Document:

Document

EXECUTION COPY

¥300,000,000,000
TERM LOAN AGREEMENT

dated as of
May 12, 2020
among
MEDTRONIC GLOBAL HOLDINGS S.C.A.
as Borrower,

and
MEDTRONIC, INC.
and
MEDTRONIC PLC, 
as Guarantors,

THE LENDERS PARTY HERETO,
and
MIZUHO BANK, LTD., 
as Administrative Agent

DOCS02/1169812

TABLE OF CONTENTS
Page
						
	Article I Definitions
	1

		
	Section 1.01. Defined Terms.
	1

	Section 1.02. Terms Generally.
	15

	Section 1.03. Accounting Terms; GAAP.
	16

	Section 1.04. Times of Day
	16

		
	Article II The Credits
	16

		
	Section 2.01. Commitments.
	16

	Section 2.02. Loans and Borrowings.
	16

	Section 2.03. Requests for Borrowings.
	17

	Section 2.04. [Reserved]
	17

	Section 2.05. [Reserved].
	17

	Section 2.06. Funding of Borrowings.
	17

	Section 2.07. Interest Elections.
	18

	Section 2.08. Termination and Reduction of Commitments.
	19

	Section 2.09. Repayment of Loans; Evidence of Debt.
	20

	Section 2.10. Prepayment of Loans.
	20

	Section 2.11. Fees.
	21

	Section 2.12. Interest.
	21

	Section 2.13. Alternate Rate of Interest.
	22

	Section 2.14. Increased Costs.
	22

	Section 2.15. Break Funding Payments.
	23

	Section 2.16. Taxes.
	24

	Section 2.17. Payments Generally; Pro Rata Treatment; Sharing of Set-offs.
	26

	Section 2.18. Mitigation Obligations; Replacement of Lenders.
	27

	Section 2.19. [Reserved].
	28

	Section 2.20. Extension of Maturity Date.
	28

	Section 2.21. [Reserved].
	28

	Section 2.22. Defaulting Lenders.
	28

		
	Article III Representations and Warranties
	29

		
	Section 3.01. Organization; Powers.
	29

	Section 3.02. Authorization; Enforceability.
	30

	Section 3.03. Governmental Approvals; No Conflicts.
	30

	Section 3.04. Financial Condition; No Material Adverse Change.
	30

	Section 3.05. [Reserved].
	30

	Section 3.06. Litigation and Environmental Matters.
	30

        1

						
	Section 3.07. Compliance with Laws; Sanctions; Anti-Corruption.
	31

	Section 3.08. Investment Company Status.
	31

	Section 3.09. Taxes.
	31

	Section 3.10. ERISA.
	32

	Section 3.11. Disclosure.
	32

	Section 3.12. Federal Regulations.
	32

	Section 3.13. Purpose of Loans.
	32

	Section 3.14. Affected Financial Institutions.
	33

		
	Article IV Conditions
	33

		
	Section 4.01. Closing Conditions.
	33

	Section 4.02. Each Credit Event.
	34

	Article V Affirmative Covenants
	35

	Section 5.01. Financial Statements and Other Information.
	35

	Section 5.02. Notices of Material Events.
	36

	Section 5.03. Existence; Conduct of Business.
	37

	Section 5.04. Payment of Taxes.
	37

	Section 5.05. Maintenance of Properties; Insurance.
	37

	Section 5.06. Books and Records; Inspection Rights.
	37

	Section 5.07. Compliance with Laws.
	38

	Section 5.08. Use of Proceeds.
	38

	Section 5.09. Maintenance of Accreditation, Etc.
	38

	Article VI Negative Covenants
	38

	Section 6.01. Indebtedness.
	38

	Section 6.02. Liens.
	39

	Section 6.03. Fundamental Changes.
	41

	Section 6.04. Business Activity.
	42

	Section 6.05. Sanctions.
	42

	Section 6.06. Anti-Corruption Laws; Anti-Money Laundering Laws.
	42

	Article VII Events of Default
	42

	Section 7.01. Events of Default.
	42

		
	Article VIII The Administrative Agent
	45

		
	Section 8.01. Appointment and Authority.
	45

	Section 8.02. Rights as a Lender.
	45

	Section 8.03. Exculpatory Provisions.
	46

	Section 8.04. Reliance by Administrative Agent.
	47

	Section 8.05. Delegation of Duties.
	47

	Section 8.06. Resignation of Administrative Agent.
	47

	Section 8.07. Non-Reliance on Administrative Agent and Other Lenders.
	48

	Section 8.08. [Reserved].
	49

        2

						
	Section 8.09. Administrative Agent May File Proofs of Claim.
	49

	Section 8.10. Indemnification of Administrative Agent.
	49

	Section 8.11. Guaranty Matters
	50

		
	Article IX
	50

		
	Section 9.01. The Guaranty.
	50

	Section 9.02. Nature of Guaranty Unconditional.
	51

	Section 9.03. Discharge Only Upon Payment in Full; Reinstatement in Certain Circumstances.
	52

	Section 9.04. Waiver by the Guarantors.
	52

	Section 9.05. Subrogation.
	52

	Section 9.06. Stay of Acceleration.
	52

	Section 9.07. Limitation on Obligations Guaranteed.
	53

	Section 9.08. Scheme.
	53

	Section 9.09. Additional to Other Documents.
	53

		
	Article X Miscellaneous
	54

		
	Section 10.01. Notices.
	54

	Section 10.02. Waivers; Amendments.
	56

	Section 10.03. Expenses; Indemnity; Damage Waiver.
	57

	Section 10.04. Successors and Assigns.
	58

	Section 10.05. Survival.
	62

	Section 10.06. Counterparts; Integration; Effectiveness.
	62

	Section 10.07. Severability.
	63

	Section 10.08. Right of Setoff.
	63

	Section 10.09. Governing Law; Jurisdiction; Consent to and Appointment for Service of Process.
	63

	Section 10.10. WAIVER OF JURY TRIAL.
	64

	Section 10.11. Headings.
	65

	Section 10.12. Confidentiality.
	65

	Section 10.13. Patriot Act Notice.
	65

	Section 10.14. Electronic Execution of Assignments and Certain Other Documents.
	66

	Section 10.15. No Advisory or Fiduciary Responsibility.
	66

	Section 10.16. [Reserved].
	67

	Section 10.17. Acknowledgement and Consent to Bail-In of Affected Financial Institutions.
	67

	Section 10.18. Acknowledgement Regarding Any Supported QFCs.
	67

		

SCHEDULES:
Schedule 2.01 - Commitments
Schedule 6.01 - Existing Indebtedness
Schedule 6.02 - Existing Liens
Schedule 10.01 - Administrative Agent’s Office; Certain Addresses for Notices
        3

EXHIBITS:
Exhibit A - Form of Assignment and Assumption 
Exhibit B - Form of Borrowing Request
Exhibit C - Form of Interest Election Request

        4

TERM LOAN AGREEMENT
This Term Loan Agreement (as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”), dated as of May 12, 2020, is by and among MEDTRONIC GLOBAL HOLDINGS S.C.A., a partnership limited by shares (société en commandite par actions) incorporated under the laws of the Grand Duchy of Luxembourg having its registered office at 40, Avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg, and registered with the Luxembourg trade and companies register under the number B 191 129 (the “Company”), MEDTRONIC, INC., a Minnesota corporation (“Medtronic”), MEDTRONIC PLC, an Irish public limited company (“Parent”), the Lenders (as defined below) party hereto and MIZUHO BANK, LTD. (“Mizuho”), as Administrative Agent. 
NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the parties hereto hereby agree as follows:
ARTICLE I
Definitions 
Section 1.01. Defined Terms.
As used in this Agreement, the following terms have the meanings specified below:
“$” refers to lawful money of the United States of America.
“Act” means the Companies Act 2014 of Ireland, as amended.
“Administrative Agent” means Mizuho, in its capacity as administrative agent for the Lenders hereunder, and its successors in such capacity.
“Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.01, or such other address or account as the Administrative Agent may from time to time notify to the Company and the Lenders.
“Administrative Questionnaire” means an Administrative Questionnaire in a form approved by the Administrative Agent.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 
“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-Related Persons” means the Administrative Agent (including any successor agent), together with its Affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates.
“Agreement” has the meaning set forth in the introduction hereto.

DOCS02/1169812

“Alternative TIBOR”, 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 Alternative TIBOR Rate; provided that Alternative TIBOR Rate Advances shall only be available in the circumstances described in Section 2.13.
“Alternative TIBOR Rate” means, for any Interest Period, the interest rate per annum at which the Administrative Agent offers to place deposits in Yen with leading banks in the Tokyo interbank market at approximately 11:00 A.M. (Tokyo time) two Tokyo Business Days prior to the first day of such Interest Period in the approximate amount of the Advance and having a maturity equal to such Interest Period; provided that if such rate is less than zero, the Alternative TIBOR Rate shall be deemed to be zero for the purposes of this Agreement. 
“Applicable Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the total Credit Exposure of all Lenders represented by such Lender’s Credit Exposure.  The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.
“Applicable Margin” means 0.50% per annum.
“Approved Fund” means any Fund 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.
“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 10.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means (a) 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, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 
“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
        2

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Board” means the Board of Governors of the Federal Reserve System of the United States of America.
“Borrowing” means a borrowing consisting of TIBOR Rate Advances or Alternative TIBOR Rate Advances, as applicable, made, Converted or continued on the same date and as to which a single Interest Period is in effect. 
“Borrowing Request” means a request by the Company for a Borrowing in accordance with Section 2.03, in substantially the form of Exhibit B or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Financial Officer of the Company.
“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City or Tokyo, Japan 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 would have been required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP as in effect on December 31, 2018 (had such leases been in effect on such date), and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP as in effect on December 31, 2018.
“Capital Stock” means (i) in the case of a corporation, capital stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (iii) in the case of a partnership, partnership interests (whether general or limited), (iv) in the case of a limited liability company, membership interests and (v) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.
“Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of shares representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of Parent; (b) over any period of 12 months, a majority of the members of the board of directors of Parent cease to be composed of individuals (i) who were members of that board on the first day of such period, (ii) whose election or nomination to that board was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or (iii) whose election or nomination to that board was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board (with such approval either by a specific vote or by approval of Parent’s proxy statement in which such member was 
        3

named as a nominee for election as a director); or (c) the failure of the Company to be a direct or indirect wholly-owned subsidiary of Parent.
“Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of Section 2.14(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided, however, that notwithstanding anything herein to the contrary, (i) “Change in Law” shall include all requests, rules, guidelines or directives issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives concerning capital adequacy promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, regardless of the date adopted, issued, promulgated or implemented and (ii) no Lender shall be entitled to seek compensation for costs incurred under clause (i) above if it shall not be the general policy of such Lender at such time to seek compensation from other borrowers whose transactions with such Lender are similarly affected by the change in circumstances giving rise to such costs and the applicable Lender is generally not seeking such compensation from such borrower (but no Lender shall be required to disclose any confidential or proprietary information to confirm the foregoing).
“Closing Date” means May 12, 2020.
“Code” means the United States Internal Revenue Code of 1986, as amended from time to time.
“Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Credit Exposure hereunder, as such commitment may be reduced from time to time pursuant to Section 2.08.  The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable.
“Company” has the meaning set forth in the introductory statements hereto. 
“Consolidated Net Tangible Assets” means at any date of determination, the aggregate amount of total assets which would appear on the consolidated balance sheet of Parent (less applicable reserves and other properly deductible items) after deducting therefrom (a) all current liabilities (excluding any indebtedness for money borrowed having a maturity of less than 12 months from the date of the then most recent consolidated balance sheet of Parent but which by its terms is renewable or extendible beyond 12 months from such date at the option of the borrower) and (b) all goodwill, trade names, patents, unamortized debt discount and expense and any other like 
        4

intangibles, all as set forth on Parent’s then most recent consolidated balance sheet and computed in accordance with GAAP.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.
“Credit Documents” means a collective reference to this Agreement, the promissory notes, if any, and all other related agreements and documents issued or delivered hereunder or thereunder or pursuant hereto or thereto and any amendments, modifications or supplements hereto or to any other Credit Document or waivers hereof or to any other Credit Document and “Credit Document” means any one of them.
“Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Loans plus such Lender’s unused Commitment at such time.
“Credit Parties” means the Company and the Guarantors.
“Debtor Relief Laws” means the U.S. Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, examinership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.
“Default” means any event or condition which constitutes an Event of Default or which upon notice, passage of time or both would, unless cured or waived, become an Event of Default.
“Defaulting Lender” means, subject to Section 2.22(b), any Lender that (a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans unless such Lender notifies the Administrative Agent and the Company in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) has notified the Company or the Administrative Agent that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or generally under other agreements in which it commits to extend credit (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Company, to confirm in writing in a manner reasonably satisfactory to the Administrative Agent and the Company that it will comply with its funding obligations hereunder, provided that such Lender shall cease to be a Defaulting Lender upon the Administrative Agent’s receipt of such written confirmation, 
        5

or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment, or (iv) become the subject of 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.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.22(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Company and each Lender promptly following such determination.
“Designated Jurisdiction” means any country, region or territory to the extent that such country or territory itself is the subject of any Sanctions that broadly prohibit dealings with that country, region or territory.
“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in any reports, schedules, forms, proxy statements, prospectuses (including prospectus supplements), registration statements and other information filed with the SEC or furnished to the SEC pursuant to the Securities Exchange Act of 1934, in each case, filed or furnished before the Closing Date and which are available to the Lenders before the Closing Date.
“Disqualified Lender” means a Lender that has failed to provide U.S. Internal Revenue Service forms and other customary documentation certifying as to such Lender’s tax residence, or that has failed to establish that it would be entitled to full exemption from U.S. federal withholding tax with respect to payments of interest on the Loans if the Company were a U.S. resident for U.S. tax purposes, in each case on or prior to the date of its execution and delivery of this Agreement or on the date of the Assignment and Assumption pursuant to which it becomes a Lender, as applicable.
“EEA Financial Institution” means (a) any credit institution or investment firm 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 financial 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.
        6

“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.
 “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources or the management, release or threatened release of any Hazardous Material.
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of Parent or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with Parent, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.
“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) any Plan fails to satisfy the minimum funding requirements described in Section 302 or 303 of ERISA or Section 412 of the Code; (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 Parent or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by Parent 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 Parent or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by Parent or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from Parent or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to 
        7

be, insolvent or in reorganization, or in endangered or critical status, 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. 
“Event of Default” has the meaning assigned to such term in Section 7.01.
“Excluded Taxes” means, with respect to any Recipient, (a) Taxes imposed on (or measured by) its net income (however denominated), franchise Taxes, and branch profits Taxes, in each case (i) imposed by the United States of America, or by the jurisdiction under the laws of which such Recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located or (ii) that are Other Connection Taxes, (b) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Company under Section 2.18(b)), any United States or Luxembourg withholding tax at a rate that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or that would be so imposed if the Company were treated as a U.S. resident for U.S. federal income tax purposes), except to the extent that such Foreign Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Company with respect to such withholding tax pursuant to Section 2.16(a), (c) Taxes attributable to such Recipient’s failure or inability to comply with Section 2.16(e), and (d) any withholding Taxes imposed under FATCA.
“FATCA” means Sections 1471 through 1474 of the Code, as in effect on the date hereof (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 in respect of the foregoing, 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 entered into in connection with the implementation of the foregoing.
“Fee Letter” means the letter agreement dated May 12, 2020 addressed to the Company from the Administrative Agent, as amended, modified, restated or otherwise supplemented from time to time.
“Financial Officer” means any director, the chief financial officer, principal accounting officer, senior vice president of finance, treasurer, assistant treasurer, controller or assistant controller of a Credit Party or any officer having substantially the same position for a Credit Party or any other officer or employee of a Credit Party designated in or pursuant to an agreement between the Company and the Administrative Agent.
“Foreign Lender” means any Lender that is (i) organized under the laws of a jurisdiction other than that in which the Company is located or (ii) a Non-U.S. Lender.  
        8

For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.
“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.
“GAAP” means generally accepted accounting principles in the United States of America.
“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).
“Granting Lender” has the meaning set forth in Section 10.04(h).
“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.
“Guaranteed Obligations” has the meaning set forth in Section 9.01.
“Guarantors” means Parent and Medtronic.
“Guaranty” means the Guarantee of each of the Guarantors contained in Article IX.
“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.
        9

“Hedging Agreement” means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement.
“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to similar cash advances, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable or other like obligations incurred in the ordinary course of business), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances.  The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable 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, Indebtedness shall exclude Indebtedness of any Credit Party to any other Credit Party or any Subsidiary of any Credit Party and Indebtedness of any Subsidiary of any Credit Party to any Credit Party or any other Subsidiary of any Credit Party.
“Indemnified Liabilities” shall have the meaning assigned to such term in Section 10.03(b). 
“Indemnified Taxes” means Taxes other than Excluded Taxes.
“Indemnitee” has the meaning set forth in Section 10.03(b).
“Information” has the meaning specified in Section 10.12.
“Interest Election Request” means a request by the Company to convert or continue a Borrowing in accordance with Section 2.07, in substantially the form of Exhibit C, or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Financial Officer of the Company.
“Interest Payment Date” means with respect to any Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part.
“Interest Period” means with respect to any Borrowing, the period commencing on the date of disbursement, conversion or continuation of such Borrowing and ending on 
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the numerically corresponding day in the calendar month that is one or three months thereafter, as the Company may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the immediately preceding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no Interest Period shall extend beyond the Maturity Date.
“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.  
“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; provided, however, that financing statements filed in connection with true leases or operating leases shall not constitute a “Lien” for purposes of this Agreement.
“Loans” means the loans made by the Lenders to the Company pursuant to Article II of this Agreement.
“Material Adverse Effect” means a material adverse effect on (a) the business, property, operations or financial condition of Parent and its Subsidiaries taken as a whole, (b) the ability of the Credit Parties to perform any of their respective obligations under this Agreement or (c) the legal rights of or benefits available to the Lenders under this Agreement.
“Material Indebtedness” means Indebtedness (other than the Loans), or obligations in respect of one or more Hedging Agreements, of any one or more of Parent and its Subsidiaries in an aggregate principal amount exceeding $200,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of Parent or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that Parent or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time.
“Maturity Date” means the date that is six months after the Closing Date, subject to the extension thereof pursuant to Section 2.20.
“Medtronic” has the meaning set forth in the introductory statements hereto.
“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
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“Non-U.S. Lender” means any Lender that is not a “United States person” under the Code and United States Treasury Regulations.
“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.
“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 or Loan Document).
“Other Taxes” means any and all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.18(b)).
“Overnight Rate” means, for any day, the rate of interest per annum as determined by the Administrative Agent at which overnight or weekend deposits in Yen, in an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day or weekend by a branch or Affiliate of the Administrative Agent in the Tokyo interbank market for Yen to major banks in such interbank market, plus any taxes, levies, imposts, duties, deductions, charges or withholdings imposed upon, or charged to, the Administrative Agent by any relevant correspondent bank in respect of such amount in Yen; provided that if such rate is less than zero, the Overnight Rate shall be deemed to be zero for purposes of this Agreement. 
“Parent” has the meaning set forth in the introductory statements hereto. 
“Parent Materials” has the meaning specified in Section 5.01.
“Participant Register” has the meaning set forth in Section 10.04(f).
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which Parent 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.
“Platform” has the meaning specified in Section 5.01. 
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“Recipient” means (a) the Administrative Agent and (b) any Lender, as applicable.
“Register” has the meaning set forth in Section 10.04(c).
“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents, trustees and advisors of such Person and such Person’s Affiliates.
“Required Lenders” means, at any time, Lenders having Credit Exposures representing more than 50% of the sum of the total Credit Exposures at such time, provided that the portion of the total Credit Exposures held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.
“Responsible Officer” means, with respect to any Person, the chief executive officer, president, chief financial officer, treasurer, assistant treasurer, chief accounting officer, corporate controller or general counsel of such Person.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. 
“Sanction(s)” means any international economic sanctions program administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union or Her Majesty’s Treasury.
“SEC” means the United States Securities and Exchange Commission. 
“SPC” has the meaning set forth in Section 10.04(h).
“Same Day Funds” means same day or other funds as may be determined by the Administrative Agent to be customary in the place of disbursement or payment for the settlement of international banking transactions. 
“Significant Subsidiary” means, at any particular time, any Subsidiary of Parent (or such Subsidiary and its subsidiaries taken together) that would be a “significant subsidiary” of Parent within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC.
“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.
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“Subsidiary” means, with respect to any Credit Party, any Person that as of the relevant date is a subsidiary of such Credit Party.
“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority (including any interest and penalties with respect thereto).
“TIBOR”, 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 based on the TIBOR Rate.  
“TIBOR Rate” means, for any Interest Period, the interest rate per annum appearing on Reuters screen page 17097 (or, in the event that such rate does not appear on such screen page, on any successor or substitute page on such screen that displays such rate) as the Tokyo interbank offered rate in Yen published by Ippan Shadan Hojin JBA TIBOR Administration (or in the event that such rate does not appear on any such screen page, on the appropriate page of a comparable commercially available source which publishes that rate from time to time, as selected by the Administrative Agent in its reasonable discretion (provided, that the Administrative Agent shall have generally selected such page for similarly situated borrowers)) at approximately 11:00 A.M. (Tokyo time) two Tokyo Business Days prior to the first day of such Interest Period in the approximate amount of the Advance and having a maturity equal to such Interest Period; provided that if such rate is less than zero, the TIBOR Rate shall be deemed to be zero for the purposes of this Agreement. 
“Transactions” means the execution, delivery and performance by the Credit Parties of this Agreement, the borrowing of Loans, the use of the proceeds thereof, the guarantees of any obligations hereunder by the Guarantors.  
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.
“Withholding Agent” means any Credit Party and the Administrative Agent.
“Write-Down and Conversion Powers” means, (a) 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 
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Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution  or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers..
“Yen” and “¥” mean the lawful currency of Japan.
Section 1.02.  Terms Generally.
(a)  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof’ and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
(b) In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.”
(c) Any reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).
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Section 1.03.   Accounting Terms; GAAP.
Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Company notifies the Administrative Agent that the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Company that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.  For purposes of this Agreement, GAAP will be deemed to treat operating leases and capital leases each in a manner consistent with its treatment under GAAP as in effect on December 31, 2018, notwithstanding any modifications or interpretive changes thereto that may occur thereafter.
Section 1.04.    Times of Day
Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 
ARTICLE II
THE CREDITS
Section 2.01.   Commitments.
Subject to the terms and conditions set forth herein, each Lender severally agrees to make a Loan in Yen to the Company, in a single drawing on the Closing Date or one Business Day immediately thereafter (as specified by the Company in the applicable Notice of Borrowing), in an aggregate amount not to exceed such Lender’s Commitment immediately prior to the making of such Loan; provided that the Company may elect to borrow up to 50% of the Commitments on a second Business Day to occur not later than 30 days after the Closing Date, and each Lender severally agrees to make a Loan in Yen to the Company in such Lender’s pro rata portion of such amount.  Amounts borrowed under this Section 2.01 and repaid or prepaid may not be reborrowed.  
Section 2.02.   Loans and Borrowings.
(a)  Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their respective Commitments.  The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.
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(b) Subject to Section 2.13, each Borrowing shall be comprised entirely of TIBOR Rate Loans.  Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Company to repay such Loan in accordance with the terms of this Agreement.
(c) At the commencement of each Interest Period for any Borrowing, such Borrowing shall be in a minimum aggregate amount of ¥10,000,000,000 and integral multiples of ¥1,000,000,000 in excess thereof.  There shall not at any time be more than an aggregate total of ten Borrowings outstanding.
(d) Notwithstanding any other provision of this Agreement, the Company shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the latest Maturity Date then in effect.
Section 2.03.   Requests for Borrowings.
To request a Borrowing, the Company shall notify the Administrative Agent of such request by telephone or a Borrowing Request not later than 12:00 noon, four Business Days (or in the case of the Borrowing on the Closing Date, such shorter period as the Administrative Agent may allow) before the date of the proposed Borrowing.  Each such Borrowing Request shall be irrevocable and shall, if made by telephone, be confirmed immediately by delivery to the Administrative Agent of a Borrowing Request.  Each such Borrowing Request shall specify the following information in compliance with Section 2.02:  
(i) the aggregate amount of the requested Borrowing;
(ii) the date of such Borrowing, which shall be a Business Day;
(iii) the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and
(iv) the location and number of the Company’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.06.
If no Interest Period is specified with respect to any requested Borrowing, then the Company shall be deemed to have selected an Interest Period of three months’ duration.  Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.
Section 2.04.   [Reserved] 
Section 2.05.   [Reserved].
Section 2.06.   Funding of Borrowings.
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(a)  Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of Same Day Funds by 2:30 p.m., to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders.  The Administrative Agent will make such Loans available to the Company either by (i) promptly crediting the amounts so received, in like funds, to an account of the Company maintained with the Administrative Agent or (ii) prompt wire transfer of such funds, in each case in accordance with instructions provided to (and acceptable to) the Administrative Agent by the Company in the applicable Borrowing Request.
(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Company a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Company severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in Same Day Funds with interest thereon, for each day from and including the date such amount is made available to the Company to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the Overnight Rate, plus any reasonable administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing or (ii) in the case of the Company, the interest rate applicable at the time to Loans comprising such Borrowing.  If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.
Section 2.07.   Interest Elections.
(a) Each Borrowing shall have an initial Interest Period as specified in such Borrowing Request.  Thereafter, the Company may elect Interest Periods therefor, all as provided in this Section.  The Company may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.  
(b) To make an election pursuant to this Section, the Company shall notify the Administrative Agent of such election by telephone or by an Interest Election Request by the time that a Borrowing Request would be required under Section 2.03 if the Company were requesting a Borrowing to be made on the effective date of such election.  Each such Interest Election Request shall be irrevocable and shall, if made by telephone, be confirmed immediately by delivery to the Administrative Agent of an Interest Election Request.
(c) Each such Interest Election Request shall specify the following information in compliance with Section 2.02:
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(i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clause (iii) below shall be specified for each resulting Borrowing);
(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; and
(iii) 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 does not specify an Interest Period, then the Company shall be deemed to have selected an Interest Period of three months’ duration.
(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.
(e) If the Company fails to deliver a timely Interest Election Request with respect to a 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 continued as a Borrowing with an Interest Period of three months’ duration.  Except as otherwise provided herein, a Loan may be continued or converted only on the last day of an Interest Period for such Loan.  
Section 2.08   Termination and Reduction of Commitments.
(a) Unless previously terminated, the Commitment of each Lender shall be automatically and permanently reduced on the date of the initial Borrowing by the principal amount of such Lender’s Loans made on such date, and shall terminate on the earlier of (i) the date of the second Borrowing and (ii) the date that is 30 days after the Closing Date (after giving effect to any Loans made on such date).
(b) The Company may at any time terminate, or from time to time reduce, the Commitments in whole or in part; provided that each reduction of the Commitments shall be in an aggregate amount not less than ¥10,000,000,000 and integral multiples of ¥1,000,000,000 in excess thereof.
(c) The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least four Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each notice delivered by the Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Company may state that such notice is conditioned upon the occurrence or non-
        19

occurrence of one or more financings or other transactions, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent.  Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
Section 2.09.   Repayment of Loans; Evidence of Debt.
(a) The Company hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan and all interest, fees and other amounts payable hereunder on the Maturity Date.
(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Company to such Lender resulting from each Loan made 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 and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Company to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.
(d) The entries made in the accounts maintained pursuant to paragraphs (b) or (c) of this Section shall be conclusive evidence (absent manifest error) of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Company to repay the Loans in accordance with the terms of this Agreement.
(e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Company shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender and in a form approved by the Administrative Agent and the Company. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein.
Section 2.10.   Prepayment of Loans.
(a) The Company shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, without premium or penalty, subject to Section 2.15 and subject to prior notice in accordance with paragraph (b) of this Section.
(b) The Company shall notify the Administrative Agent by telephone (confirmed by a notice which must be in a form acceptable to the Administrative Agent) of any prepayment hereunder four Business Days prior to any date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or 
        20

portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.08, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.08. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing as provided in Section 2.02.  Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.  Prepayments shall be accompanied by accrued interest to the extent required by Section 2.12.
Section 2.11.   Fees.
The Company agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times agreed upon between the Company and the Administrative Agent in the Fee Letter.
Section 2.12.   Interest.
(a) The Loans comprising each TIBOR Rate Borrowing shall bear interest at a rate per annum equal to the TIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(b) The Loans comprising each Alternative TIBOR Rate Borrowing shall bear interest at a rate per annum equal to the Alternative TIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Company hereunder is not paid when due (following the expiration of any grace period specified in Section 7.01), whether at stated maturity, upon acceleration or otherwise, and remains unpaid, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above or (ii) in the case of any other amount, 2% plus the rate applicable TIBOR Rate Loans having an Interest Period of three months pursuant to Section 2.12(a).
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, 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 Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  The applicable TIBOR Rate Alternative TIBOR Rate shall 
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be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Section 2.13.   Alternate Rate of Interest.
If prior to the commencement of any Interest Period:
(i) the Required Lenders reasonably determine (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the TIBOR Rate for such Interest Period; or
(ii) the Administrative Agent is advised by the Required Lenders that the TIBOR Rate for such Interest Period will not, in their reasonable judgment, adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 
then the Administrative Agent shall give notice thereof to the Company and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist, the Company shall, at its option, on the last date of the then-existing Interest Period therefor, either (A) prepay all such TIBOR Rate Advances or (B) convert all such TIBOR Rate Advances into Alternative TIBOR Rate Advances.
Section 2.14.   Increased Costs.
(a) If any Change in Law shall:
(i) impose, modify or deem applicable any compulsory loan, insurance charge, reserve, liquidity, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender; 
(ii) subject any Recipient to any Taxes (other than Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or
(iii) impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or TIBOR Rate Loans;
and the result of any of the foregoing shall be to increase the cost to such Lender of making, continuing, converting to or maintaining any TIBOR Rate Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise) by an amount deemed by such Lender to be material, then the Company will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.
        22

