Loan Party that has total assets
exceeding $10,000,000 at the time the relevant Loan Guaranty or grant of the relevant security interest becomes or would become effective with respect to such Swap Agreement Obligation or such other person as constitutes an “eligible contract
participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 “Recipient” means (a) the Administrative Agent,
(b) any Lender and (c) any Issuing Bank, as applicable. 
 “Redemption Notice” has the meaning assigned to
such term in Section 6.12. 
 “Register” has the meaning assigned to such term in
Section 9.04(b). 
 “Regulation D” means Regulation D of the Federal Reserve Board, as in effect from time to
time and all official rulings and interpretations thereunder or thereof. 
 “Regulation T” means Regulation T of the
Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof. 

“Regulation U” means Regulation U of the Federal Reserve Board, as in effect from time to time and all official
rulings and interpretations thereunder or thereof. 
 “Regulation X” means Regulation X of the Federal Reserve
Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof. 
 “Related Business
Assets” means assets (other than cash or Permitted Investments or current assets) used or useful in the business of the Parent and its Restricted Subsidiaries conducted in accordance with Section 6.03(b). 

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

“Replacement Lender” has the meaning assigned to such term in Section 2.21(c). 

“Required Lenders” means, subject to Section 2.20, at any time, Lenders having Revolving
Credit Exposures, outstanding Term Loans and unused Commitments representing at least 50.1% of the sum of the Total Revolving Credit Exposure, outstanding Term Loans and unused Commitments at such time; provided that for purposes of declaring
the Loans to be due and payable pursuant to Section 7.01, 

  
 30 

 
and for all purposes after the Loans become due and payable pursuant to Section 7.01 or the Commitments expire or terminate, then, as to each Lender, clause (a) of the definition of
Swingline Exposure shall only be applicable for purposes of determining the Revolving Credit Exposure of such Lender to the extent such Lender shall have funded its participation in the outstanding Swingline Loans. 

“Requirement of Law” means, as to any Person, the certificate of incorporation and bylaws or other organizational or
governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such
Person or any of its property is subject. 
 “Response Date” has the meaning assigned to such term in
Section 2.21(a). 
 “Responsible Officer” means the president, Financial Officer or other executive officer of
a Borrower. 
 “Restricted” means, when referring to cash or cash equivalents (including Permitted Investments) of
Parent or any of its Restricted Subsidiaries, that such cash or cash equivalents (including Permitted Investments) (i) appear (or would be required to appear) as “restricted” on a consolidated balance sheet of Parent and its
Restricted Subsidiaries (unless such appearance is related to the Loan Documents or Liens created thereunder) as determined in accordance with GAAP, or (ii) are subject to a Lien in favor of any Person other than Administrative Agent for the
benefit of the Secured Parties (but excluding amounts serving as cash collateral for Letters of Credit) securing Indebtedness for borrowed money that constitutes Material Indebtedness. For the avoidance of doubt, it is understood that any such
Indebtedness of Parent or any of its Restricted Subsidiaries that is secured by a Lien on cash or cash equivalents (including Permitted Investments) shall be included in the calculation of Total Debt for purposes of the Net Debt to EBITDA Ratio
and/or the Senior Secured Net Debt to EBITDA Ratio, as applicable. 
 “Restricted Payment” means any dividend or
other distribution (whether in cash, securities or other property) with respect to any Equity Interests in any Borrower or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or
similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests or any option, warrant or other right to acquire any such Equity Interests. 

“Restricted Subsidiary” means any Subsidiary of the U.S. Borrower other than an Unrestricted Subsidiary. 

“Revolving Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to
make Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder up to the amount set forth on the Commitment Schedule (or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as
applicable) as such commitment may be reduced, increased or extended from time to time pursuant to (a) Section 2.09 or Section 2.21 and (b) assignments by or to such Lender pursuant to
Section 9.04. The portion of the Revolving Commitments, if any, which may be utilized for EUR Revolving Loans shall constitute the EUR Revolving Commitment, which shall be treated as a
sub-facility of the Revolving Commitment; provided that, the total Revolving Credit Exposure shall not exceed the total Revolving Commitments. The initial aggregate amount of the Lenders’ Revolving
Commitments is $500,000,000. 
 “Revolving Credit Exposure” means, with respect to any Lender at any time, the sum
of the Equivalent Amount in U.S. Dollars of the outstanding principal amount of such Lender’s Revolving Loans, its LC Exposure and its Swingline Exposure at such time. 

  
 31 

 “Revolving Lenders” means, collectively, the U.S. Revolving Credit
Lenders and the EUR Revolving Credit Lenders. 
 “Revolving Loan” means a Loan made pursuant to Section 2.01(a)
or 2.01(b). 
 “Revolving Maturity Date” means the later of (a) September 25, 2023 and (b) if the
maturity date is extended pursuant to Section 2.21, such extended maturity date pursuant to such Section. 

“S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services
LLC business, or any successor thereto. 
 “Sale and Leaseback Transaction” means any sale or other transfer of
property by any Person with the intent to lease such property as lessee, but excluding any such transaction pertaining to the sale of real property entered into by a Person prior to the date such Person became a Subsidiary of the Parent. 

“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any
Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria). 
 “Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security
Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any agency,
political subdivision or instrumentality of the government of a Sanctioned Country, (d) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a), (b) or (c), or (e) any Person otherwise the
subject of any Sanctions. 
 “Sanctions” means all economic or financial sanctions or trade embargoes imposed,
administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations
Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority. 

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

“Secured Obligations” means all Obligations, together with (i) all Banking Services Obligations owing to one or
more Lenders or their respective Affiliates and (ii) all Swap Agreement Obligations; provided, however, that the definition of “Secured Obligations” shall not create any guarantee by any Loan Guarantor of (or grant of
security interest by any Loan Guarantor to support, as applicable) any Excluded Swap Obligations of such Loan Guarantor for purposes of determining any obligations of any Loan Guarantor. 

“Secured Parties” means (a) the Administrative Agent, (b) the Lenders, (c) each Issuing Bank,
(d) each provider of Banking Services, to the extent the Banking Services Obligations in respect thereof constitute Secured Obligations, (e) each counterparty to any Swap Agreement, to the extent the obligations thereunder constitute
Secured Obligations, (f) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document, and (g) the successors and assigns of each of the foregoing. 

  
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 “Security Agreement” means that certain Pledge and Security
Agreement (including any and all supplements thereto), dated as of the date hereof, among the Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, and any other pledge or security
agreement entered into, after the date of this Agreement by any other Loan Party (as required by this Agreement or any other Loan Document) or any other Person for the benefit of the Administrative Agent and the other Secured Parties, as the same
may be amended, restated, supplemented or otherwise modified from time to time. 
 “Senior Notes” means the 6.875%
Senior Notes due 2026, issued by Parent in an aggregate principal amount of $350,000,000. 
 “Senior Secured Debt”
means, for any date of determination, Parent’s and its Restricted Subsidiaries’ consolidated Total Debt that is secured by a first priority Lien on any asset or property of any Loan Party or any Restricted Subsidiary as of such date. 

“Senior Secured Net Debt” means, for any date of determination, (a) Parent’s and its Restricted
Subsidiaries’ consolidated Senior Secured Debt as of such date minus (b) the sum of Parent’s and its Restricted Subsidiaries’ Unrestricted Cash in an aggregate amount not to exceed $200,000,000 (in each case as defined in
and set forth on the consolidated financial statements of Parent for the previous fiscal quarter or year for which financial statements have been delivered pursuant to Section 5.01(a) or (b)), as determined in
accordance with GAAP. 
 “Senior Secured Net Debt to EBITDA Ratio” means, on any date of determination, the ratio of
(a) Senior Secured Net Debt as of such date to (b) EBITDA for the most recently completed four fiscal quarters then ended of Parent as of such date. 

“Significant Subsidiary” means (a) each Material Subsidiary and (b) such other Restricted Subsidiaries, as
determined from time to time by Parent, that, when taken together with the Loan Parties and the Material Subsidiaries, hold 85% or more of the consolidated assets or generate 85% or more of consolidated EBITDA of Parent, in each case of clauses
(a) and (b), calculated as of the most recent fiscal period for which the Administrative Agent shall have received financial statements required to be delivered pursuant to Sections 5.01(a) and (b). 

“Solvent” means, as to any Person: (a) the fair value of the assets of such Person, at a fair valuation, will
exceed its debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of such Person will be greater than the amount that will be required to pay the probable liability of its debts and
other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) such Person will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and
liabilities become absolute and matured; and (d) such Person will not have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted after the
Effective Date. 
 “Specified Jurisdictions” means the United States of America. 

“Spot Rate” for a currency means (a) for any Computation Date ending on the last day of a fiscal quarter (except
in the case of any determination of the Spot Rate used in the calculation of the Equivalent Amount in connection with or pursuant to any terms, conditions or other provisions located in Article II herein), the rate used by Parent in preparing its
financial statements in accordance with GAAP and (b) for all other purposes, the rate quoted by the Administrative Agent as the spot rate for the purchase by the Administrative Agent of such currency with another currency through its foreign
exchange office at approximately 11:00 a.m. (New York City time) on the date two (2) Business Days prior to the date as of which the foreign exchange computation is made. 

  
 33 

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

“Subordinated Indebtedness” means all Indebtedness incurred by any Loan Party which by its terms is contractually
subordinated in right of payment to the prior payment of the Obligations. 
 “subsidiary” means, with respect to any
Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership
interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held by the parent
and/or one or more subsidiaries of the parent. 
 “Subsidiary” means any direct or indirect subsidiary of any
Borrower; provided, however, from and after the occurrence of a Bankruptcy Action with respect to SWM Brazil or P de Mal to the extent such Bankruptcy Action was permitted under Section 6.03(a)(v), SWM Brazil and/or P de Mal, as
applicable, shall not be deemed to be a Subsidiary under this Agreement and the other Loan Documents for purposes of compliance with Article III, Article V, Article VI (other than Section 6.11 therein) and Article VII herein. 

“Subsidiary Guaranty” means that certain Subsidiary Guaranty (including any and all supplements thereto), dated as of
the date hereof, by the Loan Guarantors in favor of the Administrative Agent and the other Secured Parties, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“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 Borrowers or the Subsidiaries shall be a Swap Agreement. 
 “Swap Agreement Obligations” means any and all
obligations of the Loan Parties and their Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor),
under (a) any and all Swap Agreements with any Person that was a Lender or an Affiliate of a Lender at the time of making such Swap Agreement Obligations (or such Swap Agreement Obligations in existence as of the Effective Date), and
(b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement transaction. 

  
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 “Swingline Commitment” means as to any Lender (i) the amount
set forth opposite such Lender’s name on Schedule 2.01B hereof or (ii) if such Lender has entered into an Assignment and Assumption or has otherwise assumed a Swingline Commitment after the Effective Date, the amount set forth for such
Lender as its Swingline Commitment in the Register maintained by the Administrative Agent pursuant to Section 9.04(b)(iv). The aggregate amount of the Swingline Commitment as of the Effective Date is $50,000,000. 

“Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans in U.S. Dollars
outstanding at such time. The Swingline Exposure of any Lender at any time shall be the sum of (a) its Applicable Percentage of the total Swingline Exposure at such time, other than with respect to any Swingline Loans made by such Lender in its
capacity as a Swingline Lender, and (b) the aggregate principal amount of all Swingline Loans made by such Lender as a Swingline Lender outstanding at such time (less the amount of participations funded by the other Lenders in such Swingline
Loans). 
 “Swingline Lender” means JPMorgan Chase Bank, N.A., in its capacity as a lender of Swingline Loans
hereunder, and its successors and assigns in such capacity. 
 “Swingline Loan” means a Loan made pursuant to
Section 2.05. 
 “SWM Brazil” means Schweitzer-Mauduit do Brasil, S.A.

 “SWM Luxembourg” has the meaning assigned to such term in the Preamble. 

“Syndication Agent” means any of Barclays Bank PLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
SunTrust Bank, and AgFirst Farm Credit Bank in their capacity as co-syndication agents hereunder. 

“Target” means the Person, or business or substantially all of the assets of a Person, proposed to be acquired
pursuant to a Permitted Acquisition. 
 “TARGET Day” means any day on which the Trans-European Automated Real-time
Gross Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such other payment system (if any) determined by the Administrative Agent to be a suitable replacement) is open for the settlement of
payments in Euro. 
 “Taxes” means any and all fees (including, without limitation, license, registration,
documentation and recording fees), taxes (including, without limitation, net income, gross income, gross receipts, sales, use, rental, turnover, transfer, value-added, preference, property (tangible and intangible), excise and stamp taxes), levies,
imposts, duties, charges, assessments or withholdings of any nature whatsoever imposed by a Governmental Authority, together with any and all penalties, fines additions to tax and interest thereon or computed by referenced thereto, and
“Tax” means any one of the foregoing.. 
 “Term Loan” means a Loan made pursuant to
Section 2.01(c). 
 “Term Loan Commitment” means, with respect to each Lender, the
commitment of such Lender to make a Term Loan hereunder, as such commitment may be reduced or increased from time to time pursuant to (a) Section 2.09 and (b) assignments by or to such Lender pursuant to
Section 9.04. The initial amount of each Lender’s Term Loan Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Term Loan
Commitment, as applicable. The initial aggregate amount of the Lenders’ Term Loan Commitments is $200,000,000. 
 “Term Loan
Lender” means a Lender with a Term Loan Commitment. 

  
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 “Term Loan Maturity Date” means the later of
(a) September 25, 2025 and (b) if the maturity date is extended pursuant to Section 2.21, such extended maturity date pursuant to such Section. 

“Term Loan Refinancing” means any new term loan borrowed pursuant to Section 2.09(d) the
proceeds of which are used to prepay the Term Loans and such prepayment is made on the date such new term loan is incurred pursuant to the terms hereof. 

“Total Debt” means, at any date, all Indebtedness of Parent and its Restricted Subsidiaries at such date, on a
consolidated basis, calculated in accordance with GAAP, but excluding, to the extent constituting Indebtedness, any Swap Agreements and Swap Agreement Obligations. 

“Total Revolving Credit Exposure” means, the sum of the outstanding principal amount of the Dollar Equivalent of all
Lenders’ Revolving Loans, their LC Exposure and their Swingline Exposure at such time; provided, that clause (a) of the definition of Swingline Exposure shall only be applicable to the extent Lenders shall have funded their
respective participations in the outstanding Swingline Loans. 
 “Transactions” means the execution, delivery and
performance by the Loan Parties of the Loan Documents, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on
the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
 “United
States Dollars”, “U.S. Dollars”, “Dollars” or “$” refers to lawful money of the United States of America. 

“Unrestricted Cash” means, as of any date of determination, the aggregate amount of cash and cash equivalents
(including Permitted Investments) included in the cash accounts that would be listed on the consolidated balance sheet of Parent and its Restricted Subsidiaries as at such date, to the extent that such cash and cash equivalents (including Permitted
Investments) are not classified as Restricted. 
 “Unrestricted Subsidiary” means any Subsidiary of Parent
designated by the board of directors (or similar governing body) of Parent as an Unrestricted Subsidiary pursuant to Section 5.14 on or subsequent to the Effective Date. 

“U.S. Borrower” has the meaning set forth in the Preamble. 

“U.S. Loan Party” means any Loan Party that is organized under the laws of the United States, any State or
commonwealth thereof (not including any territory or possession thereof) or the District of Columbia. 

“U.S. Person” means a “United States person” within the meaning of
Section 7701(a)(30) of the Code. 
 “U.S. Revolving Commitment” means, with respect to each
Lender, the commitment, if any, of such Lender to make U.S. Revolving Loans and to acquire participations in Letters of Credit issued in and Swingline Loans made in U.S. Dollars hereunder, as such commitment may be reduced or increased from time to
time pursuant to (a) Section 2.09 and (b) assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s U.S. Revolving Commitment is set forth on
Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable. The initial aggregate amount of the Lenders’ U.S. Revolving Commitments is $500,000,000. 

  
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 “U.S. Revolving Credit Exposure” means, with respect
to any U.S. Revolving Credit Lender at any time, the sum of the outstanding principal amount of such Lender’s U.S. Revolving Loans, its Swingline Exposure and its LC Exposure (with respect to Letters of Credit issued in U.S. Dollars) at such
time. 
 “U.S. Revolving Credit Lender” means a Lender with a U.S. Revolving Commitment or, if the U.S. Revolving
Commitments have terminated or expired, a Lender with U.S. Revolving Credit Exposure. 
 “U.S. Revolving Loan” means
a Loan made pursuant to Section 2.01(a). 
 “U.S. Tax Compliance
Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3). 
 “Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

“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 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 used herein shall apply equally to the singular and plural forms of the terms
defined herein. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, clauses, sub-clauses, Exhibits
and Schedules shall be construed to refer to Articles, Sections, clauses and sub-clauses of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law, rule or regulation herein shall,
unless otherwise specified, refer to such law, rule or regulation as amended, modified or supplemented from time to time, (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to
refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (g) all references to the time of day shall be a reference to New York City time (unless otherwise specified
herein). With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document, any reference to “Bank of America Merrill Lynch 

  
 37 

 
International Limited” is a reference to its successor in title Bank of America Merrill Lynch International Designated Activity Company (including, without limitation, its branches) pursuant
to and with effect from the merger between Bank of America Merrill Lynch International Limited and Bank of America Merrill Lynch International Designated Activity Company that takes effect in accordance with Chapter II, Title II of Directive (EU)
2017/1132 (which repeals and codifies the Cross-Border Mergers Directive (2005/56/EC)) as implemented in the United Kingdom and Ireland. Notwithstanding anything to the contrary in any Loan Document, a transfer of rights and obligations from Bank of
America Merrill Lynch International Limited to Bank of America Merrill Lynch International Designated Activity Company pursuant to such merger shall be permitted. 

SECTION 1.04. Accounting Terms; GAAP. (a) Except as otherwise expressly provided herein, all terms of an accounting or financial
nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrowers notify the Administrative Agent that the Borrowers request 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 Borrowers that the Required Lenders request an amendment to any provision hereof for such purpose),
regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become
effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all
computations of amounts and ratios referred to herein shall be made, without giving effect to (i) any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a
similar result or effect) to value any Indebtedness or other liabilities of any Borrower or any Subsidiary at “fair value”, as defined therein and (ii) 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. 

(b) Notwithstanding anything to the contrary contained in Section 1.04(a) or in the definition of “Capital Lease Obligations,”
in the event of an accounting change requiring leases to be capitalized, only those leases (assuming for purposes hereof that such leases were in existence on the date hereof) that would constitute capital leases in conformity with GAAP on the date
hereof shall be considered capital leases, and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith. 

SECTION 1.05. Interest Rates. The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability
with respect to, the administration, submission or any other matter related to the rates in the definition of “LIBO Rate” or with respect to any comparable or successor rate thereto, or replacement rate therefor. 

SECTION 1.06. Currency Equivalents. For purposes of determining in any currency any amount outstanding in another currency, the
Equivalent Amount of such currency on the date of any such determination shall be used. The Administrative Agent or Parent, as applicable, shall determine the Spot Rates as of each Computation Date to be used for calculating the Equivalent Amounts
in U.S. Dollars or Offshore Currencies, as applicable. Such Spot Rates shall become effective as of such Computation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Computation
Date to occur. 

  
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 SECTION 1.07. Limited Condition Acquisitions. (a) In the case of (i) the
incurrence of any Indebtedness or Liens, the making of any Investments, Restricted Payments or Asset Dispositions, or the prepayment of Indebtedness, (ii) determining compliance with representations and warranties or the occurrence of any
Default or Event of Default (other than a Default or Event of Default under Section 7.01(a), Section 7.01(h) or Section 7.01(i)), or (iii) the designation of a Restricted Subsidiary or Unrestricted Subsidiary, in each case, in
connection with a Limited Condition Acquisition, at the Borrowers’ option, the relevant ratios and baskets and whether any such action is permitted hereunder shall be determined as of the date the Limited Condition Acquisition Agreement is
entered into, and calculated, on a pro forma basis, as if such Limited Condition Acquisition (and any other pending Limited Condition Acquisition) and other pro forma events in connection therewith (and in connection with any other pending Limited
Condition Acquisition), including the incurrence of Indebtedness, were consummated on such date; provided that if a Borrower has made an LCA Election, then in connection with the calculation of any ratio or basket with respect to the incurrence of
any other Indebtedness or Liens, or the making of any other Investments, Restricted Payments, or Asset Dispositions, or the prepayment of any other Indebtedness, on or following such date and prior to the earlier of the date on which such Limited
Condition Acquisition is consummated or the Limited Condition Acquisition Agreement for such Limited Condition Acquisition is terminated, any such ratio or basket shall be calculated (and tested) on a pro forma basis assuming such Limited Condition
Acquisition (and any other pending Limited Condition Acquisition) and other pro forma events in connection therewith (and in connection with any other pending Limited Condition Acquisition), including any incurrence of Indebtedness, have been
consummated. The consummation of a Limited Condition Acquisition shall be subject to the absence of a Default or Event of Default under Section 7.01(a), Section 7.01(h) or Section 7.01(i). 

(b) Notwithstanding anything set forth herein to the contrary, any determination in connection with a Limited Condition Acquisition of
compliance with representations and warranties or as to the occurrence or absence of any Default or Event of Default hereunder as of the date the applicable Limited Condition Acquisition Agreement (rather than the date of consummation of the
applicable Limited Condition Acquisition), shall not be deemed to constitute a waiver of or consent to any breach of representations and warranties hereunder or any Default or Event of Default hereunder that may exist at the time of consummation of
such Limited Condition Acquisition. 
 SECTION 1.08. Luxembourg Terms. Where it relates to a company incorporated under the laws of
Luxembourg or a security governed by Luxembourg law, a reference herein to: a winding-up, administration, liquidation, insolvency or dissolution includes, without limitation, bankruptcy (faillite),
insolvency, voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de la faillite), reprieve from payment (sursis de paiement), controlled management
(gestion contrôlée), general settlement with creditors, reorganisation or similar laws affecting the rights of creditors generally; a receiver, administrative receiver, administrator, liquidator, compulsory manager or the like
includes, without limitation, a juge délégué, commissaire, juge-commissaire, liquidateur or curateur; a security interest includes any hypothèque, nantissement,
gage, privilège, sûreté réelle, droit de rétention and any type of real security or agreement or arrangement having a similar effect including any transfer of title by way of security; a
person being unable or admitting inability to pay its debts includes that person being in a state of cessation of payments (cessation de paiements) or having lost or meeting the criteria to lose its commercial creditworthiness
(ébranlement de crédit); attachments or similar creditors process means an executory attachment (saisie exécutoire) or conservatory attachment (saisie arrêt); and a
“set-off” includes, for purposes of Luxembourg law, legal set-off. 

  
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 ARTICLE II 

THE CREDITS 
 SECTION
2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender agrees, severally and not jointly, as follows: 

(a) each U.S. Revolving Credit Lender agrees, severally and not jointly, to make U.S. Revolving Loans to each Borrower, at any
time and from time to time during the Availability Period, in an aggregate principal amount at any such time outstanding that will not result in (i) such Lender’s U.S. Revolving Credit Exposure (plus the aggregate amount of such
Lender’s EUR Revolving Credit Exposure) exceeding such Lender’s U.S. Revolving Commitment, or (ii) the sum of the total Revolving Credit Exposures exceeding the total Revolving Commitments. Within the foregoing limits and subject to
the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow U.S. Revolving Loans; 
 (b) each
EUR Revolving Credit Lender agrees, severally and not jointly, to make EUR Revolving Loans to each Borrower at any time and from time to time during the Availability Period, in an aggregate principal amount at any such time outstanding that will not
result in (i) such Lender’s EUR Revolving Credit Exposure exceeding such Lender’s EUR Revolving Commitment, (ii) such Lender’s U.S. Revolving Credit Exposure (plus the aggregate amount of such Lender’s EUR Revolving
Credit Exposure) exceeding such Lender’s U.S. Revolving Commitment or (iii) the sum of the total Revolving Credit Exposures exceeding the total Revolving Commitments. Within the foregoing limits and subject to the terms and conditions set
forth herein, the Borrowers may borrow, prepay and reborrow EUR Revolving Loans; and 
 (c) each Term Loan Lender agrees,
severally and not jointly, to make a Term Loan to the U.S. Borrower on the Effective Date, in an amount equal to such Lender’s Term Loan Commitment. Amounts repaid or prepaid in respect of the Term Loan may not be reborrowed. 

SECTION 2.02. Loans and Borrowings. (a) Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of
Loans of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments of the applicable Class; provided that, the Administrative Agent may allocate (or re-allocate)
any U.S. Revolving Loans and/or EUR Revolving Loans on a non-pro rata basis on any Computation Date to the extent the failure to so allocate (or re-allocate) on a non-pro rata basis would cause the Revolving Credit Exposure of any Lender to exceed its Revolving Commitment. Any Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05. The
failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other
Lender’s failure to make Loans as required. 
 (b) Subject to Section 2.14, each Revolving
Borrowing and Term Loan Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrowers may request in accordance herewith; provided that (i) all Loans (other than Swingline Loans) in an Offshore Currency
shall be a Eurodollar Loan and (ii) all U.S. Revolving Loans made to a Foreign Borrower shall be a Eurodollar Loan. Each Swingline Loan shall be an ABR Loan. Each Lender at its option may make any Eurodollar Loan by causing any domestic or
foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the applicable Borrower to repay such Loan in accordance with the terms of this Agreement. 

  
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 (c) At the commencement of each Interest Period for any Eurodollar
Borrowing, such Borrowing shall be in U.S. Dollars or in an Offshore Currency, in an aggregate amount of (i) in connection with a U.S. Revolving Loan, not less than $5,000,000 and an integral multiple of $1,000,000 thereof, and (ii) in
connection with a EUR Revolving Loan, not less than €5,000,000 and an integral multiple of €1,000,000 thereof. At the time that each ABR Borrowing is made, such Borrowing shall be in U.S. Dollars in an aggregate amount that is 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 Revolving Commitments or that is required to finance the reimbursement of an LC Disbursement
as contemplated by Section 2.06(e). Each Swingline Loan shall be in an amount that is an integral multiple of $100,000 and not less than $100,000. 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 ten (10) Eurodollar Borrowings outstanding with respect to the EUR Revolving Loans, U.S. Revolving Loans and Term Loans. The Equivalent Amount in Euros of each EUR
Revolving Loan shall be recalculated hereunder on each date on which it shall be necessary to determine the amount of any Loan or Loans outstanding hereunder on such date. 