(b) If any Lender reasonably 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 capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the Company will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.
(c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section and the method of calculating such amounts, in reasonable detail, shall be delivered to the Company and shall be conclusive absent manifest error.  The Company shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
(d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Company shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than six months prior to the date that such Lender notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof.
Section 2.15.   Break Funding Payments.
In the event of (a) the payment of any principal of any TIBOR Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any TIBOR Rate Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable under Section 2.10(b) if such notice is revoked in accordance herewith two Business Days or less before the specified effective date), (d) the assignment of any TIBOR Rate Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Company pursuant to Section 2.18 or (e) any failure by the Company to make payment of any Loan, then, in any such event, the Company shall compensate each Lender for the loss, cost and expense (but not loss of profit) attributable to such event.  The loss to any Lender attributable to any such event shall be deemed to include an amount reasonably determined by such Lender to be equal to the excess, if any, of (i) the amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest Period for such Loan (or, in the case of a failure to borrow, convert or continue, the duration of the Interest 
        23

Period that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the TIBOR Rate for such Interest Period, over (ii) the amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for deposits in Yen from other banks in the TIBOR market at the commencement of such period.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Company and shall be conclusive absent manifest error.  The Company shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.
Section 2.16.   Taxes.
(a) Any and all payments by or on account of any obligation of any Credit Party hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if any Withholding Agent shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions attributable to additional sums payable under this Section) the Administrative Agent or each Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions for Indemnified Taxes or Other Taxes been made, (ii) the applicable Withholding Agent shall make such deductions and (iii) the applicable Withholding Agent shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.
(b) In addition, the Credit Parties shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law or at the option of the Administrative Agent timely reimburse it for the payment of any Other Taxes.
(c) Each of the Credit Parties shall, and does hereby, indemnify the Administrative Agent and each Lender within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to the Company by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
(d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Credit Parties to a Governmental Authority, the Credit Parties 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.
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(e) Each Lender, on or prior to the date of its execution and delivery of this Agreement or on the date of the Assignment and Assumption pursuant to which it becomes a Lender, as applicable, shall provide the Credit Parties with any form or certificate that is required by any taxing authority, (including a copy of Internal Revenue Service Forms W-9, W-8BEN, W-8BEN-E or W-8ECI, as appropriate, or any successor or other form prescribed by the Internal Revenue Service), certifying that such Lender is exempt from or entitled to a reduced rate of withholding taxes on payments pursuant to this Agreement.  Each Lender shall provide, to the extent they are legally eligible to do so, (A) to the Credit Parties and the Administrative Agent, the foregoing U.S. federal withholding tax certifications as if the Company were resident in the United States for U.S. federal income tax purposes, and (B) to the Credit Parties, any other information requested by the Company that it reasonably deems necessary in order for it and its Affiliates to comply with their U.S. or foreign tax obligations or to avoid the imposition of U.S. or non-U.S. withholding tax.  Thereafter, each Lender shall provide additional forms or certificates (i) to the extent a form or certificate previously provided has been inaccurate, invalid or otherwise ceases to be effective or (ii) as requested in writing by the Credit Parties or the Administrative Agent.  If any Lender fails to comply with the provisions of this Section, the Credit Parties, may, as applicable and as required by law, deduct and withhold federal income tax payments from payments to such Lender under this Agreement.  The obligation of the Lenders under this Section shall survive the payment of all obligations and the resignation or replacement of the Administrative Agent.
(f) If a payment made to a Lender hereunder would be subject to United States federal withholding tax imposed by FATCA if the Company is or were treated as resident in the United States for U.S. federal income tax purposes and 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 Credit Parties and the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Credit Parties 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 Credit Parties or the Administrative Agent as may be necessary for the Credit Parties or the Administrative Agent to comply with its obligations under FATCA, 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 (f), “FATCA” shall include any amendments made to FATCA after the date hereof.
(g) Any Lender claiming any additional amounts payable pursuant to this Section 2.16 agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to select or change the jurisdiction of its applicable lending office if the making of such a selection or change would avoid the need for, or reduce the amount of, any such additional amounts that may thereafter accrue and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.
(h) If any Lender or the Administrative Agent, as the case may be, obtains a refund of any Tax for which payment has been made pursuant to this Section 2.16, which refund 
        25

in the good faith judgment of such Lender or the Administrative Agent, as the case may be, (and without any obligation to disclose its tax records) is allocable to such payment made under this Section 2.16, the amount of such refund (together with any interest received thereon and reduced by reasonable costs incurred in obtaining such refund) promptly shall be paid to the applicable Credit Party to the extent payment has been made in full by such Credit Party pursuant to this Section 2.16.
Section 2.17.   Payments Generally; Pro Rata Treatment; Sharing of Set-offs.
(a) Except as otherwise expressly provided herein, all payments by the Company hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office in Yen and in Same Day Funds prior to 2:00 p.m. on the date specified herein.  The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office.  All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest shall continue to accrue.  If any payment to be made by the Company shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest.
(b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, to pay interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, to pay principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.
(c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Company pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to Parent or any of its Subsidiaries or Affiliates thereof (as to which the provisions of this paragraph shall apply). The Company consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements 
        26

may exercise against the Company rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Company in the amount of such participation.
(d) Unless the Administrative Agent shall have received notice from the Company prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Company will not make such payment, the Administrative Agent may assume that the Company has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due.  In such event, if the Company has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Overnight Rate.
(e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.06(a) or 2.17(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.
Section 2.18.   Mitigation Obligations; Replacement of Lenders.
(a) If any Lender requests compensation under Section 2.14, or if the Company is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Company hereby agrees, on a joint and several basis, to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
(b) If any Lender requests compensation under Section 2.14, or if the Company is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, or if any Lender is a Defaulting Lender, then the Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 10.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Company shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon and all other amounts payable to 
        27

it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest) or the Company (in the case of all other amounts), (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments, (iv) such assignment does not conflict with applicable law and (v) in the case of any such assignment resulting from a Lender becoming a Defaulting Lender, no Default shall have occurred and be continuing. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply.
Section 2.19.   [Reserved].
Section 2.20.   Extension of Maturity Date.
At least seven days prior to the date that is six months after the Closing Date, the Company, by written notice to the Administrative Agent, may elect an extension of the Maturity Date in effect at such time by six months from its then scheduled expiration.  Upon receipt of (a) a certificate of the Company confirming that no Event of Default has occurred and is continuing on the extension date and (b) payment of the extension fee set forth in the Fee Letter, such election for an extension of the Maturity Date shall become effective and the Administrative Agent shall promptly notify each Lender of such election.
Section 2.21.   [Reserved].
Section 2.22   Defaulting Lenders.
(a) Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:
(i) Waivers and Amendments.  That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 10.02.
(ii) Reallocation of Payments.  Any payment of principal, interest or other amounts received by the Administrative Agent for the account of that Defaulting Lender under this Agreement (whether voluntary or mandatory, at maturity, pursuant to Section 7.01 or otherwise, and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section 10.08), 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 that Defaulting Lender to the Administrative Agent hereunder; second, as the Company may request (so long as no Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Company, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting 
        28

Lender to fund Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default exists, to the payment of any amounts owing to the Company as a result of any judgment of a court of competent jurisdiction obtained by the Company against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.
(b) Defaulting Lender Cure. If the Company and the Administrative Agent agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages, whereupon that Lender will cease to be a Defaulting Lender; 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.
ARTICLE III
Representations and Warranties 
Each of the Credit Parties (other than Medtronic and the Company with respect to Section 3.04(a) and (b)) represents and warrants to the Lenders that: 
Section 3.01.   Organization; Powers.
Such Credit Party and each of its Subsidiaries is duly organized, validly existing and in good standing (where applicable) under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing (where applicable) in, every jurisdiction where such qualification is required.
        29

Section 3.02.   Authorization; Enforceability.
The Transactions, as applicable, are within such Credit Party’s corporate powers and have been duly authorized by all necessary corporate and, if required, shareholder action. This Agreement and each promissory note, if any, has been duly executed and delivered by such Credit Party party thereto and constitutes a legal, valid and binding obligation of such Credit Party party thereto, enforceable in accordance with its terms, subject to applicable Debtor Relief Laws and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
Section 3.03.   Governmental Approvals; No Conflicts.
The Transactions (a) do not require such Credit Party or any of its Subsidiaries to obtain or make any material consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect except for any filing which, if required, will be timely made, (b) will not result in the violation by such Credit Party or any of its Subsidiaries of any applicable law or regulation or the charter, by-laws or other organizational documents of such Credit Party or any of its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any material indenture, agreement or other instrument binding upon such Credit Party or any of its Subsidiaries or any of their respective assets, or give rise to a right thereunder to require any payment to be made by such Credit Party or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of such Credit Party or any of its Subsidiaries.
Section 3.04.   Financial Condition; No Material Adverse Change.
(a) Parent has heretofore furnished to the Lenders (i) its consolidated balance sheet and statements of operations, shareholders’ equity and cash flows as of and for the fiscal year ended April 26, 2019, reported on by PricewaterhouseCoopers LLP, independent public accountants, and (ii) its consolidated balance sheet and statements of operations and cash flows as of and for the fiscal quarter ended January 24, 2020. 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) There has been no material adverse change in the business, assets, operations, or financial condition of Parent and its consolidated Subsidiaries, taken as a whole, from those disclosed in Parent’s Form 10-K for the fiscal year ended April 26, 2019, other than as disclosed in Parent’s quarterly report on Form 10-Q for its fiscal quarter ended January 24, 2020.
Section 3.05.   [Reserved].
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 such Credit Party, threatened 
        30

against or affecting such Credit Party or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) which in any manner draws into question the validity or enforceability of this Agreement.
(b) Except for the Disclosed Matters or 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 such Credit Party nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability.
(c) Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in, or could reasonably be expected to result in a Material Adverse Effect.
Section 3.07.   Compliance with Laws; Sanctions; Anti-Corruption.
(a) Neither such Credit Party nor any of its Subsidiaries is in violation of any law, rule or regulation (including, without limitation, the Patriot Act and all applicable anti-money laundering and anti-corruption laws), or in default with respect to any judgment, writ, injunction or decree of any Governmental Authority, where such violation or default would reasonably be expected to result in a Material Adverse Effect.
(b) Neither such Credit Party nor any of its Subsidiaries nor, to the knowledge of such Credit Party or any of its Subsidiaries, any director, officer or Financial Officer thereof, is an individual or entity currently the subject of any Sanctions, nor is such Credit Party physically located, organized or ordinarily resident in a Designated Jurisdiction.
(c) Such Credit Party and each of its Subsidiaries has conducted their businesses in compliance with applicable anti-corruption laws and anti-money laundering laws during the last five years in all material respects, and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.
Section 3.08.   Investment Company Status.
Neither such Credit Party nor any of its Subsidiaries is required to register as an “investment company” under the Investment Company Act of 1940, as amended from time to time.
Section 3.09.   Taxes.
Such Credit Party and each of its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed (taking into account any extensions granted by the applicable taxing authority) and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate 
        31

proceedings and for which such Credit Party or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.
Section 3.10.   ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $500,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $500,000,000 the fair market value of the assets of all such underfunded Plans.
Section 3.11.   Disclosure.
(a) None of the reports, financial statements, certificates or other information (other than forward-looking statements or information of a general economic or industry-specific nature) furnished in writing by or on behalf of such Credit Party to the Administrative Agent or any Lender for use specifically in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
(b) As of the Closing Date, the information included in each Beneficial Ownership Certification, if applicable, is true and correct in all respects.
Section 3.12.   Federal Regulations.
Neither such Credit Party nor any of its Subsidiaries is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board).  No part of the proceeds of any Loans will be used in any transaction or for any purpose which violates the provisions of Regulation U or X of the Board, as now and from time to time hereafter in effect.  If requested by any Lender or the Administrative Agent, the Company will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of Form FR U-1 referred to in said Regulation U.  After application of the proceeds of any Loans, not more than 25% of the assets of the Company that are subject to a restriction on sale, pledge, or disposal under this Agreement will be represented by “margin stock,” as defined in accordance with Regulation U issued by the Board, now or hereafter in effect.
Section 3.13.   Purpose of Loans.
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The proceeds of the Loans shall be used to finance any lawful general corporate purpose, including repayment or refinancing of indebtedness, acquisitions and working capital of the Company and its subsidiaries.
Section 3.14.   Affected Financial Institutions. 
No Credit Party is an Affected Financial Institution.
ARTICLE IV
Conditions
Section 4.01.   Closing Conditions.
This Agreement shall become effective on the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.02):
(a) The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.
(b) The Administrative Agent shall have received a favorable written opinion or opinions (addressed to the Administrative Agent and the Lenders and dated the Closing Date) of (i) Wilmer Cutler Pickering Hale & Dorr LLP, New York counsel to the Credit Parties, (ii) Thomas Osteraas, Senior Principal Legal Counsel, Corporate & Securities of the Company, as to matters of Minnesota law, (iii) A&L Goodbody, Irish counsel to the Credit Parties, and (iv) DLA Piper Luxembourg S.à r.l., Luxembourg counsel to the Credit Parties, and covering such matters relating to the Credit Parties, this Agreement or the other Transactions as the Administrative Agent shall reasonably request.  The Company hereby requests such counsel to deliver such opinions.
(c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Credit Party, the authorization of the Transactions and any other legal matters relating to each Credit Party, this Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel.
(d) The Administrative Agent shall have received a certificate, dated the Closing Date and signed by the President, a Vice President, a Financial Officer, a director, the secretary or an assistant secretary of:
(i) the Company, confirming the Company’s compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02; 
        33

(ii) each of the Guarantors, certifying that the guarantee of the Commitments will not cause any guarantee or similar limits binding on such Guarantor to be exceeded; and 
(iii) Parent, confirming that (x) the entry into this Agreement and the performance of its obligations under this Agreement does not constitute financial assistance for the purposes of Section 82 of the Act because the provisions of Section 82(h) apply, (y) neither Parent nor any director or company secretary of Parent is a company or a Person to whom Chapter 3 or Chapter 4 of Part 14 of the Act applies and (z) the prohibition contained in Section 239 of the Act does not apply to this Agreement (including the Guaranty).
(e) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Closing Date, including, without limitation the fees set forth in the Fee Letter and, to the extent invoiced at least two Business Days prior to the Closing Date, the reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Company hereunder.
(f) (i) Upon the reasonable request of any Lender made at least ten days prior to the Closing Date, the Company shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act, in each case at least five days prior to the Closing Date and (ii) at least five days prior to the Closing Date, any Credit Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall have delivered, to each Lender that so requests, a Beneficial Ownership Certification in relation to such Credit Party.
Without limiting the generality of the provisions of the last paragraph of Section 8.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender, with a copy to the Company, prior to the proposed Closing Date specifying its objection thereto.
Section 4.02.   Each Credit Event.
The obligation of each Lender to make a Loan on the occasion of any Borrowing (other than a conversion or a continuation of a Borrowing) is subject to the satisfaction of the following conditions:
(a) The representations and warranties of the Credit Parties set forth in this Agreement shall be true and correct in all material respects (except to the extent qualified by materiality, in which case such representations and warranties shall be true and correct in all respects) on and as of the date of, and after giving effect to, such Borrowing; provided, that, the representations and warranties contained in Sections 3.04(b), 3.06 (other than clause (a)(ii) 
        34

thereof) and 3.10 shall be deemed made, and shall be required to be true and correct, only on the Closing Date.
(b) At the time of and immediately after giving effect to such Borrowing, no Default shall have occurred and be continuing.
Each Borrowing shall be deemed to constitute a representation and warranty by the Credit 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 principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, Parent (with respect to Section 5.01 and Section 5.02) and each of the Credit Parties (with respect to Section 5.03 through Section 5.09) covenants and agrees with the Lenders that:
Section 5.01.   Financial Statements and Other Information.  
Parent will furnish to the Administrative Agent (with copies for each Lender):
(a) within 100 days after the end of each fiscal year of Parent (or such longer period as may be permitted by SEC rules and regulations then in effect), its audited consolidated balance sheet and related statements of operations, shareholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by PricewaterhouseCoopers LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP (the Lenders agree that Parent’s obligations under this paragraph (a) may be satisfied in respect of any fiscal year by delivery to the Administrative Agent, with copies for each Lender, within 100 days after the end of such fiscal year of its annual report for such fiscal year on Form 10-K as filed with the SEC);
(b) within 55 days after the end of each of the first three fiscal quarters of each fiscal year of Parent (or such longer period as may be permitted by SEC rules and regulations then in effect), its consolidated balance sheet and related statements of operations 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 Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes (the Lenders agree that Parent’s obligations under this paragraph (b) may be satisfied in respect of any fiscal quarter by delivering to the Administrative Agent, with 
        35

copies for each Lender, within 55 days after the end of such fiscal quarter of its quarterly report for such fiscal quarter on Form 10-Q as filed with the SEC);
(c) concurrently with any delivery of financial statements under paragraph (a) or (b) above, a certificate of 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 and (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(a)(i) and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;
(d) promptly after the same become publicly available or upon transmission or receipt thereof, copies of all periodic and other reports, proxy statements and other materials filed by any Credit Party or any  of its Subsidiaries with the SEC, or any Governmental Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange, or distributed by any Credit Party to its shareholders generally, as the case may be, provided that, with respect to materials filed with any national securities exchange, only material filings shall be required to be delivered pursuant to this paragraph (d); and
(e) promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of any Credit Party or any of its Subsidiaries, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender (acting through the Administrative Agent) may reasonably request.
Documents required to be delivered pursuant to Section 5.01(a), (b) or (d) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which Parent posts such documents, or provides a link thereto on Parent’s website on the Internet at the website address listed on Schedule 10.01; or (ii) on which such documents are posted on Parent’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent). The Administrative Agent shall have no obligation to request the posting or other electronic delivery of the documents referred to above.
Each Credit Party hereby acknowledges that the Administrative Agent will make available to the Lenders materials and/or information provided by or on behalf of Parent hereunder (collectively, “Parent Materials”) by posting the Parent Materials on IntraLinks, SyndTrak, Clearpar or another similar electronic system (the “Platform”). 
Section 5.02.   Notices of Material Events.
Parent will furnish to the Administrative Agent and each Lender promptly after any Responsible Officer of a Credit Party obtains knowledge thereof, written notice of the following:
(a) the occurrence of any Default;
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(b) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect;
(c) the revocation of any license, permit, authorization, certificate, qualification or accreditation of any Credit Party or any of its Subsidiaries by any Governmental Authority if all such revocations in the aggregate could reasonably be expected to have a Material Adverse Effect; and
(d) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.
Each notice delivered under this Section shall be accompanied by a statement of a Responsible Officer of Parent 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.
Such Credit Party will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business, except in the case of any such Subsidiary (other than the Company) where the failure to do so could not reasonably be expected to result in a Material Adverse Effect; provided that the foregoing shall not prohibit (i) any merger, consolidation, liquidation, dissolution or stock or asset sale permitted under Section 6.03 or (ii) the conversion of a Subsidiary (other than the Company) into a limited liability company, a corporation or other organizational form.
Section 5.04.   Payment of Taxes.
Such Credit Party will, and will cause each of its Subsidiaries to, pay its tax obligations, 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 Credit Party or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.
Section 5.05.   Maintenance of Properties; Insurance.
Such Credit Party will, and will cause each of its Subsidiaries to, (a) keep and maintain all of its property in good working order and condition, ordinary wear and tear excepted, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations or maintain a system or systems of self-insurance or assumption of risk which accords with the practices of similar businesses.
Section 5.06.   Books and Records; Inspection Rights.
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Such Credit Party will, and will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and materially correct entries are made of all dealings and transactions in relation to its business and activities. Such Credit Party will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice (and at their own expense, unless an Event of Default has occurred and is continuing), 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, in each case during normal business but not more than once per year unless an Event of Default has occurred and is continuing; provided, however, that (a) all visits or discussions by any Lender shall be coordinated through the Administrative Agent and (b) a Responsible Officer of a Credit Party shall be present during any discussions with any independent public accountants.
Section 5.07.   Compliance with Laws.
Such Credit Party will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  Such Credit Party will maintain in effect and enforce policies and procedures designed to promote and achieve compliance by such Credit Party, its Subsidiaries and their respective directors, officers, employees and agents with applicable anti-corruption laws, anti-money laundering laws and applicable Sanctions.
Section 5.08.   Use of Proceeds.
The proceeds of the Loans will be used for the purposes described in Section 3.13.  No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of Regulations U or X of the Board.
Section 5.09.   Maintenance of Accreditation, Etc.
Such Credit Party will preserve and maintain, and cause each of its Subsidiaries to preserve and maintain, all licenses, permits, authorizations, certifications and qualifications (including, without limitation, those qualifications with respect to solvency and capitalization) required, except where the failure to do so would not result in a Material Adverse Effect.
ARTICLE VI
Negative Covenants
Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full, each of the Credit Parties covenants and agrees with the Lenders that:
Section 6.01.   Indebtedness.
Such Credit Party will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any other Indebtedness or liability on account of borrowed money, 
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represented by any notes, bonds, debentures or similar obligations, or on account of the deferred purchase price of any property, or any other deposits, advance or progress payments under contracts, except (without duplication so that Indebtedness that meets any one of the exceptions below shall not count against any other exception below):
(a) Indebtedness arising or existing under this Agreement and the other Credit Documents;
(b) Indebtedness of the Credit Parties and their Subsidiaries consisting of Capital Lease Obligations or Indebtedness incurred to provide all or a portion of the purchase price or cost of construction of an asset provided that (i) such Indebtedness when incurred shall not exceed the purchase price or cost of construction of such asset and (ii) no such Indebtedness shall be refinanced for a principal amount in excess of the principal balance outstanding thereon at the time of such refinancing, except, in either case, to the extent such Indebtedness is secured by Liens permitted under Section 6.02;
(c) Indebtedness of any Credit Party to any other Credit Party or any Subsidiary of any Credit Party or of any Subsidiary of any Credit Party to any Credit Party or any other Subsidiary of any Credit Party;
(d) Indebtedness secured by Liens to the extent permitted under Section 6.02;
(e) Other unsecured Indebtedness of the Credit Parties and their Subsidiaries; provided that, in the case of such Indebtedness incurred by any Credit Party, such Indebtedness is not senior in right of payment to the payment of the Indebtedness arising or existing under this Agreement and the other Credit Documents; and
(f) Indebtedness existing on the date hereof and set forth in Schedule 6.01 and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof.
Section 6.02.   Liens.
Such Credit Party will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired by it, except (without duplication so that Liens that meet any one of the exceptions below shall not count against any other exception below):
(a) Liens pursuant to any Credit Document;
(b) Liens existing on the date hereof and listed on Schedule 6.02 and any renewals or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased and (iii) the direct or any contingent obligor with respect thereto is not changed;
(c) Liens on any property or asset acquired (whether by merger, consolidation, purchase, lease or otherwise), constructed or improved by Parent or any Subsidiary after the date 
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hereof which are created or assumed prior to, contemporaneously with, or within 360 days after, such acquisition, construction or improvement, to secure or provide for the payment of all or any part of the cost of such acquisition, construction or improvement (including related expenditures capitalized for federal income tax purposes in connection therewith) incurred after the date hereof;
(d) Liens on any property or asset existing at the time of acquisition thereof, whether by merger, consolidation, purchase, lease or otherwise; 
(e) Liens in favor of, or which secure, Indebtedness owing to Parent or any other Credit Party;
(f) Liens in favor of the United States or any state thereof, or any department, agency, or instrumentality or political subdivision thereof, or political entity affiliated therewith, or in favor of any other country, or any political subdivision thereof, to secure partial, progress, advance or other payments, or other obligations, pursuant to any contract or statute, or to secure any Indebtedness incurred for the purpose of financing all or any part of the cost of acquiring, constructing or improving the property subject to such Liens (including Liens incurred in connection with pollution control, industrial revenue or similar financings); 
(g) Liens imposed by law, such as mechanics’, workmen’s, repairmen’s, materialmen’s, carriers’, warehousemen’s, vendors’ or other similar Liens arising in the ordinary course of business, or governmental (federal, state or municipal) Liens arising out of contracts for the sale of products or services by Parent or any Subsidiary, or deposits or pledges to obtain the release of any of the foregoing; 
(h) pledges or deposits under workmen’s compensation, unemployment insurance, or similar legislation and Liens of judgments thereunder which are not currently dischargeable, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of money) or leases to which Parent or any Subsidiary is a party, or deposits to secure public or statutory obligations of Parent or any Subsidiary, or deposits in connection with obtaining or maintaining self-insurance or to obtain the benefits of any law, regulation or arrangement pertaining to workmen’s compensation, unemployment insurance, old age pensions, social security or similar matters, or deposits of cash or obligations of the United States to secure surety, appeal or customs bonds to which Parent or any Restricted Subsidiary is a party, or deposits in litigation or other proceedings such as, but not limited to, interpleader proceedings; 
(i) Liens created by or resulting from any litigation or other proceeding which is being contested in good faith by appropriate proceedings, including Liens arising out of judgments or awards against Parent or any Subsidiary with respect to which Parent or such Subsidiary is in good faith prosecuting an appeal or proceedings for review; or Liens incurred by Parent or any Subsidiary for the purpose of obtaining a stay or discharge in the course of any litigation or other proceeding to which Parent or such Subsidiary is a party; 
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(j) Liens for taxes or assessments or governmental charges or levies not yet due or delinquent, or which can thereafter be paid without penalty, or which are being contested in good faith by appropriate proceedings; 
(k) Liens consisting of easements, rights-of-way, zoning restrictions, restrictions on the use of real property, and defects and irregularities in the title thereto, landlords’ Liens and other similar Liens and encumbrances none of which interfere materially with the use of the property covered thereby in the ordinary course of the business of Parent or such Subsidiary and which do not, in the opinion of Parent, materially detract from the value of such properties; 
(l) Liens arising solely by virtue of any statutory or common law provision relating to banker’s Liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; provided that (i) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by Parent or the applicable Subsidiary in excess of those set forth by regulations promulgated by the Federal Reserve Board and (ii) such deposit account is not intended to provide collateral to the depository institution; 
(m) any extension, renewal or replacement (or successive extensions, removals or replacements) as a whole or in part, of any Lien referred to in the foregoing clauses (a) to (p), inclusive; provided that (i) such extension, renewal or replacement Lien shall be limited to all or a part of the same property, shares of stock or Indebtedness that secured the Lien extended, renewed or replaced (plus improvements on such property) and (ii) the Indebtedness secured by such Lien at such time is not increased;
(n) Liens securing Indebtedness in respect of Capital Lease Obligations; provided that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition; 
(o) Liens, if any, arising in respect of any factoring, assignment or sales of accounts receivable or similar arrangements; and
(p) Liens securing other Indebtedness or obligations in an aggregate amount for all Credit Parties and their Subsidiaries not exceeding at any time the greater of (x) 20% of Consolidated Net Tangible Assets as at the end of the immediately preceding fiscal quarter and (y) $4.0 billion.
Section 6.03.   Fundamental Changes.
Such Credit Party will not, and will not permit any of its Subsidiaries that, individually or in the aggregate, represent all or substantially all of the assets of Parent and its Subsidiaries taken as a whole to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of the assets of Parent and its Subsidiaries taken as a whole, in each case, whether now owned or hereafter acquired, or 
        41

liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing (i) any Person (other than the Company) may merge into a Credit Party in a transaction in which such Credit Party is the surviving entity, (ii) any Person (other than the Company), including any Affiliate, may merge with any Subsidiary of a Credit Party in a transaction in which the surviving entity is a Subsidiary of a Credit Party, (iii) any Subsidiary (other than the Company) of a Credit Party may sell, transfer, lease or otherwise dispose of its assets or stock to a Credit Party or to another Subsidiary of a Credit Party, (iv) any Subsidiary (other than the Company) of a Credit Party may liquidate or dissolve or any Credit Party or any of its Subsidiaries may sell, transfer, lease or otherwise dispose of any assets if, in each case, such sale, transfer, lease or other disposition does not involve all or substantially all of the assets of Parent and its Subsidiaries taken as a whole, (v) any Credit Party and any of its Subsidiaries may sell immaterial businesses, including Subsidiaries, in the ordinary course of business and (vi) any Subsidiary of a Credit Party formed for the purpose of acquiring a Person or a minority interest in any Person may merge into such Person.
Section 6.04.   Business Activity.
Such Credit Party will not, nor will Parent permit any of its Significant Subsidiaries to, alter the character of its business in any material respect from that conducted as of the Closing Date; it being understood that this Section 6.04 shall not prohibit the Credit Parties, or any Significant Subsidiaries of Parent, from conducting any business or business activities incidental or related to such business as carried on as of the Closing Date or any business or activity that is reasonably similar or complementary thereto or a reasonable extension, development or expansion thereof or ancillary thereto.
Section 6.05.   Sanctions.
Such Credit Party will not, nor will it permit any of its Subsidiaries to, directly or indirectly, use the proceeds of any Loan, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction, in a manner that would result in a violation by any individual or entity participating in the transaction, whether as Lender, Administrative Agent or otherwise, of any Sanctions.
Section 6.06.   Anti-Corruption Laws; Anti-Money Laundering Laws.
Such Credit Party will not, nor will it permit any of its Subsidiaries to, directly or indirectly, use the proceeds of any Loan for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, the Patriot Act, The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act”) or other similar legislation in other jurisdictions, if applicable.
ARTICLE VII
Events of Default
Section 7.01.   Events of Default.
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If any of the following events (“Events of Default”) shall occur:
(a) any Credit Party shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;
(b) any Credit Party shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in Section 7.01(a)) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days;
(c) any representation or warranty made or deemed made by or on behalf of any Credit Party or any of its Subsidiaries in or in connection with this Agreement or any amendment or modification hereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof, shall prove to have been incorrect in any material respect when made or deemed made;
(d) any Credit Party shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect to such Credit Party’s existence) or 5.08 or in Article VI;
(e) any Credit Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in Section 7.01(a), (b) or (d)), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent (given at the request of any Lender) to the Credit Parties;
(f) any Credit Party or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of Material Indebtedness, when and as the same shall become due and payable (subject to any applicable grace periods or notice requirements);
(g) the Company, Parent or any Subsidiary shall default in the performance of any obligation in respect of any Material Indebtedness or any “change of control” (or equivalent term) shall occur with respect to any Material Indebtedness, in each case, that results in Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (subject to any applicable grace periods or notice requirements) 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, (ii) the Indebtedness under this Agreement, (iii) any “change of control” put arising as a result of any acquisition of any Subsidiary so long as any such Indebtedness that is put in accordance with the terms of such Indebtedness is paid as required by the terms of such Indebtedness or (iv) any required repurchase, repayment or redemption of (or offer to repurchase, repay or redeem) any Indebtedness that was incurred for the specified purpose of financing all or a portion of the consideration for a merger or acquisition; provided that such repurchase, 
        43

repayment or redemption (or offer to repurchase, repay or redeem) results solely from the failure of such merger or acquisition to be consummated;
(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 Credit Party or any Significant Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership, examinership or similar law now or hereafter in effect or (ii) the appointment of a receiver, examiner, trustee, custodian, sequestrator, conservator or similar official for any Credit Party or any Significant Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days (or for the case of Parent or any Irish incorporated entity shall continue undismissed for 14 days) or an order or decree approving or ordering any of the foregoing shall be entered;
(i) any Credit Party or any Significant Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership, examinership 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 Section 7.01(h), (iii) apply for or consent to the appointment of a receiver, examiner, trustee, custodian, sequestrator, conservator or similar official for any Credit Party or any Significant Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;
(j) any Credit Party or any Significant Subsidiary shall become unable, admit in writing its inability to pay, or fail generally to pay its debts as they become due;
(k) one or more judgments or decrees shall be rendered against any Credit Party, any Significant Subsidiary or any combination thereof and the same shall not have been paid, vacated, discharged, stayed or bonded pending appeal within 75 days from the entry thereof that involves in the aggregate a liability (not paid or fully covered by insurance) of $200,000,000 or more;
(l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; or
(m) a Change in Control shall occur; or
(n) this Agreement, any promissory note delivered pursuant to Section 2.09 or any Guaranty shall, for any reason, cease to be in full force and effect, or any Credit Party shall contest in writing the validity or enforceability hereunder or under any such promissory note, in each case, other than in accordance with the terms hereof and thereof;
        44

then, in every such event (other than an event with respect to any Credit Party described in Section 7.01 (h) or (i)), 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 Company, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Company accrued hereunder, shall become due and payable immediately (and the Commitments shall terminate), without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company; and in case of any event with respect to any Credit Party described in Section 7.01(h) or (i), the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Company accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company.
ARTICLE VIII
The Administrative Agent
Section 8.01.   Appointment and Authority.
Each of the Lenders hereby irrevocably appoints Mizuho to act on its behalf as the Administrative Agent hereunder and under the other Credit Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and neither the Company nor any other Credit Party shall have rights as a third party beneficiary of any of such provisions.  It is understood and agreed that the use of the term “agent” herein or in any other Credit Document (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.
Section 8.02.   Rights as a Lender.
The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person 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 business with Parent or any of its Subsidiaries or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.
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Section 8.03.   Exculpatory Provisions.
The Administrative Agent shall not have any duties or obligations except those expressly set forth in this Agreement and in the other Credit Documents. Without limiting the generality of the foregoing, the Administrative Agent:
(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;
(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Credit Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Credit Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and
(c) shall not, except as expressly set forth herein and in the other Credit Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Credit Party or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.
The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent 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 shall be necessary, under the circumstances as provided in Section 10.02 and Section 7.01) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Company or a Lender.
The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.
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Section 8.04.   Reliance by Administrative Agent.
The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Credit Parties), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
Section 8.05.   Delegation of Duties.
The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Credit 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 and all of its duties and exercise its rights and powers by or 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 in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.  The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.
Section 8.06.   Resignation of Administrative Agent.
(a) The Administrative Agent may at any time give notice of its resignation to the Lenders and the Company.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, upon the Company’s prior written approval (which approval shall not be unreasonably withheld, conditioned or delayed and shall not be required during the continuance of an Event of Default), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders, appoint, with the Company’s prior written approval (which approval shall not be unreasonably withheld, conditioned or delayed and shall not be required during the continuance of an Event of Default), a successor Administrative Agent meeting the qualifications set forth above, provided 
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that in no event shall any such successor Administrative Agent be a Defaulting Lender.  Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.
(b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Company and such Person remove such Person as Administrative Agent and, upon the Company’s prior written approval (which approval shall not be unreasonably withheld, conditioned or delayed and shall not be required during the continuance of an Event of Default), appoint a successor.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.
(c) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any cash collateral held by the Administrative Agent on behalf of the Lenders under any of the Credit Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above.  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this Section).  The on-going fees payable by the Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor.  After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Credit Documents, the provisions of this Article and Section 10.03 shall continue in effect for the benefit of such retiring or removed 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 (i) while the retiring or removed Administrative Agent was acting as Administrative Agent and (ii) after such resignation or removal for as long as any of them continues to act in any capacity hereunder or under the other Credit Documents, including (x) holding any cash collateral on behalf of any of the Lenders and (y) in respect of any actions taken in connection with transferring the agency to any successor Administrative Agent. 
Section 8.07.   Non-Reliance on Administrative Agent and Other Lenders.
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Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Credit Document or any related agreement or any document furnished hereunder or thereunder.
Section 8.08.   [Reserved].
Section 8.09.   Administrative Agent May File Proofs of Claim.
In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to the Company, 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 Company) shall be entitled and empowered, by intervention in such proceeding or otherwise
(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans 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 and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.11 and 10.03) allowed in such judicial proceeding; and
(b) 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 judicial proceeding is hereby authorized by each Lender 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, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.11 and 10.03.
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 any plan of reorganization, arrangement, adjustment or composition affecting the obligations of the Company under the Credit Documents or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.
Section 8.10. Indemnification of Administrative Agent.
Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of the Company and without limiting the obligation of the Company to do so), pro rata, 
        49

and hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities incurred by it; provided, however, that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities resulting from such Person’s gross negligence or willful misconduct as determined in a final, non-appealable judgment of a court of competent jurisdiction; provided, however, that no action taken in accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including attorney costs) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Credit Document, or any document contemplated by or referred to herein, to the extent that the Administrative Agent is not reimbursed for such expenses by or on behalf of the Company. The undertaking in this Section shall survive termination of the Commitments, the payment of all obligations hereunder and the resignation or replacement of the Administrative Agent.
Section 8.11.   Guaranty Matters
Without limiting the provisions of Section 8.09, the Lenders irrevocably authorize the Administrative Agent to, and the Administrative Agent hereby agrees with the Credit Parties that the Administrative Agent shall, with the consent of the Required Lenders, release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction permitted under the Credit Documents or, in the case of Medtronic, if Medtronic certifies to the Administrative Agent that it is not an obligor (as borrower, guarantor or otherwise) in respect of Indebtedness (a) for borrowed money consisting of bonds, debentures, notes or other similar debt securities issued in (i) a public offering registered under the Securities Act, (ii) a private placement to institutional investors that is resold in accordance with Rule 144A or Regulation S under the Securities Act, or (iii) a placement to institutional investors, or (b) under syndicated or commercial bank loan credit facilities, in an aggregate outstanding principal amount (in respect of borrowed money described in clause (a)) or aggregate commitment (in respect of facilities described in clause (b)) of $1 billion or more (other than (a) Indebtedness owing to Parent or any of its Subsidiaries, (b) Indebtedness under any Credit Document and (c) Capital Lease Obligations).
Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its obligations under the Guaranty pursuant to this Section 8.11.
ARTICLE IX
Guaranty
Section 9.01.   The Guaranty.
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Each Guarantor, jointly and severally, hereby irrevocably and unconditionally guarantees to each Lender and the Administrative Agent the full and punctual payment (whether at stated maturity, upon acceleration or otherwise) of the principal of and interest on the Loans made to the Company pursuant to this Agreement, and the full and punctual payment of all other amounts payable by the Company under this Agreement or any of the other Credit Documents.  Upon failure by the Company to pay punctually any such amount, the applicable Guarantors shall forthwith on demand pay the amount not so paid at the place and in the manner specified in this Agreement (the “Guaranteed Obligations”).
Section 9.02.   Nature of Guaranty Unconditional.
(a) Each Guarantor agrees that its obligations under this Article IX shall be irrevocable, unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 
(i) any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Company under this Agreement or any other Credit Document, by operation of law or otherwise; 
(ii) any modification or amendment of or supplement to this Agreement or any other Credit Document;
(iii) any release, impairment, non-perfection or invalidity of any direct or indirect security for any obligation of the Company under this Agreement or any other Credit Document;
(iv) any change in the organizational existence, structure or ownership of the Company, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company or its assets or any resulting release or discharge of any obligation of the Company contained in this Agreement or any other Credit Document; 
(v) the existence of any claim, set-off or other rights such Guarantor may have at any time against the Company, the Administrative Agent, any Lender or any other Person, whether in connection herewith or any unrelated transactions; provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim; 
(iv) any illegality, invalidity or unenforceability relating to or against the Company for any reason of this Agreement or any other Credit Document, or any provision of applicable law or regulation purporting to prohibit the Borrowing by the Company or the payment by the Company or any other Guarantor of the principal of or interest on the Loans or any other amount payable by it under this Agreement or any other Credit Document; or 
(vii) any other act or omission to act or delay of any kind by the Company, the Administrative Agent, any Lender or any other Person or any other circumstance 
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whatsoever which might, but for the provisions of this clause (vii), constitute a legal or equitable discharge of such Guarantor’s obligations hereunder. 
(b) Each Guarantor agrees that the Guaranteed Obligations of each Guarantor hereunder are independent of the Guaranteed Obligations of each other Guarantor and of any other guarantee of the Guaranteed Obligations and when making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Administrative Agent or any Lender may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Company and any other Guarantor or any other Person or against any other guarantee for the Guaranteed Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or any Lender to make any such demand, to pursue such other rights or remedies or to collect any payments from the Company and any other Guarantor or any other Person or to realize upon any such guarantee or to exercise any such right of offset, or any release of the Company and any other Guarantor or any other Person or any such guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative Agent or any Lender against any Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings.
Section 9.03.   Discharge Only Upon Payment in Full; Reinstatement in Certain Circumstances.
Except as set forth in Section 9.08, each Guarantor’s obligations under this Article IX shall remain in full force and effect until the Commitments shall have terminated in full and the principal of and interest on the Loans and all other amounts payable by the Company under this Agreement and each other Credit Document shall have been paid in full. If at any time any payment of the principal of or interest on the Loans or any other amount payable by the Company under this Agreement or any other Credit Document is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Company or otherwise, the obligations of each Guarantor under this Article IX with respect to such payment shall be reinstated at such time as though such payment had been due but not made at such time.
Section 9.04.   Waiver by the Guarantors.
Each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Company, any other Guarantor or any other Person.
Section 9.05.   Subrogation.
Each Guarantor irrevocably waives any and all rights to which it may be entitled, by operation of law or otherwise, upon making any payment pursuant to this Article IX, to be subrogated to the rights of the payee against the Company with respect to such payment or against any direct or indirect security therefor, or otherwise to be reimbursed, indemnified or exonerated by or for the account of the Company in respect thereof.
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Section 9.06.   Stay of Acceleration.
If acceleration of the time for payment of any amount payable by the Company under this Agreement (or any promissory notes issued in connection with same) is stayed upon the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of this Agreement shall nonetheless be payable by the Guarantors hereunder forthwith on demand by the Administrative Agent made at the request of the Required Lenders.
Section 9.07.   Limitation on Obligations Guaranteed.
The obligations of each Guarantor under this Article IX shall be limited to an aggregate amount equal to the largest amount that would not render such Guarantor’s obligations under this Article IX subject to avoidance under the United States Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Agreement and the Guaranteed Obligations.
Notwithstanding anything to the contrary contained in this Agreement, the obligations of Parent under this Article 9 shall exclude any obligation to the extent that it would result in the relevant obligation constituting unlawful financial assistance within the meaning of Section 82 of the Act.
Section 9.08.   Scheme.
The obligations and liabilities of each Guarantor under this Agreement shall not be affected by any reduction occurring in, or other arrangement being made relating to the liabilities of any Credit Party to the Lenders as a result of any arrangement or composition, made pursuant to any of the provisions of the Act or any analogous provisions in any other jurisdiction or made pursuant to any proceedings or actions whatsoever and whether or not following the appointment of an administrator, administrative receiver, trustee, liquidator, receiver or examiner or any similar officer or any analogous event occurring under the laws of any relevant jurisdiction to any Credit Party or over all or a substantial part of the assets (as the case may be) of any Credit Party and each Guarantor hereby agrees with and to the Lenders and the Administrative Agent that the amount recoverable by the Lenders from the Guarantors hereunder will be and will continue to be the full amount which would have been recoverable by the Lenders from the Guarantors in respect of each Guarantor’s liabilities had no such arrangement or composition or event as aforesaid been entered into.
Section 9.09.   Additional to Other Documents.
Each Guarantor agrees that its obligations contained in this Article IX shall be additional to any other guarantee or security at any time held from such Guarantor or any other Person in respect of all or any of the Guaranteed Obligations.

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ARTICLE X
Miscellaneous
Section 10.01.   Notices.
(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (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 electronic mail or telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:
(i) if to any Credit Party or the Administrative Agent, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 10.01; and
(ii) if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire.
Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier 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 and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b).
(b) Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail, FpML messaging and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that, the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Company may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.
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), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such 
        54

notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.
(c) The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE PARENT MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE PARENT MATERIALS. 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 ANY AGENT PARTY IN CONNECTION WITH THE PARENT MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Credit Party, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Credit Party’s or the Administrative Agent’s transmission of Parent Materials or notices through the Platform, any other electronic platform or electronic messaging service or through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to any Credit Party, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).
(d) Change of Address, Etc.  Each of the Company, the Guarantors and the Administrative Agent may change its address, electronic mail address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, electronic mail address, telecopier or telephone number for notices and other communications hereunder by notice to the Company and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.
(e) Reliance by Administrative Agent and Lenders.  The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices, Borrowing Requests and Interest Election Requests) purportedly given by or on behalf of the Company even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Company shall indemnify the Administrative Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each 
        55

notice purportedly given by or on behalf of the Company.  All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.
Section 10.02.   Waivers; Amendments.
(a) No failure or delay by the Administrative Agent 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 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 any Credit Party 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 shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender may have had notice or knowledge of such Default at the time.
(b) Neither this Agreement nor any provision hereof or any provision of any other Credit Document may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Company, the Guarantors and the Required Lenders and acknowledged by the Administrative Agent or by the Company and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon without the written consent of each Lender directly affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, , 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 directly affected thereby, (iv) change Section 2.17(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) other than as provided in Section 8.11 as in effect on the date hereof, release Parent and/or Medtronic from the Guaranty in Article IX 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. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any 
        56

Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.
(c) Notwithstanding any provision herein to the contrary, if the Administrative Agent and the Company acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Credit Document (including the schedules and exhibits thereto), then the Administrative Agent and the Company 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.
Section 10.03.   Expenses; Indemnity; Damage Waiver.
(a) The Company shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of outside counsel for the Administrative Agent, in connection with the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all reasonable out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the fees and disbursements of any outside counsel for the Administrative Agent or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section, or in connection with the Loans made hereunder, including in connection with any workout, restructuring or negotiations in respect thereof.
(b) The Company shall indemnify the Administrative Agent and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees and disbursements of any outside counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the actual or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Company or any of its Subsidiaries, or any Environmental Liability related in any way to the Company or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a Credit Party or any of its directors, shareholders or creditors, an Indemnitee or any other Person, and regardless of whether any Indemnitee is a party thereto (all of the foregoing, collectively, the “Indemnified Liabilities”); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction to have (x) resulted from the gross negligence or willful misconduct of such Indemnitee as finally determined in a non-appealable judgment by a court of competent 
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jurisdiction, (y) resulted from a material breach of the Credit Documents by such Indemnitee as finally determined in a non-appealable judgment by a court of competent jurisdiction or (z) arise from disputes between or among Indemnitees (other than disputes involving claims against the Administrative Agent in its capacity as such in connection with its syndication of the Loans and Commitments hereunder) that do not involve an act or omission by any Credit Party or their respective subsidiaries.  Paragraph (b) of this Section shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, liabilities and related expenses arising from any non-Tax claim.
(c) To the extent that the Company fails to pay any amount required to be paid by it to the Administrative Agent under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in its capacity as such.
(d) To the extent permitted by applicable law, the Credit Parties shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof.  No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby if such Indemnitee has used reasonable care in the distribution of such information or other materials distributed by it.
(e) All amounts due under this Section shall be payable promptly after written demand therefor.
Section 10.04.   Successors and Assigns.
(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Company may not assign or otherwise transfer any of their respective rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Company without such consent shall be null and void); provided, however, that no such consent shall be required for any transaction permitted under Section 6.03. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
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(b) Any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that (i) each of the Company and the Administrative Agent must give their prior written consent to such assignment except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund with respect thereto (which consent, in each case, shall not be unreasonably withheld or delayed, it being understood that the Company may withhold consent with respect to an assignment to a Disqualified Lender); provided further that the Company shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof, (ii) except in the case of an assignment to a Lender, an Affiliate of a Lender, an Approved Fund with respect thereto or an assignment of the entire remaining amount of the assigning Lender’s Commitment, the amount of the Commitment 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 ¥10,000,000,000, except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment, unless each of the Company and the Administrative Agent otherwise consent and, after giving effect to such assignment, the assigning Lender and its Affiliates and the Approved Funds with respect to such Lender shall have a Commitment of at least ¥10,000,000,000 unless each of the Company and the Administrative Agent otherwise consents, (iii) 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, (iv) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 (unless waived by the Administrative Agent in its sole discretion), (v) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and (vi) no such assignment shall be made to a natural person; provided further that any consent of the Company otherwise required under this paragraph shall not be required if an Event of Default has occurred and is continuing. Upon acceptance and recording pursuant to paragraph (d) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.15, 2.16 and 10.03 and shall continue to be bound by Section 8.10, in each case as relates to matters arising before such assignment). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (e) of this Section.
In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional 
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payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations, or other compensating actions, including funding, with the consent of the Company and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.
(c) The Administrative Agent, acting for this purpose as an agent of the Company, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive (absent manifest error), and the Company, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender.
(d) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Any Lender may, without the consent of the Company or the Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Company, the Administrative Agent and the 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 
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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 10.02(b) that affects such Participant.  Subject to paragraph (f) of this Section, the Company agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 (subject to the requirements and limitations therein, including the requirements under Section 2.16(e)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section.
(f) A Participant shall not be entitled to receive any greater payment under Section 2.14 or 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Company’s prior written consent.  A Participant shall not be entitled to the benefits of Section 2.16 unless (i) in the case of a Participant that would be a Foreign Lender if it were a Lender, the Company is notified of the participation sold to such Participant and (ii) such Participant agrees, for the benefit of the Company, to comply with Section 2.16(e) as though it were a Lender.  Each Lender that sells a participation shall maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under this Agreement) to any Person except to the extent that such disclosure is necessary to establish that such 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.
(g) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank or any central bank having jurisdiction over such Lender, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such assignee for such Lender as a party hereto.
(h) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPC”) of such Granting Lender, identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Company, the option to provide to the Company all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Company pursuant to Section 2.01; provided that (i) nothing herein shall constitute a commitment to make any Loan by any SPC and (ii) if an SPC elects not to exercise such option or otherwise fails to 
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provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by the Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any payment under this Agreement for which a Lender would otherwise be liable, for so long as, and to the extent, the related Granting Lender makes such payment. In furtherance of the foregoing, each party hereto hereby agrees that, prior to the date that is one year and one day after the payment in full of all outstanding senior indebtedness of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceedings under the laws of the United States or any State thereof. In addition, notwithstanding anything to the contrary contained in this Section 10.04 or in Section 10.12, any SPC may (i) with notice to, but without the prior written consent of, the Company or the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to its Granting Lender or to any financial institutions providing liquidity and/or credit facilities to or for the account of such SPC to fund the Loans made by such SPC or to support the securities (if any) issued by such SPC to fund such Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of a surety, guarantee or credit or liquidity enhancement to such SPC.
Section 10.05.   Survival.
All covenants, agreements, representations and warranties made by the Credit Parties herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.14, 2.15, 2.16 and 10.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof.
Section 10.06.   Counterparts; Integration; Effectiveness.
This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in 
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Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement.  The words “execution,” “signed,” “signature,” and words of like import in this Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided, further, that, without limiting the foregoing, upon the request of the Administrative Agent, any electronic signature shall be promptly followed by such manually executed counterpart.
Section 10.07.   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. Without limiting the foregoing provisions of this Section 10.07, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.
Section 10.08.  Right of Setoff.
If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other indebtedness at any time owing by such Lender or such Affiliate to or for the credit or the account of the Company or any other Credit Party against any of and all the obligations of the Company or any other Credit Party now or hereafter existing under this Agreement held by such Lender or such Affiliate, irrespective of whether or not such Lender or Affiliate shall have made any demand under this Agreement and although such obligations may be unmatured or are owed to a branch office or Affiliate of such Lender 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 2.22 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in 
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trust for the benefit of the Administrative Agent 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 and its Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have.  
Section 10.09.   Governing Law; Jurisdiction; Consent to and Appointment for Service of Process.
(a) This Agreement shall be construed in accordance with and governed by the law of the State of New York.
(b) Each party hereto hereby irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against any other party hereto or any related party of the foregoing in any way relating to this Agreement or the transactions relating hereto, in any forum other than the Supreme Court of the State of New York sitting in New York County or of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York state court or, to the fullest extent permitted by applicable law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Credit Parties or their properties in the courts of any jurisdiction.
(c) Each party 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 in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 10.01 and, in the case of Parent and the Company, such Credit Party hereby irrevocably appoints Medtronic as its agent for service of process in respect of any proceedings in New York. 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 10.10.   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 
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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 10.11.   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 10.12.   Confidentiality.
Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ and its Approved Funds’ 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) on a confidential basis to the extent requested by any regulatory authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent, and only to the extent, required by applicable laws or regulations or by any subpoena or similar legal process, provided that the Person required to disclose such information shall take reasonable efforts (at the Company’s expense) to ensure that any Information so disclosed shall be afforded confidential treatment, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, (i) to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, and (ii) to any direct or indirect contractual counterparties (or the professional advisors thereto) to any swap or derivative transaction relating to the Company and its obligations, (g) on a confidential basis to (i) any rating agency in connection with rating Parent, the Company or any of their respective Subsidiaries or this Agreement or (ii) the CUSIP Service Bureau or any successor agency in connection with the issuance and monitoring of CUSIP numbers with respect to this Agreement, (h) with the consent of the Company 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 or any Lender on a nonconfidential basis from a source other than the Company who is not, to the knowledge of the Administrative Agent or such Lender, under an obligation of confidentiality to the Company with respect to such Information.  For the purposes of this Section, “Information” means all information received from the Company relating to any Credit Party or its business, other than any such information 
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that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Company.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.  In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Agents and the Lenders in connection with the administration of this Agreement, the other Credit Documents, and the Commitments, excluding any confidential information relating to the business of Parent or any of its Subsidiaries.
Section 10.13.   Patriot Act Notice.
Each Lender that is subject to the Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Credit Party that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies such Credit Party, which information includes the name and address of such Credit Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify such Credit Party in accordance with the Patriot Act. The Credit Parties or their respective Subsidiaries shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act.
Section 10.14.  Electronic Execution of Assignments and Certain Other Documents.
The words “execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation, Assignment and Assumptions, amendments or other modifications, Borrowing Requests, Interest Election Requests, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.
Section 10.15.   No Advisory or Fiduciary Responsibility.
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In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Credit Document), each Credit Party acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent and the Lenders are arm’s-length commercial transactions between each Credit Party and its Affiliates, on the one hand, and the Administrative Agent and the Lenders, on the other hand, (B) each Credit Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Credit Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents; (ii) (A) the Administrative Agent and each Lender each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for any Credit Party or any of its Affiliates, or any other Person and (B) none of the Administrative Agent or any Lender has any obligation to any Credit Party or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Credit Documents; and (iii) the Administrative Agent and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of any Credit Party and its Affiliates, and none of the Administrative Agent or any Lender has any obligation to disclose any of such interests to any Credit Party or its Affiliates. To the fullest extent permitted by law, each Credit Party hereby waives and releases any claims that it may have against the Administrative Agent and the Lenders with respect to any breach or alleged breach of fiduciary duty in connection with any aspect of any transaction contemplated hereby
Section 10.16.   [Reserved].
Section 10.17.  Acknowledgement and Consent to Bail-In of Affected Financial Institutions.
Solely to the extent any Lender that is an Affected Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under this Agreement, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable 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 the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected 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 Affected Financial Institution, its parent 
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undertaking, 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 the applicable Resolution Authority.
Section 10.18. Acknowledgement Regarding Any Supported QFCs.
To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Hedging Agreement or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 
(a) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.
(b) As used in this Section 10.18, the following terms have the following meanings:
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
        68

“Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

[Remainder of Page Intentionally Left Blank]

        69

IN WITNESS WHEREOF, the parties hereto have caused this Term Loan Agreement to be duly executed by their respective authorized officers as of the day and year first written above.
MEDTRONIC GLOBAL HOLDINGS S.C.A., a
Luxembourg corporate partnership limited by shares (société en commandite par actions) acting through Medtronic Global Holdings GP
S.à.r.l. as its general partner, in turn acting by

By: /s/ Erik De Gres   
Name: Erik De Gres
Title:   Managing Director and authorized signatory

Signature Page to Term Loan Agreement

MEDTRONIC, INC.