(d) Notwithstanding any other provision of this Agreement, the Borrowers shall not be entitled to request, or to elect to
convert or continue, any Interest Period with respect to (i) a Revolving Borrowing if such Interest Period would end after the Revolving Maturity Date, and (ii) a Term Loan Borrowing if such Interest Period would end after the Term Loan
Maturity Date. 
 (e) All U.S. Revolving Loans and Swingline Loans made to the Borrowers shall be made in U.S. Dollars. All
EUR Revolving Loans made to the Borrowers shall be made in Euros. 
 SECTION 2.03. Requests for Borrowings. To request a Borrowing,
the applicable Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing in U.S. Dollars, not later than 11:00 a.m., New York City time, three (3) Business Days before the
date of the proposed Borrowing, (b) in the case of a Eurodollar Borrowing in Euros, not later than 11:00 a.m., London time, three (3) Business Days before the date of the proposed Borrowing, or (c) in the case of an
ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated
by Section 2.06(e) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand
delivery, telecopy or electronic mail to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the applicable Borrower. Each such telephonic and written Borrowing Request shall specify
the following information in compliance with Section 2.02: 
 (i) whether the Loans comprising such
Borrowing are U.S. Revolving Loans, EUR Revolving Loans, or Term Loans; 
 (ii) the aggregate amount of the requested
Borrowing and the currency of the requested Borrowing (which in each case shall be in accordance with Section 2.02); 

(iii) the date of the requested Borrowing, which shall be a Business Day; 

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

  
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 (v) 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 

(vi) the location and number of such Borrower’s account to which funds are to be disbursed, which shall comply with the
requirements of Section 2.07. 
 If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing;
provided, that if such Borrowing is denominated in Euros it shall be a Eurodollar Borrowing with an Interest Period of one (1) month’s duration. If no Interest Period is specified with respect to any requested Eurodollar Revolving
Borrowing, then the Borrowers shall be deemed to have selected an Interest Period of one (1) month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each
Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
 SECTION 2.04.
Reserved. 
 SECTION 2.05. Swingline Loans. (a) Subject to the terms and conditions set forth herein, from time to time
during the Availability Period, the Swingline Lender may, in its sole and absolute discretion, make Swingline Loans in U.S. Dollars to the U.S. Borrower in an aggregate principal amount in U.S. Dollars at any time outstanding that will not result in
(i) the aggregate principal amount of outstanding Swingline Loans made by the Swingline Lender exceeding the Swingline Lender’s Swingline Commitment and (ii) the Swingline Lender’s Revolving Credit Exposure exceeding its
Revolving Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, the U.S. Borrower may borrow, prepay and reborrow Swingline Loans. 

(b) To request a Swingline Loan, the U.S. Borrower shall notify the Administrative Agent of such request by telephone
(confirmed by telecopy or electronic mail), not later than 1:00 p.m., New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and
amount of the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the U.S. Borrower. The Swingline Lender will promptly notify the U.S. Borrower of its consent or refusal to
make such Swingline Loan. To the extent the Swingline Lender agrees to make such Swingline Loan, it shall make the requested Swingline Loan available to the U.S. Borrower to the location and number of the U.S. Borrower’s account to which funds
are to be disbursed as the U.S. Borrower shall designate in its request (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to the
Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan. 
 (c) The Swingline
Lender may, by written notice given to the Administrative Agent, require the Revolving Lenders to acquire participations in all or a portion of its Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in
which the Revolving Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Revolving Lender’s Applicable Percentage of such
Swingline Loans. Each Revolving Lender hereby absolutely and unconditionally agrees, promptly upon receipt of such notice from the Administrative Agent (and in any event, if such notice is received by 12:00 noon, New York City time, on a Business
Day no later than 5:00 p.m. New York City time on such Business Day and if received after 12:00 noon, New York City time, on a Business Day shall mean no later than 10:00 a.m. New York City time on the immediately succeeding Business Day), to pay to
the 

  
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Administrative Agent, for the account of the Swingline Lender, such Revolving Lender’s Applicable Percentage of such Swingline Loans. Each Revolving Lender acknowledges and agrees that its
obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or Event of Default
or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Revolving Lender shall comply with its obligation under this paragraph by wire
transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Revolving Lender (and Section 2.07 shall apply, mutatis mutandis,
to the payment obligations of the Revolving Lenders incurred pursuant to this Section 2.05), and the Administrative Agent shall promptly pay to such Swingline Lender the amounts so received by it from the Revolving Lenders.
The Administrative Agent shall notify the U.S. Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to
the Swingline Lender. Any amounts received by the Swingline Lender from the U.S. Borrower (or other party on behalf of the U.S. Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of
participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made their payments
pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent
such payment is required to be refunded to the U.S. Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the U.S. Borrower of any default in the payment thereof. 

SECTION 2.06. Letters of Credit. (a) General. Subject to the terms and conditions set forth herein, any Borrower may request the
issuance of Letters of Credit in U.S. Dollars or any Offshore Currency, for the account of such Borrower (or for the joint account of U.S. Borrower, SWM Luxembourg, and/or a Restricted Subsidiary designated by either such Borrower), in a form
reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and
conditions of any form of letter of credit application or other agreement submitted by any Borrower to, or entered into by any Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall
control. Letters of Credit issued, amended, renewed or extended hereunder at the request of the applicable Borrower shall be issued in U.S. Dollars or any Offshore Currency, as requested by such Borrower, and shall constitute utilization of the U.S.
Revolving Commitments and/or EUR Revolving Commitments, as applicable. Notwithstanding anything herein to the contrary, the Issuing Bank shall have no obligation hereunder to issue, and shall not issue, any Letter of Credit the proceeds of which
would be made available to any Person (i) to fund any activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject of any Sanctions, (ii) in any manner that would
result in a violation of any Sanctions by any party to this Agreement or (iii) in any manner that would result in a violation of one or more policies of such Issuing Bank applicable to letters of credit generally. 

(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 requesting such Letter of Credit (or amendment, renewal or extension of an outstanding Letter of Credit) (the “LC Borrower”) shall hand
deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in 

  
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advance of the requested date of issuance, amendment, renewal or extension, but in any event no less than three (3) Business Days prior to the proposed date of issuance, amendment, renewal
or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the
date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit and whether such amount will be in U.S. Dollars or Euros, 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. In addition, as a condition to any such Letter of Credit issuance, the LC Borrower shall have entered into a continuing agreement (or
other letter of credit agreement) for the issuance of letters of credit and/or shall submit a letter of credit application, in each case, as required by the Issuing Bank and using such bank’s standard form (each, a “Letter of Credit
Agreement”). 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 Borrowers shall be deemed to represent and warrant that), after
giving effect to such issuance, amendment, renewal or extension (i) the total U.S. Revolving Credit Exposure shall not exceed total U.S. Revolving Commitments, (ii) the U.S. Revolving Credit Exposure of any Lender (plus such Lender’s
EUR Revolving Credit Exposure) shall not exceed such Lender’s U.S. Revolving Commitment, (iii) the total EUR Revolving Credit Exposure shall not exceed total EUR Revolving Commitments, (iv) the EUR Revolving Credit Exposure of any
Lender shall not exceed such Lender’s EUR Revolving Commitment, (v) the total LC Exposure shall not exceed the lesser of the Letter of Credit Commitment or $20,000,000, (vi) the sum of the total Revolving Credit Exposures shall not exceed
the total Revolving Commitments, (vii) the Revolving Credit Exposure of any Lender shall not exceed such Lender’s Revolving Commitment and (viii) the LC Exposure of any Issuing Bank shall not exceed such Issuing Bank’s Letter of
Credit Commitment. The Borrowers may, at any time and from time to time, reduce the Letter of Credit Commitment of any Issuing Bank with the consent of such Issuing Bank; provided that the Borrowers shall not reduce the Letter of Credit
Commitment of any Issuing Bank if, after giving effect of such reduction, the conditions set forth in clauses (i) through (vi) above shall not be satisfied. 

(c) Expiration Date. Each Letter of Credit shall expire (or be subject to
non-renewal by notice from the Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one (1) year after the date of the issuance of such Letter
of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five (5) Business Days prior to the Revolving Maturity Date. 

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

  
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 (e) Reimbursement. If the Issuing Bank shall make any LC Disbursement
in respect of a Letter of Credit, the LC Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement in U.S. Dollars or Euros, as applicable, based on the currency of such LC
Disbursement, not later than 12:00 noon, New York City time (or London time in the case of a LC Disbursement in Euros), on the date that such LC Disbursement is made, if the LC Borrower shall have received notice of such LC Disbursement prior
to 10:00 a.m., New York City time (or London time in the case of a LC Disbursement in Euros), on such date, or, if such notice has not been received by the LC Borrower prior to such time on such date, then not later than 12:00 noon,
New York City time (or London time in the case of a LC Disbursement in Euros), on the Business Day immediately following the day that the LC Borrower receives such notice, if such notice is not received prior to such time on the day of
receipt; provided that the LC Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or Section 2.05 that such payment be financed
with an ABR Revolving Borrowing or a Swingline Loan (or if such LC Disbursement was made in an Offshore Currency, as a Eurodollar Loan with an Interest Period of one month) in an equivalent amount and, to the extent so financed, the LC
Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing, Swingline Loan or Eurodollar Loan, as applicable. If the LC Borrower fails to make such payment when due, the Administrative
Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the LC Borrower in respect thereof and such Revolving Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each
Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the LC Borrower, in the same manner as provided in Section 2.07 with respect to Revolving Loans made by such
Revolving Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders incurred pursuant to this Section 2.06(e)), and the Administrative Agent shall
promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from the LC Borrower pursuant to this paragraph, the Administrative Agent shall
distribute such payment to the Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Revolving Lenders and the Issuing Bank as their interests may appear.
Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans, Eurodollar Loans or a Swingline Loan as contemplated above) shall not
constitute a Loan and shall not relieve the LC Borrower of its obligation to reimburse such LC Disbursement. 
 (f)
Obligations Absolute. The Borrowers’ 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, any Letter of Credit Agreement or this Agreement, or any term or provision therein or
herein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank
under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that
might, but for the provisions of this Section, constitute a legal or equitable 

  
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discharge of, or provide a right of setoff against, the LC Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their Related
Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in
the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing
thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the LC
Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the LC Borrower to the extent permitted by applicable law) suffered by the LC Borrower
that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of
gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing
and without limiting the generality thereof, the parties hereto agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole
discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are
not in strict compliance with the terms of such Letter of Credit. 
 (g) Disbursement Procedures. The Issuing Bank
shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the LC Borrower by telephone (confirmed
by telecopy or electronic mail) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the LC Borrower of
its obligation to reimburse the Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement. 
 (h)
Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the LC Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each
day from and including the date such LC Disbursement is made to, but excluding the date that the LC Borrower reimburses such LC Disbursement at the rate per annum then applicable to ABR Revolving Loans; provided, that if the LC
Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then (x) Section 2.13(d) shall apply and (y) if any LC Disbursement in an Offshore Currency for which the
applicable Revolving Lenders have purchased and funded participation interests as provided in Section 2.06(d) above remains outstanding for more than a period of two (2) weeks after the date upon which the funding of
such participations was required as set forth above, such LC Disbursement shall automatically accrue interest as a Eurodollar Loan with an Interest Period of one (1) month immediately upon the two (2) week anniversary of the required
participation funding date. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this
Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 

  
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 (i) Replacement of an Issuing Bank. Any Issuing Bank may be replaced
at any time by written agreement among the Borrowers, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of any Issuing Bank. At the
time any such replacement shall become effective, the LC Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such
replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term
“Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced
Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue
additional Letters of Credit. 
 (j) Subject to the appointment and acceptance of a successor Issuing Bank, any Issuing Bank
may resign as an Issuing Bank at any time upon thirty days’ prior written notice to the Administrative Agent, the Borrowers and the Lenders, in which case, such Issuing Bank shall be replaced in accordance with
Section 2.06(i) above. 
 (k) Cash Collateralization. If any Event of Default shall occur
and be continuing, on the Business Day that the LC Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Revolving Loans has been accelerated, Lenders with LC Exposure representing at least a
majority of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Borrowers shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the
Revolving Lenders (the “LC Collateral Account”) an amount in cash in the applicable currency equal to 103% of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation
to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to any Borrower
described in clause (h) or (i) of Article VII. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrowers under this Agreement. The Administrative Agent shall have
exclusive dominion and control, including the exclusive right of withdrawal, over such account and the Borrowers hereby grant to the Administrative Agent a security interest in the LC Collateral Account. Other than any interest earned on the
investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrowers’ risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such
investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be
held for the satisfaction of the reimbursement obligations of the Borrowers for the LC Exposure at such time or, if the maturity of the Revolving Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing at
least a majority of the total LC Exposure), be applied to satisfy the Secured Obligations in accordance with Section 7.02. If the Borrowers are 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 Borrowers within three (3) Business Days after all Events of Default have been cured or waived. 

  
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 (l) Letters of Credit Issued for Account of
Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder supports any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,” “applicant,”
“customer,” “instructing party,” or the like of or for such Letter of Credit, and without derogating from any rights of the applicable Issuing Bank (whether arising by contract, at law, in equity or otherwise) against such
Subsidiary in respect of such Letter of Credit, the Borrowers (i) shall reimburse, indemnify and compensate the applicable Issuing Bank hereunder for such Letter of Credit (including to reimburse any and all drawings thereunder) as if such
Letter of Credit had been issued solely for the account of the Borrowers and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of such Subsidiary in
respect of such Letter of Credit. Each Borrower hereby acknowledges that the issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrowers, and that each Borrower’s business derives substantial benefits
from the businesses of such Subsidiaries. 
 SECTION 2.07. Funding of Borrowings. (a) Each Lender shall make each Loan to be
made by it hereunder on the proposed date thereof solely by wire transfer of immediately available funds, by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to
the Lenders; provided that Swingline Loans shall be made as provided in Section 2.05. Except in respect of the provisions of this Agreement covering the reimbursement of Letters of Credit, the Administrative Agent will make
such Loans available to the applicable Borrower by promptly crediting the funds so received in the aforesaid account of the Administrative Agent to an account of such Borrower maintained with the Administrative Agent in New York City and
designated by the Borrowers in the applicable Borrowing Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the
Administrative Agent to the Issuing Bank. 
 (a) 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 applicable 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 applicable 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 such Borrower to, but excluding, the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the NYFRB Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, 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. 
 SECTION 2.08. Interest Elections. (a) Each Borrowing initially
shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrowers may elect to convert such
Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrowers may elect different options with respect to different
portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This
Section shall not apply to Swingline Borrowings, which may not be converted or continued. 

  
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 (b) To make an election pursuant to this Section, the applicable 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 such Borrower were requesting a Borrowing of the Type resulting from such
election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or electronic mail to the Administrative Agent of a written
Interest Election Request in a form approved by the Administrative Agent and signed by the applicable Borrower. 
 (c) Each
telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 
 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); 
 (i) the effective date of the
election made pursuant to such Interest Election Request, which shall be a Business Day; 
 (ii) whether the resulting
Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 
 (iii) 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 applicable 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 applicable Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) If the Borrowers fail to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end
of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing; provided, that if such Borrowing is
denominated in an Offshore Currency, such Borrowing shall instead be continued as a Eurodollar Borrowing of the same Class with an Interest Period of one (1) month’s duration. Notwithstanding any contrary provision hereof, if an Event
of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrowers, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or
continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto; provided, however, if such Borrowing is denominated
in an Offshore Currency, such Borrowing shall instead be continued as a Eurodollar Borrowing with an Interest Period of one (1) month’s duration. 

  
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 SECTION 2.09. Termination, Reduction and Increase of Commitments. (a) Unless
previously terminated, (ii) the Term Loan Commitments shall terminate immediately upon the funding of the Term Loans on the Effective Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. 

(b) The Borrowers may at any time terminate the Revolving Commitments upon (i) the payment in full in cash of all
outstanding Revolving Loans, together with accrued and unpaid interest thereon, (ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Issuing
Bank with a cash deposit (or at the discretion of the Issuing Bank a back-up standby letter of credit satisfactory to the Issuing Bank) equal to 103% of the LC Exposure as of such date), (iii) the payment in
full in cash of the accrued and unpaid fees and (iv) the payment in full in cash of all reimbursable expenses and all other Obligations in cash together with accrued and unpaid interest thereon. The Borrowers may from time to time reduce the
Revolving Commitments of any Class; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of the Equivalent Amount of $1,000,000 and not less than the Equivalent Amount of
$5,000,000 and (ii) the Borrowers shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11, (x) any
Lender’s EUR Revolving Credit Exposure would exceed such Lender’s EUR Revolving Commitment, (y) any Lender’s U.S. Revolving Credit Exposure (plus the aggregate amount of such Lender’s EUR Revolving Credit Exposure) would
exceed such Lender’s U.S. Revolving Commitment or (z) the sum of the total Revolving Credit Exposures would exceed the total Revolving Commitments. 

(c) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under
paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the
Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments
delivered by the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (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 Revolving Commitments shall be made ratably among the Revolving Lenders in accordance with their respective
Revolving Commitments. 
 (d) The Borrowers shall have the right (exercisable at any time and from time to time) to increase
the Commitments by obtaining additional Commitments in U.S. Dollars or Euros, by up to an aggregate amount equal to the Equivalent Amount of $400,000,000, in the form of a Revolving Loan, a Term Loan or a new term loan, either from one or more of
the Lenders or another lending institution acceptable to Administrative Agent; provided that the aggregate amount of the proceeds of any Term Loan Refinancing shall be excluded for purposes of calculating the aggregate amount of additional
Commitments issued pursuant to this Section 2.09(d); provided, further, that (i) any such request for an increase shall be in a minimum amount equal to the Equivalent Amount of $25,000,000, (ii) any such
new Lender assumes all of the rights and obligations of a “Lender” hereunder, (iii) the procedures described in Section 2.09(d), 2.09(e) and 2.09(f) have been satisfied, (iv) no Lender
shall be required or obligated to increase its commitment and (v) in the case of Loans to be made under a new term loan facility (a “Term Loan Facility”), (A) this Agreement shall be amended, in form and substance acceptable to
the 

  
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Administrative Agent, to reflect the addition of such Term Loan Facility, (B) all Loans made under such Term Loan Facility shall have a weighted average life to maturity not shorter than the
remaining weighted average life to maturity of then-existing Term Loans, (C) the interest margin for Loans made under such Term Loan Facility may be priced differently than the Revolving Loans, the Term Loans, and/or any other loans made under
the Term Loan Facility, (D) the Loans made under such Term Loan Facility shall rank equally in right of payment with all other remaining Loans, including, without limitation, pursuant to Section 2.18 of this Agreement
(unless otherwise agreed by the Lenders making Loans under the Term Loan Facility), and (E) any other terms and provisions applicable to such Term Loan Facility (including, without limitation, the terms and provisions relating to repayments and
prepayments with respect to Loans made under such Term Loan Facility) shall be substantially the same as (and in any event not more favorable than) the Revolving Loans, the Term Loans and any other term loans issued hereunder prior to such date and
shall otherwise be in form and substance satisfactory to the Administrative Agent, the Borrowers, and the Lenders participating in such Term Loan Facility; provided that, the terms and conditions applicable to any such Term Loan Facility
maturing after the Term Loan Maturity Date may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the Term Loan Maturity Date. 

(e) Any amendment hereto for such an increase or addition pursuant to Sections 2.09(d), 2.09(e) and
2.09(f) shall be in form and substance satisfactory to the Administrative Agent (and the Lender(s) being added or increasing their Commitment) and shall only require the written signatures of the Administrative Agent, the Borrowers and the
Lender(s) being added or increasing their Commitment. As a condition precedent to each such increase, Borrowers shall deliver to the Administrative Agent such legal opinions and other documents reasonably requested by Administrative Agent,
including, without limitation, a certificate (in sufficient copies for each Lender) signed by an authorized officer of Borrowers (i) certifying and attaching the resolutions adopted by each Loan Party approving or consenting to such increase
and (ii) certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in Article III and the other Loan Documents are true and correct, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, (B) no Default or Event of Default has occurred and is continuing and each of the other conditions set forth in
Section 4.02 have been satisfied and (C) Borrowers are in compliance on a pro forma basis (assuming such increase was made on the last day of the applicable period) with the covenants set forth in
Section 6.11, recomputed for the most recent quarter for which financial statements have been delivered pursuant to calculations and detail acceptable to Administrative Agent. 

(f) Within a reasonable time after the effective date of any increase, the Administrative Agent shall, and is hereby authorized
and directed to, revise the Commitment Schedule to reflect such increase and shall distribute such revised Commitment Schedule to each of the Lenders and the Borrowers, whereupon such revised Commitment Schedule shall replace the old Commitment
Schedule and become part of this Agreement. On the Business Day following any such increase of the Revolving Commitments, all outstanding Revolving Loans and other outstanding advances shall be reallocated among the Revolving Lenders (including any
newly added Lenders) in accordance with the Revolving Lenders’ respective revised Applicable Percentages. Eurodollar Borrowings shall not be reallocated among the Revolving Lenders prior to the expiration of the applicable Interest Period in
effect at the time of any such increase. 

  
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 (g) Parent may, upon not less than twenty (20) Business Days’
notice from Parent to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), terminate the status of any Borrower (other than Parent) as a Borrower, if and only if (i) there are no
outstanding Loans or LC Exposure outstanding with respect to such Borrower or other amounts payable by such Borrower on account of any Loans made to it or Letters of Credit issued for its account as of the effective date of such termination (unless
such Loans and other Obligations have been assumed by another Borrower and certified as such to the Administrative Agent) and (ii) such Borrower shall become a Loan Guarantor if it is required to do so pursuant to
Section 5.09(a) prior to or contemporaneously with the effective date of such termination. The Administrative Agent shall promptly notify the Lenders of any such termination of such Borrower’s status as a borrower.

 SECTION 2.10. Repayment of Loans; Evidence of Debt. (a) Each Borrower hereby unconditionally promises to pay (i) to the
Administrative Agent for the account of the applicable Revolving Lender the then unpaid principal amount of each of its U.S. Revolving Loans in U.S. Dollars and EUR Revolving Loans in Euros on the Revolving Maturity Date and (ii) to the
Administrative Agent for the account of the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Revolving Maturity Date and the fifth (5th)
Business Day after such Swingline Loan is made; provided that on each date that a Revolving Borrowing is made, the Borrowers shall repay all Swingline Loans then outstanding and the proceeds of any such Borrowing shall be applied by the
Administrative Agent to repay any Swingline Loans outstanding. The U.S. Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Term Loan Lender on the last Business Day of each fiscal quarter of the
Borrowers (commencing with the last Business Day of the fiscal quarter ending December 31, 2018), in the aggregate principal amount of $500,000 (as adjusted from time to time pursuant to Section 2.11(c)). 

To the extent not previously paid, all unpaid Term Loans shall be paid in full in cash by the Borrowers on the Term Loan Maturity Date. 

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the
Borrowers 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 Borrowers to each Lender hereunder and (iii) the amount of any
sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

(d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be
prima facie evidence of the existence and amounts of the Obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect
the obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement. 
 (e) Any Lender may
request that Loans made by it be evidenced by a promissory note. In such event, the Borrowers shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender
and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented
by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns. 

  
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 (f) If on any Computation Date, the aggregate Revolving Credit Exposure of
the Lenders for any Class exceeds the aggregate Revolving Commitments of the Lenders for such Class, the applicable Borrower shall immediately prepay the Revolving Loans in the amount of such excess. To the extent that, after any such
prepayment of all Revolving Loans of any Class an excess of the Revolving Credit Exposure of such Class over the aggregate Revolving Commitments of such Class still exists, the Borrowers shall promptly cash collateralize the Letters
of Credit in the manner described in Section 2.06(j) in an amount sufficient to eliminate such excess. Any such payment shall be applied, first, to the Swingline Loans, second, to the Revolving Loans for such Class and, third, as cash
collateral for LC Exposure for such Class. 
 SECTION 2.11. Prepayment of Loans. (a) The Borrowers 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. 

(b) The Borrowers shall notify the Administrative Agent (and, in the case of prepayment of Swingline Loans, the Swingline
Lenders) by telephone (confirmed by telecopy or electronic mail) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing in U.S. Dollars, not later than 11:00 a.m., New York City time, three (3) Business
Days before the date of prepayment, (ii) in the case of prepayment of a Eurodollar Revolving Borrowing in Euros, not later than 11:00 a.m., London time, three (3) Business Days before the date of prepayment, (iii) in the case of
prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one (1) Business Day before the date of prepayment or (iv) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City
time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in
connection with a conditional notice of termination of the Revolving Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with
Section 2.09. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Revolving Borrowing shall be in
an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied ratably to the Revolving Loans
included in the prepaid Borrowing. Each voluntary prepayment of the Term Loans pursuant to this Section 2.11(b) shall be applied as directed by the Borrowers; provided, that any voluntary prepayment of the Term Loans
made with proceeds of any Term Loan Refinancing shall be applied to the principal installments thereof in inverse order of maturity. Prepayments shall be accompanied by accrued interest to the extent required by
Section 2.13 and any break funding payments required by Section 2.16. 