By: /s/ Jason Bristow  
Name: Jason Bristow
Title:   Treasurer
 
Signature Page to Term Loan Agreement

Signed for and on behalf of
MEDTRONIC PLC:

By: /s/ Jason Bristow  
Name: Jason Bristow
Title:  Treasurer

In the presence of:

By: /s/ Thomas Osteraas  

Witness

Address: 710 Medtronic Pkwy.
        Minneapolis, MN 55432

Name: Thomas Osteraas

Occupation: Senior Principal Legal Counsel

1

MIZUHO BANK, LTD. as Administrative Agent and Lender 
By: /s/ Tracy Rahn  
Name: Tracy Rahn
Title: Executive Director 

1

Schedule 2.01 — Commitments
									
	LENDER	COMMITMENT	APPLICABLE PERCENTAGE
	Mizuho Bank, Ltd.	¥300,000,000,000	100.0000000%
	Total of Commitments	¥300,000,000,000	100.0000000%

1

        2EX-4.1

 Exhibit 4.1 
  

 
 ARCONIC CORPORATION, 

as Issuer 
 THE GUARANTORS FROM
TIME TO TIME PARTY HERETO, 
 as Guarantors 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Notes Collateral Agent 

AND 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Registrar, Paying Agent 

and Authenticating Agent 
 6.000%
FIRST LIEN NOTES DUE 2025 
 INDENTURE DATED AS OF 

May 13, 2020 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	ARTICLE I	  	 	 
	ESTABLISHMENT; DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	 
			
	 SECTION 1.01.
	 	 Definitions
	  	 	1	 
	 SECTION 1.02.
	 	 Other Definitions
	  	 	49	 
	 SECTION 1.03.
	 	 U.S. Dollar Equivalents
	  	 	49	 
	 SECTION 1.04.
	 	 Rules of Construction
	  	 	50	 
	 SECTION 1.05.
	 	 Limited Condition Transactions
	  	 	50	 
		
	ARTICLE II	  	 	 
	THE NOTES	  	 	 
			
	 SECTION 2.01.
	 	 Form and Dating
	  	 	51	 
	 SECTION 2.02.
	 	 Execution and Authentication
	  	 	52	 
	 SECTION 2.03.
	 	 Registrar and Paying Agent
	  	 	52	 
	 SECTION 2.04.
	 	 Paying Agent to Hold Money in Trust
	  	 	53	 
	 SECTION 2.05.
	 	 Holder Lists
	  	 	53	 
	 SECTION 2.06.
	 	 Transfer and Exchange
	  	 	54	 
	 SECTION 2.07.
	 	 Replacement Notes
	  	 	65	 
	 SECTION 2.08.
	 	 Outstanding Notes
	  	 	65	 
	 SECTION 2.09.
	 	 Treasury Notes
	  	 	66	 
	 SECTION 2.10.
	 	 Temporary Notes
	  	 	66	 
	 SECTION 2.11.
	 	 Cancellation
	  	 	66	 
	 SECTION 2.12.
	 	 Defaulted Interest
	  	 	66	 
	 SECTION 2.13.
	 	 CUSIP or ISIN Numbers
	  	 	67	 
	 SECTION 2.14.
	 	 Additional Notes
	  	 	67	 
		
	ARTICLE III	  	 	 
	REDEMPTION AND PREPAYMENT	  	 	 
			
	 SECTION 3.01.
	 	 Notices to Trustee
	  	 	68	 
	 SECTION 3.02.
	 	 Selection of Notes to Be Redeemed
	  	 	68	 
	 SECTION 3.03.
	 	 Notice of Redemption
	  	 	68	 
	 SECTION 3.04.
	 	 Effect of Notice Upon Redemption
	  	 	70	 
	 SECTION 3.05.
	 	 Deposit of Redemption Price
	  	 	70	 
	 SECTION 3.06.
	 	 Notes Redeemed in Part
	  	 	70	 
	 SECTION 3.07.
	 	 Optional Redemption
	  	 	71	 
	 SECTION 3.08.
	 	 [Reserved.]
	  	 	71	 
	 SECTION 3.09.
	 	 [Reserved.]
	  	 	71	 
	 SECTION 3.10.
	 	 Mandatory Redemption
	  	 	71	 

  
 i 

							
	ARTICLE IV	  			
	COVENANTS	  			
			
	 SECTION 4.01.
	 	Payment of Notes	  	 	72	 
	 SECTION 4.02.
	 	Maintenance of Office or Agency	  	 	72	 
	 SECTION 4.03.
	 	Reports	  	 	72	 
	 SECTION 4.04.
	 	Compliance Certificate	  	 	73	 
	 SECTION 4.05.
	 	 [Reserved.]
	  	 	74	 
	 SECTION 4.06.
	 	 [Reserved.]
	  	 	74	 
	 SECTION 4.07.
	 	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock
	  	 	74	 
	 SECTION 4.08.
	 	 Limitation on Incurrence of Layered Indebtedness
	  	 	80	 
	 SECTION 4.09.
	 	 Limitation on Restricted Payments
	  	 	81	 
	 SECTION 4.10.
	 	 Liens
	  	 	88	 
	 SECTION 4.11.
	 	 Change of Control
	  	 	89	 
	 SECTION 4.12.
	 	 Company Existence
	  	 	91	 
	 SECTION 4.13.
	 	 Future Guarantors
	  	 	92	 
	 SECTION 4.14.
	 	 Limitations on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	92	 
	 SECTION 4.15.
	 	 Asset Sales
	  	 	94	 
	 SECTION 4.16.
	 	 [Reserved.]
	  	 	98	 
	 SECTION 4.17.
	 	 Limitations on Transactions with Affiliates
	  	 	98	 
	 SECTION 4.18.
	 	 Suspension of Covenants
	  	 	100	 
		
	ARTICLE V	  	 	 
	MERGER, CONSOLIDATION OR SALE OF ALL OR SUBSTANTIALLY ALL ASSETS	  	 	 
			
	 SECTION 5.01.
	 	 The Issuer May Consolidate, Etc., Only on Certain Terms
	  	 	102	 
	 SECTION 5.02.
	 	 Guarantors May Consolidate, Etc., Only on Certain Terms
	  	 	104	 
		
	ARTICLE VI	  	 	 
	REMEDIES	  	 	 
			
	 SECTION 6.01.
	 	 Events of Default
	  	 	105	 
	 SECTION 6.02.
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	107	 
	 SECTION 6.03.
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	108	 
	 SECTION 6.04.
	 	 Trustee May File Proofs of Claim
	  	 	109	 
	 SECTION 6.05.
	 	 Application of Money Collected
	  	 	109	 
	 SECTION 6.06.
	 	 Limitation on Suits
	  	 	110	 
	 SECTION 6.07.
	 	 Control by Holders
	  	 	110	 
	 SECTION 6.08.
	 	 Waiver of Past Defaults
	  	 	110	 
	 SECTION 6.09.
	 	 Undertaking for Costs
	  	 	110	 
	 SECTION 6.10.
	 	 Waiver of Stay or Extension Laws
	  	 	111	 

  
 ii 

							
	ARTICLE VII	  	 	 
	TRUSTEE	  	 	 
			
	 SECTION 7.01.
	 	 Duties of Trustee
	  	 	111	 
	 SECTION 7.02.
	 	 Rights of the Trustee
	  	 	112	 
	 SECTION 7.03.
	 	 Individual Rights of Trustee
	  	 	115	 
	 SECTION 7.04.
	 	 Trustee’s Disclaimer
	  	 	115	 
	 SECTION 7.05.
	 	 Notice of Defaults
	  	 	115	 
	 SECTION 7.06.
	 	 [Reserved.]
	  	 	115	 
	 SECTION 7.07.
	 	 Compensation and Indemnity
	  	 	115	 
	 SECTION 7.08.
	 	 Replacement of Trustee
	  	 	117	 
	 SECTION 7.09.
	 	 Successor Trustee by Merger, Etc.
	  	 	118	 
	 SECTION 7.10.
	 	 Eligibility; Disqualification
	  	 	118	 
		
	ARTICLE VIII	  	 	 
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  	 	 
			
	 SECTION 8.01.
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	118	 
	 SECTION 8.02.
	 	 Legal Defeasance and Discharge
	  	 	118	 
	 SECTION 8.03.
	 	 Covenant Defeasance
	  	 	119	 
	 SECTION 8.04.
	 	 Conditions to Legal or Covenant Defeasance
	  	 	119	 
	 SECTION 8.05.
	 	 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous
Provisions
	  	 	120	 
	 SECTION 8.06.
	 	 Satisfaction and Discharge
	  	 	121	 
	 SECTION 8.07.
	 	 Repayment to Issuer
	  	 	122	 
	 SECTION 8.08.
	 	 Reinstatement
	  	 	122	 
	 SECTION 8.09.
	 	 Survival
	  	 	122	 
		
	ARTICLE IX	  	 	 
	AMENDMENT, SUPPLEMENT AND WAIVER	  	 	 
			
	 SECTION 9.01.
	 	 Without Consent of Holder
	  	 	123	 
	 SECTION 9.02.
	 	 With Consent of Holders of Notes
	  	 	125	 
	 SECTION 9.03.
	 	 Payments for Consent
	  	 	126	 
	 SECTION 9.04.
	 	 Revocation and Effect of Consents
	  	 	127	 
	 SECTION 9.05.
	 	 Trustee and Agents to Sign Amendments
	  	 	127	 
		
	ARTICLE X	  	 	 
	GUARANTEES	  	 	 
			
	 SECTION 10.01.
	 	 Guarantees
	  	 	127	 
	 SECTION 10.02.
	 	 Limitation on Liability
	  	 	128	 
	 SECTION 10.03.
	 	 Successors and Assigns
	  	 	129	 
	 SECTION 10.04.
	 	 No Waiver
	  	 	129	 
	 SECTION 10.05.
	 	 Release of Guarantor
	  	 	129	 
	 SECTION 10.06.
	 	 Contribution
	  	 	130	 

  
 iii 

							
	ARTICLE XI	  	 	 
	MISCELLANEOUS	  	 	 
			
	 SECTION 11.01.
	 	 [Reserved.]
	  	 	130	 
	 SECTION 11.02.
	 	 Notices
	  	 	130	 
	 SECTION 11.03.
	 	 [Reserved.]
	  	 	132	 
	 SECTION 11.04.
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	132	 
	 SECTION 11.05.
	 	 Statements Required in Certificate or Opinion
	  	 	132	 
	 SECTION 11.06.
	 	 Rules by Trustee and Agents
	  	 	132	 
	 SECTION 11.07.
	 	 Business Days
	  	 	132	 
	 SECTION 11.08.
	 	 No Personal Liability of Directors, Managers, Officers, Employees and Stockholders
	  	 	133	 
	 SECTION 11.09.
	 	 Governing Law; Waiver of Jury Trial
	  	 	133	 
	 SECTION 11.10.
	 	 No Adverse Interpretation of Other Agreements
	  	 	133	 
	 SECTION 11.11.
	 	 Successors
	  	 	133	 
	 SECTION 11.12.
	 	 Severability
	  	 	133	 
	 SECTION 11.13.
	 	 Counterpart Originals
	  	 	133	 
	 SECTION 11.14.
	 	 Table of Contents, Headings, Etc.
	  	 	134	 
	 SECTION 11.15.
	 	 Force Majeure
	  	 	134	 
	 SECTION 11.16.
	 	 Patriot Act Compliance
	  	 	134	 
		
	ARTICLE XII	  	 	 
	[Reserved.]	  	 	 
		
	ARTICLE XIII	  	 	 
	COLLATERAL AND SECURITY	  	 	 
			
	 SECTION 13.01.
	 	 Collateral and Notes Collateral Documents
	  	 	134	 
	 SECTION 13.02.
	 	 Further Assurances
	  	 	135	 
	 SECTION 13.03.
	 	 After Acquired Property
	  	 	135	 
	 SECTION 13.04.
	 	 Release
	  	 	136	 
	 SECTION 13.05.
	 	 Notes Collateral Agent
	  	 	137	 
	 SECTION 13.06.
	 	 Intercreditor Agreements
	  	 	141	 

  
 iv 

 EXHIBITS 
  

			
	Exhibit A	  	Form of Note
	Exhibit B	  	Form of Certificate of Transfer Exhibit
	Exhibit C	  	Form of Certificate of Exchange Exhibit
	Exhibit D	  	Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors
	Exhibit E	  	Form of Collateral Agreement
	Exhibit F	  	Form of ABL-Notes Intercreditor Agreement

  
 v 

 This INDENTURE, dated as of May 13, 2020 (this “Indenture”), is
by and among Arconic Corporation, a Delaware corporation (the “Issuer”), the Guarantors from time to time party hereto, U.S. Bank National Association, as trustee (the “Trustee”) and U.S. Bank National
Association, as collateral agent (the “Notes Collateral Agent”), registrar (“Registrar”), paying agent (“Paying Agent”) and authenticating agent (“Authenticating
Agent”). 
 WITNESSETH: 

WHEREAS, the Issuer is entering into this Indenture to establish the form and terms of its 6.000% First Lien Notes due 2025 (the
“Notes”); and 
 WHEREAS, all conditions necessary to authorize the execution and delivery of this Indenture and to
make it a valid and binding obligation of the Issuer have been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Issuer, the Guarantors, the Trustee and the Notes Collateral Agent agree as follows for the benefit of each other and
for the equal and ratable benefit of the Holders of the Notes. 
 ARTICLE I 

ESTABLISHMENT; DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.01. Definitions. 

(a) The following are definitions used in this Indenture. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A hereto, bearing the Global Note
Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.

 “ABL-Notes Intercreditor Agreement” means the intercreditor agreement,
dated as of the Issue Date, by and among Deutsche Bank AG New York Branch, in its capacity as administrative agent and collateral agent pursuant to the ABL Credit Agreement, the holders of any Additional Notes Priority Obligations from time to time
(or any agent or representative on their behalf), the Trustee, the Notes Collateral Agent, the Issuer and the Guarantors, as may be amended, restated, supplemented or otherwise modified from time to time in accordance with its terms. 

“ABL Collateral Agent” means Deutsche Bank AG New York Branch, in its capacity as the administrative agent, collateral
agent, security trustee or similar role under the ABL Credit Agreement and the ABL Collateral Documents, together with its successors. 

“ABL Collateral Agreement” means that certain collateral agreement to be entered into among the Issuer, the Guarantors
and the ABL Collateral Agent, and any amendments, supplements, modifications, extensions, replacements, renewals, restatements, refundings or refinancings thereof. 

 “ABL Collateral Documents” means the ABL Collateral Agreement, the
intellectual property security agreements, the mortgages and each other agreement, instrument or other document entered into in favor of the ABL Collateral Agent or any other holders of ABL Obligations, for purposes of securing the ABL Obligations
(including any guarantees thereof), as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“ABL Credit Agreement” means that Credit Agreement, dated as of the Issue Date, by and among the Issuer, the
guarantors party thereto, the lenders party thereto from time to time in their capacities as lenders thereunder, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and any amendments, supplements, modifications,
extensions, replacements, renewals, restatements, refundings or refinancings thereof. 
 “ABL Credit Facility” means
the credit facility provided under the ABL Credit Agreement, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions,
replacements, renewals, restatements, refundings or refinancings thereof and any one or more indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that extend, replace, refund,
refinance, renew or defease any part of the loans, notes, or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof or
adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender or group of lenders. 

“ABL Documents” means the credit, guaranty and security documents governing the ABL Obligations, including, without
limitation, the ABL Credit Agreement, and the ABL Collateral Documents, hedging agreements related to secured hedging obligations and documentation entered into by any Grantor relating to secured bank product obligations, as each may be amended,
restated, supplemented, modified, renewed, extended or refinanced from time to time in accordance with the provisions of the ABL-Notes Intercreditor Agreement. 

“ABL Obligations” means all Credit Facility Obligations outstanding under the ABL Credit Agreement and the other ABL
Documents, including any secured bank product obligations and any secured hedging obligations. 
 “ABL Priority
Collateral” has the meaning assigned to that term in the ABL-Notes Intercreditor Agreement. 

“Acceptable Commitment” has the meaning specified in Section 4.15. 

“Acquired Indebtedness” means, with respect to any specified Person, Indebtedness of any other Person existing at the
time such other Person is merged with or into or became a Restricted Subsidiary of such specified Person, including Indebtedness incurred by such other Person in connection with, or in contemplation of, such other Person merging with or into or
becoming a Restricted Subsidiary of such specified Person. Such Indebtedness shall be deemed to have been incurred at the time such other Person is merged with or into or became a Restricted Subsidiary. 

  
 2 

 “Additional Assets” means (i) any property or assets (other
than current assets (as determined in accordance with GAAP), Indebtedness and Capital Stock) to be used by the Issuer or a Restricted Subsidiary in a Similar Business; (ii) the Capital Stock of a Person that is engaged in a Similar Business and
becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by the Issuer or another Restricted Subsidiary; or (iii) Capital Stock of any Person that at such time is a Restricted Subsidiary acquired from a third party.

 “Additional Notes” means 6.000% First Lien Notes due 2025 issued from time to time after the Issue Date pursuant
to Section 2.14 of this Indenture, and any Notes issued in exchange or replacement therefor. 
 “Additional Notes Priority
Collateral Agents” means the trustee, administrative agent, collateral agent, security agent or similar agent under any instrument governing Additional Notes Priority Obligations that is named as the representative in respect of such
instrument under the ABL-Notes Intercreditor Agreement. 
 “Additional Notes Priority
Obligations” means any Obligations of the Issuer or any Guarantor that are pari passu in right of payment to the Notes or any Guarantee, as the case may be, and are secured by a Lien on the Collateral that has the same priority as the
Lien securing the Notes and the Guarantees and that is designated in writing as such by the Issuer to the Trustee, the Notes Collateral Agent and the other representatives party to the First Lien-Second Lien Intercreditor Agreement and the ABL-Notes Intercreditor Agreement. “Additional Notes Priority Obligations” do not include the Notes and the Guarantees issued on the Issue Date, but includes any Additional Notes and related Guarantees.

 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common
control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise. 
 “Affiliate Transaction” has the meaning specified in
Section 4.17. 
 “Agent” means any Collateral Agent, Registrar, Paying Agent or Authenticating
Agent or other agent appointed in accordance with this Indenture to perform any function that this Indenture authorized such agent to perform. 

“Applicable Measurement Period” means the most recently ended four fiscal quarters immediately preceding
the applicable date of determination for which internal financial statements are available. 
 “Applicable
Premium” means, with respect to any Note on any Redemption Date, the greater of: 
 (1) 1.0% of the principal
amount of such Note; and 

  
 3 

 (2) the excess, if any, of: 

(a) the present value at such Redemption Date of (i) the redemption price (such redemption price being set forth in the
table in Section 3.07(b)) of such Note at May 15, 2022, plus (ii) all required interest payments due on such Note (excluding accrued but unpaid interest to the Redemption Date) through May 15, 2022, computed using a discount rate
equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over 
 (b) the principal amount of such Note.

 Calculation of the Applicable Premium shall be made by the Issuer or on behalf of the Issuer by such Person as the Issuer shall
designate; provided that such calculation or the correctness thereof shall not be a duty or obligation of the Trustee. 

“Applicable Premium Deficit” has the meaning set forth in Section 8.04. 

“Applicable Procedures” means, with respect to any transfer, redemption or exchange of or for beneficial
interests in any Global Note, the rules and procedures of the Depositary that apply to such transfer, redemption or exchange. 

“Asset Sale” means: 

(1) the sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions,
of property or assets (including by way of a Sale and Lease-Back Transaction) other than Equity Interests of the Issuer or any Restricted Subsidiary (each referred to in this definition as a “disposition”), or 

(2) the issuance or sale of Equity Interests of any Restricted Subsidiary (other than preferred stock of Restricted
Subsidiaries issued in compliance with Section 4.07), whether in a single transaction or a series of related transactions, in each case, other than: 

(A) any disposition of (i) Cash Equivalents or Investment Grade Securities, (ii) property or other assets no longer
used or useful, or economically practicable to maintain, in the conduct of the business of the Issuer (including allowing any intellectual property that is no longer used or useful, or economically practicable to maintain, to lapse, go abandoned, or
be invalidated), (iii) inventory or other assets in the ordinary course of business or (iv) charitable donations or contributions in the ordinary course of business; 

(B) the disposition of all or substantially all of the assets of the Issuer in a manner permitted pursuant to Section 5.01
or any disposition that constitutes a Change of Control pursuant to this Indenture for which a Change of Control Offer is made; 

(C) the making of any Restricted Payment that is permitted to be made, and is made, under Section 4.09 or any Permitted
Investment; 

  
 4 

 (D) any disposition of assets or issuance or sale of Equity Interests of any
Restricted Subsidiary in any transaction or series of related transactions with an aggregate Fair Market Value of less than $40 million; 

(E) any disposition of property or assets or issuance of securities to the Issuer or a Restricted Subsidiary; 

(F) any exchange of like property under Section 1031 of the Internal Revenue Code of 1986, as amended, or any comparable
or successor provision, or any exchange of equipment to be used in a Similar Business; 
 (G) the lease, assignment, sub-lease, license or sub-license of any real or personal property in the ordinary course of business; 

(H) any issuance, sale or pledge of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

 (I) foreclosures, condemnation, eminent domain or any similar action on assets; 

(J) (i) sales of accounts receivable, or participations therein, and related assets in connection with any Receivables
Facility or in factoring or similar transactions and (ii) any other dispositions of accounts receivable and related assets in connection with a Receivables Facility (it being understood that for the avoidance of doubt, notwithstanding anything
in this Indenture, the Issuer and any Restricted Subsidiary may participate in any customer supply chain financing programs in the ordinary course of business and shall not constitute an Asset Sale); 

(K) any financing transaction with respect to property built or acquired by the Issuer or any Restricted Subsidiary after the
Issue Date, including Sale and Lease-Back Transactions; 
 (L) any surrender or waiver of contractual rights or the
settlement, release or surrender of contractual rights or other litigation claims in the ordinary course of business; 
 (M)
the sale, lease, assignment, license, sublease or discount of inventory, equipment, accounts receivable, notes receivable or other current assets in the ordinary course of business or the conversion of accounts receivable to notes receivable or
other dispositions of accounts receivable in connection with the collection or compromise thereof; 
 (N) the licensing, sub-licensing or similar grants of rights of intellectual property or other general intangibles in the ordinary course of business; 

(O) the unwinding of any Hedging Obligations; 

  
 5 

 (P) 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; 

(Q) the lapse or abandonment of intellectual property rights in the ordinary course of business; 

(R) the issuance of directors’ qualifying shares and shares issued to foreign nationals or other third parties as required
by applicable law; 
 (S) a disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other
obligation with or to a Person (other than the Issuer 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), entered into in connection with such acquisition; 
 (T) to the extent constituting a disposition,
the unwinding or early termination or settlement of any hedging agreement or any bond hedge transaction or other option, forward or other derivative contract; and 

(V) any other disposition pursuant to the Spin-Off Documents on substantially the terms
described in the Form 10. 
 “Asset Sale Offer” has the meaning specified in Section 4.15(c).

 “Asset Sale Proceeds Application Period” has the meaning specified in Section 4.15(b). 

“Bankruptcy Law” means Title 11, U.S. Code or any similar United States federal or state law for the
relief of debtors, or the law of any other jurisdiction relating to bankruptcy, insolvency, receivership, winding up, liquidation, reorganization or the relief of debtors or any amendment to, succession to or change in any law. 

“Board of Directors” means, for any Person, the Board of Directors or other governing body of such
Person or, if such Person does not have such a Board of Directors or other governing body and is owned or managed by a single entity, the Board of Directors or other governing body of such entity, or, in any such case, any committee thereof duly
authorized to act on behalf of such Board of Directors or other governing body. Unless otherwise provided, “Board of Directors” means the board of directors of the Issuer. 

“Board Resolution” means with respect to the Issuer, a duly adopted resolution of the Board of Directors
of the Issuer or any committee thereof. 
 “Business Day” means each day which is not a Legal Holiday.

 “Capital Stock” means: 

  
 6 

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

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock, 
 (3) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited), and 
 (4) any other interest or participation that confers
on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of
the liability in respect of a capital or finance lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP. 

“Cash Equivalents” means: 

(1) United States dollars, 

(2) Canadian dollars, 

(3) (A) euro, pounds sterling or any national currency of any participating member state in the European Union or
(B) local currencies held from time to time in the ordinary course of business, 
 (4) securities issued or directly and
fully and unconditionally guaranteed or insured by (a) the United States government or any agency or instrumentality thereof, (b) any country that is a member state of the European Union or any agency or instrumentality thereof or
(c) any foreign country recognized by the United States of America rated at least “A” by S&P or “A-1” by Moody’s (or, in either case, the equivalent of such rating by such
organization or, if no rating of S&P or Moody’s then exists, the equivalent of such rating by any nationally recognized statistical rating organization), the securities of which are unconditionally guaranteed as a full faith and credit
obligation of such government, 
 (5) certificates of deposit, time deposits and dollar time deposits with maturities of one
year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year, overnight bank deposits and money market deposits (or, with respect to foreign banks, similar instruments), in each case with (i) any
lender under the ABL Credit Facility or (ii) any commercial bank having capital and surplus of not less than $500.0 million in the case of U.S. banks and $100.0 million (or the U.S. Dollar Equivalent as of the date of
determination) in the case of foreign banks, 

  
 7 

 (6) repurchase obligations for underlying securities of the types described
in clauses (4) and (5) above, entered into with any financial institution meeting the qualifications specified in clause (5) above, 

(7) commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P and in each case maturing within 24 months after the date of creation thereof, 

(8) marketable short-term money market and similar securities having a rating of at least
P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating
from another nationally recognized statistical rating organization) and in each case maturing within 24 months after the date of creation thereof, 

(9) (a) investment funds investing 95% of their assets in securities of the types described in clauses (1) through (8)
above and (10) through (12) below and (b) “money market funds” that invest 90% or more of their assets in instruments of the type specified in clauses (10) through (12) below or that are rated AAA by S&P or Aaa by
Moody’s or carrying an equivalent rating by a nationally recognized statistical rating organization, if both of the two named nationally recognized statistical rating organizations above cease publishing ratings of such investments, 

(10) readily marketable direct obligations issued by any state, commonwealth or territory of the United States of America or
any political subdivision or taxing authority thereof having a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent) by S&P, and in each such case with a
“stable” or better outlook with maturities of 24 months or less from the date of acquisition, 
 (11) Indebtedness
or preferred stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from Moody’s with maturities of 24 months or less from the date of acquisition, 

(12) Investments with average maturities of 24 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s, and 

(13) in the case of Investments by any Restricted Subsidiary that is a Foreign Subsidiary, Investments of comparable tenor and
credit quality to those described in the foregoing clauses (1) through (12) customarily utilized in countries in which such Foreign Subsidiary operates for cash management purposes. 

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses
(1) through (3) and (13) above; provided that such amounts are converted into any currency listed in clauses (1) through (3) or (13) above, as promptly as practicable and in any event within ten Business Days following the
receipt of such amounts. 
 “Cash Management Services” means any of the following: ACH transactions,
treasury or cash management services, including, without limitation, controlled disbursement services, 

  
 8 

 
overdraft facilities, employee credit card programs, netting services, automated clearing house arrangements, foreign exchange facilities, deposit and other accounts and merchant services. 

“Certificated Note” means a certificated Note registered in the name of the Holder thereof and issued in
accordance with Article 2 hereof, in substantially the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Increases or Decreases in the Global Note” attached
thereto. 
 “Change of Control” means the occurrence of any of the following after the Issue Date:

 (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or
a series of related transactions, of all or substantially all of the assets of the Issuer and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d) and Section 14(d) of the Exchange Act) other
than to the Issuer or one of its Subsidiaries; 
 (2) the consummation of any transaction (including any merger or consolidation or purchase
of Capital Stock) the result of which is that any “person” (as that term is used in Section 13(d) and Section 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule
13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Issuer, or other Voting Stock into which
the Voting Stock of the Issuer is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares, provided, however, that this clause (2) shall not include any transaction where (x) the
Issuer becomes a direct or indirect wholly owned subsidiary of a holding company, and (y) the direct or indirect holders of a majority of the Voting Stock of such holding company immediately following that transaction are substantially the same
as the holders of the Issuer’s Voting Stock immediately prior to that transaction; or 
 (3) the adoption of a plan relating to the
liquidation or dissolution of the Issuer. 
 For purposes of this definition, a Person shall not be deemed to have beneficial ownership of
securities subject to a stock purchase agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement. 

“Change of Control Offer” has the meaning specified in Section 4.11. 

“Change of Control Payment” has the meaning specified in Section 4.11. 

“Change of Control Payment Date” has the meaning specified in Section 4.11. 

“Collateral” means all assets and properties subject to Liens purported to be granted pursuant to any Notes Collateral
Document to secure the Obligations in respect of the Notes (including the Guarantees), the Notes Collateral Documents and this Indenture. 

“Collateral Agreement” means the Collateral Agreement (substantially in the form of Exhibit E hereto) to be
dated as of the Issue Date, by and between the Issuer, the Guarantors and the Notes Collateral Agent, together with the documents related thereto (including the supplements thereto and any certificates delivered thereunder designating indebtedness
and other 

  
 9 

 
obligations as “Notes Priority Obligations” thereunder), as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Collateral Documents” means, collectively, the Notes Collateral Documents, the Second Lien Collateral Documents, the
ABL Collateral Documents and any collateral documents entered into with respect to the Additional Notes Priority Obligations, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Commercial Agreement” means any commodity prepayment contract, contract with payment or performance delays or any
other equivalent agreement, in each case, relating to a commodity transaction that does not constitute a Hedging Obligation, resulting in a performance risk or credit exposure, as applicable. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.) and any successor
statute. 
 “consolidated” or “Consolidated” means, unless
otherwise specifically indicated, with respect to any Person, such Person on a consolidated basis in accordance with GAAP, but excluding from such consolidation any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not a Subsidiary of,
an Affiliate of, or otherwise owned by, such Person. 
 “Consolidated Depreciation and Amortization Expense”
means with respect to any Person for any period, the total amount of depreciation and amortization expense, including the amortization or write-off of financing costs and expenses and capitalized
expenditures of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

“Consolidated Interest Expense” means, with respect to any Person for any period, the sum, without
duplication, of: 
 (1) consolidated cash interest expense of such Person and its Restricted Subsidiaries for such period, to
the extent such expense was deducted (and not added back) in computing Consolidated Net Income (including all cash dividends paid or payable during such period in respect of Disqualified Stock of the Issuer, and excluding (i) any one-time cash costs associated with breakage in respect of interest rate Hedging Obligations with respect to Indebtedness, (ii) penalties and interest relating to Taxes, (iii) accretion or accrual of
discounted liabilities not constituting Indebtedness, (iv) any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization or purchase accounting, (v) amortization or “write-off” of financing costs and expenses, (vi) any expensing of bridge, commitment and other financing fees, (vii) commissions, discounts, yield and other fees and charges (including any
interest expense related to any Receivables Facility), (viii) premium payments, debt discount, fees, charges and related expenses incurred in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase
price of asset and (ix) payments under the Tax Matters Agreement; less 
 (2) cash interest income for such
period. 

  
 10 

 For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed
to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the net
income (loss), of such Person and its Restricted Subsidiaries for such period, on a consolidated basis and otherwise determined in accordance with GAAP as set forth on the consolidated financial statements of such Person for such period but
(x) excluding (other than for purposes of calculating the amount available for Restricted Payments under clause (C)(i) of Section 4.09(a)) any impact of costs and expenses (including legal fees) or gain or loss (including as the result of
insurance recoveries received directly from an insurance company or indirectly from Howmet Aerospace Inc.) in each case arising from or attributable to the Grenfell Tower Fire and (y) reduced (other than for purposes of calculating the amount
available for Restricted Payments under clause (C)(i) of Section 4.09(a) for any cash payments made during such period, whether or not such cash payments would be required to reduce net income in accordance with GAAP, resulting from costs and
expenses (including legal fees) arising from or attributable to the Grenfell Tower Fire except to the extent such payments either (i) have been reimbursed in cash directly from an insurance provider or indirectly from Howmet Aerospace Inc. or
(ii) are expected to be covered and reimbursed (A) in cash within 365 days directly by an insurance provider that is financially sound and reputable and has not disputed coverage or (B) indirectly by Howmet Aerospace Inc. (in each
case of (A) and (B), as determined by the Issuer in good faith); provided that to the extent such amounts are not so reimbursed within such 365 day period or are no longer expected to be covered and reimbursed or are disputed, then such
unreimbursed amount shall reduce net income for such period); provided that, without duplication, 
 (1) any after-tax effect of extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including relating to the Spin-Off and the Transactions), severance, relocation costs, curtailments or modifications to pension and post-retirement employee benefits plans, start-up, transition,
integration and other restructuring and business optimization costs, charges, reserves or expenses (including related to acquisitions after the Issue Date and to the start-up, closure or consolidation of
facilities), new product introductions, and one-time compensation charges shall be excluded, 

(2) the net income (loss) for such period shall not include the cumulative effect of a change in accounting principles and
changes as a result of adoption or modification of accounting policies during such period, 
 (3) any net after-tax gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded, 

(4) any after-tax effect of gains or losses (less all fees and expenses relating
thereto) attributable to asset dispositions or abandonments other than in the ordinary course of business, as determined in good faith by the Issuer, shall be excluded, 

  
 11 

 (5) the net income (loss) for such period of any Person that is not a
Restricted Subsidiary shall be excluded; provided that Consolidated Net Income of the Issuer shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted into cash
or Cash Equivalents) to the referent Person or a Restricted Subsidiary thereof in respect of such period, 
 (6) solely for
the purpose of determining the amount available for Restricted Payments under clause (C)(i) of Section 4.09(a), the net income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent the
declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its net income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or
indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with
respect to the payment of dividends or similar distributions has been legally waived; provided that Consolidated Net Income of the Issuer shall be increased by the amount of dividends or other distributions or other payments actually paid in
cash (or to the extent converted into cash) or Cash Equivalents to the Issuer or a Restricted Subsidiary in respect of such period, to the extent not already included therein, 

(7) effects of adjustments in any line item in such Person’s consolidated financial statements in accordance with GAAP
resulting from the application of purchase accounting, including in relation to the Spin-Off, or the amortization or write-off of any amounts thereof, net of Taxes,
shall be excluded, 
 (8) (i) any after-tax effect of income (loss) from the early
extinguishment of Indebtedness or Hedging Obligations or other derivative instruments (including deferred financing costs written off and premiums paid), (ii) any non-cash income (or loss) related to currency
gains or losses related to Indebtedness, intercompany balances and other balance sheet items and to Hedging Obligations pursuant to Financial Accounting Standards Codification No. 815-Derivatives and Hedging
(formerly Financing Accounting Standards Board Statement No. 133) and its related pronouncements and interpretations (or any successor provision) and (iii) any non-cash expense, income or loss
attributable to the movement in mark-to-market valuation of foreign currencies, Indebtedness or derivative instruments pursuant to GAAP shall be excluded, 

(9) any impairment charge, asset write-off or write-down pursuant to ASC 350 and ASC
360 (formerly Financial Accounting Standards Board Statement Nos. 142 and 144, respectively) and the amortization of intangibles arising pursuant to ASC 805 (formerly Financial Accounting Standards Board Statement No. 141) shall be excluded,

 (10) (i) any non-cash compensation expense recorded from grants of stock
appreciation or similar rights, phantom equity, stock options, restricted stock, units or other rights to officers, directors, managers or employees and (ii) non-cash income (loss) attributable to
deferred compensation plans or trusts, shall be excluded, 

  
 12 

 (11) any fees, costs and expenses incurred during such period, or any
amortization thereof for such period, in connection with any acquisition, Investment, recapitalization, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or modification of any debt
instrument (in each case, including any such transaction consummated prior to the Issue Date and any such transaction undertaken but not completed), including all fees, costs and expenses incurred or payable by the Issuer or any Restricted
Subsidiary in connection with the Spin-Off, the Transactions and any charges or non-recurring merger costs incurred during such period as a result of any such
transaction shall be excluded, 
 (12) accruals and reserves, contingent liabilities and any gains or losses on the
settlement of any pre-existing contractual or non-contractual relationships that are established or adjusted within twelve months after the Distribution Date that are so
required to be established as a result of the Spin-Off in accordance with GAAP, shall be excluded, 

(13) to the extent covered by insurance or indemnification and actually reimbursed, or, so long as the Issuer has made a
determination that there exists reasonable evidence that such amount shall in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is (a) not denied by the applicable carrier or indemnifying party in
writing within 180 days and (b) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), losses and expenses with respect to liability or
casualty events or business interruption shall be excluded, and 
 (14) any unrealized or realized gain or loss due solely to
fluctuations in currency values and the related tax effects, determined in accordance with GAAP shall be excluded. 
 Notwithstanding the
foregoing, for the purpose of Section 4.09 only (other than clause (C)(iv) of Section 4.09(a)), there shall be excluded from Consolidated Net Income any income arising from any sale or other disposition of Restricted Investments made by
the Issuer and the Restricted Subsidiaries, any repurchases and redemptions of Restricted Investments from the Issuer and the Restricted Subsidiaries, any repayments of loans and advances which constitute Restricted Investments by the Issuer or any
Restricted Subsidiary, and any dividends, distributions, interest payments, return of capital, repayments or other transfers of assets to the Issuer or any Restricted Subsidiary from any Unrestricted Subsidiary, in each case only to the extent such
amounts increase the amount of Restricted Payments permitted under such covenant pursuant to clause (C)(iv) of Section 4.09(a). 

“Consolidated Total Assets” means the total assets of the Issuer and the Restricted Subsidiaries on a
consolidated basis, as shown on the most recent consolidated balance sheet of the Issuer. 
 “Consolidated Total Debt
Ratio” means, as of any date of determination, the ratio of (1) the sum of (x) Consolidated Total Indebtedness as of the end of the most recent fiscal period for which internal financial statements are available
immediately preceding the date of 

  
 13 

 
determination and (y) the Reserved Indebtedness Amount minus (b) the aggregate amount of cash and cash equivalents included in the consolidated balance sheet of the Issuer
prepared in accordance with GAAP as of such date (excluding the amounts of cash and Cash Equivalents which are listed as “Restricted” on such balance sheet or which consisted of the proceeds of Indebtedness, the incurrence of which the
Consolidated Total Debt Ratio is being determined) to (2) EBITDA of the Issuer for the Applicable Measurement Period, with such pro forma adjustments to Consolidated Total Indebtedness, Cash Equivalents and EBITDA as are appropriate and
consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio.” 

“Consolidated Total Indebtedness” means, as at any date of determination, an amount equal to the sum of
(1) the aggregate amount of all outstanding Indebtedness of the Issuer and its Restricted Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, obligations in respect of Capitalized Lease Obligations and debt
obligations evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (and excluding Hedging Obligations) and (2) the aggregate amount of all outstanding Disqualified Stock of the Issuer and
the Restricted Subsidiaries and (without double-counting) all preferred stock of Restricted Subsidiaries that are not Guarantors, with the amount of such Disqualified Stock and preferred stock equal to the greater of their respective voluntary or
involuntary liquidation preferences and their Maximum Fixed Repurchase Prices, in each case, determined on a consolidated basis in accordance with GAAP. For purposes hereof, the “Maximum Fixed Repurchase Price” of any Disqualified Stock or
preferred stock means the maximum price, if any, at which such Disqualified Stock or preferred stock may be required to be redeemed or repurchased by the issuer thereof in accordance with its terms. 

“Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in
Section 11.02 hereof, or such other address as to which the Trustee may give notice to the Issuer. 
 “Covenant
Defeasance” has the meaning specified in Section 8.03. 
 “Covenant Suspension
Event” has the meaning specified in Section 4.18(a). 
 “Credit Facilities”
means, with respect to the Issuer or any Restricted Subsidiary, one or more debt facilities, including the ABL Credit Facility, or other financing arrangements (including, without limitation, commercial paper facilities with banks or other
institutional lenders or investors or indentures and secured supply chain financing facilities) providing for revolving credit loans, term loans, letters of credit or other indebtedness, including any notes, mortgages, guarantees, collateral
documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or commercial paper facilities
with banks or other institutional lenders or investors that Refinance any part of the loans, notes or other securities, other credit facilities or commitments thereunder, including any such Refinancing facility or indenture that increases the amount
permitted to be borrowed thereunder or alters the maturity thereof (provided that such increase in borrowings is permitted under Section 4.07) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether
by the same or any other agent, lender or group of lenders. 

  
 14 

 “Credit Facility Obligations” means the indebtedness outstanding
under Credit Facilities that is secured by a Permitted Lien described in clause (1) of the definition thereof, and all other obligations of the Issuer or any Guarantor under such Credit Facilities and all Hedging Obligations permitted by this
Indenture and secured by the collateral securing any Obligations under any of the Credit Facilities. 

“Custodian” means, with respect to the Notes issuable or issued in whole or in part in global form, the
Person specified in Section 2.03(c) as Custodian with respect to the Notes, and any and all successors thereto appointed as custodian hereunder and having become such pursuant to the applicable provisions of this Indenture. 

“Default” means any event that is, or with the passage of time or the giving of notice or both would be,
an Event of Default. 
 “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(b) hereof 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
provisions of this Indenture. 
 “Designated Non-cash Consideration”
means the Fair Market Value of non-cash consideration received by the Issuer 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 Cash Equivalents received in connection with a subsequent sale of or collection
on such Designated Non-cash Consideration. 
 “Disqualified Stock”
means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or
is mandatorily redeemable, other than as a result of a change of control, asset sale or casualty or condemnation event, pursuant to a sinking fund obligation or otherwise, or is convertible or exchangeable for Indebtedness or redeemable at the
option of the holder thereof, other than as a result of a change of control, asset sale or casualty or condemnation event, in whole or in part, in each case prior to the date 91 days after the earlier of the maturity date of the Notes or the date
the Notes are no longer outstanding; provided that if such Capital Stock is issued to any plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute
Disqualified Stock solely because it may be required to be repurchased by the Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 

“Distribution Date” means April 1, 2020. 

“Distribution Date Payment” means the payment, on or about the Distribution Date, of a cash dividend or
other cash transfer or debt repayment by the Issuer to Howmet or one of its subsidiaries. 
 “Division” means the
division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division” or 

  
 15 

 
similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive. 

“EBITDA” means, with respect to any Person for any period, (1) the Consolidated Net Income of such
Person for such period, increased (without duplication) by: 
 (A) provision for Taxes based on income or profits or capital gains,
including, without limitation, U.S. federal, state, non-U.S., franchise, excise, value added and similar Taxes and foreign withholding Taxes of such Person paid or accrued during such period, including any
penalties and interest relating to such Taxes or arising from any Tax examinations deducted (and not added back) in computing Consolidated Net Income, plus 

(B) Fixed Charges of such Person for such period (including (x) net losses on Hedging Obligations or other derivative instruments entered
into for the purpose of hedging interest rate risk and (y) costs of surety bonds in connection with financing activities, in each case, to the extent included in Fixed Charges), together with items excluded from the definition of
“Consolidated Interest Expense” pursuant to clauses 1(ii) through 1(viii) thereof, to the extent the same were deducted (and not added back) in calculating such Consolidated Net Income, plus 

(C) Consolidated Depreciation and Amortization Expense of such Person for such period to the extent the same were deducted (and not added back)
in computing Consolidated Net Income, plus 
 (D) any fees, expenses, charges or losses (other than depreciation or amortization
expense) related to any Equity Offering or other capital markets transaction, acquisition, disposition, recapitalization or the incurrence of Indebtedness permitted to be incurred by this Indenture (including a refinancing thereof) (whether or not
successful), including such fees, expenses, charges or losses related to (i) the Transactions and any transactions pursuant to the Spin-Off Documents, including but not limited to severance, relocation
costs, integration and facilities’ opening costs and other business optimization expenses and operating improvements and establishment costs, recruiting fees, signing costs, retention or completion bonuses, transition costs, costs related to
closure/consolidation of facilities, internal costs in respect of Spin-Off related initiatives and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement
of pension liabilities), contract terminations and professional and consulting fees incurred in connection with any of the foregoing (but excluding, for the avoidance of doubt, any costs or expenses arising out of or relating to the Grenfell Tower
Fire), (ii) the offering of the Notes and the ABL Credit Facility and (iii) any amendment or other modification of the Spin-Off Documents, the Notes, the ABL Credit Facility or other Indebtedness and, in
each case, deducted (and not added back) in computing Consolidated Net Income, plus 

  
 16 

 (E) any other non-cash charges, including any
write-offs, write-downs, expenses, losses or items, including any non-cash loss attributable to the mark to market movement in the valuation of any Equity Interests, and hedging obligations or other derivative
instruments, to the extent the same were deducted (and not added back) in computing Consolidated Net Income (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 be deducted from EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period), plus 

(F) the amount of any minority interest expense deducted (and not added back) in such period in calculating Consolidated Net Income,
plus 
 (G) litigation costs and expenses for non-ordinary course litigation; plus 

(H) the (i) amount of cost savings, operating expense reductions, synergies and other operating improvements projected by the Issuer in
good faith to be realized as a result of Permitted Investments, acquisitions, operational changes, business realignment projects or initiatives, restructurings, reorganizations or similar actions reasonably expected to be realized within 18 months
of the date the applicable event is consummated (which cost savings, expense reductions, synergies or operating improvements shall be subject only to certification by management of the Issuer and shall be calculated on a pro forma basis as though
such cost savings, expense reductions, synergies or improvements had been realized on the first day of such period); provided that such cost savings, expense reductions, synergies or improvements (A) are reasonably identifiable and
factually supportable, net of the amount of actual benefits realized during such period from such actions, (B) shall not exceed 20.0% of EBITDA (calculated based on EBITDA prior to giving effect to such cost savings, operating expense
reductions, synergies and improvements) and (C) shall not be added pursuant to this subsection (H) to the extent duplicative of any cost savings, expenses reductions, synergies or improvements otherwise added to EBITDA; (ii) business
optimization expenses (including consolidation initiatives, severance costs and other costs relating to initiatives aimed at profitability improvement); and (iii) restructuring charges or reserves (including restructuring costs related to
acquisitions after the Issue Date and to closure and/or consolidation of facilities and to exiting lines of business), plus  
 (I) non-cash, non-service pension expenses; 
 less, 

(2) (a) without duplication and to the extent included in determining such Consolidated Net Income, any non-cash gains for such period (other than any such non-cash gains (i) in respect of which cash was received in a prior period or shall be received in a future period and
(ii) that represent the reversal of any accrual in a prior period for, 

  
 17 

 
or the reversal of any cash reserves established in a prior period for, anticipated cash charges), plus 

(b) without duplication and to the extent included in determining such Consolidated Net Income, any losses and expenses (to the
extent not covered by insurance or indemnification and not reimbursed) with respect to liability or casualty events in connection with or relating to the Grenfell Tower Fire. 

Calculations of EBITDA shall include such pro forma adjustments as are appropriate and consistent with the pro forma adjustment
provisions set forth in the definition of “Fixed Charge Coverage Ratio.” 
 “Employee Matters
Agreement” means the Employee Matters Agreement between the Issuer and Howmet, dated the Distribution Date. 

“Equity Interest” means Capital Stock and all warrants, options or other rights to acquire Capital
Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock. 
 “Equity
Offering” means any public or private sale of common equity or preferred stock of the Issuer or any direct or indirect parent company of the Issuer (excluding Disqualified Stock), other than: 

(1) public offerings with respect to the Issuer’s or any of its direct or indirect parent company’s common equity
registered on Form S-8; and 
 (2) issuances to any Subsidiary of the Issuer or any
employee benefit plan of the Issuer. 
 “euro” means the single currency of participating member
states of the Economic and Monetary Union. 
 “Event of Default” has the meaning specified in
Section 6.01. 
 “Excess Proceeds” has the meaning specified in Section 4.15(c). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of
the SEC promulgated thereunder. 
 “Excluded Contribution” means any net cash proceeds and marketable
securities (valued at their Fair Market Value as determined in good faith by senior management or the Board of Directors of the Issuer) received by the Issuer from: 

(1) contributions to its common equity capital; or 

(2) the sale (other than to a Subsidiary of the Issuer or to any Subsidiary management equity plan or stock option plan or any
other management or employee 

  
 18 

 
benefit plan or agreement) of Equity Interests (other than Disqualified Stock) of the Issuer, 

in each case designated as an Excluded Contribution pursuant to an Officer’s Certificate on or promptly after the date
such capital contributions are made or the date such Equity Interests are sold, as the case may be, and which are excluded from the calculation set forth in Section 4.09(a)(3) and are not applied pursuant to Section 4.09(b) (2), (4) or
(19). 
 “Excluded Property” has the meaning specified in the Collateral Agreement. 

“Existing Indebtedness” means Indebtedness of the Issuer or any Restricted Subsidiary in existence on
the Issue Date, plus interest accruing (or the accretion of discount) thereon. 
 “Existing Revolving Credit
Facility” means the Senior Secured First-Lien Revolving Credit Facility provided for in the Credit Agreement, dated as of March 25, 2020, by and among the Issuer, the guarantors party thereto, the lenders party thereto from time to
time in their capacities as lenders thereunder and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent. 

“Existing Term Loan” means the Senior Secured First-Lien Term Loan B Facility provided for in the Credit Agreement,
dated as of March 25, 2020, by and among the Issuer, the guarantors party thereto, the lenders party thereto from time to time in their capacities as lenders thereunder and JPMorgan Chase Bank, N.A., as administrative agent and collateral
agent. 
 “Fair Market Value” means, with respect to any Investment, asset or property, the fair
market value of such Investment, asset or property, determined in good faith by senior management or the Board of Directors of the Issuer, whose determination shall be conclusive for all purposes under this Indenture and the Notes. 

“First Lien Agent” means (i) the Notes Collateral Agent, (ii) the ABL Collateral Agent and (iii) in the
case of any additional First Priority Obligations and the additional holders of such First Priority Obligations with respect thereto, the additional First Lien Agent in respect thereof. 

“First Lien Pari Passu Intercreditor Agreement” means an intercreditor agreement entered into by the Notes Collateral
Agent, the ABL Collateral Agent and the representative of the holders of any additional First Priority Obligations, in substantially the form agreed and authorized by the First Priority Secured Parties, and any amendments, supplements,
modifications, extensions, replacements, renewals, restatements, refundings or refinancings thereof. 
 “First Lien-Second Lien
Intercreditor Agreement” means the amended and restated intercreditor agreement, dated as of the Issue Date, by and among Deutsche Bank AG New York Branch, in its capacity as administrative agent and collateral agent pursuant to the ABL
Credit Agreement, any Additional Notes Priority Collateral Agents from time to time, the Second Lien Agent, the Notes Collateral Agent, the Issuer and the Guarantors, and any amendments, supplements, modifications, extensions, replacements,
renewals, restatements, refundings or refinancings thereof. 

  
 19 

 “First Priority Documents” means this Indenture, the Collateral
Agreement, the ABL Credit Agreement, the ABL Collateral Agreement and all other agreements or instruments evidencing or creating any security interest or Lien in favor of any First Lien Agent, each guarantee by any Grantor of any or all of the First
Priority Obligations, the ABL-Notes Intercreditor Agreement, the First Lien-Second Lien Intercreditor Agreement and any First Lien Pari Passu Intercreditor Agreement, as each may be amended, restated,
supplemented or otherwise modified from time to time in accordance with their respective terms. 
 “First Priority
Obligations” means (1) all Notes Priority Obligations, (2) all Obligations of the Issuer and the Guarantors under the ABL Credit Facility and the ABL Collateral Documents and (3) any other Senior Indebtedness and related
Obligations of the Issuer and the Guarantors incurred subsequent to the Issue Date and outstanding from time to time that is designated as First Priority Obligations in writing by the Issuer in accordance with the terms of the First Priority
Documents and that by its terms is secured (and is permitted by this Indenture, the ABL Credit Facility and the First Priority Documents to be secured) by a Permitted Lien on any or all of the Collateral having first priority. 

“First Priority Secured Parties” means each Person holding First Priority Obligations. 

“Fitch” means Fitch Ratings Ltd. and any successor to its rating agency business. 

“Fixed Charge Coverage Ratio” means, with respect to any Person as of any applicable date of
determination, the ratio of (1) EBITDA of such Person for the Applicable Measurement Period to (2) the Fixed Charges of such Person for such Applicable Measurement Period. In the event that the Issuer or any Restricted Subsidiary incurs,
assumes, guarantees, redeems, retires or extinguishes any Indebtedness or issues or redeems Disqualified Stock subsequent to the commencement of the Applicable Measurement Period but on or prior to the applicable date of determination, then the
Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock (in each case,
including a pro forma application of the net proceeds therefrom), as if the same had occurred at the beginning of the Applicable Measurement Period; provided, however, that, for purposes of the calculation of the Fixed Charge Coverage Ratio,
in connection with the incurrence of any Ratio Indebtedness, the Issuer may elect, pursuant to an Officer’s Certificate delivered to the Trustee, to treat all or any portion of the commitment under any Indebtedness which is to be incurred, as
being incurred as of the applicable date of determination and any subsequent incurrence of Indebtedness under such commitment that was so treated shall not be deemed, for purposes of this calculation, to be an incurrence of additional Indebtedness.

 For purposes of calculating the Fixed Charge Coverage Ratio, Investments, acquisitions, dispositions, mergers, consolidations and
disposed or discontinued operations (as determined in accordance with GAAP), and any operational changes, business alignment projects or initiatives, restructurings, reorganizations or similar actions that the Issuer has determined to make and/or
have been made by the Issuer or any Restricted Subsidiary during the Applicable Measurement Period or subsequent to such Applicable Measurement Period and on or prior to or simultaneously with the applicable date of determination shall be calculated
on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations and 

  
 20 

 
disposed or discontinued operations and other operational changes, business realignment projects or initiatives, restructurings, reorganizations or similar action (and the change in any
associated Fixed Charges and the change in EBITDA resulting therefrom) had occurred on the first day of the Applicable Measurement Period. If since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was
merged with or into the Issuer or any Restricted Subsidiary since the beginning of such period) shall have made any Investment, acquisition, disposition, merger, consolidation or disposed or discontinued operation, operational change, business
realignment project or initiative, restructuring, reorganization or similar action that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such
Applicable Measurement Period as if such Investment, acquisition, disposition, merger, consolidation or disposed operation had occurred at the beginning of the Applicable Measurement Period. 

For purposes of this definition, whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be
made in good faith by a responsible financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Issuer as set forth in an Officer’s
Certificate, to reflect operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event within 18 months of the date the applicable event is consummated and which are expected to
have a continuing impact and are factually supportable. 
 If any Indebtedness bears a floating rate of interest and is being given pro
forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the applicable date of determination had been the applicable rate for the entire period (taking into account for such entire period, any Hedging
Obligation applicable to such Indebtedness with a remaining term of 12 months or longer, and in the case of any Hedging Obligation applicable to such Indebtedness with a remaining term of less than 12 months, taking into account such Hedging
Obligation to the extent of its remaining term). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Issuer to be the rate of interest
implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under any revolving credit facility computed on a pro forma basis shall be computed based
upon (A) the average daily balance of such Indebtedness during the applicable period or (B) if such facility was created after the end of the applicable period, the average daily balance of such Indebtedness during the period from the date
of creation of such facility to the date of determination; or, if lower, the maximum commitments under such revolving credit facility as of the applicable date of determination. Interest on Indebtedness that 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 rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the
Issuer may designate. 
 “Fixed Charges” means, with respect to any Person for any period, the sum of

 (1) Consolidated Interest Expense of such Person for such period, and 

  
 21 

 (2) all cash dividend payments (excluding items eliminated in consolidation)
on any series of Disqualified Stock of the Issuer held by Persons other than the Issuer or a Restricted Subsidiary made during such period. 

“Foreign Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is not
organized or existing under the laws of the United States, any state thereof or the District of Columbia and any Subsidiary of such Foreign Subsidiary. 

“Foreign Subsidiary Holding Company” means any Subsidiary (other than a Foreign Subsidiary) that has no material
assets other than 65% or more of the Equity Interests (or Equity Interests and/or debt) of one or more Foreign Subsidiaries or other Foreign Subsidiary Holding Companies. 

“Form 10” means the registration statement on Form 10, originally filed publicly by the Issuer with the
SEC on December 17, 2019, as declared effective on February 13, 2020. 
 “GAAP” means
generally accepted accounting principles in the United States as in effect from time to time, provided, however, that the Issuer may with notice to the Trustee elect to eliminate the effect of any change occurring after the Issue Date in GAAP
or in the application thereof on the operation of such provision, 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 by notice to the Trustee. At any time after the Issue Date, the Issuer may elect to apply International Financial Reporting
Standards (“IFRS”) accounting principles as in effect on the date of such election in lieu of GAAP and, upon any such election, references herein to GAAP and GAAP concepts shall thereafter be
construed to refer to IFRS and corresponding IFRS concepts as of such date (except as otherwise provided in this Indenture); provided that any such election, once made, shall be irrevocable; provided further, any calculation or
determination in this Indenture that requires the application of GAAP for periods that include fiscal quarters ended prior to the Issuer’s election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. The
Issuer shall give written notice of any such election made in accordance with this definition to the Trustee. Notwithstanding anything to the contrary in this Indenture, solely making the IFRS election (without any other action) referred to in this
definition shall not be treated as an incurrence of Indebtedness. Notwithstanding any other provision contained herein, (a) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and
ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Accounting Standards 159, The Fair Value Option for Financial Assets and Financial Liabilities, or any successor thereto (including pursuant
to Accounting Standard Codifications), to value any Indebtedness of the Issuer or any of its Subsidiaries at “fair value”, as defined therein and (b) all obligations of any person that are or would have been treated as operating
leases for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update (the “ASU”) shall continue to be accounted for as
operating leases for any determinations under this Indenture other than Section 4.03 (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with
the ASU (on 

  
 22 

 
a prospective or retroactive basis or otherwise) to be treated as capitalized lease obligations in the Issuer’s financial statements. 

“Global Note Legend” means the legend set forth in Section 2.06(g)(ii) hereof, which is required to
be placed on all Global Notes issued under this Indenture. 
 “Global Notes” means, individually and
collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, in the form of Exhibit A hereto issued in accordance with Article 2 hereof. 

“Government Securities” means direct obligations of, or obligations guaranteed by, the United States or
any agency or instrumentality thereof, and the payment for which the United States pledges its full faith and credit, 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 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. 
 “Grantor” means the
Issuer and the Guarantors. 
 “Grenfell Tower Fire” means the June 2017 fire at the Grenfell Tower in London,
England. 
 “guarantee” means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 

“Guarantee” means the guarantee by any Guarantor of the Issuer’s Obligations under this Indenture
and the Notes pursuant to Article 10. 
 “Guarantor” means each Restricted Subsidiary that
guarantees the Notes under this Indenture. 
 “Hedging Obligations” means, with respect to any Person,
the obligations of such Person under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contract, currency
swap agreement or similar agreement providing for the transfer or mitigation of interest rate, commodity price or currency risks either generally or under specific contingencies. 

“Holder” means a registered holder of the Notes. 

“Howmet” means Howmet Aerospace Inc., a Delaware corporation, formerly known as Arconic Inc. 

  
 23 

 “incur” has the meaning specified in
Section 4.07. 
 “incurrence” has the meaning specified in Section 4.07. 

“Indebtedness” means, with respect to any Person: 

(1) any indebtedness (including principal and premium) of such Person, whether or not contingent, 

(A) in respect of borrowed money, 

(B) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without
double counting, reimbursement agreements in respect thereof), 
 (C) representing the balance, deferred and unpaid, of the
purchase price of any property or services, except (i) any such balance that constitutes a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business and (ii) any earn-out obligation until such obligation, after 60 days of becoming due and payable, has not been paid and is reflected as a liability on the balance sheet of such Person in accordance with GAAP, 

(D) representing Capitalized Lease Obligations, or 

(E) representing any Hedging Obligations, 

if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability
upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP, 
 (2) to the extent
not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the obligations of the type referred to in clause (1) of another Person (whether or not such items would appear upon the
balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business; and 

(3) to the extent not otherwise included, the obligations of the type referred to in clause (1) of another Person secured
by a Lien on any assets owned by such Person, whether or not such Indebtedness is assumed by such Person provided, however, that the amount of such Indebtedness shall be the lesser of: (a) the Fair Market Value of such assets at such
date of determination, and (b) the amount of such Indebtedness of such other Person; 
 provided that, notwithstanding the
foregoing, Indebtedness shall not include: 
 (a) obligations under or in respect of Receivables Facilities; 

(b) deferred or prepaid revenue; 

  
 24 

 (c) purchase price holdbacks in respect of a portion of the purchase price
of an asset to satisfy warranty, indemnity or other unperformed obligations of the seller, 
 (d) any obligations
attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto; 

(e) obligations in respect of any residual value guarantees on equipment leases; 

(f) any take-or-pay or similar obligation to
the extent such obligation is not shown as a liability on the balance sheet of such Person in accordance with GAAP; and 

(g) asset retirement obligations and obligations in respect of reclamation and workers’ compensation (including pensions
and retiree medical care). 
 “Indenture” means this instrument as originally executed (including the appendices and
exhibits) and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof. 

“Independent Financial Advisor” means an accounting, appraisal or investment banking firm of nationally
recognized standing that is, in the good faith judgment of the Issuer, not an Affiliate of the Issuer and qualified to perform the task for which it has been engaged. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a
Participant. 
 “Initial Notes” means $700,000,000 in aggregate principal amount of the Notes issued
under this Indenture on the Issue Date. 
 “Initial Purchasers” means the several initial purchasers listed in
Schedule I to the Purchase Agreement dated April 29, 2020 between Goldman Sachs & Co. LLC, as representative of the Initial Purchasers, the Issuer and the Guarantors listed in Schedule IV thereto. 

“Intercreditor Agreements” means the First Lien-Second Lien Intercreditor Agreement and the ABL-Notes Intercreditor Agreement and any other intercreditor agreement entered into by the Notes Collateral Agent from time to time in accordance with the terms of this Indenture, each as amended from time to time
in accordance with its terms. 
 “interest” means, with respect to the Notes, interest on the
Notes. 
 “Interest Payment Date” has the meaning set forth in paragraph 1 of the applicable Notes.

  
 25 

 “inventory” means goods held for sale or lease by a
Person in the ordinary course of business, net of any reserve for goods that have been segregated by such Person to be returned to the applicable vendor for credit, as determined in accordance with GAAP. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by
Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency. 