(c) In the event and on each occasion that any Net Cash Proceeds are received by or on behalf of any Loan Party in respect of
any Prepayment Event, the Borrowers shall, promptly (and in any event within three (3) Business Days) after such Net Cash Proceeds are received by any Loan Party, prepay the Term Loans on a pro rata basis (and to the principal installments
thereof as directed by the Borrowers, or, in the absence of such direction, in direct order of maturity) in an aggregate amount equal to 100% of such Net Cash Proceeds, provided that, (i) if the Borrowers shall deliver to the
Administrative Agent prior to the end of such third Business Day a certificate of a Financial Officer to the effect that the Loan Parties intend to apply the Net Cash Proceeds from such event (or a portion thereof specified in such certificate),
within 365  

  
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days after receipt of such Net Cash Proceeds, to acquire (or replace or rebuild) real property, equipment or other tangible assets (excluding inventory) to be used in the business of the Loan
Parties or to make Investments permitted pursuant to Section 6.05(c), (f) or (h), and certifying that no Event of Default has occurred and is continuing, then no prepayment shall be required pursuant to this
paragraph in respect of the Net Cash Proceeds specified in such certificate; (ii) if, on the date of such Net Cash Proceeds are received, the Net Debt to EBITDA Ratio as of the most recent determination date is less than or equal to 3.75:1.00,
then the applicable percentage of Net Cash Proceeds required to prepay the Term Loans shall be reduced to 50%; (iii) to the extent of any such Net Cash Proceeds therefrom that have not been so applied by the end of such 365 day period (or, if
the applicable Borrower has entered into a binding commitment to make such application of the Net Cash Proceeds within such 365 day period and has not so applied such Net Cash Proceeds within six (6) months following such 365 day period), a
prepayment shall be required at such time in an amount equal to such Net Cash Proceeds that have not been so applied; (iv) to the extent that any of or all the Net Cash Proceeds of any Asset Disposition by a Foreign Subsidiary (a
“Foreign Disposition”) are prohibited or delayed by applicable local law from being repatriated to the United States, no prepayment shall be required pursuant to this paragraph for that portion of such Net Cash Proceeds so
affected, and such amounts may be retained by the applicable Foreign Subsidiary; provided that, once such repatriation of any such affected Net Cash Proceeds would be permitted by applicable local law, the Borrowers shall promptly apply an amount
equal to such Net Cash Proceeds in compliance with this paragraph; and (v) to the extent that Parent has determined in good faith that the repatriation of any of or all the Net Cash Proceeds of any Foreign Disposition could reasonably be
expected to result in a material adverse tax consequence to the Borrowers or their Restricted Subsidiaries with respect to such Net Cash Proceeds (which, for the avoidance of doubt, includes, but is not limited to, any prepayment whereby doing so
the Borrowers, any of their Restricted Subsidiaries or any of their respective Affiliates and/or shareholders would incur a tax liability, including a tax dividend, deemed dividend pursuant to IRC Section 956 or a withholding tax), neither the
applicable Foreign Subsidiary nor any Borrower shall have an obligation to apply such Net Cash Proceeds pursuant to this paragraph until such time that such amounts could be repatriated without incurring such liability or consequence. 

SECTION 2.12. Fees. (a) The Borrowers agree to pay to the Administrative Agent for the account of each Revolving Lender a
commitment fee, which shall accrue at the Applicable Rate on an amount equal to (i) the Revolving Commitment (as increased or reduced in accordance with the terms of this Agreement), minus (ii) the average daily amount of the
Equivalent Amount in Dollars of the aggregate Revolving Credit Exposure (calculated without giving effect to clause (b) of the definition of Swingline Exposure) during the period from and including the date hereof to, but excluding, the date on
which the Revolving Lenders’ Revolving Commitments terminate. Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which the Revolving Commitments terminate,
commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last
day). Such commitment fee shall be allocated among Revolving Lenders in an amount determined by the unused portion of that Revolving Lender’s Revolving Commitment, expressed as a percentage of the unused portion of the Revolving Commitments of
all Revolving Lenders and multiplied by the amount of such commitment fee as calculated pursuant to the first sentence of this clause (a). 

(b) The applicable Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a
participation fee with respect to its participations in Letters of Credit, which shall accrue per annum at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving Loans on the average daily amount of such

  
 54 

 
Revolving Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the
later of the date on which such Revolving Lender’s Revolving Commitment terminates and the date on which such Revolving Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of
0.125% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of
termination of the Revolving Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing
of drawings thereunder. Letter of Credit participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable in arrears on the third (3rd) Business Day following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Revolving
Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this clause (b) shall be payable within ten
(10) days after demand. All Letter of Credit participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last
day). 
 (c) The Borrowers agree to pay to the Administrative Agent, for its own account, fees payable in the amounts and at
the times separately agreed upon between the Borrowers 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 the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders in the currency
specified in Section 2.18(g). Fees paid shall not be refundable under any circumstances. 
 SECTION 2.13. Interest. (a) The
Loans comprising each ABR Borrowing (excluding each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate. 

(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in
effect for such Borrowing plus the Applicable Rate. 
 (c) The Loans comprising each Swingline Loan shall bear interest at a
rate per annum as may be agreed to in writing between U.S. Borrower and Swingline Lender. 
 (d) Notwithstanding the
foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrowers hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as
well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in
the case of any other amount, 2.00% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section. 

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

  
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Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date
of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

 All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at
times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.14. Alternate Rate of Interest. (a) If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 

(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means (including, without limitation, by means of an Interpolated Rate) do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including because the LIBO Screen Rate is not available or published on a
current basis), for the applicable currency and such Interest Period; or 
 (ii) the Administrative Agent is advised by the
Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for the applicable currency and 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 the applicable currency and such Interest Period; 
 then the Administrative Agent shall give notice thereof to the
Borrowers and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist,
(A) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (B) if any Borrowing Request requests a Eurodollar Borrowing, such
Borrowing shall be made as an ABR Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted; provided further, if any such
Borrowing is to be denominated in an Offshore Currency, such Borrowing shall instead be made as a Eurodollar Borrowing with an Interest Period of one month. 

(b) If at any time 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 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 shall no longer be used for determining interest rates for loans,
then the Administrative Agent and the Borrowers 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 

  
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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 Required Lenders of each Class stating that such Required 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) of the first sentence of this Section 2.14(b), only to the extent the LIBO Screen Rate for
the applicable currency and 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 Borrowing to, or continuation of any Borrowing as, a
Eurodollar Borrowing shall be ineffective, and (y) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 

SECTION 2.15. Increased Costs.  

(a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory
loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or Issuing Bank; 

(ii) impose on any Lender or Issuing Bank or the London interbank market any other condition, cost or expense (other than
Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or 
 (iii)
subject any Recipient to any Taxes (other than (A) Indemnified Taxes and (B) Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto; 
 and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing,
converting or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, such Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit
or to reduce the amount of any sum received or receivable by such Lender, such Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then the applicable Borrower will pay to such Lender, such Issuing Bank or
such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, such Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 

(b) If any Lender or Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would
have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by,
or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s or Issuing Bank’s policies and the policies of such Lender’s or 

  
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Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the applicable Borrower will pay to such Lender or Issuing Bank, as the case may be,
such additional amount or amounts as will compensate such Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding company for any such reduction suffered. 

(c) A certificate of a Lender or Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or
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 Borrowers and shall be conclusive absent manifest error. The applicable Borrower shall pay such
Lender or 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 Issuing Bank to demand compensation pursuant to this Section shall not
constitute a waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender or Issuing Bank pursuant to this Section for any increased costs
or reductions incurred more than 180 days prior to the date that such Lender or Issuing Bank, as the case may be, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or 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 180-day period
referred to above shall be extended to include the period of retroactive effect thereof. 
 (e) If any Lender determines that
any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender to perform its obligations hereunder or to issue, make, maintain, fund or charge interest with respect to any Loan or Letter of Credit
to any Borrower who is organized under the laws of a jurisdiction other than the United States, a State thereof or the District of Columbia then, on notice thereof by such Lender to the Borrowers through the Administrative Agent, and until such
notice by such Lender is revoked, any obligation of such Lender to issue, make, maintain, fund or charge interest with respect to any such Loan or Letter of Credit shall be suspended. Upon receipt of such notice, the Loan Parties shall take all
reasonable actions requested by such Lender to mitigate or avoid such illegality. 
 SECTION 2.16. Break Funding Payments. In the
event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on
the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked
under Section 2.11(b) and is revoked in accordance therewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrowers
pursuant to Section 2.19, then, in any such event, the Borrowers shall compensate each applicable Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or
expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the
Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period
that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such
period, for U.S. Dollar or Euro deposits, as applicable, of a comparable 

  
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amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this
Section shall be delivered to the Borrowers and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

SECTION 2.17. Withholding of Taxes; Gross-Up. 

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

(b) Payment of Other Taxes by the Loan Parties. The Loan Parties shall timely pay to the relevant Governmental Authority
in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes. 
 (c)
Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.17, such Loan Party shall deliver to the Administrative Agent the
original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(d) Indemnification by the Loan Parties. The Loan Parties shall jointly and severally indemnify each Recipient, within
10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or
deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate setting forth in reasonable detail a calculation of the amount of such payment or liability delivered to Parent by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a
Lender, shall be conclusive absent manifest error. 
 (e) Indemnification by the Lenders. Each Lender shall severally
indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such
Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of
a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the 

  
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amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set
off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph
(e). 
 (f) Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding
Tax with respect to payments made under any Loan Document shall deliver to Parent and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the Administrative Agent, such properly completed and executed
documentation reasonably requested by the Borrowers or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrowers or the
Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether or not such
Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Section 2.17(f)(ii)(A), Section 2.17(f)(ii)(B) and Section 2.17(f)(ii)(D) below) shall not be required if in the Lender’s reasonable judgment such
completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

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

(A) any Lender with respect to such Borrower that is a U.S. Person shall deliver to such Borrower and the Administrative Agent
on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 
 (B)
any Foreign Lender with respect to such Borrower shall, to the extent it is legally entitled to do so, deliver to such Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on
which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), whichever of the following is applicable: 

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

  
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 (2) in the case of a Foreign Lender with respect to such Borrower claiming
that its extension of credit will generate U.S. effectively connected income, an executed copy of IRS Form W-8ECI; 

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

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

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

(h) Contesting Certain Taxes. If the Borrowers determine in good faith that a reasonable basis exists for contesting any
Taxes for which the Borrowers could be liable under this Section 2.17, the relevant Lender shall cooperate with the Borrowers in a reasonable challenge of such Taxes if so requested by the Borrowers, provided that
(a) such Lender determines in its reasonable discretion that it would not be prejudiced by cooperating in such challenge, (b) the Borrowers pay all related expenses of such Lender and (c) the Borrowers indemnify such Lender for any
liabilities or other costs incurred by such Lender in connection with such challenge. Lender shall reasonably consult with Borrowers in good faith regarding the manner of contesting any such challenge and shall not settle or compromise any challenge
without the Borrowers’ prior written consent (which shall not be unreasonably withheld, conditioned or delayed and shall not be required while an Event of Default has occurred and is continuing). The preceding sentence shall not be construed to
require any Lender to make available its tax returns (or any other information that it deems confidential) to the Borrowers or any other Person. 

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

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

  
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 SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Setoffs.
(a) The Borrowers shall make each payment required to be made by them hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15,
Section 2.16 or Section 2.17, or otherwise) prior to 12:00 noon, New York City time or London time, as applicable, on the date when due, in immediately available funds, without setoff,
recoupment or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All
such payments shall be made to the Administrative Agent at its offices at 270 Park Avenue, New York, New York, except payments to be made directly to Issuing Banks or the Swingline Lender as expressly provided herein and except that payments
pursuant to Section 2.15, Section 2.16 or Section 2.17 and Section 9.03 shall be made directly to the Persons entitled thereto. The
Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day,
the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in U.S. Dollars
or Euros, as provided herein. 
 (b) At any time that payments are not required to be applied in the manner required by
Section 7.02, if at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied
(i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of
principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 

(c) At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums,
reimbursable expenses (including, without limitation, all reimbursement for fees and expenses pursuant to Section 9.03), and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made
hereunder whether made following a request by the Borrowers pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit account of the Borrowers or any other Loan Party
maintained with the Administrative Agent. The Borrowers hereby irrevocably authorize (i) the Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any
other amount due under the Loan Documents and agrees that all such amounts charged shall constitute Loans (including Swingline Loans) and that all such Borrowings shall be deemed to have been requested pursuant to Sections 2.03 or
2.05, as applicable, and (ii) the Administrative Agent to charge any deposit account of the Borrowers or any other Loan Party maintained with the Administrative Agent for each payment of principal, interest and fees as it becomes due
hereunder or any other amount due under the Loan Documents 
 (d) If any Lender shall, by exercising any right of setoff or
counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements or its Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate
amount of its Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value)
participations in the Loans and participations in LC Disbursements and Swingline 

  
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Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued
interest on their respective Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase 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 Borrowers 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 any Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrowers consent to the foregoing and agree, to the extent it may effectively do so under applicable
law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrowers rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the
Borrowers in the amount of such participation. 
 (e) Unless the Administrative Agent shall have received notice from the
Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Banks hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers
have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Banks, as the case may be, the amount due. In such event, if the Borrowers have not in fact made such
payment, then each of the Lenders or the Issuing Banks, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from
and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation. 
 (f) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.05(c), Section 2.06(d) or Section 2.06(e), Section 2.07(b), Section 2.18(e) or
Section 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such
Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold such amounts in a segregated account over which the Administrative Agent shall have exclusive control
as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 

(g) All payments of principal of, and interest accrued on, any Loan hereunder shall be made in the currency in which such Loan
is denominated. All payments of fees due pursuant to Section 2.12(a) and (b) shall be payable in U.S. Dollars. All payments of fees to the Administrative Agent for its own account as set forth in the Fee Letter
shall be paid in U.S. Dollars. All payments made to reimburse the Administrative Agent, any Swingline Lender, the Issuing Bank or any Lender for any costs, expenses, or other amounts pursuant to Section 9.03 or any other
Loan Document shall be made in the currency in which such obligation to be reimbursed is invoiced or incurred. 

  
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 (h) Immediately and automatically upon the occurrence of any Default with
respect to any Borrower described in Section 7.01(h) or Section 7.01(i) or an acceleration of the maturity of the Loans pursuant to Article VII, all EUR Revolving Loans shall be converted to and redenominated in U.S. Dollars equal to the
Equivalent Amount of each such EUR Revolving Loan determined as of the date of such conversion and each Revolving Lender shall be deemed to have automatically, irrevocably and unconditionally purchased and received (to the extent of its unused
Revolving Commitment) from each other Revolving Lender an undivided interest and participation in and to each Revolving Loan in such amounts as are necessary such that, after giving effect thereto, each Revolving Lender shall hold its ratable share
of each Revolving Loan (based on the total Revolving Credit Exposure of each Revolving Lender to the total Revolving Credit Exposure of all Revolving Lenders at such time); provided that, to the extent such conversion shall occur other than at the
end of an Interest Period, the applicable Borrower shall pay to the Administrative Agent for the ratable benefit of each applicable Revolving Lender all losses and breakage costs related thereto in accordance with this Agreement and, upon the
written request of the Administrative Agent, each of the Revolving Lenders shall pay to the Administrative Agent for the ratable benefit of each applicable Revolving Lender (based on the total Revolving Credit Exposure of each Revolving Lender to
the total Revolving Credit Exposure of all Revolving Lenders at such time) not later than two Business Days following a request for payment from such Lender, in U.S. Dollars, an amount equal to the undivided interest in and participation in the
applicable Revolving Loan purchased by such Lender pursuant to this Section 2.18. In the event that any Revolving Lender fails to make payment to the Administrative Agent of any amount due under this
Section 2.18, the Administrative Agent shall be entitled to receive, retain and apply against such obligation the principal and interest otherwise payable to such Revolving Lender hereunder until the Administrative Agent
receives from such Revolving Lender an amount sufficient to discharge such Revolving Lender’s payment obligation as prescribed in this Section 2.18 together with interest thereon at the Federal Funds Effective Rate for
each day during the period commencing on the date of demand by the applicable Lender and ending on the date such obligation is fully satisfied. The Administrative Agent will promptly remit all payments received as provided above to each relevant
Revolving Lender. 
 SECTION 2.19. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under
Section 2.15, or if the Borrowers are required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall (at the request of
the Borrower) use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such
Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or Section 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) If any Lender requests compensation under Section 2.15, or if the Borrowers are required to pay
any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender becomes Defaulting Lender, then the Borrowers may, at their
sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04),
all its interests, rights (other than its existing rights to payments pursuant to Section 2.15 or Section 2.17) and obligations under this Agreement and the other Loan Documents to an assignee that
shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrowers shall have received the prior written consent of the Administrative Agent (and if a Revolving
Commitment is being assigned, the Issuing Bank and 

  
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Swingline Lenders), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and
participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the
Borrowers (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to
Section 2.17, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender
or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply. Each party hereto agrees that an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and
Assumption executed by the Borrowers, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the
Administrative Agent and such parties are participants), and (b) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound by the
terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable
Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto. 
 SECTION 2.20. Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) fees shall cease to accrue on the unfunded portion of the Revolving Commitment of such Defaulting Lender pursuant to
Section 2.12(a); 
 (b) any payment of principal, interest, fees or other amounts received by the
Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 7.02 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.08
shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a
pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank or Swingline Lender hereunder; third, to cash collateralize the Issuing Banks’ LC Exposure with respect to such Defaulting Lender in accordance with this
Section; fourth, as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as
determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future
funding obligations with respect to Loans under this Agreement and (y) cash collateralize the Issuing Banks’ future LC Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in
accordance with this Section; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or Swingline Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Banks or
Swingline Lenders against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document; seventh, so long as no Default or Event of Default exists, to the
payment of any amounts owing to the Borrowers as a result of any judgment 

  
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of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under
any other Loan Document; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements
in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or
waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC
Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in the Borrowers’ obligations corresponding to such Defaulting Lender’s LC Exposure and Swingline Loans are held by the
Lenders pro rata in accordance with the Commitments without giving effect to clause (d) below. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting
Lender or to post cash collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto; 

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

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

(i) all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender (other than the portion of such
Swingline Exposure referred to in clause (b) of the definition of such term) shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to
the extent that such reallocation does not, as to any non-Defaulting Lender, cause such non-Defaulting Lender’s Revolving Credit Exposure to exceed its Revolving
Commitment;1 
 (ii) if the reallocation described in clause
(i) above cannot, or can only partially, be effected, the Borrowers shall within one (1) Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize for
the benefit of the Issuing Banks only the Borrowers’ obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures
set forth in Section 2.06(j) for so long as such LC Exposure is outstanding; 
 (iii) if the
Borrowers cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to
Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized; 

 

	1 	 NTD: Updated to match current LSTA language.

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

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

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

If (i) a Bankruptcy Event or a Bail-In Action with respect to a Lender, Parent shall occur
following the date hereof and for so long as such event shall continue or (ii) any Swingline Lender or 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, no Swingline Lender shall be required to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless the Swingline Lenders or the Issuing Banks, as the
case may be, shall have entered into arrangements with the Borrowers or such Lender, satisfactory to such Swingline Lender or Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder. 

In the event that each of the Administrative Agent, the Borrowers, each Swingline Lender and each Issuing Bank agrees that a Defaulting Lender
has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the 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 (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage;
provided, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that
Lender’s having been a Defaulting Lender. 
 SECTION 2.21. Extension of Maturity Date. (a) The Borrowers may, by delivering
an Extension Request to the Administrative Agent (who shall promptly deliver a copy to each of the Lenders), not less than thirty (30) days in advance of the applicable Maturity Date in effect at such time (the “Existing Maturity
Date”), request that the Lenders extend the Existing Maturity Date to the first anniversary of such Existing Maturity Date. Each Lender, acting in its sole discretion, shall, by written notice to the Administrative Agent given not later
than the date that is the twentieth (20th) day after the date of the Extension Request, or if such date is not a Business Day, the immediately following Business Day (the
“Response Date”), advise the Administrative Agent in writing whether or not such Lender agrees to the requested extension. Each Lender that advises the Administrative Agent that it will not extend the Existing Maturity Date
is referred to herein as a “Non-extending Lender”; provided, that any Lender that does not advise the Administrative Agent of its consent to such requested extension by the

  
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Response Date and any Lender that is a Defaulting Lender on the Response Date shall be deemed to be a Non-extending Lender. The Administrative Agent shall
notify the Borrowers, in writing, of the Lenders’ elections promptly following the Response Date. The election of any Lender to agree to such an extension shall not obligate any other Lender to so agree. The Borrowers may not exercise their
extension rights under this Section 2.21 more than twice. 
 (b) (i) If, by the Response Date, Revolving Lenders or
Term Lenders, as applicable, holding Commitments in the applicable Class of Loans that aggregate 50% or more of the total Commitments in such Class shall constitute Non-extending Lenders, then the
Existing Maturity Date shall not be extended and the outstanding principal balance of all Loans in such Class and other amounts payable hereunder shall be payable, and the Commitments shall terminate, on the Existing Maturity Date in effect
prior to such extension. 
 (ii) If (and only if), by the Response Date, Revolving Lenders or Term Lenders, as applicable,
holding Commitments in the applicable Class of Loans that aggregate more than 50% of the total Commitments in such Class shall have agreed to extend the Existing Maturity Date (each such consenting Lender, an “Extending
Lender”), then effective as of the Existing Maturity Date, the Maturity Date for such Extending Lenders shall be extended to the first anniversary of the Existing Maturity Date (subject to satisfaction of the conditions set forth in
Section 2.21(d)). In the event of such extension, the Commitment of each Non-extending Lender shall terminate on the Existing Maturity Date in effect for such
Non-extending Lender prior to such extension and the outstanding principal balance of all Loans in such Class and other amounts payable hereunder to such
Non-extending Lender shall become due and payable on such Existing Maturity Date and, subject to Section 2.21(c) below, the total Commitments in such Class hereunder shall be reduced by the
Commitments of the Non-extending Lenders so terminated on such Existing Maturity Date. 

(c) In the event of any extension of the Existing Maturity Date pursuant to Section 2.21(b)(ii), the Borrowers shall have
the right on or before the Existing Maturity Date, at their own expense, to require any Non-extending Lender to transfer and assign without recourse (in accordance with and subject to the restrictions
contained in Section 9.04) all its interests, rights (other than its rights to payments pursuant to Section 2.15, Section 2.16, Section 2.17 or Section 9.03 arising prior to the effectiveness of such assignment) and
obligations under this Agreement to one or more banks or other financial institutions identified to the Non-extending Lender by the Borrowers, which may include any existing Revolving Lender or Term Lender, as
applicable (each a “Replacement Lender”), provided that (i) such Replacement Lender, if not already a Lender hereunder, shall be subject to the approval of the Administrative Agent and each Issuing Bank (such approvals
to not be unreasonably withheld) to the extent the consent of the Administrative Agent or the Issuing Banks would be required to effect an assignment under Section 9.04(b), (ii) such assignment shall become effective as of a date specified by
the Borrowers (which shall not be later than the Existing Maturity Date in effect for such Non-extending Lender prior to the effective date of the requested extension) and (iii) the Replacement Lender
shall pay to such Non-extending Lender in immediately available funds on the effective date of such assignment the principal of and interest accrued to the date of payment on the outstanding principal amount
Loans made by it hereunder and all other amounts accrued and unpaid for its account or otherwise owed to it hereunder on such date. 

(d) As a condition precedent to each such extension of the Existing Maturity Date pursuant to Section 2.21(b)(ii), the
Borrowers shall (i) deliver to the Administrative Agent a certificate of the Borrowers dated as of the Existing Maturity Date signed by a Responsible Officer of the Borrowers certifying that, as of such date, both before and immediately after
giving 

  
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effect to such extension, (A) the representations and warranties of the Borrowers set forth in this Agreement shall be true and correct in all material respects (or, if qualified by
materiality, in all respects) on and as of the Existing Maturity Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (or, if
qualified by materiality, in all respects) as of such earlier date and (B) no Default shall have occurred and be continuing and (ii) first make such prepayments of the outstanding Loans and second provide such cash collateral (or make such
other arrangements satisfactory to the applicable Issuing Bank) with respect to the outstanding Letters of Credit as shall be required such that, after giving effect to the termination of the Commitments of the
Non-extending Lenders pursuant to Section 2.21(b) and any assignment pursuant to Section 2.21(c), the aggregate Revolving Credit Exposure less the face amount of any Letter of Credit supported by any
such cash collateral (or other satisfactory arrangements) so provided does not exceed the aggregate amount of Commitments being extended. 

(e) For the avoidance of doubt, no consent of any Lender (other than the existing Lenders participating in the extension of the
Existing Maturity Date) shall be required for any extension of the Maturity Date pursuant to this Section 2.21 and the operation of this Section 2.21 in accordance with its terms is not an amendment subject to Section 9.02. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

The Borrowers jointly and severally represent and warrant to the Administrative Agent and the Lenders that as of the date of this Agreement and
the date of making any Loan or the issuance of any Letter of Credit: 
 SECTION 3.01. Organization; Powers. The Borrowers and each of
their Restricted Subsidiaries are duly organized or formed and validly existing under the laws of the jurisdiction of their organization and have all requisite power and authority to carry on their business as now conducted. Each Loan Party and each
of their Material Subsidiaries are in good standing under the laws of the jurisdiction of their organization (or, if applicable in a foreign jurisdiction, enjoys the equivalent status to the extent of such equivalent status exists under the laws of
any foreign jurisdiction of organization). The Borrowers and their Restricted Subsidiaries, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, are qualified
to do business in, and are in good standing in, every jurisdiction where such qualification is required. 
 SECTION 3.02. Authorization;
Enforceability. The Transactions are within each Borrower’s and each other Loan Party’s, as applicable, corporate or other organizational powers and have been duly authorized by all necessary corporate or other organizational and, if
required, stockholder action. This Agreement and each other Loan Document to which a Loan Party is a party has been duly executed and delivered by such Loan Party and constitutes a legal, valid and binding obligation of such Loan Party, enforceable
in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law and subject to, in the case of any grant of a Lien in the Equity Interests of any Foreign Subsidiary, to the laws of the jurisdiction of organization or formation of such Foreign Subsidiary. 