“Investment Grade Securities” means: 

(1) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality thereof (other than Cash Equivalents), 
 (2) debt securities or debt instruments with an Investment Grade
Rating, but excluding any debt securities or instruments constituting loans or advances among the Issuer and its Subsidiaries, 

(3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) above,
which fund may also hold immaterial amounts of cash pending investment or distribution, and 
 (4) corresponding instruments
in countries other than the United States customarily utilized for high quality investments. 
 “Investments”
means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit, advances
to customers, commission, travel and similar advances to officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by
any other Person and investments that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of the Issuer 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. For purposes of the definition of “Unrestricted Subsidiary” and Section 4.09, 

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

(A) the Issuer’s “Investment” in such Subsidiary at the time of such redesignation less 

  
 26 

 (B) the portion (proportionate to the Issuer’s equity interest in such
Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such redesignation; and 
 (2) any
property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer. 
 The
amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced by any dividend, distribution, interest payment, return of capital, repayment or other amount received in cash by the Issuer or a Restricted
Subsidiary in respect of such Investment. 
 “Issue Date” means May 13, 2020. 

“Legal Holiday” means a Saturday, a Sunday or a day on which commercial banking institutions are not
required or authorized by law to be open in the State of New York. 
 “Lien” means any mortgage,
pledge, hypothecation, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof); provided that in no event shall an operating lease be deemed
to constitute a Lien. 
 “Limited Condition Transaction” means (i) any acquisition or other
similar investment, including by means of a merger, amalgamation, consolidation, Division or similar transaction, by the Issuer or one or more of its Subsidiaries, the consummation of which is not conditioned upon the availability of, or on
obtaining, third party financing or in connection with which any fee or expense would be payable by the Issuer or its Subsidiaries to the seller or target in the event financing to consummate the acquisition is not obtained as contemplated by the
definitive acquisition agreement or (ii) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and
discharge or repayment. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor
to its rating agency business. 
 “Net Proceeds” means the aggregate cash proceeds and Fair Market
Value of any Cash Equivalents received by the Issuer or a Restricted Subsidiary in respect of any Asset Sale (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but
only as and when received), net of (i) the direct costs relating to such Asset Sale, including legal, accounting, consultant and investment banking fees and discounts, brokerage and sales commissions, any relocation expenses and other fees,
expenses and charges incurred as a result thereof, Taxes paid or payable as a result thereof (including in connection with any repatriation of funds and after taking into account any available tax credits or deductions and any tax sharing
arrangements), (ii) amounts required to be applied to the repayment of principal, premium, if any, and interest on Senior Indebtedness or Indebtedness of any Restricted Subsidiary that is not a Guarantor required (other than pursuant to
Section 4.15 (b)) to be paid as a result of such transaction, (iii) any costs associated with unwinding any related Hedging Obligations in connection with such transaction, (iv) all 

  
 27 

 
distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures as a result of such Asset Sale, or to any other Person (other than the Issuer
or a Restricted Subsidiary) owning a beneficial interest in the assets disposed of in such Asset Sale and (v) any liabilities associated with the asset disposed of in such transaction and retained by the Issuer or any of its Restricted
Subsidiaries after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction,
as determined in good faith by the Issuer. 
 “Notes Collateral Agent” means U.S. Bank National Association, in its
capacity as the Notes Collateral Agent under this Indenture and the Notes Collateral Documents, and any successor thereto in such capacity. 

“Notes Collateral Documents” means the Collateral Agreement, the Intercreditor Agreements, the intellectual property
security agreements, the mortgages and each other agreement, instrument or other document entered into in favor of the Notes Collateral Agent or any other holders of Obligations in respect of the Notes, including the Guarantees (and the successors
and assigns of each of the Notes and the Guarantees), for purposes of securing the Obligations in respect of the Notes (including the Guarantees) and this Indenture, as the same may be amended, restated, supplemented or otherwise modified from time
to time. 
 “Notes Obligations” means the Indebtedness incurred and Obligations outstanding under this Indenture,
the Notes, the Guarantees and the Collateral Agreement. 
 “Notes Priority Collateral” has the meaning set forth in
the Collateral Agreement. 
 “Notes Priority Obligations” means the Notes Obligations and all Additional Notes
Priority Obligations. 
 “Obligations” means any principal, interest, 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 Indebtedness. 

“Offering Memorandum” means the offering memorandum dated April 29, 2020 relating to the Initial
Notes. 
 “Officer” means, with respect to the Issuer or any other obligor upon the Notes, the
Chairman of the Board, the President, the Chief Executive Officer, the Chief Financial Officer, any Vice President, the Controller, the Treasurer or the Secretary (a) of such Person or (b) if such Person is owned or managed by a single
entity, of such entity, or any other individual designated as an “Officer” for the purposes of this Indenture by the Board of Directors of the Issuer. 

“Officer’s Certificate” means, with respect to the Issuer or any other obligor upon the Notes, a
certificate signed by one Officer of such Person and delivered to the Trustee. 

  
 28 

 “Opinion of Counsel” means a written opinion
reasonably acceptable to the Trustee from legal counsel (which may be subject to customary assumptions, exclusions, limitations and exceptions). The counsel may be an employee of or counsel to the Issuer or other counsel. 

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

 (3) Notes, except to the extent provided in Sections 8.02 and 8.03, with respect to which the Issuer has effected Legal
Defeasance or Covenant Defeasance as provided in Article 8; and 
 (4) Notes which have been paid pursuant to
Section 2.07 or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee an Officer’s
Certificate that such Notes are held by a Protected Purchaser in whose hands the Notes are valid obligations of the Issuer; provided that, in determining whether the Holders of the requisite principal amount of Outstanding Notes have given
any request, demand, authorization, direction, consent, notice or waiver hereunder, Notes owned by the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or any such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes which a Trust Officer of the Trustee has received written
notice at its address specified herein of being so owned shall be so disregarded. 
 “Participant”
means, with respect to the Depositary, a Person who has an account with the Depositary. 
 “Permitted Asset
Swap” means the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Issuer or a Restricted Subsidiary and another Person;
provided that any cash or Cash Equivalents received must be applied in accordance with Section 4.15. 
 “Permitted
Investments” means: 
 (1) any Investment in the Issuer or any Restricted Subsidiary; 

  
 29 

 (2) any Investment in cash, Cash Equivalents or Investment Grade Securities;

 (3) any Investment by the Issuer or any Restricted Subsidiary in a Person that is engaged in a Similar Business 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, consolidated or amalgamated with or into,
divided from in a Division or transfers or conveys substantially all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary, 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; 
 (4) any Investment in
securities or other property or assets received in connection with an Asset Sale made pursuant to Section 4.15, or any other disposition of assets not constituting an Asset Sale; 

(5) any Investment existing on the Issue Date and any modification, replacement, renewal, reinvestment or extension thereof
(including any capitalization of intercompany loans to equity), and any Investment made pursuant to the Spin-Off Documents on substantially the terms described in the Offering Memorandum; 

(6) any Investment acquired by the Issuer or any Restricted Subsidiary: 

(A) (i) in exchange for any other Investment or accounts receivable held by the Issuer 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) in settlement of delinquent accounts and disputes with customers and suppliers
in the ordinary course of business, or 
 (B) as a result of a foreclosure by the Issuer or any Restricted Subsidiary with
respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 
 (7)
Hedging Obligations and Commercial Agreements permitted under Section 4.07(b)(10); 
 (8) [reserved.]; 

(9) Investments the payment for which consists of Equity Interests of the Issuer (exclusive of Disqualified Stock);
provided that such Equity Interests shall not increase the amount available for Restricted Payments under clause (C) of Section 4.09(a); 

(10) (i) guarantees of Indebtedness permitted under Section 4.07 and (ii) guarantees of leases (other than
Capitalized Lease Obligations) or of other obligations 

  
 30 

 
that do not constitute Indebtedness, in each case entered into in the ordinary course of business; 

(11) any transaction to the extent it constitutes an Investment that is permitted and made in accordance with
Section 4.17(b) (except transactions described in Section 4.17(b)(2), (4), (7) and (12)); 
 (12) Investments
consisting of purchases and acquisitions of inventory, supplies, material or equipment or other similar assets in the ordinary course of business, or the licensing or contribution of intellectual property pursuant to joint marketing arrangements
with other Persons; 
 (13) additional Investments having an aggregate Fair Market Value, taken together with all other
Investments made pursuant to this clause (13) that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of cash or marketable securities), not to
exceed the greater of (x) $450 million and (y) 57.5% of EBITDA for the most recently ended Test Period at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to
subsequent changes in value); provided, however, that if any Investment pursuant to this clause (13) is made in any Person that is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person
becomes a Restricted Subsidiary after such date, such investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (13) for so long as such Person continues
to be a Restricted Subsidiary; 
 (14) customary Investments in connection with Receivables Facilities or any repurchases in
connection therewith; 
 (15) loans or advances to, or guarantees of Indebtedness of, directors, officers, consultants or
employees in the aggregate not to exceed at any one time outstanding the greater of (x) $20 million and (y) 2.5% of EBITDA for the most recently ended Test Period at the time of such advance or guarantee; 

(16) loans and advances to officers, directors, managers and employees for business-related travel expenses, moving expenses,
payroll expenses and other similar expenses, in each case incurred in the ordinary course of business or consistent with past practices or to fund such Person’s purchase of Equity Interests of the Issuer; 

(17) advances, loans, extensions of trade credit, secured deposits or prepaid expenses in the ordinary course of business by
the Issuer or any of the Restricted Subsidiaries; 
 (18) intercompany current liabilities owed by Unrestricted Subsidiaries
or joint ventures incurred in the ordinary course of business in connection with the cash management operations of the Issuer and its Subsidiaries; 

  
 31 

 (19) 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 Issuer and its Restricted Subsidiaries in connection with
such plans; 
 (20) Investments of any Person existing at the time such Person becomes a Restricted Subsidiary or
consolidates or merges with the Issuer or any Restricted Subsidiary so long as such Investments were not made in contemplation of such Person becoming a Restricted Subsidiary or of such consolidation or merger; 

(21) Investments resulting from pledges or deposits described in clause (2) of the definition of the term “Permitted
Liens”; 
 (22) Investments that result solely from the receipt by the Issuer or any Restricted Subsidiary from any of
its Subsidiaries of a dividend or other Restricted Payment in the form of Equity Interests, evidences of Indebtedness or other securities; 

(23) Investments in the ordinary course of business or consistent with past practice consisting of Uniform Commercial Code
Article 3 endorsements for collection or deposit and Article 4 customary trade arrangements with customers consistent with past practices; 

(24) non-cash Investments in connection with tax planning and reorganization
activities; 
 (25) Investments made in the form of loans or advances made to distributors in the ordinary course of
business; 
 (26) to the extent they constitute Investments, guarantees in the ordinary course of business of the obligations
of suppliers, customers, franchisees, lessors and licensees of the Issuer and any Restricted Subsidiary; 
 (27) any
Investment so long as immediately after giving effect to the making thereof, the Consolidated Total Debt Ratio of the Issuer and the Restricted Subsidiaries is equal to or less than 1.25 to 1.00; and 

(28) loans and advances to customers; provided that the aggregate principal amount of loans and advances outstanding
under this clause (28) at any time shall not exceed the greater of (x) $15 million and (y) 2.0% of EBITDA for the most recently ended Test Period at the time of the making of such loans or advances. 

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

(1) Liens: 

(a) on property (including Collateral) securing Indebtedness incurred pursuant to Section 4.07(b)(1) (and any related
guarantee incurred pursuant to Section 4.07(b)(17)) (including, in each case, Liens securing Hedging Obligations, Commercial Agreements, 

  
 32 

 
Supply Chain Financing (or analogous terms) and banking services or cash management and credit card obligations and related guarantees thereof to the extent the terms of such Indebtedness and
other obligations incurred pursuant to Section 4.07(b)(1) permit such Hedging Obligations, Commercial Agreements, Supply Chain Financing (or analogous terms) and banking services or cash management and credit card obligations to be so secured);
provided, however, that in the case of Liens on any or all of the Collateral securing Indebtedness constituting First Priority Obligations or Second Priority Obligations, the holders of such Indebtedness, or their duly appointed agent,
are or shall become party to the First Lien-Second Lien Intercreditor Agreement, a First Lien Pari Passu Intercreditor Agreement or a Second Lien Pari Passu Intercreditor Agreement, as applicable; 

(b) on Collateral securing Indebtedness incurred as Ratio Indebtedness (and any related guarantee incurred pursuant to
Section 4.07(b)(17)); provided, however, that such Indebtedness constitutes Second Priority Obligations and the holders of such Indebtedness, or their duly appointed agent, are or shall become party to the First Lien-Second Lien
Intercreditor Agreement and, if applicable, a Second Lien Pari Passu Intercreditor Agreement; 
 (c) on Collateral securing
Indebtedness incurred pursuant to Section 4.07(b)(2) (and any related Guarantee); 
 (d) on property securing
Indebtedness incurred pursuant to Section 4.07(b)(4); provided, however, that such Lien may not extend to any assets other than the assets acquired, leased, constructed, installed, repaired, replaced or improved with the
Indebtedness incurred pursuant to such Section 4.07(b)(4) or the proceeds thereof and, in each case, not constituting Collateral; 

(e) on property securing Indebtedness incurred by any Foreign Subsidiary; provided, however, that such Lien may
not extend to any assets other than the assets of Foreign Subsidiaries; 
 (f) on property (including Collateral) securing
Indebtedness incurred pursuant to Section 4.07(b)(12) (and any related guarantee incurred pursuant to Section 4.07(b)(17)); provided, however, that in the case of Liens on Collateral, the holders of such Indebtedness, or
their duly appointed agent, are or shall become party to the First Lien-Second Lien Intercreditor Agreement and, if applicable, a Second Lien Pari Passu Intercreditor Agreement or the ABL-Notes Intercreditor
Agreement; and 
 (g) on property securing Indebtedness incurred pursuant to clauses (10), (15), (16) and (18) of
Section 4.07(b); 
 (2) pledges, deposits or security by such Person (i) under workmen’s compensation laws,
unemployment insurance, employers’ health Tax, and other social security laws or similar legislation or other insurance related obligations (including, but not limited to, in respect of deductibles, self-insured retention amounts and premiums
and adjustments thereto) or indemnification obligations of insurance carriers providing 

  
 33 

 
property, casualty or liability insurance, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a
party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety, stay, customs or appeal bonds to which such Person is a party, or deposits as security for contested Taxes or
import duties or for the payment of rent, performance and return-of-money bonds and other similar obligations (including those to secure health, safety and environmental
obligations) and (ii) in respect of letters of credit, bank guarantees or similar instruments issued for the account of such Person in the ordinary course of business supporting obligations of such type, in each case incurred in the ordinary
course of business; 
 (3) Liens imposed by law or regulation, such as carriers’, warehousemen’s,
materialmen’s, repairmen’s, mechanics’, contractors’, landlords’, architects’ and other similar Liens, in each case for sums not yet overdue for a period of more than 30 days or being contested in good faith by
appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review if adequate reserves with respect thereto are
maintained on the books of such Person in accordance with GAAP; 
 (4) Liens for Taxes, assessments or other governmental
charges not yet overdue for a period of more than 30 days or which are being contested in good faith by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of such Person in accordance
with GAAP, or for property Taxes on property such Person or one of its Subsidiaries has determined to abandon if the sole recourse for such Tax, assessment, charge, levy or claim is to such property; 

(5) Liens in favor of issuers of performance, surety, bid, indemnity, warranty, release, appeal or similar bonds or with
respect to other regulatory requirements or letters of credit or bankers’ acceptances issued, and completion guarantees provided for, in each case pursuant to the request of and for the account of such Person in the ordinary course of its
business; 
 (6) survey exceptions, encumbrances, ground leases, easements or reservations of, or rights of others for,
licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines and other similar
purposes, or zoning, building codes or other restrictions (including, without limitation, defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental, to the conduct of the business of such
Person or to the ownership of its properties which were not incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the
business of such Person; 
 (7) Liens existing on the Issue Date or under the
Spin-Off Documents (other than Liens securing or to secure obligations in respect of the Notes, the Second Lien Notes or the ABL Credit Facility); 

  
 34 

 (8) Liens on property or shares of stock of a Person at the time such Person
becomes a Subsidiary; provided such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming a Subsidiary; provided further, however, that such Liens may not extend to any other property
owned by the Issuer or any Guarantor (other than after-acquired property that is (a) affixed or incorporated into the property covered by such Lien, (b) subject to a Lien securing such Indebtedness, the terms of which Indebtedness require
or include a pledge of after-acquired property and (c) the proceeds and products thereof); 
 (9) Liens on property at
the time the Issuer or a Restricted Subsidiary acquired, constructed, repaired or improved the property, including any acquisition by means of a merger or consolidation with or into the Issuer or any Restricted Subsidiary; provided that such
Liens are not created or incurred in connection with, or in contemplation of, such acquisition, merger or consolidation; provided further that the Liens may not extend to any other property owned by the Issuer or any Restricted Subsidiary;

 (10) Liens securing Indebtedness or other obligations of the Issuer or a Restricted Subsidiary owing to the Issuer or
another Restricted Subsidiary that is a Guarantor permitted to be incurred in accordance with Section 4.07; 
 (11)
Liens securing Hedging Obligations and Cash Management Services incurred in compliance with Section 4.07; 
 (12) Liens
on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances or trade 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; 
 (13) leases, subleases, licenses or sublicenses (including
of intellectual property and other similar grants of intellectual property) to or from third parties granted in the ordinary course of business; 

(14) Liens arising from Uniform Commercial Code (or equivalent statute) financing statement filings regarding operating leases
or consignments entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business; 
 (15) Liens in
favor of the Issuer or any Guarantor; 
 (16) Liens on equipment of the Issuer or any Restricted Subsidiary granted in the
ordinary course of business to the Issuer’s or such Restricted Subsidiaries’ client at which such equipment is located; 

(17) Liens on accounts receivable and related assets incurred pursuant to a Receivables Facility or other receivables financing
(provided that, in the case of such other receivables financing, the Obligations secured by such Lien are non-recourse to the Issuer and the Restricted Subsidiaries (other than Receivables Subsidiaries)
other than pursuant to standard securitization undertakings); 

  
 35 

 (18) Liens to secure any Refinancing of any Indebtedness secured by any Lien
referred to in clause (1)(a), (1)(b), 1(c), (7), (8), (9), (10), (11), (18) and (21) of this definition of “Permitted Liens”; provided that 

(X) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus accessions,
additions and improvements on such property and after-acquired property that is (a) affixed or incorporated into the property covered by such Lien, (b) subject to a Lien securing such Indebtedness, the terms of which Indebtedness require
or include a pledge of after-acquired property and (c) the proceeds and products thereof), 
 (Y) the Indebtedness
secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, Reserved Indebtedness Amount of the Indebtedness described under clauses (1)(a), (1)(b), (1)(c), (7),
(8), (9), (10), (11), (18) and (21) at the time the original Lien became a Permitted Lien under this Indenture, and (ii) an amount necessary to pay any fees and expenses, including premiums, and accrued and unpaid interest related to such
Refinancing; and 
 (Z) such new Lien shall have no greater priority relative to the Notes and the Guarantees and the holders
of the Indebtedness secured by such Lien shall have no greater intercreditor rights relative to the Notes and the Guarantees and the holders thereof than the original Liens and the related Indebtedness; 

(19) deposits made or other security provided to secure liabilities to insurance carriers under insurance or self-insurance
arrangements in the ordinary course of business; 
 (20) [reserved.]; 

(21) Liens securing Indebtedness at any one time outstanding not to exceed (together with any Liens securing any Refinancing
Indebtedness in respect thereof incurred pursuant to clause (18) of this definition of “Permitted Liens”) the greater of (x) $100 million and (y) 12.5% of EBITDA for the most recently ended Test Period at the time of incurrence;

 (22) Liens arising out of judgments, decrees, orders or awards in respect of which the Issuer or any Restricted Subsidiary
shall in good faith be prosecuting an appeal or proceedings for review, which appeal or proceedings shall not have been finally terminated, or if the period within which such appeal or proceedings may be initiated shall not have expired; 

(23) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods in the ordinary course of business; 
 (24) Liens (i) of a collection bank
arising under Section 4- 208 of the Uniform Commercial Code as in effect in New York, or Section 4-210 of the Uniform

  
 36 

 
Commercial Code as in effect in another jurisdiction other than New York or any comparable or successor provision on items in the course of collection, (ii) attaching to pooling, commodity
trading accounts or other commodity brokerage accounts incurred in the ordinary course of business and (iii) in favor of banking or other financial institutions or electronic payment service providers arising as a matter of law encumbering
deposits (including the right of set-off) and which are within the general parameters customary in the banking or finance industry; 

(25) Liens deemed to exist in connection with repurchase agreements permitted under Section 4.07; provided that
such Liens do not extend to any assets other than those that are the subject of such repurchase agreement; 
 (26) 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; 

(27) Liens 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 Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Issuer or any of its Restricted Subsidiaries to permit satisfaction of
overdraft or similar obligations incurred in the ordinary course of business of the Issuer and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Issuer or any of its
Restricted Subsidiaries in the ordinary course of business; 
 (28) Liens solely on any cash earnest money deposits made by
the Issuer or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted under this Indenture; 

(29) the rights reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the
Issuer or any of its Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or permit, or to require annual or periodic payments as a condition to the continuance thereof; 

(30) restrictive covenants affecting the use to which real property may be put; provided that the covenants are complied
with; 
 (31) security given to a public utility or any municipality or governmental authority when required by such utility
or authority in connection with the operations of that Person in the ordinary course of business; 
 (32) zoning by-laws and other land use restrictions, including, without limitation, site plan agreements, development agreements and contract zoning agreements; 

(33) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into
by the Issuer or any Restricted Subsidiary in the ordinary course of business; 

  
 37 

 (34) any Lien granted pursuant to a security agreement between the Issuer or
any Restricted Subsidiary and a licensee of their intellectual property to secure the damages, if any, of such licensee resulting from the rejection by the Issuer or such Restricted Subsidiary of such licensee in a bankruptcy, reorganization or
similar proceeding with respect to the Issuer or such Restricted Subsidiary; provided that such Liens do not cover any assets other than the intellectual property subject to such license; 

(35) Liens on the Equity Interests and Indebtedness of Persons that are (i) joint ventures or (ii) not Restricted
Subsidiaries; provided that the Obligations secured by such Lien are non-recourse to the Issuer and the Restricted Subsidiaries; 

(36) in the case of (A) any Restricted Subsidiary that is not a Wholly-Owned Subsidiary or (B) the Equity Interests
in any Person that is not a Restricted Subsidiary, any encumbrance or restriction, including any put and call arrangements, related to Equity Interests in such Restricted Subsidiary or such other Person set forth in the organizational documents of
such Restricted Subsidiary or such other Person or any related joint venture, shareholders’ or similar agreement; 

(37) Liens on property or assets used to defease or to irrevocably satisfy and discharge Indebtedness; provided that
such defeasance or satisfaction and discharge is not prohibited by this Indenture; 
 (38) [reserved.]; 

(39) Sale and Lease-Back Transactions (i) to the extent the proceeds thereof are used by the Issuer and the Restricted
Subsidiaries to permanently repay outstanding Indebtedness of the Issuer or the Restricted Subsidiaries, (ii) with a term of not more than three years or (iii) incurred pursuant to Section 4.07(b)(4); 

(40) Liens on property of the Issuer or a Restricted Subsidiary in favor of the United States of America or any State thereof
or the jurisdiction of organization of such Restricted Subsidiary, or any department, agency or instrumentality or political subdivision of the United States of America or any State thereof or the jurisdiction of organization of such Restricted
Subsidiary, to secure partial, progress, advance or other payments pursuant to any contract or statute; 
 (41) banker’s
liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with depository institutions and securities accounts and other financial assets maintained with a
securities intermediary; provided that such deposit accounts or funds and securities accounts or other financial assets are not established or deposited for the purpose of providing collateral for any Indebtedness; 

(42) in connection with the sale or transfer of any Equity Interests or other assets in a transaction permitted under this
Indenture, customary rights and restrictions contained in agreements relating to such sale or transfer pending the completion thereof; 

(43) Liens on cash or Cash Equivalents securing (i) letters of credit and other credit support obligations in the ordinary
course of business and (ii) letters of credit of the 

  
 38 

 
Issuer or any Guarantor that are cash collateralized on the Issue Date or the Distribution Date in an amount of cash or Cash Equivalents with a fair market value of up to 105% of the face amount
of such letters of credit being secured; 
 (44) any Liens arising by operation of law; 

(45) [reserved.]; 

(46) Liens on the Collateral in favor of any Collateral Agent for the benefit of the Holders relating to such Collateral
Agent’s administrative expenses with respect to the Collateral; 
 (47) deposits made or other security provided in the
ordinary course of business to secure liability to insurance brokers, carriers, underwriters or under self-insurance arrangements in respect of such obligations; 

(48) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto or on
funds received from insurance companies on account of third party claims handlers and managers; 
 (49) Liens arising
pursuant to Section 107(l) of the Comprehensive Environmental Response, Compensation and Liability Act or similar lien provision of any other environmental statute; and 

(50) rights of recapture of unused real property (other than any real property constituting “Material Real Property”
(as defined under the ABL Credit Facility) of the Issuer or the Guarantors pursuant to the ABL Credit Facility) in favor of the seller of such property set forth in customary purchase agreements and related arrangements with any governmental
authority. 
 “Person” means any individual, corporation, limited liability company, partnership,
joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“preferred stock” means any Equity Interest with preferential rights of payment of dividends or upon
liquidation, dissolution or winding up. 
 “principal” of a Note means the principal of the Note plus
the premium, if any, payable on the Note which is due or overdue or is to become due at the relevant time. 
 “Private Placement
Legend” means the legend set forth in Section 2.06(g)(i) hereof to be placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 

“Protected Purchaser” has the definition provided in
Section 8-303 of the Uniform Commercial Code. 
 “QIB”
means a “qualified institutional buyer” as defined in Rule 144A. 

  
 39 

 “Rating Agencies” means (a) so long as one or
both of Moody’s and S&P shall make a rating on the Notes publicly available, Moody’s, S&P and Fitch (or, if Fitch shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency selected
by the Issuer which shall be substituted for Fitch) or (b) if neither Moody’s nor S&P (or none of Moody’s, S&P and Fitch) shall make a rating on the Notes publicly available, a nationally recognized statistical rating agency
or agencies, as the case may be, selected by the Issuer which shall be substituted for any of Moody’s, S&P and Fitch or all of them, 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 customary representations, warranties, covenants and indemnities made in
connection with such facilities) to the Issuer and the Restricted Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Issuer or any Restricted Subsidiary factors, sells or pledges its accounts receivable or loans secured by
accounts receivable to either (a) a Person that is not a Restricted Subsidiary or (b) a Receivables Subsidiary that in turn funds such purchase by purporting to sell or pledge its accounts receivable or such loans to a Person that is not a
Restricted Subsidiary or by borrowing from such a Person or from another Receivables Subsidiary that in turn funds itself by borrowing from such a Person. 

“Receivables Fee” means distributions or payments made directly or by means of discounts with respect to
any accounts receivable or participation interest 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 facilitating or entering into
one or more Receivables Facilities, and in each case engages only in activities reasonably related or incidental thereto. 

“Refinance” means, in respect of any Indebtedness, Disqualified Stock or preferred stock, to refinance,
extend, renew, refund, repay, prepay, purchase, redeem, defease or retire, or to issue other Indebtedness, Disqualified Stock or preferred stock in exchange or replacement for, such Indebtedness, Disqualified Stock or preferred stock, in whole or in
part. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Refinancing Indebtedness” means any Indebtedness, Disqualified Stock or preferred stock incurred or issued by the
Issuer or a Restricted Subsidiary that serves to Refinance within 120 days following the date of the incurrence or issuance thereof any Indebtedness, Disqualified Stock or preferred stock incurred as permitted under this Indenture or any
Indebtedness, Disqualified Stock or preferred stock issued to so Refinance such Indebtedness, Disqualified Stock or preferred stock prior to its maturity, provided that: 

(1) such Refinancing Indebtedness has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred
which is not less than the shorter of (x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or preferred stock being Refinanced and (y) the Weighted Average Life to Maturity that would result if all
payments of principal on the Indebtedness, Disqualified Stock or 

  
 40 

 
preferred stock being Refinanced that were due on or after the date that is one year following the maturity date of the Notes then outstanding were instead due on such date; provided that
this subclause (1) shall not apply to any refunding or refinancing of any Secured Indebtedness incurred and outstanding under Section 4.07(b)(1); 

(2) to the extent such Refinancing Indebtedness Refinances (i) Indebtedness subordinated to the Notes or any Guarantee,
such Refinancing Indebtedness is subordinated to the Notes or such Guarantee at least to the same extent as the Indebtedness being Refinanced or (ii) Disqualified Stock or preferred stock, such Refinancing Indebtedness must be Disqualified
Stock or preferred stock, respectively; 
 (3) such Refinancing Indebtedness shall not include (i) Indebtedness,
Disqualified Stock or preferred stock of a Subsidiary of the Issuer that is not a Guarantor that Refinances Indebtedness, Disqualified Stock or preferred stock of a Guarantor or (ii) Indebtedness, Disqualified Stock or preferred stock of a
Restricted Subsidiary that Refinances Indebtedness, Disqualified Stock or preferred stock of an Unrestricted Subsidiary; and 

(4) the principal amount (or accreted value, if applicable) of such Refinancing Indebtedness shall not exceed the principal
amount (or accreted value, if applicable) of the Indebtedness, Disqualified Stock or preferred stock being Refinanced except by an amount no greater than accrued and unpaid interest with respect to such Indebtedness, Disqualified Stock or preferred
stock and any reasonable fees, premium and expenses relating to such Refinancing. 
 “Regular Record Date”
for the interest payable on any Interest Payment Date means the applicable date specified as a “Record Date” on the face of the Note. 