  
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 SECTION 3.03. Governmental Approvals; No Conflicts. The execution, delivery and
performance by the Loan Parties of the Loan Documents to which such Loan Parties are a party (a) do not require any material consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except
(i) such as have been obtained or made and are in full force and effect, in each case as of the Effective Date, (ii) filings and registrations of charges necessary to perfect Liens created under the Loan Documents and to release existing
Liens (if any), and (iii) those consents, approvals, registrations, filings or other actions, the failure of which to obtain or make could not reasonably be expected to result in a Material Adverse Effect, (b) will not violate the charter,
by-laws or other organizational documents of any Loan Party, (c) will not violate any Requirement of Law applicable to Parent or any Restricted Subsidiary, (d) will not violate or result in a default
under any indenture, agreement or other instrument in each case constituting Material Indebtedness binding upon Parent or any Restricted Subsidiary or their respective assets, or give rise to a right thereunder to require any payment to be made by
Parent or any Restricted Subsidiary or give rise to a right of, or result in, termination, cancelation or acceleration of any obligation thereunder, in each case as of the Effective Date, and (e) will not result in the creation or imposition of
any Lien on any asset of the Borrower or any Restricted Subsidiary, except Liens created under the Loan Documents and Liens permitted under Section 6.02, except in the cases of clauses (c) and (d) above where such
violations, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.04.
Financial Condition; No Material Adverse Change. (a) Parent has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal years ended
December 31, 2016 and December 31, 2017, reported on and audited by Deloitte & Touche LLP, independent public accountants, and (ii) as of and for each fiscal quarter ending after the fiscal year ended December 31, 2017
and ending more than 45 days before the date hereof, certified by Parent’s chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of Parent
and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in
clause (ii) above. 
 (b) Since December 31, 2017, no event, change or condition has occurred that has had, or
would reasonably be expected to have, a Material Adverse Effect. 
 SECTION 3.05. Properties. (a) Each Loan Party and each of
its Material Subsidiaries has good title to, or valid leasehold interests in, all its material real and personal property necessary to its business, free and clear of all Liens except for Permitted Liens and except where the failure to have such
interest could not reasonably be expected to have a Material Adverse Effect. 
 (b) Each Loan Party and each of its Material
Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, free and clear of all Liens (other than Permitted Liens), and the use thereof by each Borrower and
its Restricted Subsidiaries does not infringe upon the rights of any other Person, except for in each case, individually or in the aggregate, as could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.06. Litigation and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or
Governmental Authority pending against or, to the knowledge of each Borrower, threatened against or affecting such Borrower or any of its Restricted Subsidiaries (i) which could reasonably be expected, individually or in the aggregate, to
result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve this Agreement, the other Loan Documents or the Transactions. 

  
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 (b) Except for the Disclosed Matters and except with respect to any other
matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Borrowers nor any of their Restricted Subsidiaries (i) have 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) have become subject to any Environmental Liability, (iii) have received notice of any claim with respect to any Environmental
Liability or (iv) know of any basis for any Environmental Liability. 
 (c) Since the date of this Agreement, there has
been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in, or would reasonably be expected to result in, a Material Adverse Effect. 

SECTION 3.07. Compliance with Laws. Each Borrower and its Restricted Subsidiaries is in compliance with all laws, regulations and
orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.08. Investment Company Status. Neither the Borrowers nor any of their Restricted Subsidiaries are an “investment
company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 
 SECTION 3.09. Taxes.
Each Borrower and each of its Restricted Subsidiaries (other than SWM Brazil with respect to the Brazil Tax Assessment) has timely filed or caused to be filed all federal and material state and foreign Tax returns and reports required to have been
filed and has paid or caused to be paid all federal and material state and foreign Taxes required to have been paid by it, except (a) Taxes that are not yet due and payable or that are being contested in good faith by appropriate proceedings
and for which such Borrower or such Restricted Subsidiary, as applicable, has set aside on its books adequate reserves as required by GAAP or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material
Adverse Effect. 
 SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with
all other such ERISA Events for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect. The Borrowers and their Restricted Subsidiaries have satisfied all applicable minimum funding
requirements with respect to each Plan, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.11. Disclosure. (a) Neither the Information Memorandum nor any of the other reports, financial statements, certificates
or other information furnished by or on behalf of each Borrower or any of its Restricted Subsidiaries to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented
by other information so furnished), taken as a whole, contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
materially misleading; provided that, with respect to projected financial information, each Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 

SECTION 3.12. Subsidiaries. As of the Effective Date, Parent does not have any subsidiaries other than those Subsidiaries listed on
Schedule 3.12. Schedule 3.12 correctly sets forth, as of the Effective Date, (a) the percentage ownership (direct or indirect) of Parent in the Equity Interests of its Subsidiaries and also identifies the direct owner thereof and (b) the
jurisdiction of organization of each such Subsidiary. 
 SECTION 3.13. [Reserved]. 

  
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 SECTION 3.14. Labor Relations. To the best knowledge of the Borrowers, none of the
Borrowers or any of their Restricted Subsidiaries are engaged in any unfair labor practice that would reasonably be expected to have a Material Adverse Effect. There is (a) no significant unfair labor practice complaint pending against the
Borrowers or any of their Restricted Subsidiaries or, to the best knowledge of the Borrowers, threatened against any of them before the National Labor Relations Board or any similar Governmental Authority in any jurisdiction, and no significant
grievance or significant arbitration proceeding arising out of or under any collective bargaining agreement is so pending against the Borrowers or any of their Restricted Subsidiaries or, to the best knowledge of the Borrowers, threatened against
any of them, (b) no significant strike, labor dispute, slowdown or stoppage is pending against the Borrowers or any of their Restricted Subsidiaries or, to the best knowledge of the Borrowers, threatened against the Borrowers or any of their
Restricted Subsidiaries and (c) to the best knowledge of the Borrowers, no question concerning union representation exists with respect to the employees of the Borrowers or any of their Restricted Subsidiaries, except (with respect to any
matter specified in clause (a), (b) or (c) above, either individually or in the aggregate) such as could not reasonably be expected to have a Material Adverse Effect. 

SECTION 3.15. EEA Financial Institutions. No Loan Party is an EEA Financial Institution. 

SECTION 3.16. Plan Assets; Prohibited Transactions. None of the Borrowers or any of their Restricted Subsidiaries is an entity deemed
to hold “plan assets” (within the meaning of the Plan Asset Regulations), and assuming compliance with Section 8.09 hereof, neither the execution, delivery or performance of the transactions contemplated under
this Agreement, including the making of any Loan and the issuance of any Letter of Credit hereunder, will give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code. 
 SECTION 3.17. Margin Regulations. None of the Borrowers is engaged and no Borrower will engage, principally or as one
of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock. Following the application of the proceeds of each Borrowing or drawing under each Letter
of Credit, not more than 25% of the value of the assets (either of the Borrowers only or of the Borrowers and their Restricted Subsidiaries on a consolidated basis) will be Margin Stock. 

SECTION 3.18. Solvency. The Borrowers and their Restricted Subsidiaries, taken as a whole, are Solvent. 

SECTION 3.19. Insurance. Schedule 3.19 sets forth a description of all insurance maintained by or on behalf of Parent and its
Restricted Subsidiaries as of the Effective Date. As of the Effective Date, all premiums in respect of such insurance have been paid or provided for. The Borrowers believe that the insurance maintained by or on behalf of Parent and its Restricted
Subsidiaries meets the requirements set forth in Section 5.05. 
 SECTION 3.20. Common Enterprise. SWM
Luxembourg has determined that execution, delivery, and performance of this Agreement and the other Loan Documents to which it is a party are appropriate, advisable, necessary and convenient to the conduct, promotion or attainment of the business
and purposes of SWM Luxembourg and in the best corporate interest (intérêt social) of SWM Luxembourg, will enable SWM Luxembourg to receive direct and indirect benefits from the Loan Documents, shall
materially benefit SWM Luxembourg, are in compliance with the articles of association of SWM Luxembourg and fall within SWM Luxembourg’s corporate object. 

  
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 SECTION 3.21. Foreign Borrower. Each Foreign Borrower is subject to civil and
commercial laws with respect to its obligations under this Agreement and the other Loan Documents to which it is a party (collectively, the “Foreign Borrower Documents”), and the execution, delivery and performance by each
Foreign Borrower of the Foreign Borrower Documents to which it is a party constitutes and will constitute private and commercial acts and not public or governmental acts. Neither any Foreign Borrower nor any of its property has any immunity from
jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the laws of the jurisdiction in which such Foreign Borrower is
organized and existing in respect of its obligations under the Foreign Borrower Documents. As of the Effective Date, there is no tax, levy, impost, duty, fee, assessment or other governmental charge, or any deduction or withholding, imposed by any
Governmental Authority in or of the jurisdiction in which SWM Luxembourg is organized and existing either (x) on or by virtue of the execution or delivery of the Foreign Borrower Documents or (y) on any payment to be made by SWM Luxembourg
pursuant to the applicable Foreign Borrower Documents. 
 SECTION 3.22. Compliance with Domiciliation Law. All the legal requirements
of the Luxembourg law of 31 May 1999, as amended, regarding the domiciliation of companies have been complied with, in all material respects, by SWM Luxembourg and each other Loan Party organized under the laws of Luxembourg. 

SECTION 3.23. Anti-Corruption Laws and Sanctions. Parent has implemented and maintains in effect, for itself and its Subsidiaries,
policies and procedures reasonably designed to ensure compliance by Parent, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and Parent, its Subsidiaries and their
respective officers and employees and, to the knowledge of such Parent, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would
reasonably be expected to result in any Loan Party being designated as a Sanctioned Person. None of (a) Parent, any Subsidiary or, to the knowledge of Parent or any Subsidiary, any of their respective directors, officers or employees, or
(b) to the knowledge of Parent or any Subsidiary, any agent of Parent or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. 

SECTION 3.24. COMI. For the purposes of the Council Regulation (EU) No 848/2015 of 20 May 2015 on insolvency proceedings (the
“EU Regulation”), in relation to any Foreign Borrower which is incorporated in a member state of the European Union, such Foreign Borrower’s centre of main interest (as that term is used in Article 3(1) of the EU
Regulation) is situated in its jurisdiction of incorporation and it has no “establishment” (as that term is used in Article 2(10) of the EU Regulation) in any other jurisdiction. 

SECTION 3.25. Security Interest in Collateral. The Collateral Documents are effective to create in favor of the Administrative Agent
for the benefit of the applicable Secured Parties legal, valid and enforceable (subject to (a) applicable bankruptcy, insolvency, winding-up, 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, (b) any filings, notices and recordings and other perfection requirements necessary to create or
perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties (which filings, notices or recordings shall be made to the extent required by any Loan Document) and (c) with respect to enforceability against
Foreign Subsidiaries or under non-U.S. laws, the effect of non-U.S. laws, rules and regulations as they relate to pledges, if any, of Equity Interests in Foreign
Subsidiaries) perfected and continuing Liens on, and security interests in, the Collateral (subject to Permitted Liens) and, (i) when all appropriate filings, notices or recordings are made in the appropriate offices, corporate records or with
the appropriate Persons as may be required under applicable laws and any Loan Document (which filings, notices or recordings shall be made to the extent required by any Loan Document) and (ii) upon the taking of possession or control by the
Administrative 

  
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Agent of such Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Administrative Agent to the
extent required by any Loan Document), such Collateral Documents will constitute fully perfected Liens on, and security interests in, all right, title and interest of the Loan Parties in such Collateral to the extent such Liens and security
interests can be perfected by such filings, notices, recordings, possession or control. 
 SECTION 3.26. Status of SWM Luxembourg.
SWM Luxembourg has not engaged in any business activities and does not own any material property other than (i) ownership of the Equity Interest of its subsidiaries, together with activities directly related thereto (including, but not limited
to, activities to facilitate acquisitions made by its subsidiaries), (ii) activities and contractual rights incidental to maintenance of its corporate existence, (iii) performance of its obligations under the Loan Documents to which it is a
party, (iv) the provision of shared operational functions with Parent and its Subsidiaries, including but not limited to legal, administrative, information technology (IT), accounting and logistics support, (v) engaging in intellectual
property investment and development including (a) investment in research and development projects to generate intellectual property relevant to the strategic goals of Parent and its Restricted Subsidiaries, (b) management of its
intellectual property portfolio and (c) licensing use of its intellectual property to Parent, Subsidiaries of Parent and third parties, and (vi) any business activity that is reasonably corollary, ancillary, complementary or related
thereto, or any reasonable extension, development or expansion thereof. 
 SECTION 3.27. Beneficial Ownership. As of the Effective
Date, the information included in the Beneficial Ownership Certification is true and correct in all respects. 
 ARTICLE IV 

CONDITIONS 
 SECTION 4.01.
Effective Date. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in
accordance with Section 9.02): 
 (a) Credit Agreement and Other Loan Documents. The Administrative Agent (or its
counsel) shall have received (i) from each party hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include facsimile or other
electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement, (ii) either (A) a counterpart of each other Loan Document signed on behalf of each party thereto or
(B) written evidence satisfactory to the Administrative Agent (which may include facsimile or other electronic transmission of a signed signature page thereof) that each such party has signed a counterpart of such Loan Document and
(iii) such other certificates, documents, instruments and agreements as the Administrative Agent shall reasonably request in connection with the transactions contemplated by this Agreement and the other Loan Documents, including any promissory
notes requested by a Lender pursuant to Section 2.10 payable to the order of each such requesting Lender and a written opinion of the Loan Parties’ counsel, addressed to the Administrative Agent, the Issuing Bank and
the Lenders and the other Secured Parties, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

(b) Financial Statements and Projections. The Lenders shall have received (i) audited consolidated financial
statements of Parent and its Subsidiaries for the 2016 and 2017 fiscal years, (ii) unaudited interim consolidated financial statements of Parent and its Subsidiaries for each fiscal quarter ended after the date of the latest applicable
financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are available and (iii) to the extent constituting a non-Public-Sider, projections
through the fiscal year ending December 31, 2023. 

  
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 (c) Closing Certificates; Certified Certificate of Incorporation; Good
Standing Certificates. The Administrative Agent shall have received (i) a certificate of each Loan Party, dated the Effective Date and executed by its Secretary or Assistant Secretary or other appropriate officer, manager or director, which
shall (A) certify the resolutions of its board of directors, managers, members or other body authorizing the execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the
signatures of the officers of such Loan Party authorized to sign the Loan Documents to which it is a party and, in the case of the Borrowers, its Financial Officers or managers, and (C) contain appropriate attachments, including the certificate
or articles of incorporation or organization of each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party and a true and correct copy of its by-laws or
operating, management or partnership agreement, or other organizational or governing documents, and (ii) in the case of any Loan Party formed or organized under the laws of the United States, a good standing certificate for each Loan Party from
its jurisdiction of organization or the substantive equivalent available in the jurisdiction of organization for each Loan Party from the appropriate governmental officer in such jurisdiction. 

(d) No Default Certificate. The Administrative Agent shall have received a certificate, signed by a Financial Officer of
Parent, dated as of the Effective Date (i) stating that no Default has occurred and is continuing and (ii) stating that the representations and warranties contained in the Loan Documents are true and correct in all material respects (or if
qualified by materiality, in all respects) as of such date (or, if made as of an earlier date, as of such earlier date). 

(e) Fees. The Lenders and the Administrative Agent shall have received all fees required to be paid, and all expenses
(including the reasonable fees and expenses of legal counsel) for which invoices have been presented at least one (1) Business Day prior to the Effective Date. 

(f) Senior Notes. The Administrative Agent shall have received evidence that the Borrowers have received the net cash
proceeds from the issuance of the Senior Notes in the original principal amount of $350,000,000. 
 (g) Lien Searches.
The Administrative Agent shall have received the results of a recent lien search in each jurisdiction where the U.S. Loan Parties are organized and where the assets of the U.S. Loan Parties are located, and such search shall reveal no Liens on any
of the assets of the U.S. Loan Parties except for Permitted Liens or Liens to be discharged in connection with the Effective Date pursuant to a pay-off letter or other documentation satisfactory to the
Administrative Agent. 
 (h) Solvency. The Administrative Agent shall have received a solvency certificate signed by a
Financial Officer of Parent dated the Effective Date. 
 (i) Pay-Off Letter.
The Administrative Agent shall have received a satisfactory pay-off letter for the Existing Credit Agreement, confirming that all Liens upon any of the property of the Loan Parties constituting Collateral will
be terminated concurrently with such payment and all letters of credit issued or guaranteed as part of such Indebtedness shall have been cash collateralized or supported by a Letter of Credit. 

  
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 (j) Pledged Equity Interests; Stock Powers; Pledged Notes. The
Administrative Agent shall have received (i) the certificates representing the Equity Interests pledged pursuant to the Security Agreement or the Pledge Agreement (except to the extent either such Equity Interests are not in certificated form
or such certificates are not permitted to be delivered under applicable law), together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof and (ii) to the extent required
under the Security Agreement, each promissory note (if any) pledged to the Administrative Agent pursuant to the Security Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof.

 (k) Filings, Registrations and Recordings. Each document (including any Uniform Commercial Code financing
statement) required by the Collateral Documents or under New York law or under the Uniform Commercial Code or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative
Agent, for the benefit of itself, the Lenders and the other Secured Parties, a perfected Lien on the Collateral of the U.S. Loan Parties described therein, prior and superior in right to any other Person (other than with respect to Permitted Liens),
shall be in proper form for filing, registration or recordation; provided, however, that the Loan Parties shall not be required to take any action (other than the filing UCC financing statements) to perfect any Lien to the extent
provided for in Section 5.09(d) hereof. 
 (l) Insurance. The Administrative Agent shall
have received evidence of insurance coverage in form, scope, and substance reasonably satisfactory to the Administrative Agent and otherwise in compliance with the terms of Section 5.05 hereof. 

(m) USA PATRIOT Act, Etc. So long as requested at least ten (10) days prior to the Effective Date, the
Administrative Agent and the Lenders shall have received at least five (5) days prior to the Effective Date all documentation and other information required by bank regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including the USA PATRIOT Act, for each Loan Party. 
 (n) Governmental and
Third Party Approvals. All governmental and third party approvals necessary in connection with the financing contemplated hereby and the continuing operations of the Borrowers and their Subsidiaries have been obtained and are in full force and
effect. 
 (o) Other Documents. The Administrative Agent shall have received such other documents as the
Administrative Agent, the Issuing Bank, any Lender or their respective counsel may have reasonably requested. 
 The Administrative Agent
shall notify the Borrowers and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit
hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 3:00 p.m., New York City time, on September 30, 2018 (and, in the event such
conditions are not so satisfied or waived, the Commitments shall terminate at such time). 
 SECTION 4.02. Each Credit Event. The
obligation of each Lender to make a Loan on the occasion of any Borrowing, and of each Issuing Bank to issue, amend, renew or extend any Letter of Credit (each, a “Credit Event”), is subject to the satisfaction of the
following conditions: 

  
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 (a) The representations and warranties of the Borrowers and each other Loan
Party set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects (other than those representations and warranties that are expressly qualified by a Material Adverse Effect or other materiality, in
which case such representations and warranties shall be true and correct in all respects (after giving effect to such qualifications)) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of
Credit, as applicable, except to the extent that such representations and warranties expressly relate to an earlier specified date or period, in which case such representations and warranties shall have been true and correct in all material respects
as of the date when made or for the respective period, as the case may be; provided, that to the extent the Borrowers have made an LCA Election for any Limited Condition Acquisition being funded with the proceeds of an incremental Term Loan
under Section 2.09(d), with respect to such Limited Condition Acquisition, the Lenders providing such incremental Term Loan may agree that this condition may be deemed to be satisfied on the date of the effectiveness of the
applicable Limited Condition Acquisition Agreement. 
 (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 or Event of Default shall have occurred and be continuing; provided, that to the extent the Borrowers have made an LCA
Election for any Limited Condition Acquisition being funded with the proceeds of an incremental Term Loan under Section 2.09(d), with respect to such Limited Condition Acquisition, the Lenders providing such incremental
Term Loan may agree that no Default or Event of Default shall have occurred and be continuing on the date of the effectiveness of the applicable Limited Condition Acquisition Agreement. 

(c) At the time of making and immediately after giving effect to any Revolving Loan or the issuance, amendment, renewal or
extension of such Letter of Credit, as applicable, the total Revolving Credit Exposure of any Class shall not exceed the total Revolving Commitments of such Class. 

(d) Administrative Agent, and if applicable, the applicable Issuing Bank or Swingline Lender shall have received a Borrowing
Request or a notice requesting the issuance, amendment, renewal or extension of such Letter of Credit, as the case may be, in each case, in accordance with the requirements of this Agreement. 

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 Loan Parties on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section. 
 ARTICLE V

 AFFIRMATIVE COVENANTS 

Until the Commitments have expired or been terminated and the Obligations and other amounts payable hereunder and under the other Loan
Documents shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed (other than contingent indemnification obligations for which no claim has been asserted), each
Borrower covenants and agrees with the Administrative Agent and the Lenders that: 

  
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 SECTION 5.01. Financial Statements and Other Information. The Borrowers will furnish
to the Administrative Agent (for further distribution to the Lenders): 
 (a) within ninety (90) days after the end of
each fiscal year of Parent (commencing with the fiscal year ended December 31, 2018), Parent’s audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such
year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by Deloitte & Touche 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 (other than, in the case of a change in accountants, an exception as to scope relating to prior years not audited by such
accountants)) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of Parent and its consolidated Subsidiaries on a consolidated basis in accordance with
GAAP; 
 (b) within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of
Parent (commencing with the fiscal quarter ended December 31, 2018), Parent’s consolidated and consolidating balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal
quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all
certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of Parent and its consolidated and consolidating Subsidiaries on a consolidated basis in accordance with GAAP,
subject to normal year-end audit adjustments and the absence of footnotes; 
 (c)
concurrently with any delivery of financial statements under clause (a) or (b) of this Section, (A) a compliance certificate in the form of Exhibit D and signed by a Financial Officer of Parent
(i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) 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, (B) if Parent has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial information required by provided under Section 5.01(a) and
5.01(b) above, shall include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, of the financial condition and results of operations of Parent and its Restricted Subsidiaries
separate from the financial condition and results of operations of the Unrestricted Subsidiaries of Parent and (C) an updated Beneficial Ownership Certification to the extent that any Borrower qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation, reflecting any change in the information provided in any Beneficial Ownership Certification delivered to any Lender that would result in a change to the list of beneficial owners of such Borrower identified
in such certification; 
 (d) as soon as available, but in any event not more than forty-five (45) days after the end of
each fiscal year of Parent, a copy of the budget and forecast (including a projected consolidated income statement) of Parent and its Restricted Subsidiaries for each quarter of the upcoming fiscal year in form reasonably satisfactory to the
Administrative Agent; and 
 (e) promptly following any request therefor, such other information regarding the operations,
business affairs and financial condition of each Borrower or any Restricted Subsidiary, as the Administrative Agent or any Lender may reasonably request (excluding (i) information subject to attorney-client privilege, and (ii) information
the subject of binding confidentiality agreements entered into in good faith). 

  
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 Documents required to be delivered pursuant to Section 5.01(a) or (b) (to the extent
any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which such materials are publicly available as posted on
the Electronic Data Gathering, Analysis and Retrieval system (EDGAR); or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which the Lenders and the Administrative Agent have
(or can obtain) access (whether a commercial, third-party website or whether made available by the Administrative Agent); provided that: the Borrowers shall notify the Administrative Agent and each Lender (by telecopier or electronic mail) of
the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents; provided further that the Parent having filed with the SEC (a) an annual
report on Form 10-K for such year will satisfy the Parent’s obligation under Section 5.01(a) with respect to such year and (b) a quarterly report on Form 10-Q for such quarter will satisfy the Parent’s obligation under Section 5.01(b) with respect to such quarter. Each Lender shall be solely responsible for timely accessing posted
documents and maintaining its copies of such documents. 
 SECTION 5.02. Notices of Material Events. The Borrowers will furnish to
the Administrative Agent and each Lender prompt written notice of the following: 
 (a) the occurrence of any Default; 

(b) the filing or commencement of any action, suit, proceeding or investigation by or before any arbitrator or Governmental
Authority against or affecting any Borrower, any Loan Party or any Restricted Subsidiary thereof, including pursuant to any applicable Environmental Laws, that, would reasonably be expected to result in a Material Adverse Effect; 

(c) an Adverse Tax Ruling; and 

(d) any other development that results in, or would reasonably be expected to result in, a Material Adverse Effect. 

Each notice delivered under this Section 5.02 shall be accompanied by a statement of a Financial Officer or other
executive officer of the applicable 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. (a) Each Borrower will, and will cause each of its Restricted Subsidiaries to do or
cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and (b) except as could not reasonably be expected to have a Material Adverse Effect, each Borrower will, and will cause each of its
Restricted Subsidiaries to do or cause to be done all things necessary to preserve, renew and keep in full force and effect the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that none
of the foregoing shall prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03. 

SECTION 5.04. Payment of Taxes. Each Borrower will, and will cause each of its Restricted Subsidiaries to, pay its liabilities
for Taxes, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings,
(b) such Borrower or such Restricted Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result
in a Material Adverse Effect. 

  
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 SECTION 5.05. Maintenance of Properties; Insurance. (a) Except as could not
reasonably be expected to have a Material Adverse Effect, each Borrower will, and will cause each of its Restricted Subsidiaries to keep and maintain all property material to the conduct of the business of Parent and its Restricted Subsidiaries
(taken as a whole) in good working order and condition, ordinary wear and tear and casualty excepted. 
 (b) Each Borrower
will, and will cause each of its Restricted Subsidiaries, to maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or
similar businesses operating in the same or similar locations. Parent shall use commercially reasonable efforts to (i) have such insurance endorsed to the Administrative Agent’s satisfaction for the benefit of the Administrative Agent
(including, without limitation, by naming the Administrative Agent for the benefit of the Secured Parties (x) as an additional insured with respect to liability policies maintained by any of the Loan Parties and (y) as loss payee with
respect to the property insurance maintained by any of the Loan Parties), and (ii) have such insurance state that such insurance policies shall not be cancelled without at least ten (10) days’ prior written notice thereof by the
respective insurer to the Administrative Agent. Upon the reasonable request of the Administrative Agent, the Borrowers will furnish to the Administrative Agent, information in reasonable detail as to the insurance so maintained. 

SECTION 5.06. Books and Records; Inspection Rights. Parent will, and will cause each of its Restricted Subsidiaries to, keep proper
books of record and accounts in which full and correct entries are made of all dealings and transactions in relation to its business and activities in accordance with GAAP. Each Borrower will, and will cause each of its Restricted Subsidiaries to,
permit any representatives designated by the Administrative Agent, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with
its officers and independent accountants, but no more than two such visits in any fiscal year unless an Event of Default has occurred and is continuing. All such visits, inspections, or audits by the Administrative Agent or any Lender shall be at
the Borrowers’ expense; provided that so long as no Event of Default has occurred and is continuing, then Parent shall not be required to pay for more than two such visits in any consecutive four fiscal quarter period. Notwithstanding
anything to the contrary in this Section 5.06, none of the Parent nor any of its Restricted Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of,
any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which
disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by law or any binding confidentiality agreement entered into in good faith or (iii) is subject to attorney-client or similar
privilege or constitutes attorney work product. 
 SECTION 5.07. Compliance with Laws. Each Borrower will, and will cause each of its
Restricted Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect. Parent will maintain in effect, for itself and its Subsidiaries, policies and procedures reasonably designed to ensure compliance by Parent, its Subsidiaries and their respective directors, officers, employees
and agents with Anti-Corruption Laws and applicable Sanctions. 
 SECTION 5.08. Use of Proceeds and Letters of Credit. The proceeds
of the Loans shall be used only (a) for general corporate purposes of the Borrowers and their Subsidiaries (including, without limitation, to fund Permitted Acquisitions, Investments or Restricted Payments), (b) to pay expenses relating to the
negotiation and documentation of this Agreement and Acquisition Expenses and (c) to refinance existing indebtedness. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of
any of the regulations of the Federal Reserve Board, including Regulations T, U and X. Letters of Credit will be issued only to support general corporate purposes of the Borrowers and their Subsidiaries. 

  
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 SECTION 5.09. Further Assurances; Additional Borrowers. (a) Subject to applicable
law, each Loan Party shall cause each of its Domestic Subsidiaries that constitutes a Material Subsidiary (including, without limitation, upon the formation of any Subsidiary that is a Delaware Divided LLC, but other than any Excluded Subsidiary) to
guaranty the Obligations within thirty (30) days after such Subsidiary becomes a Material Subsidiary (or such longer period as may be agreed to by Administrative Agent in writing) by executing a joinder to the Security Agreement and a joinder
to the Subsidiary Guaranty. Upon execution and delivery thereof, each such Person shall become a Loan Guarantor and thereupon shall have all of the rights, benefits, duties and obligations in such capacity under the Loan Documents. Without limiting
the foregoing, each Borrower will, and will cause each Restricted Subsidiary to, execute and deliver, or cause to be executed and delivered, to the Administrative Agent such documents, agreements and instruments, and will take or cause to be taken
such further actions which may be required by law or which the Administrative Agent may, from time to time, reasonably request to carry out the terms and conditions of this Agreement and the other Loan Documents at the expense of the Borrowers. The
Loan Parties shall deliver, or cause to be delivered, to Administrative Agent, in connection with the execution and delivery of each such joinder agreements, appropriate resolutions, secretary certificates, certified organizational documents and, if
requested by Administrative Agent, legal opinions relating to the matters described in this Section 5.09 (which opinions shall be in form and substance reasonably acceptable to Administrative Agent). 

(b) The Borrowers may, upon not less than twenty (20) Business Days’ notice from the Borrowers to the Administrative
Agent (or such shorter period as may be agreed by the Administrative Agent in writing), designate, with the prior written consent of the Administrative Agent and, with respect to a Foreign Borrower, the Lenders (each such consent not to be
unreasonably withheld), any Restricted Subsidiary of Parent (an “Additional Borrower”) as a new borrower to receive Loans (or reallocate existing Loans), pursuant to terms and conditions to be mutually agreed to by the
Borrowers and the Administrative Agent and in accordance with this Section 5.09(b). Prior to any Borrower becoming entitled to receive certain Loans, the Administrative Agent and the Lenders shall have received (i) an
amendment hereto in form, content and scope reasonably satisfactory to the Administrative Agent providing for such Additional Borrower becoming a Borrower hereunder, such amendment only requiring the signatures of the Administrative Agent, the
Borrowers and the Additional Borrower(s), subject only to the approval of other Lenders if any such amendment also amends terms which would require the approval of the Required Lenders, affected Lenders or all Lenders, as the case may be, pursuant
to Section 9.02, (ii) one or more joinder agreements (or similar documents) to the applicable Loan Documents as requested by Administrative Agent, (iii) such supporting resolutions, secretary certificates, opinions of
counsel and other documents or information, in form, content and scope reasonably satisfactory to the Administrative Agent, as may be required by the Administrative Agent or the Required Lenders, and (iv) notes signed by such new Additional
Borrower to the extent any Lender so requires. If the Administrative Agent and the Lenders agree that the Additional Borrower shall be entitled to receive Loans and that the conditions set forth in this Section 5.09(b) are
satisfied, then the Administrative Agent shall send a written notice to the Lenders specifying the effective date upon which the Additional Borrower may receive Loans, whereupon each of the Lenders agrees to permit such Additional Borrower to
receive Loans (or reallocate existing Loans), on the terms and conditions set forth herein. 

  
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 Notwithstanding the foregoing, and as conditions precedent to any Lender being obligated to
make any Loans or issue any Letters of Credit to any Additional Borrower on the occasion of the first Borrowing by, or issuance of a Letter of Credit for the account of, such Additional Borrower, (A) if the designation of such Additional
Borrower obligates the Administrative Agent or any Lender to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, Parent shall, and shall
cause such Additional Borrower to, promptly upon the request of the Administrative Agent or any Lender, supply such documentation and other evidence as is reasonably requested by the Administrative Agent or any Lender in order for the Administrative
Agent or such Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations and (B) to the extent any Additional Borrower qualifies as a
“legal entity customer” under the Beneficial Ownership Regulation, at least five (5) days prior to the designation of such Additional Borrower, Parent shall, and shall cause such Additional Borrower to, supply to any Lender that has
requested, in a written notice to Parent at least ten (10) days prior to the designation of such Additional Borrower, a Beneficial Ownership Certification in relation to such Additional Borrower. In addition to the immediately preceding
condition precedent, on the occasion of the first Borrowing by, or issuance of a Letter of Credit for the account of, an Additional Borrower, any extension of credit or issuance of a Letter of Credit to a proposed Additional Borrower that is not
organized under the laws of the United States or any political subdivision thereof shall not contravene any law or regulation applicable to each Lender extending credit. 

(c) Subject to subsection (d) below, each Loan Party will grant to the Administrative Agent, for the benefit of the
Administrative Agent and the other Secured Parties, a Lien under New York law in (i) 100% of the issued and outstanding Equity Interests of each of its Restricted Subsidiaries that are also Domestic Subsidiaries, (ii) 65% of the issued and
outstanding Equity Interests in each Restricted Subsidiary that is a Foreign Subsidiary directly owned by any U.S. Borrower or any U.S. Loan Party and (iii) 100% of the issued and outstanding Equity Interests in each Restricted Subsidiary that is a
Foreign Subsidiary directly owned by any Foreign Borrower, pursuant to the terms and conditions of the Loan Documents or other security documents as the Administrative Agent shall reasonably request; provided, that in no event shall any Loan
Party be required to execute any Loan Documents governed by any law other than the laws of the State of New York or such other political subdivision of the United States that may be applicable. 

(d) Notwithstanding any other provision of this Agreement, any of the Collateral Documents or any of the Loan Documents, the
Loan Parties shall not be required to take any action (other than the filing UCC financing statements) to perfect any Lien in (i) vehicles or any other assets subject to certificates of title; (ii) commercial tort claims of U.S. Loan
Parties below a threshold of $10,000,000; (iii) letter of credit rights of U.S. Loan Parties below a threshold of $10,000,000; (iv) intercompany promissory notes; and (v) cash, Permitted Investments, deposit, securities and commodities accounts
(including securities entitlements and related assets), or any other assets requiring perfection through the implementation of control agreements or perfection by “control” (other than with respect to certificated securities and with
respect to possession by the Administrative Agent, in each case, to the extent expressly required under the Security Agreement). In addition, no Loan Party shall have any obligation under any Loan Document to enter into any landlord, bailee or
warehousemen waiver, estoppel or consent or any other document of similar effect and no Loan Party shall be required to enter into any source code escrow arrangement or be obligated to register any intellectual property. 

  
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 (e) In the event that any Person becomes a Restricted Subsidiary (including
any Unrestricted Subsidiary that becomes a Restricted Subsidiary) after the date hereof (other than any Restricted Subsidiary for so long as it is an Excluded Subsidiary) or any Restricted Subsidiary (including any Electing Guarantor) ceases to be
an Excluded Subsidiary, then within twenty (20) Business Days thereafter (or such longer period as may be agreed to by Administrative Agent in writing) such Subsidiary shall execute a joinder to the Security Agreement and a joinder to the
Subsidiary Guaranty and otherwise comply with Section 5.09(a) hereof, to the extent applicable. 

(f) If, at any time, (x) a Restricted Subsidiary is designated as an Unrestricted Subsidiary or otherwise becomes an
Immaterial Subsidiary in compliance with the terms of this Agreement or (y) an Electing Guarantor has been re-designated as an Excluded Subsidiary at the option of such Electing Guarantor, so long as no
Event of Default has occurred and is continuing, the Administrative Agent shall release such Subsidiary from any Subsidiary Guarantee and all Collateral Documents to which it may be a party and to the extent such Subsidiary’s capital stock was
pledged (or otherwise secured) as Collateral, such pledge (or other security) shall be released and, upon the request of any Loan Party, any certificates in respect thereof shall be promptly returned to the applicable Loan Party. Notwithstanding the
foregoing, in no event shall the Equity Interests of any Unrestricted Subsidiary or any of such Unrestricted Subsidiary’s assets constitute Collateral, and the Administrative Agent shall take all actions required hereunder and under the other
Loan Documents to effect the foregoing. 
 (g) Notwithstanding anything in this Agreement or any Collateral Document to the
contrary, no Loan Party or any Restricted Subsidiary shall be required to take any action outside the Specified Jurisdictions or any state or jurisdiction thereof to perfect any security interest in the Collateral (including the execution of any
agreement, document or other instrument governed by the law of any jurisdiction other than the Specified Jurisdictions or any state or jurisdiction thereof). 

SECTION 5.10. OFAC. Parent shall (a) reasonably ensure, and cause each of its Subsidiaries to reasonably ensure, that no Person
who owns a controlling interest in any such Subsidiary is listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control (“OFAC”), the Department
of the Treasury or is included in any Executive Orders and (b) comply, and cause each Subsidiary to comply, in all material respects, with all applicable Bank Secrecy Act regulations, as amended. 

SECTION 5.11. [Reserved] 

SECTION 5.12. Centre of Main Interest. For the purposes of the EU Regulation, to the extent applicable, each Foreign Borrower shall
ensure that its centre of main interest (as that term is used in Article 3(1) of the EU Regulation) is situated in its jurisdiction of formation or organization. 

SECTION 5.13. Post Closing Matters. Each Loan Party shall execute and deliver the documents and complete the tasks set forth on
Schedule 5.13, in each case within the time limits specified therein (or such longer period of time reasonably acceptable to the Administrative Agent). 

SECTION 5.14. Designation of Subsidiaries. The board of directors (or similar governing body) of Parent may at any time designate any
Restricted Subsidiary of Parent existing on or acquired or formed after the Effective Date as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided, that, (i) immediately before and after
such designation, no Default or Event of Default shall have occurred and be continuing or would result therefrom, (ii) immediately after giving effect to such designation, the Loan Parties shall be in compliance on a pro forma basis with the
covenants set forth in Section 6.11 hereof, recomputed for the most recent fiscal quarter for which 

  
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financial statements have been delivered (or are required to have been delivered), (iii) no Subsidiary may be designated as an Unrestricted Subsidiary if it is a “Restricted Subsidiary”
(or other similar term) under any documents relating to any Material Subordinated Indebtedness, (iv) no Restricted Subsidiary may be designated as an Unrestricted Subsidiary if such Subsidiary directly or indirectly owns any Equity Interests
of, or holds a Lien on, any property of, any Borrower or any Restricted Subsidiary that is not a Subsidiary to be so designated as an Unrestricted Subsidiary, (v) no Subsidiary may be designated as an Unrestricted Subsidiary if it holds any
material intellectual property of the Borrowers and their respective Restricted Subsidiaries, and (vi) Parent shall deliver to Administrative Agent at least three (3) Business Days prior to such designation a certificate of a Responsible
Officer of Parent, together with all relevant financial information reasonably requested by Administrative Agent, demonstrating compliance with the foregoing clauses (i) through (iii) of this Section 5.14 and, if
applicable, certifying that such Subsidiary meets the requirements of an “Unrestricted Subsidiary” and (vii) at least ten days prior to the designation of any Unrestricted Subsidiary as a Restricted Subsidiary, the Lenders shall have
received all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the USA Patriot Act, with respect to such Subsidiary.
The designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Loan Parties therein at the date of designation in an amount equal to the fair market value of the applicable Loan Parties’ Investment in such
Subsidiary; provided, that, upon a designation of such Unrestricted Subsidiary as a Restricted Subsidiary (including by means of a transfer of assets of an Unrestricted Subsidiary to a Restricted Subsidiary or a combination of an
Unrestricted Subsidiary with a Restricted Subsidiary in which the Restricted Subsidiary survives), the Loan Parties shall be deemed to continue to have a permanent Investment in an Unrestricted Subsidiary in an amount (if positive) equal to
(i) the lesser of (A) the fair market value of the Investments of the Loan Parties and their Restricted Subsidiaries in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred
or conveyed, as applicable) and (B) the fair market value of Investments of the Loan Parties and their Restricted Subsidiaries made in connection with the designation of such Restricted Subsidiary as an Unrestricted Subsidiary minus
(ii) the portion (proportionate to the Loan Parties’ and their Subsidiaries’ Equity Interests in such resulting Restricted Subsidiary) of the fair market value of the net assets of such Restricted Subsidiary at the time of such
redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable). The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence or making, as applicable, at the time of
designation of any Investments, Indebtedness or Liens of such Subsidiary existing at such time. 
 ARTICLE VI 

NEGATIVE COVENANTS 
 Until
the Commitments have expired or terminated and the Obligations and other amounts payable hereunder and under the other Loan Documents have been paid in full and all Letters of Credit have expired or terminated and all LC Disbursements have been
reimbursed (other than contingent indemnification obligations for which no claim has been asserted), each Borrower covenants and agrees with the Administrative Agent and the Lenders that: 

SECTION 6.01. Indebtedness. Each Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit
to exist any Indebtedness, except: 
 (a) (i) Indebtedness created under the Loan Documents and (ii) to the extent
constituting Indebtedness, any other Secured Obligations; 

  
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 (b) (i) Indebtedness in existence on the Effective Date and, to the
extent in an amount in excess of $1,000,000, as set forth in Schedule 6.01 (provided that the aggregate amount of all such Indebtedness not scheduled shall not exceed $5,000,000), and (ii) any intercompany Indebtedness permitted pursuant
to Section 6.04; 
 (c) Indebtedness arising under any employee benefit plan sponsored by
Schweitzer Mauduit France S.A.S., LTR Industries S.A., PDM Industries S.N.C., Papeteries de Mauduit S.A.S., Malaucene Industries S.N.C., Papeteries de Mauduit S.A.S., Papeteries de Saint-Girons S.A.S., Saint-Girons Industries S.N.C., SWM-Poland Sp. Zo o, or any of their Subsidiaries or successors-in-interest; 

(d) Indebtedness of one or more Foreign Subsidiaries in an aggregate amount not to exceed the greater of (x) $100,000,000 and
(y) 8.0% of the Consolidated Total Assets of the Foreign Subsidiaries at the time of incurrence, at any time outstanding; 

(e) Indebtedness of any Borrower or any Restricted Subsidiary incurred to finance the acquisition, construction or improvement
of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals
and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; provided that (i) such Indebtedness is incurred prior to or within 90 days after such acquisition or the completion of such
construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (e) shall not exceed the greater of $50,000,000 and 3.25% of Consolidated Total Assets at the time any such Indebtedness is
incurred; 
 (f) Indebtedness assumed in connection with a Permitted Acquisition or other Investment pursuant to which a
Person becomes a Restricted Subsidiary after the date hereof or pursuant to which Parent or any of its Restricted Subsidiaries acquires any assets or properties; provided that such Indebtedness exists at the time such Person becomes a
Restricted Subsidiary or at the time such assets or properties are acquired and is not created in contemplation of or in connection with such Person becoming a Restricted Subsidiary or such assets or properties being acquired; 

(g) all reimbursement obligations arising under letters of credit (including standby and commercial), bankers’
acceptances, bank guaranties, surety bonds and similar instruments arising in the ordinary course of business; 
 (h) other
Indebtedness of a Loan Party; provided, that, before and after the incurrence of such Indebtedness (x) no Event of Default exists or would be caused thereby and (y) Parent on a consolidated basis shall be in pro forma
compliance (after giving effect to the incurrence of any Indebtedness) with the then applicable covenant levels as set forth in Section 6.11(b), calculated for the four (4) fiscal quarter period ending on the last day
of the most recently ended quarter for which financial statements of Parent have been delivered to Administrative Agent pursuant to Section 5.01(a) or (b); 

(i) Indebtedness incurred in connection with Sale and Leaseback Transactions not to exceed $50,000,000 in the aggregate at any
time outstanding; 
 (j) (i) Indebtedness evidenced by the Senior Notes and (ii) Guarantees of the Senior Notes by
the Loan Parties; 

  
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 (k) Guarantees of Indebtedness otherwise permitted to be incurred pursuant
to this Agreement to the extent the provider of such Guarantee would be permitted to incur the Indebtedness itself directly; 

(l) Indebtedness incurred in respect of workers’ compensation claims, health, disability or other employee benefits or
property, casualty or liability insurance and self-insurance obligations, and, for the avoidance of doubt, indemnity, bid, performance, warranty, release, appeal, surety and similar bonds or bankers’ acceptances, letters of credit, warehouse
receipts and similar facilities for operating purposes and completion guarantees (not for borrowed money) provided or incurred (including Guarantees thereof) by Parent or a Restricted Subsidiary in the ordinary course of business; 

(m) to the extent constituting Indebtedness, obligations of Parent and its Restricted Subsidiaries under Swap Agreements and in
respect of Banking Services incurred in the ordinary course of business, and any Guarantees in respect thereof; 
 (n)
Indebtedness arising from agreements of Parent or a Restricted Subsidiary providing for indemnification, contribution, earn-out, adjustment of purchase price, deferred compensation or similar obligations, in
each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or Equity Interest of a Restricted Subsidiary otherwise permitted under this Agreement; 

(o) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within five business days of incurrence, and Indebtedness arising from negative account balances in cash pooling
arrangements arising in the ordinary course of business; 
 (p) obligations of the Parent or its Restricted Subsidiaries in
respect of customer advances received and held in the ordinary course of business; 
 (q) [reserved]; 

(r) [reserved]; 

(s) [reserved]; 

(t) Indebtedness of Parent or any of its Restricted Subsidiaries consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements in each case, incurred in the ordinary course of business; 

(u) [reserved]; 

(v) Indebtedness incurred in the ordinary course of business in respect of obligations of the Parent or any Restricted
Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided, that such obligations are incurred in connection with open accounts extended by suppliers on
customary trade terms in the ordinary course of business; 

  
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 (w) Indebtedness (i) owed on a short-term basis of no longer than 30
days to banks and other financial institutions incurred in the ordinary course of business of Parent and its Restricted Subsidiaries with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage
cash balances of Parent and its Restricted Subsidiaries and (ii) in respect of overdraft facilities, employee credit card programs, netting services, automatic clearinghouse arrangements and other cash management services entered into in the
ordinary course of business; and 
 (x) other Indebtedness in an aggregate principal amount not to exceed the Equivalent
Amount of $50,000,000 at any time outstanding. 
 SECTION 6.02. Liens. The Borrowers will not, nor will they permit any Restricted
Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or, except to the extent permitted by Section 6.03, 6.04 or 6.05, assign or sell
any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 
 (a) Permitted
Encumbrances; 
 (b) Liens securing the Secured Obligations (including any requirement to provide cash collateral in respect
thereof); 
 (c) Liens securing Indebtedness set forth in Schedule 6.02 and refinancings of such Indebtedness;
provided that, the aggregate principal amount of such Indebtedness shall not be increased since the Effective Date; 

(d) Liens arising in the ordinary course of business in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of goods; 
 (e) Liens on the assets and properties of
Persons which become Restricted Subsidiaries of Parent or on assets and properties acquired by Parent or a Restricted Subsidiary after the date of this Agreement (including pursuant to any Permitted Acquisitions) securing Indebtedness permitted
hereby; provided that, such Liens are in existence at the time the respective Persons become Restricted Subsidiaries of Parent or at the time such assets and properties are acquired by Parent or a Restricted Subsidiary and were not created in
anticipation thereof; 
 (f) Liens resulting from progress payments or partial payments under United States government
contracts or subcontracts; 
 (g) Liens existing on the assets and properties acquired by the Borrowers or their Restricted
Subsidiaries in the ordinary course of business prior to any such Borrower’s or such Restricted Subsidiary’s acquisition of such assets and properties; 

(h) bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and cash equivalents on
deposit in one or more accounts maintained by Parent or any Restricted Subsidiary of Parent, in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts are maintained, securing amounts owing to
such bank with respect to cash management and operating account arrangements, including those involving pooled accounts and netting arrangements; 

  
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 (i) leases or subleases granted to others not interfering in any material
respect with the business of Parent or any Restricted Subsidiary of Parent and any interest or title of a lessor under any lease (whether a Capital Lease or an operating lease) permitted by this Agreement; 

(j) Liens arising from the granting of a lease or license to enter into or use any asset (including intellectual property) of
Parent or any Restricted Subsidiary of Parent to any Person in the ordinary course of business of Parent or such Restricted Subsidiary (including joint marketing and joint development) that does not interfere in any material respect with the use or
application by Parent or such Restricted Subsidiary of the asset subject to such license in the business of Parent or such Restricted Subsidiary; 

(k) Liens attaching solely to cash earnest money deposits made by Parent or any Restricted Subsidiary of Parent in connection
with any letter of intent or purchase agreement entered into in connection with a Permitted Acquisition or other Investment permitted hereunder; 

(l) Liens arising from precautionary UCC financing statements (or analogous personal property security filings or registrations
in other jurisdictions) regarding operating leases; 
 (m) Liens on insurance policies and proceeds thereof to secure
premiums thereunder; 
 (n) Liens relating solely to employee contributions withheld from pay imposed by applicable pension
law; 
 (o) Liens on Equity Interests issued by a joint venture of Parent or any of its Restricted Subsidiaries (but that is
not a Restricted Subsidiary of Parent) securing Indebtedness of such joint venture permitted hereunder so long as such Indebtedness is recourse to Parent and/or its Restricted Subsidiaries solely to the extent of such Equity Interest; 

(p) Liens securing Indebtedness permitted under Section 6.01(d),
Section 6.01(e) and Section 6.01(i); and 
 (q) Liens securing
Indebtedness and other obligations or liabilities not expressly permitted by clauses (a) through (p) above; provided that the aggregate principal amount of the Indebtedness and other obligations or liabilities secured by the Liens
permitted by this clause (q) shall not exceed an aggregate amount equal to the Equivalent Amount of $50,000,000 at any time outstanding (for purposes of this clause (q), the amount of such obligations or liabilities (other
than with respect to Indebtedness) shall equal the amounts for such obligations or liabilities set forth in the financial statements then last delivered to the Administrative Agent under Section 5.01(a) and
Section 5.01(b) or, to the extent not set forth in such financial statements, as determined in good faith by a Financial Officer of Parent). 

SECTION 6.03. Fundamental Changes. (a) The Borrowers will not, nor will they permit any of their Restricted Subsidiaries to, merge
into or consolidate with any other Person (including pursuant to a Delaware LLC Division), or permit any other Person (including pursuant to a Delaware LLC Division) to merge into or consolidate with, or liquidate or dissolve or commence a
Bankruptcy Action, except that, (i) any Restricted Subsidiary may merge into a Borrower in a transaction in which such Borrower is the surviving entity, (ii) any Restricted Subsidiary may merge into any Restricted Subsidiary in a
transaction in which the surviving entity is a Restricted Subsidiary (and, if either such Restricted Subsidiary is a Loan Guarantor, then the surviving entity shall also be or become a Loan Guarantor); provided that if a Foreign Borrower is a
party to any such transaction, either such Foreign Borrower shall be the surviving entity or 

  
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the surviving entity thereof shall assume the obligations of such Foreign Borrower under this Agreement and the other Loan Documents pursuant to such documents, instruments and agreements and
further actions which the Administrative Agent may reasonably request (including, without limitation, one or more opinions of legal counsel) in form and substance acceptable to the Administrative Agent, (iii) any Restricted Subsidiary (other
than a Restricted Subsidiary that is a Borrower) may liquidate or dissolve if Parent determines in good faith that such liquidation or dissolution is in the best interests of Parent and its Restricted Subsidiaries and is not materially
disadvantageous to the Lenders (provided that in the event any such liquidation or dissolution involves a Loan Guarantor then the assets of such Restricted Subsidiary (if any) shall be transferred to Parent or another Loan Guarantor), (iv) any
Restricted Subsidiary of the Parent may consummate a merger, dissolution, liquidation or consolidation, the purpose of which is to effect an Excluded Asset Disposition or Asset Disposition otherwise permitted pursuant to
Section 6.04, an Investment otherwise permitted under Section 6.05 or a Restricted Payment otherwise permitted under Section 6.07, and (v) upon the occurrence of an
Adverse Tax Ruling with respect to SWM Brazil or at any time from and after the Effective Date with respect to P de Mal, Parent may (A) abandon, transfer or otherwise dispose of its Equity Interest in SWM South, SWM Brazil or P de Mal,
as applicable, to any one or more Persons or (B) undertake a Bankruptcy Action if Parent determines in good faith that such abandonment, transfer, disposition or Bankruptcy Action is in the best interests of Parent and its Restricted
Subsidiaries; provided that any such merger involving a Person that is not a wholly-owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04. 