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

“Regulation S Global Note” means a Global Note in the form of Exhibit A hereto, bearing the
Global Note Legend, the Private Placement Legend and the Regulation S Global Note Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, issued in a denomination equal to the outstanding principal
amount of the Notes initially sold in reliance on Rule 903. 
 “Regulation S Global Note Legend” means
the legend set forth in Section 2.06(g)(iii) hereof. 
 “Related Business Assets” means assets
(other than cash or Cash Equivalents) used or useful in a Similar Business; provided that any assets received by the Issuer or the Restricted Subsidiaries in exchange for assets transferred by the Issuer or a Restricted Subsidiary shall not
be deemed to be Related Business Assets if they consist of Capital Stock of a Person, unless upon receipt of the Capital Stock of such Person, such Person would become a Restricted Subsidiary. 

“Restricted Certificated Note” means a Certificated Note bearing, or that is required to bear, the
Private Placement Legend. 

  
 41 

 “Restricted Global Note” means a Global Note bearing,
or that is required to bear, the Private Placement Legend. 
 “Restricted Investment” means an
Investment other than a Permitted Investment. 
 “Restricted Period” means, in respect of any Note
issued pursuant to Regulation S, the 40-day distribution compliance period as defined in Regulation S applicable to such Note. 

“Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of the Issuer (including
any Foreign Subsidiary) that is not then an Unrestricted Subsidiary; provided that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary in accordance with this Indenture, such Subsidiary shall be included
in the definition of “Restricted Subsidiary.” 
 “Rule 144” means Rule 144 promulgated under
the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 

“S&P” means S&P Ratings Services, a division of S&P Global Inc., and any successor to its
rating agency business. 
 “Sale and Lease-Back Transaction” means any arrangement with any Person
providing for the leasing by the Issuer or any Restricted Subsidiary of any real or tangible personal property, which property has been or is to be sold or transferred by the Issuer or such Restricted Subsidiary to such Person in contemplation of
such leasing. 
 “SEC” means the United States Securities and Exchange Commission. 

“Second Lien Agent” means (i) U.S. Bank National Association, as collateral agent for the holders of the Second
Lien Notes and (ii) in the case of any additional Second Priority Obligations and the additional holders of such Second Priority Obligations with respect thereto, the additional Second Lien Agent in respect thereof. 

“Second Lien Collateral Agreement” means that certain Notes Collateral Agreement dated as of March 30, 2020 among
the Issuer, the Guarantors and the Second Lien Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Second Lien Collateral Documents” means the Second Lien Collateral Agreement, the intellectual property security
agreements, the mortgages and each other agreement, instrument or other document entered into in favor of the Second Lien Agent or any other holders of Second Priority Obligations, for purposes of securing the Second Priority Obligations (including
any guarantees thereof), as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Second
Lien Indenture” means that certain indenture, dated as of February 7, 2020, governing the Second Lien Notes and “Additional Notes” (as defined in the Second Lien Indenture) subsequently issued thereunder, as the same may
be amended, restated, supplemented or otherwise modified from time to time. 

  
 42 

 “Second Lien Pari Passu Intercreditor Agreement” means an
intercreditor agreement entered into by the Second Lien Agent and the representative of the holders of any additional Second Priority Obligations, which will define the rights of the Second Priority Secured Parties in relationship to one another
with respect to the Collateral, as may be amended, restated, supplemented or otherwise modified from time to time. 
 “Second
Priority Documents” means the Second Lien Indenture, the Second Lien Collateral Documents and all other agreements or instruments evidencing or creating any security interest or Lien in favor of the Second Lien Agent for the Second Lien
Notes, the Second Lien Notes, each guarantee by any grantor in respect thereof of any or all of the Second Priority Obligations, the First Lien-Second Lien Intercreditor Agreement and any Second Lien Pari Passu Intercreditor Agreement, as amended
from time to time in accordance with their respective terms. 
 “Second Priority Secured Parties” means each Person
holding Second Priority Obligations. 
 “Second Priority Obligations” means (1) the Second Lien Notes and all
other Obligations of the Issuer and the Guarantors issued or arising under the Second Lien Indenture and (2) any other Indebtedness and related obligations of the Issuer and the Guarantors incurred subsequent to the Issue Date and outstanding
from time to time that is designated as Second Priority Obligations in writing by the Issuer in accordance with the terms of the Second Priority Documents and that by its terms is secured (and is permitted by this Indenture and the First Priority
Documents to be secured) by a Permitted Lien on any or all of the Collateral that has equal priority to the Liens securing the Second Lien Notes. 

“Secured Cash Management Obligations” means the due and punctual payment of any and all obligations of (x) the
Issuer and each Guarantor and (y) each Restricted Subsidiary that is not a Guarantor, in each case whether absolute or contingent and however and whenever created, arising, evidenced or acquired (including all renewals, extensions and
modifications thereof and substitutions therefor) arising in respect of Cash Management Services or in the case of clause (y) above only, local working capital and/or bilateral credit facilities (such local working capital and/or bilateral
credit facilities, the “Cash Management Financing Facilities”). 
 “Secured Commercial Obligations” shall
mean the due and punctual payment and performance of any and all obligations of the Issuer and each Restricted Subsidiary arising under each Commercial Agreement. 

“Secured Hedging Obligations” means the due and punctual payment of any and all Hedging Obligations of the Issuer and
each Restricted Subsidiary. 
 “Secured Indebtedness” means any Indebtedness of the Issuer or any of
its Restricted Subsidiaries secured by a Lien. 
 “Secured Supply Chain Financing” means any Supply Chain Financing
that is entered into by the Issuer or any Restricted Subsidiary, including any such Supply Chain Financing that is in effect on the Issue Date. 

  
 43 

 “Secured Supply Chain Financing Obligations” means all obligations
of the Issuer and the Restricted Subsidiaries in respect of any Secured Supply Chain Financing. 
 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 

“Senior Indebtedness” means with respect to any Person: 

(1) Indebtedness of such Person, whether outstanding on the Issue Date or thereafter incurred; and 

(2) all other Obligations of such Person (including interest accruing on or after the filing of any petition in
bankruptcy or for reorganization relating to such Person whether or not post-filing interest is allowed in such proceeding) in respect of Indebtedness described in clause (1) above in the case of both clauses (1) and (2), to the extent
permitted to be incurred under the terms of this Indenture, unless, in the case of clauses (1) and (2), in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such Indebtedness
or other Obligations are subordinated in right of payment to the Notes or the Guarantee of such Person, as the case may be; 
 provided
that Senior Indebtedness shall not include: 
 (1) any obligation of such Person to the Issuer or any Subsidiary of the
Issuer other than loans of proceeds from Indebtedness constituting Senior Indebtedness securing Senior Indebtedness; 
 (2)
any liability for Federal, state, local or other Taxes owed or owing by such Person; 
 (3) any accounts payable or other
liability to trade creditors arising in the ordinary course of business; 
 (4) any Capital Stock; 

(5) Subordinated Indebtedness; or 

(6) that portion of any Indebtedness which at the time of incurrence is incurred in violation of this Indenture. 

“Separation and Distribution Agreement” means the Separation and Distribution Agreement between Howmet
and the Issuer, dated the Distribution Date. 
 “Significant Subsidiary” means any Restricted
Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such
regulation is in effect on the Issue Date. 

  
 44 

 “Similar Business” means any business conducted or
proposed to be conducted by the Issuer and the Restricted Subsidiaries on the Distribution Date or any business that is similar, reasonably related, incidental or ancillary thereto or extensions, developments or expansions thereof. 

“Specified Cash Equivalents” means (a) securities issued or directly and fully guaranteed or insured by the U.S.
government or any agency or instrumentality thereof (provided, that the full faith and credit of the United States is pledged in support thereof) having repricings or maturities of not more than one year from the date of acquisition;
(b) certificates of deposit and time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any United States
commercial bank having capital and surplus in excess of $500.0 million; (c) repurchase obligations with a term of not more than 14 days for underlying securities of the types described in clauses (a) and (b) above entered into with
any financial institution meeting the qualifications specified in clause (b) above; and (d) money market funds that invest solely in Specified Cash Equivalents of the kinds described in clauses (a) through (c) above. 

“Spin-Off” means the
spin-off of the Issuer from Howmet, as more fully described in the Form 10, together with the reorganization and all other transactions pursuant to, and the performance of all other obligations under, the Spin-Off Documents. 
 “Spin-Off
Documents” means the Separation and Distribution Agreement, the Tax Matters Agreement, the Employee Matters Agreement, the Intellectual Property Agreements, the Master Agreement for Product Supply by and between Arconic
Massena LLC, Arconic Lafayette LLC, Arconic Davenport LLC and Howmet, the Metal Supply & Tolling Agreement by and between Arconic-Köfém Mill Products Hungary Kft and Arconic-Köfém Kft, the Use Agreement by and between Arconic-Köfém Székesfehérvári Könnyűfémmű
Korlátolt Felelősségű Társaság and Arconic-Köfém Mill Products Hungary Korlátolt Felelősségű Társaság, the Land Use Right
Agreement by and between Arconic-Köfém Mill Products Hungary Korlátolt Felelősségű Társaság and
Arconic-Köfém Székesfehérvári Könnyűfémmű Korlátolt Felelősségű Társaság, the Service Level Agreement for Central
Engineering and Maintenance by and between Arconic-Köfém Kft and Arconic-Köfém Mill Products Hungary Kft, the Service Level Agreement for Energy,
Steam and Water by and between Arconic-Köfém Kft and Arconic-Köfém Mill Products Hungary Kft, the Land Use Right Agreement by and between Arconic-Köfém Székesfehérvári Könnyűfémmű Korlátolt Felelősségű Társaság and
Arconic-Köfém Mill Products Hungary Korlátolt Felelősségű Társaság, the Second Supplemental Tax and Project Certificate and Agreement by and among Howmet,
Arconic Davenport LLC and Arconic Corporation, the Lease and Property Management Agreement by and between Howmet and Arconic Massena LLC and the documents evidencing Indebtedness in respect of the Distribution Date Payment together with any other
agreements, instruments or other documents entered into in connection with any of the foregoing, each as amended from time to time. 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed
date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof
upon the 

  
 45 

 
happening of any contingency beyond the control of the issuer unless such contingency has occurred). 

“Subordinated Indebtedness” means: 

(1) with respect to the Issuer, any Indebtedness of the Issuer that is by its terms subordinated in right of payment to the
Notes, and 
 (2) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms subordinated in
right of payment to the Guarantee of such Guarantor under this Indenture. 
 “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 well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests
representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held (unless parent does not
control such entity), or (b) that is, as of such date, otherwise controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent; provided, however, that a
joint venture shall not be deemed to be a subsidiary solely as a result of this clause (b). For purposes of this definition, control means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies, or the dismissal or appointment of the management, of a Person, whether through the ability to exercise voting power, by contract or otherwise. 

“Successor Issuer” has the meaning specified in Section 5.01. 

“Suspended Covenants” has the meaning specified in Section 4.18. 

“Suspension Date” has the meaning specified in Section 4.18. 

“Suspension Period” has the meaning specified in Section 4.18. 

“Supply Chain Financing” means any agreement under which any bank, financial institution or other Person may from time
to time provide any financial accommodation to any of the Issuer or any Restricted Subsidiary in connection with trade payables of the Issuer or any Restricted Subsidiary, in each case issued for the benefit of any such bank, financial institution
or such other person that has acquired such trade payables pursuant to “supply chain” or other similar financing for vendors and suppliers of the Issuer or any Restricted Subsidiaries. 

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

  
 46 

 “Tax” means any tax, duty, levy, impost, assessment,
fee or other governmental charge, in each case in the nature of a tax (including penalties, interest and any additions thereto, and, for the avoidance of doubt, including any withholding or reduction for or on account thereof). 

“Tax Matters Agreement” means the Tax Matters Agreement between Howmet and the Issuer, dated the
Distribution Date. 
 “Test Period” means at date of determination, the period of four consecutive fiscal quarters
of the Issuer then last ended as of such time for which financial statements are internally available. 

“Transactions” means the issuance of the Notes, the prepayment in full of the Obligations outstanding
under the Existing Term Loan and the prepayment in full of the Obligations outstanding under the Existing Revolving Credit Facility and the termination in full of the commitments thereunder. 

“Treasury Rate” means, as of any redemption date, the yield to maturity of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available at least two business days prior to the date of the applicable redemption notice (or, if
such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to May 15, 2022; provided that if the period from the redemption date to
May 15, 2022 is not equal to the constant maturity of the United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of the United States Treasury securities for which such yield are given, except that if the period from the redemption date to May 15, 2022 is less than one
year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 

“Trust Officer” means any other officer or assistant officer of the Trustee assigned by the Trustee to
administer its corporate trust matters and who shall have direct responsibility for the administration of this Indenture. 

“Trustee” means U.S. Bank National Association until a successor or assignee replaces it and,
thereafter, means the successor or assignee. 
 “Uniform Commercial Code” or
“UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York; provided that, in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of,
or remedies with respect to, any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the terms “Uniform Commercial Code” and “UCC” shall mean the
Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions hereof relating to such perfection, priority or remedies. 

“Unrestricted Certificated Note” means one or more Certificated Notes that do not bear and are not
required to bear the Private Placement Legend. 

  
 47 

 “Unrestricted Global Note” means a permanent Global
Note, substantially in the form of Exhibit A hereto, that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and
registered in the name of the Depositary, representing Notes that do not bear the Private Placement Legend. 
 “Unrestricted
Subsidiary” means: 
 (1) any Subsidiary of the Issuer which at the time of determination is an Unrestricted
Subsidiary (as designated by the Board of Directors of the Issuer, as provided below) and 
 (2) any Subsidiary of an
Unrestricted Subsidiary. 
 The Board of Directors of the Issuer may designate any Subsidiary of the Issuer (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 Equity Interests or Indebtedness of, or owns or holds any Lien on, any property of, the Issuer
or any Restricted Subsidiary (other than any Subsidiary of the Subsidiary to be so designated); provided that such designation would be permitted by Section 4.09 and the definition of “Investments”; 

The Board of Directors of the Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that,
immediately after giving effect to such designation no Default shall have occurred and be continuing and either: 
 (1) the
Issuer could incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test in Section 4.07(a), or 

(2) the Fixed Charge Coverage Ratio for the Issuer and the Restricted Subsidiaries would be equal to or greater than such ratio
for the Issuer and the Restricted Subsidiaries immediately prior to such designation, 
 in each case on a pro forma basis taking
into account such designation. 
 Any such designation by the Board of Directors of the Issuer shall be notified by the Issuer to the
Trustee and the Notes Collateral Agent by promptly filing with the Trustee a copy of the Board Resolution giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions.

 “U.S. Dollar Equivalent” means, with respect to any monetary amount in a
currency other than U.S. dollars, at any time for determination thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of U.S. dollars with
the applicable foreign currency as published in The Wall Street Journal in the “Exchange Rates” column under the heading “Currency Trading” on the date two Business Days prior to such determination. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is normally
entitled to vote in the election of the Board of Directors of such Person. 

  
 48 

 “Weighted Average Life to Maturity” means, when
applied to any Indebtedness, Disqualified Stock or preferred stock, as the case may be, at any date, the quotient obtained by dividing 

(1) the sum of the products of the number of years from the date of determination to the date of each successive scheduled
principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or preferred stock multiplied by the amount of such payment, by 

(2) the sum of all such payments. 

“Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the outstanding
Capital Stock or other ownership 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	  	 
		 	 Authenticating Agent
	  	Preamble	  	
		 	 Authentication Order
	  	2.02(d)	  	
		 	 DTC
	  	2.03(b)	  	
		 	 Eligible Collateral Agent
	  	13.05(e)	  	
		 	 Fixed Amounts
	  	4.07(f)	  	
		 	 Incurrence-Based Amounts
	  	4.07(f)	  	
		 	 Indenture
	  	Preamble	  	
		 	 Initial Lien
	  	4.10	  	
		 	 Issuer
	  	Preamble	  	
		 	 LCT Election
	  	1.05(a)	  	
		 	 LCT Test Date
	  	1.05(a)	  	
		 	 Legal Defeasance
	  	8.02	  	
		 	 Notes
	  	Recitals	  	
		 	 Note Register
	  	2.03(a)	  	
		 	 Paying Agent
	  	2.03(a)	  	
		 	 Ratio Indebtedness
	  	4.07(a)	  	
		 	 Redemption Date
	  	2.08(d)	  	
		 	 Registrar
	  	2.03(a)	  	
		 	 Reserved Indebtedness Amount
	  	4.07(c)(4)	  	

 SECTION 1.03. U.S. Dollar Equivalents. 

Except as otherwise set forth in Section 4.07(e), whenever it is necessary to determine whether the Issuer has complied with any covenant
in this Indenture or a Default has occurred and an amount is expressed in a currency other than U.S. dollars, such amount shall be treated as the U.S. Dollar Equivalent determined as of the date such amount is initially determined in such
currency. 

  
 49 

 SECTION 1.04. Rules of Construction. 

(a) Unless the context otherwise requires: 

(i) a term has the meaning assigned to it; 

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

(iii) “or” is not exclusive; 

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

(v) all references in this instrument to “Articles,” “Sections” and other subdivisions are to the
designated Articles, Sections and subdivisions of this instrument as originally executed; 
 (vi) the words
“herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 

(vii) “including” means “including without limitation”; 

(viii) provisions apply to successive events and transactions; and 

(ix) 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 SEC from time to time thereunder. 
 (b) Unless otherwise expressly specified,
references in this Indenture to specific Article numbers or Section numbers refer to Articles and Sections contained in this Indenture and not to any other document. 

SECTION 1.05. Limited Condition Transactions. 

(a) Notwithstanding anything in this Indenture to the contrary, when calculating any applicable financial ratio or test or determining other
compliance with this Indenture or the Notes (including the determination of compliance with any provision of this Indenture or the Notes which requires that no Default or Event of Default has occurred, is continuing or would result therefrom) in
connection with the consummation of a Limited Condition Transaction, the date of determination of such ratio or test and determination of whether any Default or Event of Default has occurred, is continuing or would result therefrom or other
applicable covenant shall, at the option of the Issuer (the Issuer’s election to exercise such option in connection with any Limited Condition Transaction, an “LCT Election”), be deemed to be the date the
definitive agreements for such Limited Condition Transaction are entered into (the “LCT Test Date”) and if, after such financial ratios and tests and other provisions are measured on a pro forma basis after
giving effect to such Limited Condition Transaction and the other transactions to be entered into in 

  
 50 

 
connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the relevant test period being used to calculate such
financial ratio ending prior to the LCT Test Date, the Issuer could have taken such action on the relevant LCT Test Date in compliance with such ratios and provisions, such provisions shall be deemed to have been complied with; provided that,
at the option of the Issuer, the relevant ratios and baskets may be recalculated at the time of consummation of such Limited Condition Transaction. For the avoidance of doubt, (x) if any of such financial ratios or tests are exceeded as a
result of fluctuations in such ratio or test (including due to fluctuations in EBITDA of the Issuer) at or prior to the consummation of the relevant Limited Condition Transaction, such financial ratios and tests and other provisions shall not be
deemed to have been exceeded as a result of such fluctuations solely for purposes of determining whether the Limited Condition Transaction is permitted under this Indenture and the Notes and (y) such financial ratios and tests and other
provisions shall not be tested at the time of consummation of such Limited Condition Transaction or related transactions. 
 (b) For the
avoidance of doubt, if the Issuer has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any financial ratio or test or basket availability with respect to any other transaction on or
following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without
consummation of such Limited Condition Transaction, for purposes of determining whether such subsequent transaction is permitted under this Indenture or the Notes, any such ratio, test or basket shall be required to comply with any such ratio, test
or basket on a pro forma basis assuming such Limited Condition Transaction and any other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated. 

ARTICLE II 
 THE NOTES 

SECTION 2.01. Form and Dating. 

(a) General. The Authenticating Agent shall initially authenticate the Notes for original issue on the Issue Date in an aggregate
principal amount of $700,000,000, upon a written order of the Issuer (other than as provided in Section 2.07 hereof). The Notes and the Authenticating Agent’s certificate of authentication shall be substantially in the form of Exhibit
A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication and shall bear interest from the date of original issuance thereof or from
the most recent date to which interest has been paid or duly provided for. The Notes shall be issued initially in minimum denominations of $2,000 and any integral multiple of $1,000 in excess of $2,000. 

(b) Global Notes. Notes issued in global form shall be substantially in the form of Exhibit A hereto (including the Global Note
Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in certificated form shall be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon
and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each 

  
 51 

 
Global Note shall represent such of the outstanding Notes as shall be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide
that it shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable,
to reflect exchanges, repurchases 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 Registrar or the
Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

(c) Regulation S Global Note and 144A Global Note. Notes offered and sold in reliance on (i) Regulation S shall be issued initially
in the form of the Regulation S Global Note and (ii) Rule 144A shall be issued initially in the form of the 144A Global Note; each such Global Note shall be deposited on behalf of the purchasers of the Notes represented thereby with the
Custodian and registered in the name of the Depositary, duly executed by the Issuer and authenticated by the Authenticating Agent as hereinafter provided. 

The aggregate principal amount of a Regulation S Global Note or 144A Global Note may from time to time be increased or decreased by
adjustments made on the records of the Registrar and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

SECTION 2.02. Execution and Authentication. 

(a) One Officer shall sign the Notes for the Issuer by manual or facsimile signature. 

(b) 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. 
 (c) A Note shall not be valid until authenticated by the manual signature of the Trustee or the Authenticating Agent. The signature
shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 (d) The Trustee or the Authenticating Agent shall,
upon a written order of the Issuer signed by one Officer (an “Authentication Order”), authenticate Notes. 

(e) The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. Unless otherwise provided in the
appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an
Agent to deal with Holders or an Affiliate of the Issuer or any of their respective Subsidiaries. The Trustee hereby appoints U.S. Bank National Association as Authenticating Agent and U.S. Bank National Association hereby accepts such appointment.

 SECTION 2.03. Registrar and Paying Agent. 

(a) The Issuer shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may 

  
 52 

 
be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes (“Note
Register”) and of their transfer and exchange. The Issuer 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 Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer shall notify
the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any of its Subsidiaries
may act as Paying Agent or Registrar. 
 (b) The Issuer initially appoints The Depository Trust Company
(“DTC”) to act as Depositary with respect to the Global Notes. 
 (c) The Issuer
initially appoints U.S. Bank National Association to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes, and U.S. Bank National Association hereby initially agrees so to act. The Registrar and Paying Agent
have engaged, currently are engaged, and may in the future engage in financial or other transactions with the Issuer and the other Guarantors and their and our affiliates in the ordinary course of their respective businesses. 

SECTION 2.04. Paying Agent to Hold Money in Trust. 

The Issuer shall require each Paying Agent other than the Trustee or U.S. Bank National Association, in its capacity as Paying Agent (which by
its execution of this Indenture hereby agrees) to agree in writing that the Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest
on the Notes, and shall notify the Trustee of any default by the Issuer 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 Issuer at any time may
require a Paying Agent to pay all money held by it to the Trustee. 
 Upon payment over to the Trustee, the Paying Agent (if other than the
Issuer or a Subsidiary) shall have no further liability for the money. If the Issuer or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon
any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee shall serve as Paying Agent for the Notes. 
 SECTION 2.05.
Holder Lists. 
 The Trustee shall preserve, or shall cause the Registrar to 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 Paying Agent is not the same entity as the Registrar, the Issuer shall furnish or cause the Registrar to furnish, to the Paying Agent, at least seven
Business Days before each Interest Payment Date and at such other times as the Paying Agent may request in writing, a list in such form and as of such date or such shorter time as the Registrar may allow, as the Paying Agent may reasonably require
of the names and addresses of the Holders. 

  
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 SECTION 2.06. Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note may be transferred, in
whole and not in part, only to another nominee of the Depositary or to a successor thereto or a nominee of such successor thereto. A beneficial interest in a Global Note may not be exchanged for a Certificated Note of the same series unless
(A) the Depositary (x) notifies the Issuer that it is unwilling or unable to continue as Depositary for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act, and, in either case, a successor
Depositary is not appointed by the Issuer within 120 days or (B) upon the request of a Holder if there shall have occurred and be continuing a Default or Event of Default with respect to the Notes. Upon the occurrence of any of the preceding
events in (A) above, Certificated Notes delivered in exchange for any Global Note of the same series or beneficial interests therein shall be registered in the names, and issued in any approved denominations, requested by or on behalf of the
Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a
Global Note of the same series or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note, except for Certificated Notes issued
subsequent to any of the preceding events in (A) or (B) above and pursuant to Section 2.06(c) hereof. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); provided, however,
beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof. 
 (b)
Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary in accordance with the provisions of this Indenture and the
Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the
Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be
transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided that prior to the
expiration of the applicable Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person other than pursuant to Rule 144A; provided that
such interest is then transferred to the 144A Global Note. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written
orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i). 

(ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not 

  
 54 

 
subject to Section 2.06(b)(i) hereof, the transferor of such beneficial interest must deliver to the Registrar either (A)(1) a written order from a Participant or an Indirect Participant
given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged
and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant or Indirect Participant account to be credited with such increase or (B)(1) a written order from a Participant or an
Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Certificated Note in an amount equal to the beneficial interest to be transferred or exchanged and
(2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Certificated Note shall be registered to effect the transfer or exchange referred to in (1) above; provided
that in no event shall Certificated Notes be issued upon the transfer or exchange of beneficial interests in a Regulation S Global Note prior to the expiration of the applicable Restricted Period therefor. Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Registrar shall adjust the principal amount of the relevant Global Note(s)
pursuant to Section 2.06(h) hereof. 
 (iii) Transfer of Beneficial Interests to Another Restricted Global Note.
A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of
Section 2.06(b)(ii) hereof and the Registrar receives the following: 
 (1) if the transferee shall take delivery in
the form of a beneficial interest in a 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; or 

(2) if the transferee shall take delivery in the form of a beneficial interest in a Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 

(iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted
Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) hereof and the Registrar receives the following: 

(1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

  
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 (2) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof; 
 and, in each such case, 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 such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to this
Section 2.06(b)(iv) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Authenticating Agent shall authenticate
one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this Section 2.06(b)(iv). 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for Certificated Notes.

 (i) Beneficial Interests in Restricted Global Notes to Restricted Certificated Notes. If any holder of a beneficial
interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Certificated Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Certificated Note, then,
upon the occurrence of any of the events in subsection (A) or (B) of Section 2.06(a) hereof and receipt by the Registrar of the following documentation: 

(1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
Restricted Certificated Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(2) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the
form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (3) if such beneficial interest
is being transferred to a Person that is not a U.S. Person (as defined in Rule 902 of Regulation S) in an offshore transaction in accordance with Rule 903 or Rule 904 of Regulation S, a certificate substantially in the form of Exhibit B
hereto, including the certifications in item (2) thereof; 
 (4) if such beneficial interest is being transferred
pursuant to an exemption from the registration requirements of the Securities Act in accordance 

  
 56 

 
with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; or 

(5) if such beneficial interest is being transferred to the Issuer or any of its Subsidiaries, a certificate substantially in
the form of Exhibit B hereto, including the certifications in item (3)(b) thereof. 
 Upon satisfaction of the conditions of this
Section 2.06(c)(i), the Registrar shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuer shall execute and the Authenticating Agent shall
authenticate and mail to the Person designated in the instructions a Certificated Note in the applicable principal amount. Any Certificated Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 2.06(c)(i) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the
Participant or Indirect Participant. The Registrar shall mail such Certificated Notes to the Persons in whose names such Notes are so registered. Any Certificated Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant
to this Section 2.06(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 

(ii) Beneficial Interests in Regulation S Global Note to Certificated Notes. Notwithstanding Sections 2.06(c)(i)(1) and
(3) hereof, a beneficial interest in the Regulation S Global Note may not be exchanged for a Certificated Note or transferred to a Person who takes delivery thereof in the form of a Certificated Note prior to the expiration of the applicable
Restricted Period therefor, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904 of Regulation S. 

(iii) Beneficial Interests in Restricted Global Notes to Unrestricted Certificated Notes. A holder of a beneficial
interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Certificated Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Certificated Note only
upon the occurrence of any of the events in subsection (A) of Section 2.06(a) hereof and if the Registrar receives the following: 

(1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an
Unrestricted Certificated Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Certificated Note, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

  
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 and, in each such case, 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 such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 (iv) Beneficial Interests in Unrestricted Global
Notes to Unrestricted Certificated Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Certificated Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Certificated Note, then, upon the occurrence of any of the events in subsection (A) of Section 2.06(a) hereof and satisfaction of the conditions set forth in Section 2.06(b)(ii) hereof, the Registrar
shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuer shall execute and the Authenticating Agent shall authenticate and mail to the Person
designated in the instructions a Certificated Note in the applicable principal amount. Any Certificated Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall be registered in such name or names and in such
authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect Participant. The Registrar shall mail such
Certificated Notes to the Persons in whose names such Notes are so registered. Any Certificated Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement Legend. 

(d) Transfer and Exchange of Certificated Notes for Beneficial Interests. 

(i) Restricted Certificated Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted
Certificated Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Certificated Note to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted
Global Note, then, upon receipt by the Registrar of the following documentation: 
 (1) if the Holder of such Restricted
Certificated Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(2) if such Restricted Certificated Note is being transferred to a QIB in accordance with Rule 144A, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (3) if such
Restricted Certificated Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 of Regulation S, a certificate substantially in the form of Exhibit
B hereto, including the certifications in item (2) thereof; 

  
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 (4) if such Restricted Certificated Note is being transferred pursuant to
an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; or 

(5) if such Restricted Certificated Note is being transferred to the Issuer or any of its Subsidiaries, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof. 
 Upon satisfaction of the
conditions of this Section 2.06(d)(i) the Registrar shall cancel the Restricted Certificated Note and increase or cause to be increased the aggregate principal amount of, in the case of clause (1), (4), or (5) above, the applicable
Restricted Global Note, in the case of clause (2) above, the applicable 144A Global Note, and in the case of clause (3) above, the applicable Regulation S Global Note. 