(b) The Borrowers will not, and will not permit any of their Restricted Subsidiaries to, engage to any material extent in any business other
than businesses of the type conducted by the Borrowers and their Restricted Subsidiaries on the date of execution of this Agreement and businesses corollary, ancillary, complementary or reasonably related thereto. 

(c) The Borrowers will not permit its fiscal year to end on a day other than December 31 or change the Borrowers’ method of
determining its fiscal quarters. 
 SECTION 6.04. Dispositions. The Borrowers will not, and will not permit any Restricted Subsidiary
to, make any Asset Disposition, except for (i) Asset Dispositions among Parent and its Restricted Subsidiaries, (ii) [reserved], (iii) Asset Dispositions to the extent made in connection with an Investment in a Person permitted under
Section 6.05; (iv) other Asset Dispositions in an aggregate amount not to exceed $200,000,000 per fiscal year, so long as (A) no Event of Default has occurred and is continuing or would result from such Asset
Disposition, (B) such Asset Disposition is made for fair market value, (C) at least seventy-five percent (75%) of the consideration for such Asset Disposition is in the form of cash or cash equivalents (including Permitted Investments),
(D) Parent on a consolidated basis shall be in pro forma compliance (after giving effect to such Asset Disposition) with the then applicable covenant level as set forth in Section 6.11(b), minus 0.25, calculated for
the four (4) fiscal quarter period ending on the last day of the most recently ended quarter for which financial statements of Parent have been delivered to Administrative Agent pursuant to Section 5.01(a) or
(b) and (E) the Net Cash Proceeds received by Parent, any Loan Guarantor or, to the extent any prepayment with such Net Cash Proceeds would not result in an adverse tax consequence (as determined in good faith by Parent), any Restricted
Subsidiary of Parent or a Loan Guarantor, are used to prepay the Term Loans in accordance with Section 2.11(c); (v) other Asset Dispositions in an unlimited amount so long as (A) no Event of Default has occurred and is
continuing or would result from such Asset Disposition, (B) such Asset Disposition is made for fair market value, (C) at least seventy-five percent (75%) of the consideration for such Asset Disposition is in the form of cash or cash
equivalents (including Permitted Investments), (D) Parent on a consolidated basis shall have a Net Debt to EBITDA Ratio (after giving effect to such Asset Disposition) of not greater than 3.00 to 1.00, calculated for the four (4) fiscal quarter
period ending on the last day of the most recently ended quarter for which financial statements of Parent have been delivered to 

  
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Administrative Agent pursuant to Section 5.01(a) or (b) and (E) the Net Cash Proceeds received by Parent, any Loan Guarantor or, to the extent any prepayment
with such Net Cash Proceeds would not result in an adverse tax consequence (as determined in good faith by Parent), any Restricted Subsidiary of Parent or a Loan Guarantor, are used to prepay the Term Loans in accordance with
Section 2.11(c); and (vi) Asset Dispositions not exceeding the lesser of (x) $20,000,000 per Asset Disposition (or series of related Asset Dispositions) and (y) $80,000,000 in the aggregate during the term of this
Agreement. 
 SECTION 6.05. Investments, Loans, Advances, Guarantees and Acquisitions. The Borrowers will not, nor will they permit
any of their Restricted Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly-owned Restricted Subsidiary prior to such merger) any Equity Interests, evidences of indebtedness or other
securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any Indebtedness of, or make or permit to exist any investment or any other interest in, any
other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (collectively, each an “Investment”), except: 

(a) Permitted Investments; 

(b) Investments existing on the date hereof and, to the extent in an amount in excess of $1,000,000, as set forth in
Schedule 6.05 (provided that the aggregate amount of all such Investments not scheduled shall not exceed $5,000,000), and Investments consisting of any modification, replacement, renewal, reinvestment or extension thereof; 

(c) Investments (i) to consummate Permitted Acquisitions and (ii) consisting of transfers of the Equity Interests of
any Foreign Subsidiary acquired in a Permitted Acquisition by any Loan Party or other Restricted Subsidiary to any other Foreign Subsidiary to the extent such transfer is not prohibited under Section 6.03; 

(d) (i) Investments made by any Borrower to any Loan Guarantor and made by any Loan Guarantor to any Borrower or any other
Loan Guarantor, (ii) Investments made by any Restricted Subsidiary that is not a Loan Guarantor to any other Restricted Subsidiary that is not a Loan Guarantor, (iii) Investments made by any Restricted Subsidiary that is not a Loan
Guarantor to any Borrower or any Loan Guarantor and (iv) Investments made by any Borrower to any Restricted Subsidiary that is not a Loan Guarantor and made by any Loan Guarantor to any Restricted Subsidiary that is not a Loan Guarantor, at any
time outstanding in an amount not to exceed the greater of $50,000,000 and 3.25% of Consolidated Total Assets and so long as at the time of such Investment pursuant to this clause (d)(iv), Parent on a consolidated basis shall be in compliance with
Section 6.11(b) as of the last day of the most recently ended quarter for which financial statements of Parent have been delivered to Administrative Agent pursuant to Section 5.01(a) or
Section 5.01(b); provided that Investments made or outstanding under clause (d)(iv) above, but shall cease to be made or outstanding for purposes of clause (d)(iv) above, but shall be deemed made or
outstanding for purposes of clause (f), from and after the date the Borrowers and their Restricted Subsidiaries could have made such Investment pursuant to clause (f); 

(e) Guarantees constituting Indebtedness permitted by Section 6.01; 

(f) any other Investments (other than any such Investments made in connection with acquiring from any Person other than Parent
or a Subsidiary (i) all or substantially all of the assets of a Person, (ii) all or substantially all of any business or division of a Person, or (iii) a majority or more of the Equity Interests of any Person), so long as after giving
effect to any such Investment, Parent on a consolidated basis shall have a Net Debt to EBITDA Ratio (after giving 

  
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effect to any such Investment, calculated on a pro forma basis) of not greater than the then applicable covenant level as set forth in Section 6.11(b) minus 0.25,
calculated for the four (4) fiscal quarter period ending on the last day of the most recently ended quarter for which financial statements of Parent have been delivered to Administrative Agent pursuant to
Section 5.01(a) or Section 5.01(b);  
 (g) (i) Banking
Services entered into the ordinary course of business and (ii) Swap Agreements entered into by any Borrower or any Subsidiary permitted by Section 6.05; 

(h) other Investments in an aggregate amount at any time outstanding not to exceed the greater of (x) $50,000,000 and (y) 3.25%
of Consolidated Total Assets at the time such Investment is made; provided that Investments made or outstanding under this clause (h) shall cease to be made or outstanding for purposes of this clause (h), but shall be deemed made or
outstanding for purposes of clause (f), from and after the date the Borrowers and their Restricted Subsidiaries could have made such Investment pursuant to clause (f); 

(i) Investments (other than any such Investments made in connection with acquiring from any Person other than Parent or
a Subsidiary (i) all or substantially all of the assets of a Person, (ii) all or substantially all of any business or division of a Person, or (iii) a majority or more of the Equity Interests of any Person) in exchange for
consideration consisting solely of Equity Interests of Parent (or net cash proceeds from a substantially concurrent sale of Equity Interests of the Parent); 

(j) receivables owing to Parent or any Restricted Subsidiary created or acquired in the ordinary course of business and payable
or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Parent or any such Restricted Subsidiary deems reasonable under the circumstances;

 (k) payroll, commission, travel and similar advances to cover matters that are reasonably expected at the time of such
advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 

(l) loans or advances to employees, officers or directors of Parent or any Restricted Subsidiary in the ordinary course of
business in an aggregate amount at any time outstanding not to exceed $15,000,000 with respect to all loans or advances made since the Effective Date; 

(m) any Investment acquired by Parent or any of its Restricted Subsidiaries, (i) in exchange for any other Investment or
accounts receivable held by Parent or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable, or (ii) as a
result of a foreclosure by Parent or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 

(n) Investments received in settlement of amounts due to the Parent or any Restricted Subsidiary effected in the ordinary
course of business; 
 (o) Investments made as a result of the receipt of non-cash
consideration from an Asset Disposition that was made pursuant to and in compliance with Section 6.04 or from any other disposition of assets or properties constituting an Excluded Asset Disposition; 

  
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 (p) Investments made in connection with the funding of contributions under
any non-qualified retirement plan or similar employee compensation plan in an amount not to exceed the amount of compensation expense recognized by Parent and its Restricted Subsidiaries in connection with
such plans; 
 (q) Investments consisting of (i) the licensing, sublicensing or contribution of intellectual property
pursuant to joint marketing arrangements and joint development arrangements with other Persons (including the grant of use and access rights in respect thereof) or (ii) the licensing, sublicensing, cross-licensing, pooling or contribution of,
or similar arrangements with respect to, intellectual property; 
 (r) prepaid expenses, negotiable instruments held for
collection, lease, utility, workers’ compensation, performance and other similar deposits provided to third parties in the ordinary course of business; 

(s) [reserved]; 

(t) Investments consisting of purchases and acquisitions of inventory, supplies, material or equipment, or other similar assets
in the ordinary course of business; 
 (u) pledges or deposits with respect to leases or utilities provided to third parties
in the ordinary course of business or Investments otherwise constituting Permitted Liens; 
 (v) Investments consisting of
earnest money deposits required in connection with a purchase agreement, or letter of intent, or other acquisitions to the extent not otherwise prohibited by this Agreement; 

(w) Investments in any Restricted Subsidiary in connection with intercompany cash management arrangements, cash pooling
arrangements or related activities arising in the ordinary course of business; 
 (x) the forgiveness or conversion to equity
of any Indebtedness (i) owed by any Loan Party to any other Loan Party or (ii) of any Loan Party owed to any other Person (other than a Loan Party); and 

(y) Investments consisting of or resulting from Indebtedness permitted pursuant to Section 6.01,
fundamental changes permitted pursuant to Section 6.03, Restricted Payment permitted pursuant to Section 6.07 or prepayments, redemptions, purchases, defeasances or other satisfactions permitted
pursuant to Section 6.12. 
 SECTION 6.06. Swap Agreements. The Borrowers will not, and will not permit any
Restricted Subsidiary to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which any such Borrower or any Restricted Subsidiary has actual exposure (other than those in respect of Equity
Interests of any such Borrower or any of its Subsidiaries) and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or
otherwise) with respect to any interest-bearing liability or investment of any such Borrower or any Restricted Subsidiary. 
 SECTION 6.07.
Restricted Payments. 

  
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 (a) The Borrowers will not, nor will they permit any of their Restricted
Subsidiaries to, declare, pay or make, directly or indirectly, any Restricted Payment, except (i) Restricted Subsidiaries may declare and pay dividends with respect to their Equity Interests payable solely in additional shares of their
respective Equity Interests, (ii) Restricted Subsidiaries may declare and make Restricted Payments (A) ratably with respect to their Equity Interests and/or (B) to Parent or any wholly-owned Subsidiary of Parent, (iii) the
Borrowers and their Restricted Subsidiaries may make Restricted Payments pursuant to and in accordance with equity incentive plans or other benefit plans for management or employees of the Borrowers and their Restricted Subsidiaries,
(iv) Parent may declare and pay cash dividends or make cash distributions with respect to its Equity Interests, so long as prior to and after giving effect to any such dividend or distribution, Parent on a consolidated basis shall have a Net
Debt to EBITDA Ratio (after giving pro forma effect to any such dividend or distribution) of not greater than 4.25:1.00, calculated for the four (4) fiscal quarter period ending on the last day of the most recently ended quarter for which
financial statements of Parent have been delivered to Administrative Agent pursuant to Section 5.01(a) or Section 5.01(b), (v) Parent may declare and pay cash dividends on its outstanding common
Equity Interests, so long as the aggregate dollar amount of such cash dividends in any calendar year shall not exceed the greater of (x) $60,000,000 and (y) 25% of EBITDA for the four fiscal quarter most recently ended at the time of the declaration
of such Restricted Payment, (vi) the issuance of any Equity Interests of Parent or any Restricted Subsidiary in exchange for the termination of any Indebtedness (including intercompany Indebtedness) and not involving a cash advance made by
Parent or any Restricted Subsidiary, and (vii) cash payments, in lieu of issuance of fractional shares, in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interest of Parent or a
Restricted Subsidiary. 
 (b) Parent will not purchase, redeem or otherwise acquire any shares of its Equity Interests except
that Parent may purchase, redeem or otherwise acquire (i) shares of its Equity Interests, so long as prior to and after giving effect to any such purchase, redemption or other acquisition, Parent on a consolidated basis shall have a Net Debt to
EBITDA Ratio (after giving pro forma effect thereto) of not greater than 4.25:1.00 for the four (4) fiscal quarter period ending on the last day of the most recently ended quarter for which financial statements of Parent have been delivered to
Administrative Agent pursuant to Section 5.01(a) or Section 5.01(b), (ii) its Equity Interests in connection with its employee 401(k) retirement plan or other equity compensation arrangement, and
(iii) its Equity Interests sold in connection with a cashless exercise of stock options granted under Parent’s equity participation plan. 

SECTION 6.08. Transactions with Affiliates. The Borrowers will not, nor will they permit any of their Restricted Subsidiaries to, sell,
lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates with a fair market value (for any individual
transaction or series of related transactions) in excess of $2,500,000, except (a) at prices and on terms and conditions materially not less favorable, taken as a whole, to any Borrower or such Restricted Subsidiary than could be obtained on an
arm’s-length basis from unrelated third parties (as determined in good faith by Parent), (b) transactions between or among the Borrowers and their wholly owned Restricted Subsidiaries or any entity that
becomes a Restricted Subsidiary as a result of such transaction not involving any other Affiliate, (c) any Restricted Payment permitted by Section 6.07, (d) any transaction which is not permitted (in whole or in part)
under Section 6.08(a) above entered into by Parent or any of its Restricted Subsidiaries with a joint venture or non-wholly owned Restricted Subsidiary of Parent or any of its
Restricted Subsidiaries to the extent such transaction (or the portion thereof which is not permitted under Section 6.08(a)) constitutes an Investment permitted under Section 6.05, (e) customary
fees paid, and reimbursement of reasonable expenses, to members of the board of directors of Parent or any of its Restricted Subsidiaries, (f) 

  
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customary compensation (including salaries and bonuses) paid, and reimbursement of reasonable expenses, to officers and employees of Parent or any Restricted Subsidiary of Parent, (g) [reserved],
(h) any agreement or arrangement as in effect on the Effective Date and set forth in Schedule 6.08, and any amendment or modification thereto so long as such amendment or modification is not more disadvantageous, taken as a whole, in any
material respect to the Lenders than the agreement or arrangement in existence on the Effective Date, (i) the issuance, sale or transfer of Equity Interests of Parent and the granting of registration and other customary rights in connection
therewith or any contribution to the capital of the Parent or any Restricted Subsidiary, (j) transactions permitted by, and complying with, the provisions of Section 6.03, and (k) transactions between Parent or
any of its Restricted Subsidiaries and any Person that constitutes an Affiliate solely because a director of which is also a director of Parent or such Restricted Subsidiary; provided that such director abstains from voting as a director of
Parent or such Restricted Subsidiary on any matter involving such other Person. 
 SECTION 6.09. Restrictive Agreements. The
Borrowers will not, nor will they permit any of their Restricted Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other contractual arrangement that prohibits or restricts (a) the ability of any
such Borrower or any such Restricted Subsidiary to create, incur or permit to exist any Lien upon any of the property or assets of such Borrower or such Restricted Subsidiary as security for the Obligations or (b) the ability of such Restricted
Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to any Borrower or any other Restricted Subsidiary or to Guarantee Indebtedness of any such Borrower or any
other Restricted Subsidiary; provided that (i) the foregoing shall not apply to prohibitions or restrictions imposed by law, rule, regulation, order, approval, license, permit or similar restriction, by any of the Loan Documents, by any of the
documents governing the Senior Notes or by the documents governing any other capital markets Indebtedness, provided that the prohibitions or restrictions set forth in such documents are not materially more restrictive, taken as a whole, with
respect to such prohibitions or restrictions than those contained in the documents governing the Senior Notes as determined in the good faith judgment of the Parent, (ii) the foregoing shall not apply to prohibitions or restrictions existing on
the Effective Date (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such prohibitions or restriction except to the extent otherwise provided for herein), (iii) the foregoing shall not
apply to customary prohibitions or restrictions contained in agreements relating to the sale of assets or Equity Interests of a Subsidiary pending such sale, provided that such restrictions and conditions apply only to the Subsidiary or such
Equity Interests that are to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to prohibitions or restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if
such prohibitions or restrictions apply only to the property or assets securing such Indebtedness, (v) clause (a) of the foregoing shall not apply to customary provisions in leases restricting the assignment thereof, (vi) the foregoing
shall not apply to prohibitions or restrictions in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements, which restrictions relate solely to the activities of such joint
venture or are otherwise applicable only to the assets that are the subject to such agreement, (vii) the foregoing shall not apply to any such agreement imposed in connection with consignment agreements entered into in the ordinary course of
business, (viii) the foregoing shall not apply to customary anti-assignment provisions (including provisions prohibiting a sublet or sublicense) contained in agreements entered into in the ordinary course of business, (ix) the foregoing
shall not apply to customary subordination of subrogation, contribution and similar claims contained in guaranties permitted hereunder, (x) the foregoing shall not apply to customary prohibitions or restrictions on cash deposits or other
deposits or net worth imposed by customers or suppliers under contracts entered into in the ordinary course of business, (xi) the foregoing shall not apply to customary restrictions on the transfer, lease, or license of any property or asset of
any Loan Party or any of its Restricted Subsidiaries in effect on the Effective Date that were entered into in the ordinary course of business, (xii) clause (b) of the foregoing shall not apply to restrictions contained in agreements governing
intercompany Indebtedness permitted by Section 6.01; provided, that any notes or 

  
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other instruments governing such intercompany Indebtedness may not be subject to a Lien other than Permitted Encumbrances and Liens securing the Secured Obligations, (xiii) the foregoing
shall not apply to prohibitions or restrictions in documents governing Indebtedness assumed or incurred under Section 6.01(d), Section 6.01(e) or Section 6.01(f) or
existing with respect to any Person or the property or assets of such Person acquired by Parent or any Subsidiary of Parent in an acquisition permitted hereunder; provided, further, that such prohibitions or restrictions permitted by
this clause (xiii) are not applicable to any Person or the property or assets of any Person other than such acquired Person or the property or assets of such acquired Person, (xiv) the foregoing shall not apply to prohibitions or
restrictions pursuant to any agreement effecting a permitted renewal, refunding, replacement, refinancing or extension of Indebtedness issued pursuant to an agreement containing any prohibition or restriction otherwise referred to in this
Section 6.09, so long as such prohibitions and restrictions contained in any such agreement are not materially more restrictive, taken as a whole, with respect to such prohibitions and restrictions than those contained in
the agreements governing the Indebtedness being renewed, refunded, replaced, refinanced or extended as determined in the good faith judgment of the Parent and (xv) the foregoing shall not apply to any other agreement governing Indebtedness
entered into after the Effective Date in compliance with Section 6.01 that contains prohibitions or restrictions that are, in the good faith judgment of the Parent, not materially more restrictive, taken as a whole, than
those in effect on the Effective Date. 
 SECTION 6.10. Amendment of Organizational Documents. No Loan Party shall amend, modify or
waive any of its rights under its articles of association, certificate of incorporation, by-laws, operating, management or partnership agreement or other organizational documents to the extent any such
amendment, modification or waiver would be materially adverse to the Lenders. 
 SECTION 6.11. Financial Covenants. 

(a) Interest Coverage Ratio. Borrowers shall not permit the Interest Coverage Ratio to be less than 3.00 to 1.00 as of
the last day of any fiscal quarter for the four fiscal quarter period then ending. 
 (b) Maximum Net Debt to EBITDA
Ratio. Borrowers shall not permit the Net Debt to EBITDA Ratio to be greater than, as of the last day of any four fiscal quarter period ending after December 31, 2018, 4.50 to 1.00; provided, however, that during any Material
Acquisition Period the Borrowers shall not permit the Net Debt to EBITDA Ratio to be greater than, as of the last day of any four fiscal quarter period ending during such Material Acquisition Period, 5.00:1.00. 

Notwithstanding anything to the contrary contained herein, solely for purposes of this Section 6.11, in no event shall
there be more than one Material Acquisition Period during any six fiscal quarter period. 
 SECTION 6.12. Prepayments of Junior
Indebtedness. The Borrowers will not prepay, redeem, purchase, repurchase, defease or otherwise satisfy prior to the scheduled maturity thereof the principal amount outstanding under the Senior Notes or any Material Subordinated Indebtedness
(collectively, “Junior Indebtedness”), or make any prepayment of principal in violation of any subordination terms thereof; except (i) for prepayments, redemptions, purchases, repurchases, defeasances or other
satisfactions of intercompany Indebtedness, (ii) that refinancings, refundings, renewals, extensions or exchanges of any Junior Indebtedness to the extent permitted by Section 6.01 (including intercompany Indebtedness)
shall be permitted, (iii) for conversions, exchanges, redemptions, repayments or prepayments of such Indebtedness into, or for, Equity Interests of Parent, (iv) that AHYDO Catch-Up Payments shall be
permitted, (v) for prepayments, redemptions, purchases, repurchases, defeasances or other satisfactions made with (A) any capital contributions made in cash by any Person other than a 

  
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Restricted Subsidiary to Parent after the Effective Date, and (B) any net cash proceeds of any issuance of Equity Interests after the Effective Date of Parent to any Person other than a
Restricted Subsidiary, and to the extent such proceeds and contributions are applied in compliance with the applicable “equity clawback” provisions set forth in the documents governing such Junior Indebtedness, (vi) for prepayments,
redemptions, purchases, repurchases, defeasances or other satisfactions of such Indebtedness within sixty (60) days of the date of the Redemption Notice (as defined below) if, at the date of any prepayment, redemption, purchase, repurchase,
defeasance or other satisfaction notice provided in respect thereof (the “Redemption Notice”), such prepayment, redemption, purchase, repurchase, defeasance or other satisfaction would have complied with another provision of
this Section 6.12; and (vii) that prepayments, redemptions, purchases, repurchases, defeasances or other satisfactions may be made if (i) no Event of Default shall have occurred and be continuing or would result therefrom, and
(ii) the Senior Secured Net Debt to EBITDA Ratio (after giving effect to such prepayment, redemption, purchase, repurchase, defeasance or other satisfaction, calculated on a pro forma basis) does not exceed 3.50 to 1.00, calculated for the four
(4) fiscal quarter period ending on the last day of the most recently ended quarter for which financial statements of Parent have been delivered to Administrative Agent pursuant to Section 5.01(a) or (b). 

SECTION 6.13. Use of Proceeds. No Borrower will request any Borrowing or Letter of Credit, and no Borrower shall use, and each Borrower
shall reasonably procure that none of its Subsidiaries and, to its knowledge, none of their respective directors, officers, employees and agents shall 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, (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 or in a European
Union member state, or (C) in any manner that would result in the violation, in any material respect, of any Sanctions applicable to any party hereto. 

ARTICLE VII 
 EVENTS OF
DEFAULT 
 SECTION 7.01. Events of Default. If any of the following events (“Events of Default”) shall
occur: 
 (a) (a) the Borrowers shall fail to pay any principal of any Loan or any reimbursement obligation in respect
of any LC Disbursement or any cash collateral amount due pursuant to Section 2.06(j) when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

(b) the Borrowers 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 or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days; 

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

  
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 (d) the Borrowers shall (x) fail to observe or perform any covenant,
condition or agreement contained in Section 5.02(a), Section 5.03 (with respect to the Borrowers’ existence) or Section 5.08, or in Article VI or (y) fail to
observe or perform any covenant, condition or agreement contained in Section 5.02 (other than Section 5.02(a)) and such failure is not remedied within ten (10) Business Days of such failure;

 (e) the Borrowers shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other
than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document, and such failure shall continue unremedied for a period of thirty (30) days after notice thereof from the Administrative Agent or the Required
Lenders to the Borrowers; 
 (f) the Borrowers or any Material Subsidiary shall fail to make any payment in respect of any
Material Indebtedness (other than the Obligations), when and as the same shall become due and payable, provided that such default or failure remains unremedied or has not been waived by the holders of such Indebtedness; 

(g) any default or event of default occurs under any Material Indebtedness and continues beyond any applicable grace, notice or
cure period, that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material
Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to (i) secured Indebtedness that becomes due as a
result of the voluntary sale or transfer of the property or assets securing such Indebtedness and (ii) a regularly scheduled required prepayment or redemption, prior to the stated maturity thereof; and provided further that such
default or event of default remains unremedied or has not been waived by the holders of such Indebtedness; 
 (h) an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Loan Party or any Material Subsidiary (other than, from and after and as a result of
the occurrence of an Adverse Tax Ruling, SWM Brazil) or its debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or any Material Subsidiary (other than, from and after and as a result of the occurrence of an Adverse Tax Ruling, SWM Brazil) or for a
substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i) (i) any Loan Party or any Material Subsidiary (other than, from and after and as a result of the occurrence of an
Adverse Tax Ruling, SWM Brazil) shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now
or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a
receiver, trustee, custodian, sequestrator, conservator or similar official for any Borrower or any such Material 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; 

  
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 (j) any Loan Party or any Material Subsidiary (other than, from and after
and as a result of the occurrence of an Adverse Tax Ruling, SWM Brazil) shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 

(k) one or more judgments for the payment of money in an aggregate amount in excess of the Equivalent Amount of $40,000,000 (in
excess of insurance and third party indemnities) shall be rendered against any Loan Party, any Material Subsidiary or any combination thereof (other than, from and after and as a result of the occurrence of an Adverse Tax Ruling, SWM Brazil) and the
same shall remain undischarged for a period of sixty (60) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon all or a substantial part of
the property of any Loan Party, any Material Subsidiary or any combination thereof, and is not released, vacated or fully bonded within sixty (60) days after its attachment or levy; 

(l) an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, would
reasonably be expected to result in a Material Adverse Effect; 
 (m) a Change in Control shall occur; 

(n) any Loan Document or any material provisions thereof shall at any time be declared by a court of competent jurisdiction to
be null and void; or a proceeding shall be commenced by or on behalf of any Loan Party, or by any Governmental Authority, seeking to establish the invalidity or unenforceability thereof (exclusive of questions of interpretation of any provision
thereof); or any Loan Party (directly or indirectly) shall repudiate, revoke, terminate or rescind (or purport to do any of the foregoing) or deny in writing any portion of its liability or obligation for the Obligations (in each case, other than as
a result of the repayment in full of the Obligations (other than contingent obligations not then due and payable)); or 
 (o)
any Collateral Document after delivery thereof pursuant to Section 4.01 or 5.09 shall for any reason (other than pursuant to the terms hereof or thereof including as a result of a transaction permitted under
Section 6.03 or Section 6.05) cease to create a valid and perfected lien, with the priority required by the Collateral Documents (or other security purported to be created on the applicable
Collateral) on and security interest in any material portion of the Collateral purported to be covered thereby, subject to Permitted Liens, except to the extent that any such loss of perfection or priority results from the failure of the
Administrative Agent to file financing continuation statements or to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Documents; 

then, and in every such event (other than an event with respect to the Borrowers or Material Subsidiaries described in clause (h) or (i) of this
Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrowers, take either or both of the following actions, at the same or
different times: (i) terminate the Commitments (including the Swingline Commitments and the Letter of Credit Commitments), and thereupon the Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and
payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued
interest thereon and all fees and other obligations of the Loan 

  
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Parties 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 Loan Parties, and
(iii) require cash collateral for the LC Exposure in accordance with Section 2.06(j) hereof; and in case of any event with respect to any Borrower or Material Subsidiary described in clause (h) or (i) of this
Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding and cash collateral for the LC Exposure, together with accrued interest thereon and all fees and other obligations of the Loan Parties 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 Loan Parties. Upon the occurrence and the continuance of an Event of Default, the
Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent and/or Lenders under the Loan Documents or at law or equity. 

In addition to any other rights and remedies granted to the Administrative Agent and the Lenders in the Loan Documents, the Administrative
Agent on behalf of the Lenders may exercise all rights and remedies of a secured party under the New York Uniform Commercial Code or any other applicable law. Without limiting the generality of the foregoing, the Administrative Agent, without demand
of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Loan Party or any other Person (all and each of which demands, defenses, advertisements
and notices are hereby waived by the Parent on behalf of itself and its Subsidiaries), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, or consent to the use by any Loan Party of
any cash collateral arising in respect of the Collateral on such terms as the Administrative Agent deems reasonable, and/or may forthwith sell, lease, assign give an option or options to purchase or otherwise dispose of and deliver, or acquire by
credit bid on behalf of the Lenders, the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Administrative Agent
or any Lender or elsewhere, upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery, all without assumption of any credit risk. The Administrative Agent or any
Lender shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any
Loan Party, which right or equity is hereby waived and released by the Parent on behalf of itself and its Subsidiaries. Parent further agrees on behalf of itself and its Subsidiaries, at the Administrative Agent’s request, to assemble the
Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at the premises of the Borrower, another Loan Party or elsewhere. The Administrative Agent shall apply the net
proceeds of any action taken by it pursuant to this Article VII, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any other way
relating to the Collateral or the rights of the Administrative Agent and the Lenders hereunder, including reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the obligations of the Loan Parties under the Loan
Documents, in such order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent of any other amount required by any provision of law, including
Section 9-615(a)(3) of the New York Uniform Commercial Code, need the Administrative Agent account for the surplus, if any, to any Loan Party. If any notice of a proposed sale or other disposition of
Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition. 

SECTION 7.02. Application of Payments. Notwithstanding anything herein to the contrary, following the occurrence and during the
continuance of an Event of Default, and notice thereof to the Administrative Agent by the Borrowers or the Required Lenders, all payments received on account of the Obligations shall, subject to Section 2.20, be applied by the Administrative
Agent as follows: 

  
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 (i) first, to payment of that portion of the Obligations constituting
fees, indemnities, expenses and other amounts payable to the Administrative Agent (including fees and disbursements and other charges of counsel to the Administrative Agent payable under Section 9.03 and amounts pursuant to Section 2.12(c)
payable to the Administrative Agent in its capacity as such); 
 (ii) second, to payment of that portion of the
Obligations constituting fees, expenses, indemnities and other amounts (other than principal, reimbursement obligations in respect of LC Disbursements, interest and Letter of Credit fees) payable to the Lenders and the Issuing Banks (including fees
and disbursements and other charges of counsel to the Lenders and the Issuing Banks payable under Section 9.03) arising under the Loan Documents, ratably among them in proportion to the respective amounts described in this clause (ii)
payable to them; 
 (iii) third, to payment of that portion of the Obligations constituting accrued and unpaid Letter
of Credit fees and charges and interest on the Loans and unreimbursed LC Disbursements, ratably among the Lenders and the Issuing Banks in proportion to the respective amounts described in this clause (iii) payable to them; 

(iv) fourth, (A) to payment of that portion of the Obligations constituting unpaid principal of the Loans and
unreimbursed LC Disbursements and any amounts owing with respect to Banking Services Obligations and Swap Agreement Obligations and (B) to cash collateralize that portion of LC Exposure comprising the undrawn amount of Letters of Credit to the
extent not otherwise cash collateralized by the Borrowers pursuant to Section 2.06 or 2.20, ratably among the Lenders and the Issuing Banks in proportion to the respective amounts described in this clause (iv) payable to them;
provided that (x) any such amounts applied pursuant to subclause (B) above shall be paid to the Administrative Agent for the ratable account of the applicable Issuing Banks to cash collateralize Obligations in respect of Letters of
Credit, (y) subject to Section 2.06 or 2.20, amounts used to cash collateralize the aggregate amount of Letters of Credit pursuant to this clause (iv) shall be used to satisfy drawings under such Letters of Credit as they occur and
(z) upon the expiration of any Letter of Credit (without any pending drawings), the pro rata share of cash collateral shall be distributed to the other Obligations, if any, in the order set forth in this Section 7.02; 

(v) fifth, to the payment in full of all other Obligations, in each case ratably among the Administrative Agent, the
Lenders and the Issuing Banks based upon the respective aggregate amounts of all such Obligations owing to them in accordance with the respective amounts thereof then due and payable; and 

(vi) finally, the balance, if any, after all Obligations have been paid in full in cash, to the Borrowers or as
otherwise required by law. 
 If any amount remains on deposit as cash collateral after all Letters of Credit have either been fully drawn or expired
(without any pending drawings), such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 

  
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 ARTICLE VIII 

THE ADMINISTRATIVE AGENT 

SECTION 8.01. Authorization and Action. (a) Each Lender and each Issuing Bank hereby irrevocably appoints the entity named as
Administrative Agent in the heading of this Agreement and its successors and assigns to serve as the administrative agent and collateral agent under the Loan Documents and each Lender and each Issuing Bank authorizes the Administrative Agent to take
such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto. In
addition, to the extent required under the laws of any jurisdiction other than within the United States, each Lender and each Issuing Bank hereby grants to the Administrative Agent any required powers of attorney to execute and enforce any
Collateral Document governed by the laws of such jurisdiction on such Lender’s or such Issuing Bank’s behalf. Without limiting the foregoing, each Lender and each Issuing Bank hereby authorizes the Administrative Agent to execute and
deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents. 

(b) As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection),
the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions
of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender and each
Issuing Bank; provided, however, that the Administrative Agent shall not be required to take any action that (i) the Administrative Agent in good faith believes exposes it to liability unless the Administrative Agent receives an
indemnification satisfactory to it from the Lenders and the Issuing Banks with respect to such action or (ii) is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the
automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of
law relating to bankruptcy, insolvency or reorganization or relief of debtors; provided, further, that the Administrative Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed
action and may refrain from acting until such clarification or direction has been provided. Except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to
disclose, any information relating to any Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. Nothing in this
Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

(c) In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting
solely on behalf of the Lenders and the Issuing Banks (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature. Without limiting
the generality of the foregoing: 
 (i) the Administrative Agent does not assume and shall not be deemed to have assumed any
obligation or duty or any other relationship as the agent, fiduciary or trustee of or for any Lender, Issuing Bank or holder of any other obligation other than as expressly set forth herein and in the other Loan Documents, regardless of whether a
Default or an Event of Default has occurred and is continuing (and it is understood and agreed that the use of the term “agent” 

  
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(or any similar term) herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or other implied (or express) obligations
arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties); additionally, each Lender agrees that
it will not assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and the transactions contemplated hereby; and 

(ii) nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum
or the profit element of any sum received by the Administrative Agent for its own account; 
 (d) The Administrative Agent
may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative
Agent and any such sub-agent may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties. The exculpatory provisions of this Article
shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities pursuant
to this Agreement. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and
nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent. 

(e) None of any Syndication Agent or any Arranger shall have obligations or duties whatsoever in such capacity under this
Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall have the benefit of the indemnities provided for hereunder. 

(f) In case of the pendency of any proceeding with respect to any Loan Party under any federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on the Borrowers) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: 

(i) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC
Disbursements and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Banks and the Administrative Agent (including any claim under
Sections 2.12, 2.13, 2.15, 2.17 and 9.03) allowed in such judicial proceeding; and 
 (ii) to collect and receive any monies
or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such proceeding is hereby authorized by each Lender, each Issuing Bank and each other Secured Party to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall
consent to the making of such payments directly to the Lenders, the Issuing Banks or the other Secured Parties, to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under

  
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the Loan Documents (including under Section 9.03). Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of
any Lender or Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any
Lender or Issuing Bank in any such proceeding. 
 (g) The provisions of this Article are solely for the benefit of the
Administrative Agent, the Lenders and the Issuing Banks, and, except solely to the extent of the Borrowers’ rights to consent pursuant to and subject to the conditions set forth in this Article, none of the Borrowers or any Subsidiary, or any
of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral and of the
Guarantees of the Obligations provided under the Loan Documents, to have agreed to the provisions of this Article. 
 SECTION 8.02.
Administrative Agent’s Reliance, Indemnification, Etc. (a) Neither the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by it under or in
connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe
in good faith to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent
jurisdiction by a final and nonappealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or
any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value,
validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party to perform its obligations hereunder or thereunder. 

(b) The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof
(stating that it is a “notice of default”) is given to the Administrative Agent by a Borrower, a Lender or an Issuing Bank, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into
(i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or
any other agreement, instrument or document, (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent
or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent, or (vi) the creation, perfection or priority of Liens on the Collateral. Notwithstanding
anything herein to the contrary, the Administrative Agent shall not be liable for, or be responsible for any loss, cost or expense suffered by any Borrower, any Subsidiary, any Lender or any Issuing Bank as a result of, any determination of the
Revolving Credit Exposure, any of the component amounts thereof or any portion thereof attributable to each Lender or Issuing Bank, or any Dollar Equivalent. 

  
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 (c) Without limiting the foregoing, the Administrative Agent (i) may
treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with Section 9.04, (ii) may rely on the Register to the extent set forth in Section 9.04(b), (iii) may consult with legal
counsel (including counsel to the Borrowers), independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel,
accountants or experts, (iv) makes no warranty or representation to any Lender or Issuing Bank and shall not be responsible to any Lender or Issuing Bank for any statements, warranties or representations made by or on behalf of any Loan Party
in connection with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of
a Lender or an Issuing Bank, may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or Issuing Bank sufficiently in advance of the
making of such Loan or the issuance of such Letter of Credit and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate
or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or
otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof). 

SECTION 8.03. Posting of Communications. (a) Each Borrower agrees that the Administrative Agent may, but shall not be obligated
to, make any Communications available to the Lenders and the Issuing Banks by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic
transmission system (the “Approved Electronic Platform”). 
 (b) Although the Approved Electronic
Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization
system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, each of the Issuing Banks and each Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure and that
there are confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Issuing Banks and each Borrower hereby approves distribution of the Communications through the Approved Electronic Platform and understands
and assumes the risks of such distribution. 
 (c) THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED
“AS IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR
ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT
SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY SYNDICATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE 

  
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ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES,
LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM, IN EACH CASE EXCEPT TO THE
EXTENT PROVIDED FOR IN SECTION 9.03(d) HEREOF. 
 “Communications” means, collectively, any notice, demand,
communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Bank
by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform. 
 (d)
Each Lender and each Issuing Bank agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such
Lender for purposes of the Loan Documents. Each Lender and Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender’s or Issuing
Bank’s (as applicable) email address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address. 

(e) Each of the Lenders, each of the Issuing Banks and each of the Borrowers agrees that the Administrative Agent may, but
(except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally applicable document retention procedures and policies.

 (f) Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any Issuing Bank to give any
notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 
 SECTION 8.04. The
Administrative Agent Individually. With respect to its Commitment, Loans, Letter of Credit Commitments and Letters of Credit, the Person serving as the Administrative Agent shall have and may exercise the same rights and powers hereunder and is
subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or Issuing Bank, as the case may be. The terms “Issuing Banks”, “Lenders”, “Required Lenders” and any similar
terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity as a Lender, Issuing Bank or as one of the Required Lenders, as applicable. The Person serving as the Administrative Agent and
its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, any Borrower, any Subsidiary or
any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without any duty to account therefor to the Lenders or the Issuing Banks. 

SECTION 8.05. Successor Administrative Agent. (a) The Administrative Agent may resign at any time by giving thirty
(30) days’ prior written notice thereof to the Lenders, the Issuing Banks and the Borrowers, whether or not a successor Administrative Agent has been appointed. Upon any such resignation, the Required Lenders shall have the right to
appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have 

  
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accepted such appointment, within thirty (30) days after the retiring Administrative Agent’s giving of notice of resignation, then the retiring Administrative Agent may, on behalf of
the Lenders and the Issuing Banks, appoint a successor Administrative Agent, which shall be a bank with an office in New York, New York or an Affiliate of any such bank. In either case, such appointment shall be subject to the prior written approval
of the Borrowers (which approval may not be unreasonably withheld and shall not be required while an Event of Default has occurred and is continuing). Upon the acceptance of any appointment as Administrative Agent by a successor Administrative
Agent, such successor Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent. Upon the acceptance of appointment as Administrative Agent by a successor
Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents. Prior to any retiring Administrative Agent’s resignation hereunder as Administrative
Agent, the retiring Administrative Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents. 

(b) Notwithstanding paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so
appointed and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation
to the Lenders, the Issuing Banks and the Borrowers, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and
under the other Loan Documents; provided that, solely for purposes of maintaining any security interest granted to the Administrative Agent under any Collateral Document for the benefit of the Secured Parties, the retiring Administrative
Agent shall continue to be vested with such security interest as collateral agent for the benefit of the Secured Parties, and continue to be entitled to the rights set forth in such Collateral Document and Loan Document, and, in the case of any
Collateral in the possession of the Administrative Agent, shall continue to hold such Collateral, in each case until such time as a successor Administrative Agent is appointed and accepts such appointment in accordance with this Section (it being
understood and agreed that the retiring Administrative Agent shall have no duty or obligation to take any further action under any Collateral Document, including any action required to maintain the perfection of any such security interest), and
(ii) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent; provided that (A) all payments required to be made hereunder or under any other
Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and (B) all notices and other communications required or contemplated to be given or made to the
Administrative Agent shall directly be given or made to each Lender and each Issuing Bank. Following the effectiveness of the Administrative Agent’s resignation from its capacity as such, the provisions of this Article and Section 9.03, as
well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent and in respect of the matters referred to in the proviso under clause
(i) above. 
 SECTION 8.06. Acknowledgements of Lenders and Issuing Banks. (a)    Each Lender represents
that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and that it has, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender, or any of the Related
Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this 

  
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Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger or
any other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United States
securities laws concerning the Borrowers and their Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any
related agreement or any document furnished hereunder or thereunder. 
 (b) Each Lender, by delivering its signature page to
this Agreement on the Effective Date, or delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to
and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date. 

SECTION 8.07. Collateral Matters. (a) Except with respect to the exercise of setoff rights in accordance with Section 9.08 or
with respect to a Secured Party’s right to file a proof of claim in an insolvency proceeding, no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce any Guarantee of the Obligations, it being
understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent on behalf of the Secured Parties in accordance with the terms thereof. 

(b) In furtherance of the foregoing and not in limitation thereof, no arrangements in respect of Banking Services the
obligations under which constitute Banking Services Obligations and no Swap Agreement the obligations under which constitute Swap Agreement Obligations, will create (or be deemed to create) in favor of any Secured Party that is a party thereto any
rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under any Loan Document. By accepting the benefits of the Collateral, each Secured Party that is a party to any such arrangement in respect
of Banking Services or Swap Agreement, as applicable, shall be deemed to have appointed the Administrative Agent to serve as administrative agent and collateral agent under the Loan Documents and agreed to be bound by the Loan Documents as a Secured
Party thereunder, subject to the limitations set forth in this paragraph. 
 (c) The Secured Parties irrevocably authorize
the Administrative Agent, at its option and in its discretion, to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by
Section 6.02(a). The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the
existence, priority or perfection of the Administrative Agent’s Lien thereon or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders or any other Secured
Party for any failure to monitor or maintain any portion of the Collateral. 
 SECTION 8.08. Credit Bidding. The Secured Parties
hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the
Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the
provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Loan Party is 

  
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subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by
judicial action or otherwise) in accordance with any applicable law. In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Administrative Agent at
the direction of the Required Lenders on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims
in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or
vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition
vehicle or vehicles, (ii) each of the Secured Parties’ ratable interests in the Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of
closing such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition
vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted
assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions
by the Required Lenders contained in Section 9.02 of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the
relevant Obligations which were credit bid, interests, whether as equity, partnership, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the
need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being
higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Secured Parties
pro rata with their original interest in such Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled, without the need for any Secured Party or
any acquisition vehicle to take any further action. Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured
Party shall execute such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent
may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid. 

SECTION 8.09. 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 any Borrower or any other Loan Party, that at least one of the following is and will be true: 
 (i) such
Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) 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, 

  
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 (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, and the conditions for exemptive relief
thereunder are and will continue to be satisfied in connection therewith, 
 (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, administration of and performance of the Loans, the Letters of Credit, the
Commitments 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 either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a 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 any 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 Commitments 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 to 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 (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in
writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 

(i) if to the Borrowers, to them at: 

  
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 (A) 100 North Point Center East, Suite 600, Alpharetta, Georgia 30022,
Attention of the General Counsel and the Controller (Telecopy No. (770) 569-4275); 

(B) With a copy (which shall not constitute notice) to Alston & Bird LLP, One Atlantic Center, 1201 West Peachtree
Street, Atlanta, GA 30309-3424, Attention Jeremy Silverman (facsimile No. (404) 881-7777; E-mail jeremy.silverman@alston.com). 

(ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor L2, Suite IL1-0364, Chicago, IL 60603, Attention: Nanette Wilson (Telephone: 312-385-7084, Facsimile: 844-490-5663, Electronic Mail: jpm.agency.cri@jpmorgan.com and nanette.wilson@jpmorgan.com); 

(iii) if to JPMorgan Chase Bank, N.A., in its capacity as an Issuing Bank, to it at 10 S. Dearborn, L2 Floor, Chicago, IL
60603, Attention: Naveen Dhongadi (Telephone: 855-609-0059, Facsimile: 214-307-6874, Electronic
Mail: Chicago.lc.agency.activity.team@jpmchase.com); 
 (iv) if to Swingline Lender, to it at 10 South Dearborn, Floor
L2, Suite IL1-0364, Chicago, IL 60603, Attention: Nanette Wilson (Telephone: 312-385-7084, Facsimile: 844-490-5663, Electronic Mail: jpm.agency.cri@jpmorgan.com and nanette.wilson@jpmorgan.com) and 

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

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

(b) Notices and other communications to the Lenders and the Issuing Banks hereunder may be delivered or furnished by using
Approved Electronic Platforms pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the
applicable Lender. The Administrative Agent or any Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of
such procedures may be limited to particular notices or communications. 
 (c) Unless the Administrative Agent otherwise
prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the
“return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing 

  
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clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if
such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

(d) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the
other parties hereto. 
 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 Borrowers 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) Subject to Section 2.14(b) and Section 9.02(c) below, neither this Agreement nor any provision hereof may be
waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of the Required Lenders; provided
that no such agreement shall (i) extend or 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 or other amounts payable hereunder or under the other Loan Documents, 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 or other amounts payable hereunder or under the other Loan Documents, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written
consent of each Lender affected thereby, (iv) change Section 2.09(c) or 2.18(b) or (c) in a manner that would alter the ratable reduction of Commitments or the pro rata sharing of payments required thereby, without the written consent
of each Lender, (v) change the payment waterfall provisions of Section 2.20(b) or 7.02 without the written consent of each Lender, or (vi) change any of the provisions of this Section or the definition of “Required
Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;
provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Issuing Banks or the Swingline Lenders hereunder without the prior written consent of the
Administrative Agent, the Issuing Banks or the Swingline Lenders, as the case may be; provided further that no such agreement shall amend or modify the provisions of Section 2.06 or any letter of credit application and any
bilateral agreement between the Borrower and an Issuing Bank regarding such Issuing Bank’s Letter of Credit Commitment or the respective rights and obligations between the Borrowers and an Issuing Bank in connection with the issuance of Letters
of Credit without the prior written consent of the Administrative Agent and such Issuing Bank, respectively. 

  
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 (c) If the Administrative Agent and the Borrowers acting together identify
any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrowers shall be permitted to amend, modify or supplement such provision to
cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement if the same is not objected to in writing by the
Required Lenders to the Administrative Agent within five (5) business days following receipt of notice thereof. 
 (d)
The Lenders and the Issuing Banks hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, (i) to release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral upon the
termination of all of the Commitments and payment and satisfaction in full in cash of all Secured Obligations in a manner satisfactory to each affected Lender, (ii) to release any Liens granted to the Administrative Agent by the Loan Parties on
any Collateral constituting property being sold or disposed of if the Loan Party disposing of such property certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the
Administrative Agent may rely conclusively on any such certificate, without further inquiry) or such property is otherwise no longer required to constitute Collateral pursuant to the terms of the Loan Documents, (iii) to release any Liens
granted to the Administrative Agent on all the Collateral of any Loan Guarantor, and to release any Loan Guarantor from its obligations under the Loan Guaranty, upon the sale or disposition of the Equity Interests of such Loan Guarantor if the U.S.
Borrower certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry) or such Loan
Guarantor is otherwise no longer required to provide a Loan Guaranty in accordance with the terms of the Loan Documents, (iv) to release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral constituting property
leased to a Loan Party under a lease which has expired or been terminated in a transaction permitted under this Agreement, or (v) to release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral as required to
effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII; provided, that upon the occurrence of any of the events listed in the
preceding clauses (i), (ii), (iii) or (iv), the release of such Liens by the Administrative Agent shall be granted automatically and shall not be subject to the Administrative Agent’s discretion. Except as provided in the preceding sentence,
the Administrative Agent will not release any Liens on Collateral without the prior written authorization of the Required Lenders; provided that, the Administrative Agent may in its discretion, release its Liens on Collateral valued in the
aggregate not in excess of $25,000,000 during any calendar year without the prior written authorization of the Required Lenders (it being agreed that the Administrative Agent may rely conclusively on one or more certificates of the Borrowers as to
the value of any Collateral to be so released, without further inquiry). Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations of the Loan
Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral. Any execution and delivery by the Administrative Agent of documents in
connection with any such release shall be without recourse to or warranty by the Administrative Agent. 

  
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 (e) If, in connection with any proposed amendment, waiver or consent
requiring the consent of “each Lender” or “each Lender directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is
necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the Borrowers may elect to replace a Non-Consenting
Lender as a Lender party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which is acceptable to the Borrowers and the Administrative Agent shall agree, as of such date, to purchase for cash
the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption, to become a Lender for all purposes under this Agreement, to assume all obligations of the Non-Consenting Lender to be terminated as of such date, to comply with the requirements of clause (b) of Section 9.04, and provide each Class of the Commitments of such
Non-Consenting Lender and (ii) the applicable Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all
interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by such Borrower hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 2.16 had the Loans
of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender. 

(f) Notwithstanding anything to the contrary in this Agreement, upon the execution and delivery of all documentation required
by Section 2.09 to be delivered in connection with an increase to the Commitments, the Administrative Agent, the Borrowers and the new or existing Lenders whose Commitments have been affected may and shall enter into an amendment hereof (which
shall be binding on all parties hereto and the new Lenders) solely for the purpose of reflecting any new Lenders and their new Commitments and any increase in the Commitment of any existing Lender. 

SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Loan Parties shall jointly and severally promptly pay following written
demand (including documentation reasonably supporting such request) (i) all reasonable and documented out of pocket expenses incurred by the Administrative Agent and the Arrangers, and their respective Affiliates, including the reasonable fees,
charges and disbursements of counsel for the Administrative Agent (but limited, in the case of legal fees and expenses, to the reasonable fees, disbursements and other charges of one counsel to the Administrative Agent, the Arrangers and the
Lenders, taken as a whole, and, if reasonably necessary, of one local counsel in any relevant material jurisdiction), in connection with the syndication of the credit facilities provided for herein, the preparation, execution, delivery and
administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
reasonable out-of-pocket expenses incurred by an Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for
payment thereunder and (iii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank and the Lenders, including
the fees, charges and disbursements of counsel for the Administrative Agent, any Issuing Bank and the Lenders (but limited, in the case of legal fees and expenses, to the reasonable fees, disbursements and other charges of one counsel to the
Administrative Agent, the Arrangers and the Lenders, taken as a whole and, if reasonably necessary, of one local counsel in any relevant material jurisdiction and solely, in the event of a conflict of interest, one additional counsel (and if
necessary, one local counsel in each relevant material jurisdiction) to each group of similarly situated affected Indemnitees, taken as a whole), in connection with the enforcement or protection of its rights in connection with this Agreement and
the other Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

  
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 (b) The Loan Parties shall jointly and severally indemnify the
Administrative Agent, each Arranger, 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 actual losses, claims, damages, liabilities and documented expenses, including the fees, charges and disbursements of any counsel for any Indemnitee (but limited, in the case of legal fees and expenses, to the reasonable fees,
disbursements and other charges of one counsel to the Indemnitees, and if reasonably necessary, one local counsel in any relevant material jurisdiction to all affected Indemnitees taken as a whole, and solely, in the event of a conflict of interest,
one additional counsel (and, if necessary, one local counsel in each relevant material jurisdiction) to each group of similarly situated affected Indemnitees, taken as a whole), incurred by or asserted against any Indemnitee arising out of, in
connection with, or as a result of (i) the execution 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 if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from
any property owned or operated by any Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to any Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation,
arbitration or proceeding relating to any of the foregoing, whether or not such claim, litigation, investigation, arbitration or proceeding is brought by any Borrower or any other Loan Party or their respective equity holders, Affiliates, creditors
or any other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses are (x) determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from (i) the gross negligence, bad faith
or willful misconduct of such Indemnitee or any of its Related Parties, or (ii) a material breach by such Indemnitee or any of its Related Parties of its obligations hereunder or under the Loan Documents or (y) the result of or related to
any disputes solely amongst Indemnitees (other than any disputes against any Indemnitee in its capacity or in fulfilling its role as Administrative Agent) and not arising out of any act or omission of the Borrower. This
Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim. 

(c) Each Lender severally agrees to pay any amount required to be paid by the Borrowers under paragraph (a) or (b) of this
Section 9.03 to the Administrative Agent, each Issuing Bank and each Swingline Lender, and each Related Party of any of the foregoing Persons (each, an “Agent Indemnitee”) (to the extent not reimbursed by the Borrowers
and without limiting the obligation of the Borrowers to do so), ratably according to each Lender’s respective aggregate Commitments and outstanding Term Loans in effect on the date on which indemnification is sought under this Section (or, if
indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage immediately prior to such date), from and against any and all
losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against
such Agent Indemnitee in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or
any action taken or omitted by such Agent Indemnitee under 

  
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or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent Indemnitee’s gross negligence or willful misconduct. The
agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

(d) To the extent permitted by applicable law (i) the Borrowers shall not assert, and the Borrowers hereby waive, any
claim against any Indemnitee for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other information transmission systems (including the Internet), except to the extent
the same is found by a final nonappealable judgment of a court of competent jurisdiction to have arisen from the gross negligence, willful misconduct or bad faith of such Indemnitee or any of its Related Parties, and (ii) no party hereto shall
assert, and each such party hereby waives, any claim against any other party hereto, 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; provided that, nothing in this clause
(d)(ii) shall relieve the Borrowers of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party. 

(e) All amounts due under this Section shall be payable promptly after written demand therefor. 

SECTION 9.04. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that (i) no Loan Party may assign or otherwise transfer any of its rights or
obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by a Loan Party without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or
obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby
(including any Affiliate of an Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

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

(A) the Borrowers (not to be unreasonably withheld), provided that, no consent of the Borrowers shall be required for
(i) an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if Event of Default has occurred and is continuing and (ii) any assignment made in connection with the primary syndication of the Term Loan; 

  
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 (B) the Administrative Agent, provided that no consent of the
Administrative Agent shall be required for an assignment of (x) any Revolving Commitment to an assignee that is a Lender (other than a Defaulting Lender) with a Revolving Commitment immediately prior to giving effect to such assignment and
(y) all or any portion of the Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund; 
 (C) each Issuing
Bank, provided that no consent of the Issuing Banks shall be required for an assignment of all or any portion of a Term Loan; and 

(D) each Swingline Lender, provided that no consent of the Swingline Lenders shall be required for an assignment of all
or any portion of a Term Loan. 
 (ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 or, in the case of a Term Loan, $500,000 unless each of the Borrowers and the Administrative Agent otherwise consent, provided that no such
consent of the Borrowers shall be required if an Event of Default has occurred and is continuing; 
 (B) each partial
assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate
part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans; 
 (C)
the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an
Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing and recordation fee of $3,500; and 

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

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

  
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 “Approved Fund” means any Person (other than a natural person) that
is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
entity or an Affiliate of an entity that administers or manages a Lender. 
 “Ineligible Institution” means
(a) a natural person, (b) a Defaulting Lender or its Lender Parent, (c) a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof, (d) the
Borrowers or any of their respective Affiliates, (e) any Person designated by the Borrowers, by written notice delivered to the Administrative Agent on or prior to August 10, 2018, as a disqualified institution or competitor of the
Borrowers or their Subsidiaries (a “Competitor”), or (f) any Person that is clearly identifiable, solely on the basis of such Person’s name, as an Affiliate of any Person referred to in clause (e) above (the
persons described in in clauses (e) and (f) are collectively, the “Disqualified Institutions”); provided that, with respect to clause (c), such holding company, investment vehicle or trust shall not constitute an
Ineligible Institution if it (x) has not been established for the primary purpose of acquiring any Loans or Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant
experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the
ordinary course of its business; provided further, with respect to clauses (e) and (f), Disqualified Institutions shall (A) exclude any person that Parent has designated as no longer being a Disqualified Institution by
written notice delivered to the Administrative Agent from time to time and (B) include any person that is added as a Competitor, pursuant to a written supplement to the list of Competitors that are Disqualified Institutions, that is delivered
by Parent upon reasonable notice to the Administrative Agent (such supplement shall not retroactively disqualify any Person who is a Lender or participant prior to such supplement becoming effective); provided, further, that upon the
occurrence and during the continuance of an Event of Default, any Person (other than a Lender) shall be an Ineligible Institution if after giving effect to any proposed assignment to such Person, such Person would hold more than 25% of the then
outstanding Total Revolving Credit Exposure or Commitments, as the case may be. 
 (iii) Subject to acceptance and recording
thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this
Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of
Sections 2.15, 2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with paragraph (c) of this Section. 
 (iv) The
Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, any Issuing Bank and any Lender, at any reasonable time and from time to time
upon reasonable prior notice. 

  
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 (v) Upon its receipt of (x) a duly completed Assignment and Assumption
executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the
parties to the Assignment and Assumption are participants, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of
this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register;
provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.05(d), 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no
obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (vi) The
Administrative Agent shall have the right, and the Borrowers hereby expressly authorize the Administrative Agent, to (A) post the Disqualified Institutions provided by the Borrowers and any updates thereto from time to time (collectively, the
“DQ List”) on the Approved Electronic Platform, including that portion of the Approved Electronic Platform that is designated for Public-Siders and/or (B) provide the DQ List to each Lender requesting the same. 

(c) Any Lender may, without the consent of, or notice to, any Borrower, the Administrative Agent, the Issuing Banks or the
Swingline Lenders, sell participations to one or more banks or other entities (a “Participant”), other than an Ineligible Institution (unless an Event of Default described in clauses (a), (b), (h) or (i) of Article VII
has occurred and is continuing), in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the Borrowers, the Administrative Agent, the Issuing
Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide
that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. The Borrowers agree that each Participant shall
be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under Sections 2.17(f) and (g) (it being understood that the documentation required under
Section 2.17(f) shall be delivered to the participating Lender and the information and documentation required under Section 2.17(g) will be delivered to the Borrowers and the Administrative Agent)) to the same extent as if it were a Lender
and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 2.19 as if it were an assignee under paragraph (b)
of this Section; and (B) shall not be entitled to receive any greater payment under Section 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such
entitlement to 

  
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receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the
Borrowers’ request and expense, to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of Section 2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 9.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for
this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) to any Person except to the extent that
such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The
entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement
notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

Notwithstanding anything in this Agreement to the contrary, any Participant that is a member of the Farm Credit System that (i) has
purchased a participation from a selling Lender in the minimum amount of $10,000,000 on or after the Effective Date, (ii) is, by written notice to Parent and the Administrative Agent (“Voting Participant Notification”),
designated by such selling Lender as being entitled to be accorded the rights of a voting participant hereunder (any bank that is a member of the Farm Credit System so designated being called a “Voting Participant”) and
(iii) receives the prior written consent of Parent and the Administrative Agent to become a Voting Participant, shall be entitled to vote (and the voting rights of such selling Lender shall be correspondingly reduced), on a dollar for dollar
basis, as if such participant were a Lender, on any matter requiring or allowing a Lender to provide or withhold its consent, or to otherwise vote on any proposed action. To be effective, each Voting Participant Notification shall, with respect to
any Voting Participant, (i) state the full name, as well as all contact information required of assignee as set forth in Exhibit A hereto and (ii) state the dollar amount of the participation purchased. 

Notwithstanding the foregoing, each of the following members of the Farm Credit System shall be a Voting Participant without delivery of a
Voting Participant Notification and without the prior written consent of the Borrowers and the Administrative Agent: : (i) FCS Commercial Finance Group, for AgCountry Farm Credit Services, FLCA, (ii) Greenstone Farm Credit Services, FLCA,
(iii) Compeer Financial, FLCA, (iv) Farm Credit Mid America, FLCA and (v) American AgCredit, FLCA. 
 (d) Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this
Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto. 

  
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 SECTION 9.05. Survival. All covenants, agreements, representations and warranties
made by the Borrowers herein and in the other Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Documents shall be considered to have been relied upon by the
other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding
that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long
as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The
provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or
termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 
 SECTION 9.06.
Counterparts; Integration; Effectiveness; Electronic Execution. (a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which
when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to (i) fees payable to the Administrative Agent and (ii) the reductions of the Letter of
Credit Commitment of 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 assigns. 

(b) Delivery of an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or any other electronic
means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of
records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act; provided that nothing herein shall require the Administrative Agent to accept electronic signatures in any form or format without its prior written consent. 

SECTION 9.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.08. Right of Setoff. If an Event
of Default shall have occurred and be continuing, each Lender, each Issuing Bank, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and
all deposits (general or special, time or demand, provisional or final) at any time held, and other obligations at any 

  
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time owing, by such Lender, such Issuing Bank or any such Affiliate, to or for the credit or the account of the Borrowers against any and all of the obligations of the Borrowers now or hereafter
existing under this Agreement or any other Loan Document to such Lender or such Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender, Issuing Bank or Affiliate shall have made any demand under this Agreement or any
other Loan Document and although such obligations of the Borrowers may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender or such Issuing Bank different from the branch office or Affiliate holding such deposit or
obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in
accordance with the provisions of Section 2.20 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Banks, and the
Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of
each Lender, each Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Bank or their respective Affiliates may have. Each
Lender and Issuing Bank agrees to notify the Borrowers and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement and the other Loan Documents shall be
construed in accordance with and governed by the law of the State of New York. 
 (b) Each of the Lenders and the
Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing law provisions of any applicable Loan Document, any claims brought against the Administrative Agent by any Secured Party relating to this
Agreement, any other Loan Document, the Collateral or the consummation or administration of the transactions contemplated hereby or thereby shall be construed in accordance with and governed by the law of the State of New York. 

(c) Each of the parties hereto 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 the transactions relating hereto or thereto, or for recognition or enforcement of
any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may (and any such claims, cross-claims or third party claims brought against the Administrative
Agent or any of its Related Parties may only) 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 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 or in any other Loan Document shall affect any right that the Administrative Agent, any Issuing Bank or
any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrowers, any Loan Party or its properties in the courts of any jurisdiction. 

  
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 (d) Each of the parties hereto 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 (c) 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. 
 (e) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices
in Section 9.01, and SWM Luxembourg and each Loan Guarantor that is a Foreign Subsidiary of Parent hereby appoints SWM International as its agent for such service of process. Nothing in this Agreement will affect the right of any party to this
Agreement to serve process in any other manner permitted by law. 
 SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 9.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference
only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.12. Confidentiality. Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any Governmental Authority
(including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to
this Agreement, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder of under any other Loan Document,
(f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this
Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrowers and their obligations, (g) on a confidential basis to (1) any rating agency in connection with
rating the Borrowers or their Subsidiaries, the credit facilities provided for herein or the Senior Notes or (2) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of identification numbers with
respect to the credit facilities provided for herein, (h) with the consent of the Borrowers or (i) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or
(ii) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a non-confidential basis from a source other than the Borrowers. For the purposes of this Section,
“Information” means all information received from the Borrowers relating to the Borrowers or their business, other than any such information that is available to the Administrative Agent,

  
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any Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the Borrowers 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 Borrowers 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. Material Non-Public Information. 

(a) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12 FURNISHED TO IT PURSUANT TO THIS
AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWERS AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE
USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING
FEDERAL AND STATE SECURITIES LAWS. 
 (b) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY
THE BORROWERS OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE
BORROWERS, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWERS AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO
MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW. 

SECTION 9.14. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to
any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges
payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be
cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the NYFRB Rate to the date
of repayment, shall have been received by such Lender. 
 SECTION 9.15. No Fiduciary Duty, etc. Each Borrower acknowledges and
agrees, and acknowledges its Subsidiaries’ understanding, that no Credit Party will have any obligations except those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity
of an arm’s length contractual counterparty to the Borrowers and their respective Restricted Subsidiaries with respect to the Loan Documents and the transactions contemplated therein and 

  
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not as a financial advisor or a fiduciary to, or an agent of, any Borrower or any other person. Each Borrower agrees that it will not assert any claim against any Credit Party based on an alleged
breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby. Additionally, each Borrower acknowledges and agrees that no Credit Party is advising any Borrower as to any legal, tax,
investment, accounting, regulatory or any other matters in any jurisdiction. The Borrowers shall consult with their own advisors concerning such matters and shall be responsible for making their own independent investigation and appraisal of the
transactions contemplated hereby, and the Credit Parties shall have no responsibility or liability to any Borrower with respect thereto. 

Each Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party, together with
their respective Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, any Credit
Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other
obligations) of, the Borrowers and other companies with which the Borrowers may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in
respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion. 

In addition, each Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party, together
with their respective Affiliates, may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which the Borrowers may have conflicting interests regarding the
transactions described herein and otherwise. No Credit Party will use confidential information obtained from the Borrowers by virtue of the transactions contemplated by the Loan Documents or its other relationships with the Borrowers in connection
with the performance by such Credit Party of services for other companies, and no Credit Party will furnish any such information to other companies. Each Borrower also acknowledges that no Credit Party has any obligation to use in connection with
the transactions contemplated by the Loan Documents, or to furnish to the Borrowers, confidential information obtained from other companies. 

SECTION 9.16. USA PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act of 2001 (the “Patriot
Act”) hereby notifies the Loan Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of
each Loan Party and other information that will allow such Lender to identify the Loan Parties in accordance with the Patriot Act. Further, Borrowers shall promptly following any request therefor, provide information and documentation reasonably
requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Beneficial Ownership Regulation for any
Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation. 
 SECTION 9.17. Judgment
Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance
with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of each Borrower in respect of any such sum due
from it to the Administrative Agent or the Lenders hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in
accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by 

  
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the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may, in accordance with normal banking procedures, purchase the Agreement Currency
with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from any Borrower in the Agreement Currency, such Borrower agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify the Administrative Agent or the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the
Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any excess to such Borrower (or to any other Person who may be entitled thereto under applicable law). 

SECTION 9.18. 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: 

(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. 

ARTICLE X 
 LOAN
GUARANTY 
 SECTION 10.01. Guaranty. Parent hereby agrees that it is liable for, and absolutely and unconditionally guarantees to
the Secured Parties, the prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Secured Obligations and all costs and expenses including, without limitation, all court costs and
attorneys’ and paralegals’ fees (including allocated costs of in-house counsel and paralegals) and expenses paid or incurred by the Secured Parties in endeavoring to collect all or any part of such
Secured Obligations from, or in prosecuting any action against, each such other Borrower or any other guarantor of all or any part of such Secured Obligations (such costs and expenses, together with such Obligations, collectively the
“Guaranteed Obligations”). Parent further agrees that its Guaranteed Obligations may be extended or renewed in whole or in part without notice to or further assent from it, and that it remains bound upon its guarantee notwithstanding any
such extension or renewal. All terms of this Loan Guaranty apply to and may be enforced by or on behalf of any domestic or foreign branch or Affiliate of any Secured Party that extended any portion of the Guaranteed Obligations. 

  
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 SECTION 10.02. Guaranty of Payment. This Loan Guaranty is a guaranty of payment and
not of collection. Parent waives any right to require any Secured Party to sue any Borrower, any other guarantor, or any other Person obligated for all or any part of the Guaranteed Obligations (each, an “Obligated Party”), or otherwise to
enforce its payment against any collateral securing all or any part of the Guaranteed Obligations. 
 SECTION 10.03. No Discharge or
Diminishment of Loan Guaranty. 
 (a) Except as otherwise provided for herein, the obligations of Parent hereunder are
unconditional and absolute and not subject to any reduction, limitation, impairment or termination for any reason (other than the payment in full in cash of the Guaranteed Obligations), including: (i) any claim of waiver, release, extension,
renewal, settlement, surrender, alteration, or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change in the corporate existence, structure or ownership of any Obligated Party; (iii) any
insolvency, bankruptcy, reorganization or other similar proceeding affecting any Obligated Party, or such Obligated Party’s assets or any resulting release or discharge of any obligation of any Obligated Party; or (iv) the existence of any
claim, setoff or other rights which Parent may have at any time against any other Obligated Party, any Secured Party or any other Person, whether in connection herewith or in any unrelated transactions. 

(b) The obligations of Parent hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination
whatsoever by reason of the invalidity, illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable law or regulation purporting to prohibit payment by any Obligated Party, of its Guaranteed
Obligations or any part thereof. 
 (c) Further, the obligations of Parent hereunder are not discharged or impaired or
otherwise affected by: (i) the failure of any Secured Party to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed Obligations; (ii) any waiver or modification of or supplement to any
provision of any agreement (including this Agreement, any Subsidiary Guaranty or any other Loan Document) relating to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity of any
indirect or direct security (if any) for the obligations of Parent for all or any part of its Guaranteed Obligations or any obligations of any other guarantor of or other person liable for any of the Guaranteed Obligations; (iv) any action or
failure to act by any Secured Party with respect to any collateral (if any) securing any part of its Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed
Obligations, or any other circumstance, act, omission or delay that might in any manner or to any extent vary the risk of Parent or that would otherwise operate as a discharge of Parent as a matter of law or equity (other than the payment in full in
cash of the Guaranteed Obligations). 
 SECTION 10.04. Defenses Waived. To the fullest extent permitted by applicable law, Parent
hereby waives any defense based on or arising out of any defense of Parent or the unenforceability of all or any part of the Guaranteed Obligations from any cause, or the cessation from any cause of the liability of Parent, other than the payment in
full in cash of the Guaranteed Obligations. Without limiting the generality of the foregoing, Parent irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by law, any notice not provided for herein,
as well as any requirement that at any time any action be taken by any Person against any Obligated Party, or any other Person, and Parent confirms that it is not a surety under any state law and shall not raise any such law as a defense to its
obligations hereunder. The Administrative Agent may, at its election, foreclose on any collateral (if any) held by it by one or more judicial or nonjudicial sales, accept an assignment of any such collateral in

  
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lieu of foreclosure or otherwise act or fail to act with respect to any collateral securing all or a part of the Guaranteed Obligations, compromise or adjust any part of the Guaranteed
Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available to it against any Obligated Party, without affecting or impairing in any way the liability of Parent under this Loan Guaranty except
to the extent the Guaranteed Obligations have been paid in full in cash. To the fullest extent permitted by applicable law, Parent waives any defense arising out of any such election even though that election may operate, pursuant to applicable law,
to impair or extinguish any right of reimbursement or subrogation or other right or remedy of Parent against any Obligated Party or any security. 

SECTION 10.05. Rights of Subrogation. Parent will not assert any right, claim or cause of action, including, without limitation, a
claim of subrogation, contribution or indemnification that it has against any Obligated Party, or any collateral (if any), until each of the Loan Parties have fully performed all its obligations to the Secured Parties. 

SECTION 10.06. Reinstatement; Stay of Acceleration. If at any time any payment of any portion of the Guaranteed Obligations is
rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of any Loan Party or otherwise, Parent’s obligations under this Loan Guaranty with respect to that payment shall be reinstated at such time
as though the payment had not been made and whether or not the Secured Parties are in possession of this Loan Guaranty. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or
reorganization of any Loan Party, all such amounts otherwise subject to acceleration under the terms of any agreement relating to the Guaranteed Obligations shall nonetheless be payable by Parent forthwith on demand by the Administrative Agent. 

SECTION 10.07. Information. Parent assumes all responsibility for being and keeping itself informed of each Loan Party’s financial
condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that Parent assumes and incurs under this Loan Guaranty, and agrees that no Secured
Party shall have any duty to advise Parent of information known to it regarding those circumstances or risks. 
 SECTION 10.08.
Termination. The Lenders may continue to make loans or extend credit to each Borrower based on this Loan Guaranty until five (5) days after it receives written notice of termination of this Loan Guaranty from Parent. Notwithstanding
receipt of any such notice, Parent will continue to be liable to the Secured Parties for any of its Guaranteed Obligations created, assumed or committed to prior to the fifth (5th) day
after receipt of the notice, and all subsequent renewals, extensions, modifications and amendments with respect to, or substitutions for, all or any part of such Guaranteed Obligations. 

SECTION 10.09. Taxes. Each payment of the Guaranteed Obligations will be made by each Loan Guarantor without withholding for any Taxes,
unless such withholding is required by law. If any Loan Guarantor determines, in its sole discretion exercised in good faith, that it is so required to withhold Taxes, then such Loan Guarantor may so withhold and shall timely pay the full amount of
withheld Taxes to the relevant Governmental Authority in accordance with applicable law. If such Taxes are Indemnified Taxes, then the amount payable by such Loan Guarantor shall be increased as necessary so that, net of such withholding (including
such withholding applicable to additional amounts payable under this Section), the Administrative Agent, Lender or Issuing Bank (as the case may be) receives the amount it would have received had no such withholding been made. 

  
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 SECTION 10.10. Maximum Liability. Notwithstanding any other provision of this Loan
Guaranty, the amount guaranteed by each Loan Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any
applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Loan Guarantor’s obligations hereunder pursuant to the preceding
sentence, it is the intention of the parties hereto that any rights of subrogation, indemnification or contribution which such Loan Guarantor may have under this Loan Guaranty, any other agreement or applicable law shall be taken into account. 

SECTION 10.11. Liability Cumulative. The liability of Parent under this Article X is in addition to and shall be cumulative with all
liabilities of each other Loan Party to the Secured Parties under this Agreement, the Loan Guarantors and the other Loan Documents to which each such Loan Party is a party or in respect of any obligations or liabilities of the other Loan Parties,
without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary. 

SECTION 10.12. Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Loan Guaranty in respect of Swap Agreement Obligations (provided, however, that each Qualified
ECP Guarantor shall only be liable under this Section 10.12 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.12, or otherwise under this Loan Guaranty, voidable
under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section 10.12 shall remain in full force and effect until the payment in
full in cash of the Guaranteed Obligations. Each Qualified ECP Guarantor intends that this Section 10.12 constitute, and this Section 10.12 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit
of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  
 129 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective authorized officers as of the day and year first above written. 
  

			
	SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
		
	By:	 	 /s/ Robert A. Wamser, Jr.

		 	 Name: Robert A. Wamser, Jr.
 Title: Executive
Vice President and Chief
 Financial Officer

  

			
	SWM LUXEMBOURG
		
	By:	 	 /s/ D. Ronald Surbey

		 	 Name: D. Ronald Surbey
 Title: Director
B

  

			
	By:	 	 /s/ John Blasko

		 	 Name: John Blasko

Title: Director A

  

			
	JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent
		
	By:	 	 /s/ Antje Focke

		 	 Name: Antje Focke
 Title: Executive
Director

  

			
	BARCLAYS BANK PLC, as Lender
		
	By:	 	 /s/ Craig Malloy

		 	 Name: Craig Malloy
 Title:
Director

  

			
	BANK OF AMERICA, N.A., as Lender
		
	By:	 	 /s/ Ryan Maples

		 	 Name: Ryan Maples
 Title: Sr. Vice
President

 
			
	SUNTRUST BANK, as Lender
		
	By:	 	 /s/ Chris Hursey

		 	 Name: Chris Hursey
 Title:
Director

  

			
	CITIBANK, N.A., as Lender
		
	By:	 	 /s/ Gerardo Rodriguez

		 	 Name: Gerardo Rodriguez
 Title:
Director

  

			
	CITIZENS BANK, N.A., as Lender
		
	By:	 	 /s/ Tyler Stephens

		 	 Name: Tyler Stephens
 Title: Vice
President

  

			
	FIFTH THIRD BANK, as Lender
		
	By:	 	 /s/ Jonathan James

		 	 Name: Jonathan James
 Title: Managing
Director

  

			
	MUFG UNION BANK, N.A., as Lender
		
	By:	 	 /s/ Maria Iarriccio

		 	 Name: Maria Iarriccio
 Title:
Director

  

			
	PNC BANK, NATIONAL ASSOCIATION, as Lender
		
	By:	 	 /s/ Brandon K. Fiddler

		 	 Name: Brandon K. Fiddler
 Title: Senior Vice
President

 
			
	AGFIRST FARM CREDIT BANK, as Lender
		
	By:	 	 /s/ Steven J. O’Shea

		 	 Name: Steven J. O’Shea
 Title: Vice
President

  

			
	FARM CREDIT BANK OF TEXAS, as Lender
		
	By:	 	 /s/ Alan Robinson

		 	 Name: Alan Robinson
 Title: Vice
President

 SCHEDULE 2.01A 

COMMITMENTS 

 SCHEDULE 2.01B 

Swingline Commitments 

 SCHEDULE 2.01C 

Letter of Credit Commitments

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