(ii) Restricted Certificated Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted
Certificated Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Certificated Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global
Note only if the Registrar receives the following: 
 (1) if the Holder of such Certificated Notes proposes to exchange such
Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(2) if the Holder of such Certificated Notes proposes to transfer such Notes to a Person who shall take delivery thereof in
the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case, 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 such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act. 
 Upon satisfaction of the conditions of this Section 2.06(d)(ii), the Registrar shall cancel the Restricted
Certificated Note and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(iii) Unrestricted Certificated Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Certificated Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Certificated Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any
time. Upon receipt of a request for such an exchange or transfer, the 

  
 59 

 
Registrar shall cancel the applicable Unrestricted Certificated Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Certificated Note to a beneficial interest is effected pursuant to subparagraph (ii) or (iii)
above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Authenticating Agent shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Certificated Notes so transferred. 
 (e)
Transfer and Exchange of Certificated Notes for Certificated Notes. Upon request by a Holder of Certificated Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer
or exchange of Certificated Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Certificated Notes duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to
the following provisions of this Section 2.06(e): 
 (i) Restricted Certificated Notes to Restricted Certificated
Notes. Any Restricted Certificated Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Certificated Note if the Registrar receives the following: 

(1) if the transfer shall be made pursuant to a QIB in accordance with Rule 144A, then the transferor must deliver a
certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(2) if the transfer shall be made pursuant to Rule 903 or Rule 904 of Regulation S then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; or 
 (3) if the
transfer shall be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item
(3) thereof, if applicable. 
 (ii) Restricted Certificated Notes to Unrestricted Certificated Notes. Any
Restricted Certificated Note may be exchanged by the Holder thereof for an Unrestricted Certificated Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Certificated Note if the Registrar receives the
following: 
 (1) if the Holder of such Restricted Certificated Notes proposes to exchange such Notes for an Unrestricted
Certificated Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

  
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 (2) if the Holder of such Restricted Certificated Notes proposes to transfer
such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Certificated Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case, if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that
such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

(iii) Unrestricted Certificated Notes to Unrestricted Certificated Notes. A Holder of Unrestricted Certificated Notes
may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Certificated Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Certificated Notes pursuant to the
instructions from the Holder thereof. 
 (f) [Reserved.] 

(g) Legends. The following legends shall appear on the face of all Global Notes and Certificated Notes issued under this Indenture
unless specifically stated otherwise in the applicable provisions of this Indenture: 
 (i) Private Placement Legend.

 (1) Except as permitted by subparagraph (2) below, each Global Note and each Certificated Note (and all Notes issued
in exchange therefor or substitution thereof) shall bear a legend in substantially the following form (the “Private Placement Legend”): 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER
(1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN 

  
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COMPLIANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE),
(E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER OR ANY SUBSIDIARY THEREOF SO REQUEST), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED
STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.” 

(2) Notwithstanding the foregoing, any Global Note or Certificated Note issued pursuant to subparagraph (b)(iv), (c)(iii), (c)
(iv), (d)(ii), (d)(iii), (e)(ii) or (e)(iii) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. In addition, the Issuer may remove the Private Placement Legend
from any Note if it determines that such legend is no longer required to comply with the securities laws of the United States. 

(ii) Global Note Legend. Each Global Note shall bear a legend in substantially the following form (with appropriate
changes in the last sentence if DTC is not the Depositary) (the “Global Note Legend”): 
 “THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE
REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE
MAY BE DELIVERED TO THE REGISTRAR FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE 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 

  
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DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER 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 MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR SUCH OTHER ENTITY AS MAY BE 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.” 
 (iii) Regulation S Global Note Legend. The Regulation S Global Note shall bear a legend
in substantially the following form (the “Regulation S Global Note Legend”): 
 “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.” 
 (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global
Note have been exchanged for Certificated Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in part, each such Global Note shall be returned to or retained and cancelled by the Registrar in accordance
with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global
Note or for Certificated Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Registrar or by the Depositary at the direction of the Registrar
to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased
accordingly and an endorsement shall be made on such Global Note by the Registrar or by the Depositary at the direction of the Registrar to reflect such increase. 

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

(i) To permit registrations of transfers and exchanges, the Issuer shall execute and the Authenticating Agent shall
authenticate Certificated Notes and Global Notes at the Registrar’s request. 
 (ii) No service charge shall be made to
Holders of a beneficial interest in a Global Note or to a Holder of a Certificated Note for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax, assessments, or similar
governmental charge payable in connection therewith. 

  
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 (iii) The Registrar shall not be required to register the transfer of or
exchange of (a) any Note selected for redemption in whole or in part pursuant to Article 3, except the unredeemed portion of any Note being redeemed in part, or (b) any Note for a period beginning 15 days before the mailing of a notice of
an offer to repurchase or redeem Notes or 15 days before an Interest Payment Date (whether or not an Interest Payment Date or other date determined for the payment of interest), and ending on such mailing date or Interest Payment Date, as the case
may be. 
 (iv) Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, the Paying
Agent or the Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether
or not such Note is overdue, and none of the Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

(v) 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. 
 (j) No Obligation
of the Trustee, Registrar and Paying Agent. 
 (i) The Trustee, Registrar and Paying Agent shall have no responsibility
or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depositary or 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 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 or upon the order of 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 in global form shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee,
Registrar and Paying Agent may rely and shall be fully protected in conclusively relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. 

(ii) The Trustee, Registrar and Paying Agent 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 without limitation 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,

  
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and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

SECTION 2.07. Replacement Notes. 

If any mutilated Note is surrendered to the Registrar or the Issuer and the Registrar receives evidence to its satisfaction of the destruction,
loss or theft of any Note, the Issuer shall issue and the Authenticating Agent, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Registrar’s requirements are met. If required by the Registrar or the Issuer,
an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Registrar and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is
replaced. The Issuer may charge for its expenses in replacing a Note. 
 In case any such mutilated, destroyed, lost or stolen Note had
become or is about to become due and payable, the Issuer, in its discretion, may, instead of issuing a new Note, pay such Note, upon satisfaction of the conditions set forth in the preceding paragraph. 

Every replacement Note is an additional obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
 The provisions of this Section 2.07 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies of any Holder with respect to the replacement or payment of mutilated, destroyed, lost or stolen Note. 

SECTION 2.08. Outstanding Notes. 

(a) The Notes outstanding at any time are all the Notes authenticated by the Authenticating Agent except for those cancelled by it, those
delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Registrar in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. A Note does not cease to be
outstanding because the Issuer or an Affiliate of the Issuer holds the Note; however, Notes held by the Issuer or a Subsidiary of the Issuer shall not be deemed to be outstanding for purposes of Section 2.09 hereof. 

(b) If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Registrar receives proof satisfactory to
it that the replaced Note is held by a “protected purchaser” as defined in the UCC. 
 (c) If the principal amount of any Note is
considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 (d) If the Paying Agent
(other than the Issuer or a Subsidiary thereof) segregates and holds in trust, in accordance with this Indenture, on a date of redemption (a “Redemption Date”) or maturity date, money sufficient to pay all principal,
premium, if any, and interest payable on that date with respect to the Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

  
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 SECTION 2.09. Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, amendment, supplement, waiver or
consent, Notes owned by the Issuer or a Subsidiary of the Issuer, 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, amendment,
supplement, waiver or consent, only Notes that the Trustee knows are so owned shall be so disregarded. 
 SECTION 2.10. Temporary
Notes. 
 Until certificates representing Notes are ready for delivery, the Issuer may prepare and the Authenticating Agent, upon receipt
of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes and as shall be reasonably
acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and the Authenticating Agent shall authenticate Certificated Notes in exchange for temporary Notes. 

Holders of temporary Notes shall be entitled to all of the benefits of this Indenture. 

SECTION 2.11. Cancellation. 

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

SECTION 2.12. Defaulted Interest. 

If the Issuer 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, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuer may pay the defaulted interest to the Persons who are Holders on a subsequent special record date. The
Issuer shall notify the Trustee and Paying Agent in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Issuer shall deposit with the Paying Agent 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 and Paying Agent for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section 2.12. The Trustee shall fix or cause to be fixed any such special record date and payment date; provided that no
such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. The Trustee shall promptly notify the Issuer of any such special record date. At least 15 days before any such special record

  
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date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) shall mail or cause to be mailed, first-class postage prepaid, to each
Holder, with a copy to the Trustee, a notice at his or her address as it appears in the Note Register that states the special record date, the related payment date and the amount of such interest to be paid. 

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, which were carried by such other Note. 

SECTION 2.13. CUSIP or ISIN Numbers. 

The Issuer in issuing the Notes may use “CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the Trustee and
Registrar, as applicable, shall use “CUSIP” or “ISIN” numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in
or omission of such numbers. The Issuer shall promptly notify the Trustee and Registrar of any change in the “CUSIP” or “ISIN” numbers. 

SECTION 2.14. Additional Notes. 

Subject to compliance with Sections 4.07 and 4.10, the Issuer shall be entitled to issue Additional Notes under this Indenture in an unlimited
aggregate principal amount, each of which shall have identical terms as the Initial Notes, respectively, other than with respect to the date of issuance and issue price and first payment of interest (and, if such Additional Notes shall be issued in
the form of Restricted Global Notes or Restricted Certificated Notes, other than with respect to transfer restrictions with respect thereto). The Initial Notes and any Additional Notes shall be treated as a single class, in each case for all
purposes under this Indenture, including without limitation, waivers, amendments, redemptions and offers to purchase; provided, however, that Additional Notes shall be issued under a separate CUSIP and ISIN unless the Additional Notes are
issued pursuant to a “qualified reopening” of the Initial Notes, are otherwise treated as part of the same “issue” of debt instruments as the Initial Notes or are issued with less than a de minimis amount of original issue
discount, in each case for U.S. federal income tax purposes. Holders of Additional Notes actually issued shall share equally and ratably in the Collateral with the Holders of the Notes issued on the Issue Date. Unless the context requires otherwise,
references to “Notes” for all purposes of this Indenture include any Additional Notes that are actually issued. 
 With respect to
any Additional Notes, the Issuer shall set forth in a resolution of its Board of Directors and an Officer’s Certificate, a copy of each which shall be delivered to the Trustee and the Agent, the following information: 

(a) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; and 

  
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 (b) the issue price, the issue date and the CUSIP and/or ISIN number(s) (if then generally
in use) of such Additional Notes. 
 ARTICLE III 

REDEMPTION AND PREPAYMENT 

SECTION 3.01. Notices to Trustee. 

If the Issuer elects to redeem any Notes pursuant to the optional redemption provisions of Section 3.07, it shall furnish to the Trustee
and the applicable Agent an Officer’s Certificate (with no requirement for delivery of an Opinion of Counsel) setting forth (i) the Redemption Date, (ii) the principal amount of the Notes to be redeemed, and (iii) the redemption
price. The Issuer shall furnish such Officer’s Certificate to the Trustee and the applicable Agent at least three (3) days prior to the delivery of a notice of redemption pursuant to Section 3.03 (unless a shorter notice shall be
reasonably satisfactory to the Trustee). Any such notice may be cancelled at any time prior to notice of such redemption being mailed to any Holder and shall, therefore, be void and of no effect. 

SECTION 3.02. Selection of Notes to Be Redeemed. 

If less than all of any series of the Notes are to be redeemed at any time, the Paying Agent or Registrar shall select the Notes for
redemption, on a pro rata basis to the extent practicable or such other method that the Trustee deems fair and appropriate and is in accordance with the procedures of the Depositary, if applicable, subject to adjustments so that no Note in an
unauthorized denomination remains outstanding after such redemption; provided, however, that no Note of $2,000 in aggregate principal amount or less shall be redeemed in part and only Notes in integral multiples of $1,000 shall be redeemed.
The Trustee, the Paying Agent and the Registrar shall not be liable for selections made under this Section 3.02. 
 The Trustee or the
Registrar shall promptly notify the Issuer of, in the case of any Notes 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
and integral multiples of $1,000 in excess thereof, except that if all the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000 (in excess of $2,000) shall be
redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

SECTION 3.03. Notice of Redemption. 

At least 10 days but not more than 60 days before a Redemption Date, the Issuer shall mail or cause to be mailed, by first class mail, a notice
of redemption to each Holder whose Notes are to be redeemed (with a copy to the Trustee) at its registered address or otherwise in accordance with the procedures of the Depositary except that a notice of redemption may be mailed or sent more than 60
days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture. 

  
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 The notice shall identify the Notes to be redeemed (including the CUSIP or ISIN number) and
shall state: 
 (a) the Redemption Date; 

(b) the redemption price; 
 (c)
any condition to such redemption; 
 (d) if any Note is being redeemed in part, the portion of the principal amount of such Note to be
redeemed and that, after the Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Note; 

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

(f) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(g) that, unless the Issuer defaults in making such redemption payment and subject to satisfaction of any conditions specified therein,
interest on Notes called for redemption ceases to accrue on and after the Redemption Date; 
 (h) the Section of this Indenture pursuant to
which the Notes called for redemption are being redeemed; and 
 (i) that no representation is made as to the correctness or accuracy of the
CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the Issuer’s request, the Registrar shall give the notice of
redemption in the Issuer’s name and at its expense, provided, however, that the Issuer gives the Registrar at least three Business Days’ (or such shorter period reasonably agreed to by the Registrar) prior notice of such request and
provision of the notice information. 
 Any redemption may, at the Issuer’s discretion, be subject to one or more conditions precedent,
which shall be set forth in the related notice of redemption, including, but not limited to, completion of an Equity Offering, other offering or financing or other transaction or event. In addition, if such redemption is subject to satisfaction of
one or more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s discretion, the Redemption Date may be delayed until such time (provided, however, that any redemption
date shall not be more than 60 days after the date of the notice of redemption) 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 as so delayed. 
 If any such condition precedent has not been
satisfied, the Issuer shall provide written notice to the Trustee prior to the close of business one Business Day prior to the Redemption Date. Upon receipt of such notice, the notice of redemption shall be rescinded or delayed, and

  
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the redemption of the Notes shall be rescinded or delayed as provided in such notice. Upon receipt, the Trustee shall provide such notice to each Holder of the Notes in the same manner in which
the notice of redemption was given. 
 The Issuer and its Affiliates may acquire the Notes by means other than a redemption pursuant to this
Article 3, whether by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of this Indenture. 

SECTION 3.04. Effect of Notice Upon Redemption. 

Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable
on the Redemption Date at the redemption price stated in the notice except that any redemption and notice thereof may, in the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent in accordance with
Section 3.03. Subject to the foregoing, upon surrender to the Paying Agent, such Notes shall be paid at the redemption price stated in the notice, plus accrued interest to the Redemption Date (subject to the right of Holders of record on the
relevant Regular Record Date to receive interest due on the related Interest Payment Date). Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 

SECTION 3.05. Deposit of Redemption Price. 

On or before 11:00 a.m. Eastern Time on any Redemption Date, the Issuer shall deposit with the Paying Agent money sufficient to pay the
redemption price of and accrued and unpaid interest on all Notes (or portions of Notes) to be redeemed on that date. Upon written instructions of the Issuer, the Paying Agent shall promptly return to the Issuer any money deposited with the Paying
Agent by the Issuer in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be redeemed. 

If the Issuer complies with the provisions of the preceding paragraph, on and after the Redemption Date, interest shall cease to accrue on the
Notes or the portions of Notes called for redemption, whether or not such Notes are presented for payment. If a Note is redeemed on or after a Regular Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid
interest shall be paid to the Person in whose name such Note was registered at the close of business on such Regular Record Date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the
Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal from the Redemption Date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate
provided in the Notes and in Section 4.01 hereof. 
 SECTION 3.06. Notes Redeemed in Part. 

In the case of Certificated Notes, any Note which is to be redeemed only in part (pursuant to the provisions of this Article) shall be
surrendered at an office or agency of the Issuer maintained for such purpose pursuant to Section 4.02 (with, if the Issuer or the Trustee so require, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuer
duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and 

  
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the Issuer shall execute, and the Authenticating Agent shall authenticate and deliver to the Holder of such Note at the expense of the Issuer, a new Note or Notes, of any authorized denomination
as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Note so surrendered. 

SECTION 3.07. Optional Redemption. 

(a) At any time prior to May 15, 2022, the Issuer may redeem all or a portion of the Notes, upon notice as set forth in Section 3.03,
at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but excluding, the Redemption Date, subject to the rights of Holders of record of
Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date. 
 (b) On and after May 15,
2022, the Issuer may redeem the Notes, in whole or in part, upon notice as set forth in Section 3.03, at the redemption prices (expressed as percentages of principal amount of Notes to be redeemed) set forth below, plus accrued and unpaid
interest thereon, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date, if redeemed during the
twelve-month period beginning on May 15 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2022
	  	 	103.000	% 
	 2023
	  	 	101.500	% 
	 2024 and thereafter
	  	 	100.000	% 

 (c) In addition, until May 15, 2022, the Issuer may, at its option, upon notice as set forth in
Section 3.03, on one or more occasions redeem up to 40% of the aggregate principal amount of Notes issued under this Indenture at a redemption price equal to 106.000% of the aggregate principal amount thereof, plus accrued and unpaid interest
thereon, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date, with the net cash proceeds of
one or more Equity Offerings to the extent such net cash proceeds are received by or contributed to the Issuer; provided that at least 60% of the sum of the aggregate principal amount of Notes originally issued under this Indenture (including
any Additional Notes issued under this Indenture after the Issue Date) remains outstanding immediately after the occurrence of each such redemption; provided, further, that each such redemption occurs within 120 days of the date of closing of
each such Equity Offering. 
 SECTION 3.08. [Reserved.] 

SECTION 3.09. [Reserved.] 

SECTION 3.10. Mandatory Redemption. 

Except as set forth in Section 4.11 hereof, the Issuer shall not be required to make any mandatory redemption or sinking fund payments
with respect to the Notes. 

  
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 ARTICLE IV 

COVENANTS 
 SECTION 4.01.
Payment of Notes. 
 The Issuer shall pay or cause to be paid the principal of, 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 Issuer or a Subsidiary thereof, holds as of 11:00 a.m. Eastern Time on the due
date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due and the Paying Agent is not prohibited from paying such money to the Holders on that
date. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 

SECTION 4.02. Maintenance of Office or Agency. 

(a) The Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where
Notes may be presented or surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer 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 Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Issuer hereby appoints U.S. Bank National Association as its agent to receive all such presentations, surrenders, notices and demands. 

(b) The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for
any or all such purposes and may from time to time rescind such designations. The Issuer 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. 

(c) The Issuer hereby designates the address of U.S. Bank National Association set forth in Exhibits B and C as one such office or agency of
the Issuer in accordance with Section 4.02(a). 
 SECTION 4.03. Reports. 

(a) The Issuer shall file with the SEC or post on a website (which may be nonpublic and may be maintained by the Issuer or a third party) to
which access shall be given to the Trustee and Holders, the annual reports, information, documents and other reports that the Issuer is required to file with the SEC pursuant to such Section 13(a) or 15(d) within the time periods applicable to non-accelerated filers or would be so required to file if the Issuer were so subject (giving effect to any applicable extensions or grace periods, including as provided by Rule
12b-15 under the Exchange Act); provided that the Trustee shall have no responsibility whatsoever to determine whether such filing has occurred. Notwithstanding the foregoing, this covenant does not
require any such reports to include information required under Rule 3-09, 3-10 or 3-16 of

  
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Regulation S-X (or any equivalent or successor provisions), Items 2.02 or 2.03 or Sections 3, 5 (except Item 5.01 and 5.02(b) and (c)) or 9 of Form 8-K (or any equivalent or successor provisions) or separate financial statements of Guarantors or the filing or provision of proxy statements or exhibits. 

(b) Notwithstanding the foregoing, in the event that any direct or indirect parent company of the Issuer becomes a Guarantor, the Issuer may
satisfy its obligations pursuant to this Section 4.03 by furnishing or filing the financial information specified in paragraph (a) of this Section 4.03 relating to such direct or indirect parent company. 

(c) Notwithstanding anything herein to the contrary, the Issuer shall not be deemed to have failed to comply with any of its obligations
hereunder for purposes of Section 6.01(4) until 90 days after the date any report hereunder is due. 
 (d) Delivery of such statements,
reports, notices and other information and documents to the Trustee pursuant to any of the provisions of this Section 4.03 is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive
notice or knowledge of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on
Officer’s Certificates). 
 SECTION 4.04. Compliance Certificate. 

(a) The Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal year (commencing with the fiscal year ending
December 31, 2020), an Officer’s Certificate stating that a review of the activities of the Issuer 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 each of the Issuer and its Restricted Subsidiaries has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to the Officer signing such certificate, that to the best of his or her
knowledge each of the Issuer and its Subsidiaries, during such preceding fiscal year, has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of
the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action each of the Issuer and its
Restricted Subsidiaries is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any,
on the Notes is prohibited or if such event has occurred, a description of the event and what action each of the Issuer and its Restricted Subsidiaries is taking or proposes to take with respect thereto. For the purposes of this paragraph, such
compliance shall be determined without regard to any grace period or requirement of notice provided under this Indenture. 
 (b) The Issuer
shall, so long as any of the Notes are outstanding, deliver to the Trustee within ten Business days upon any Officer becoming aware of any Default or Event of Default or an event which, with notice or the lapse of time or both, would constitute an
Event of 

  
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Default, an Officer’s Certificate specifying such Default or Event of Default and what action each of the Issuer and its Subsidiaries is taking or proposes to take with respect thereto. 

SECTION 4.05. [Reserved.] 

SECTION 4.06. [Reserved.] 

SECTION 4.07. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock. 

(a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, incur, issue, assume, guarantee or
otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur” and collectively, an “incurrence”) with respect to any Indebtedness (including
Acquired Indebtedness) and the Issuer shall not issue any shares of Disqualified Stock and shall not permit any Restricted Subsidiary to issue any shares of Disqualified Stock; provided that the Issuer may incur Indebtedness (including
Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock (any Indebtedness or Disqualified Stock incurred pursuant to
this paragraph, “Ratio Indebtedness”) if, after giving effect thereto, the Fixed Charge Coverage Ratio of the Issuer and the Restricted Subsidiaries would be at least 2.00 to 1.00; provided, further, that the amount of
Indebtedness and Disqualified Stock that may be incurred pursuant to the foregoing, together with (i) any amounts incurred and outstanding pursuant to Section 4.07(b)(14)(x) and (ii) any amounts incurred and outstanding pursuant to
Section 4.07(b)(13) (but solely to the extent such Refinancing Indebtedness is in respect of (x) Ratio Indebtedness or (y) Indebtedness incurred pursuant to Section 4.07(b)(14)(x)) by Restricted Subsidiaries that are not
Guarantors shall not exceed the greater of (x) $200 million and (y) 25.0% of EBITDA for the most recently ended Test Period at any one time outstanding. 

(b) The foregoing limitations shall not apply to: 

(1) Indebtedness incurred pursuant to Credit Facilities by the Issuer or any Restricted Subsidiary; provided that
immediately after giving effect to any such incurrence, the sum of (x) the then-outstanding aggregate principal amount of all Indebtedness incurred pursuant to this clause (1) (taken together with the principal amount of any outstanding
Refinancing Indebtedness incurred pursuant to clause (13) below with respect to Indebtedness incurred pursuant to this clause (1)) and (y) the then-outstanding aggregate principal amount of all Indebtedness incurred pursuant to clause
(2(a)) below (taken together with the principal amount of any outstanding Refinancing Indebtedness incurred pursuant to clause (13) below with respect to Indebtedness incurred pursuant to such clause (2)(a)) does not exceed at any one time the
sum of (A) $2,000 million and (B) an amount equal to the greater of (x) $400 million and (y) 50.0% of EBITDA for the most recently ended Test Period at the time of the incurrence; 

(2) Indebtedness represented by (a) the Notes (including any Guarantee thereof, but excluding Indebtedness represented by
Additional Notes, if any, or guarantees thereof) and (b) the Second Lien Notes (including any Guarantee thereof) outstanding on the Issue Date; 

  
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 (3) Existing Indebtedness (other than Indebtedness incurred pursuant to
clauses (1) and (2) of this paragraph, and after giving effect to the prepayment in full of the Obligations outstanding under the Existing Term Loan and the prepayment in full of the Obligations outstanding under the Existing Revolving Credit
Facility and the termination in full of the commitments thereunder); 
 (4) Indebtedness (including Capitalized Lease
Obligations), Disqualified Stock and preferred stock incurred by the Issuer or any Restricted Subsidiary, to finance the purchase, lease, construction, installation, repair, replacement or improvement of property (real or personal) or equipment that
is used or useful in a Similar Business, including through the direct purchase of assets or the Capital Stock of any Person owning such assets, and outstanding Refinancing Indebtedness incurred to Refinance any Indebtedness, Disqualified Stock and
preferred stock incurred pursuant to this clause (4), in an aggregate principal amount or liquidation preference which, when aggregated with the principal amount of all other Indebtedness, Disqualified Stock and preferred stock then outstanding and
incurred pursuant to this clause (4), does not exceed the greater of (x) $125 million and (y) 17.5% of EBITDA for the most recently ended Test Period at the time of incurrence; provided that such Indebtedness (other than Refinancing
Indebtedness) exists at the date of such purchase, lease, construction, installation, repair, replacement or improvement or is created prior to or within 270 days of the completion thereof; provided, further that Capitalized Lease Obligations
incurred by the Issuer or any Restricted Subsidiary pursuant to this clause (4) in connection with a Sale and Lease-Back Transaction shall not be subject to the foregoing limitation so long as the proceeds of such Sale and Lease-Back
Transaction are used by the Issuer or such Restricted Subsidiary to permanently repay outstanding Indebtedness of the Issuer or the Restricted Subsidiaries; 

(5) (A) Indebtedness incurred by the Issuer or any Restricted Subsidiary with respect to letters of credit, bankers’
acceptances, bank guarantees, warehouse receipts or similar facilities issued or entered into in the ordinary course of business or consistent with past practices, including letters of credit in respect of workers’ compensation claims,
performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance, or other Indebtedness with respect to reimbursement or indemnification obligations regarding workers’
compensation claims, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance, or other reimbursement-type obligations regarding workers’ compensation claims; 

(B) (x) Indebtedness in respect of obligations of the Issuer 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 and not in connection with the borrowing of money and (y) Indebtedness in respect of intercompany obligations of the Issuer or any Restricted Subsidiary in respect of accounts payable incurred in connection with goods sold or services
rendered in the ordinary course of business and not in connection with the borrowing of money; 

  
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 (C) Indebtedness to a customer to finance the acquisition of any equipment
necessary to perform services for such customer; provided that the terms of such Indebtedness are consistent with those entered into with respect to similar Indebtedness prior to the Distribution Date, including that (x) the repayment of
such Indebtedness is conditional upon such customer ordering a specific volume of goods and (y) such Indebtedness does not bear interest or provide for scheduled amortization or maturity; 

(D) to the extent constituting Indebtedness, guaranties in the ordinary course of business of the obligations of suppliers,
customers, franchisees, lessors and licensees of the Issuer and any Restricted Subsidiary; or 
 (E) Indebtedness in
connection with bankers’ acceptances, discounted bills of exchange or the discounting or factoring of receivables for credit management purposes, in each case incurred or undertaken in the ordinary course of business on arm’s length
commercial terms. 
 (6) Indebtedness arising from agreements of the Issuer or a Restricted Subsidiary providing for
indemnification, adjustment of purchase price, earnout or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary, other than guarantees of Indebtedness
incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 

(7) Indebtedness (i) of the Issuer to a Restricted Subsidiary or (ii) of a Restricted Subsidiary owing to the Issuer
or another Restricted Subsidiary; provided that if such Indebtedness is incurred by the Issuer or a Guarantor owing to a Restricted Subsidiary that is not the Issuer or a Guarantor, such Indebtedness is subordinated in right of payment to the
Notes or the relevant Guarantee; provided further that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary to which such indebtedness is owed ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary) shall be deemed, in each case to be an incurrence of such Indebtedness not permitted by this clause; 

(8) Indebtedness of any Foreign Subsidiary in an aggregate principal amount at any time outstanding not exceeding the greater
of (x) $100 million and (y) 12.5% of EBITDA for the most recently ended Test Period at the time of incurrence; 
 (9)
shares of preferred stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of preferred stock (except to the Issuer or another Restricted Subsidiary) shall be deemed in each case to be an issuance of such shares of
preferred stock not permitted by this clause; 
 (10) Hedging Obligations (excluding Hedging Obligations entered into for
speculative purposes) for the purpose of limiting interest rate risk, exchange rate risk or commodity 

  
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pricing risk, Commercial Agreements entered into in the ordinary course of business and not for speculative purposes and Supply Chain Financings; 

(11) Obligations in respect of self-insurance, performance, bid, appeal and surety bonds and completion guarantees and similar
obligations provided by the Issuer or any Restricted Subsidiary or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business; 

(12) Indebtedness, Disqualified Stock or preferred stock of the Issuer or any Restricted Subsidiary not otherwise permitted
hereunder in an aggregate principal amount or liquidation preference, which, when aggregated with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and preferred stock then outstanding and incurred
pursuant to this clause (12), does not at any one time outstanding exceed the greater of (x) $250 million and (y) 32.5% of EBITDA for the most recently ended Test Period at the time of incurrence; 

(13) Refinancing Indebtedness in respect of Indebtedness, Disqualified Stock or preferred stock incurred as Ratio Indebtedness
or pursuant to clauses (1), (2), (3), (13) or (14) of this Section 4.07(b); 
 (14) Indebtedness, Disqualified
Stock or preferred stock of (x) the Issuer or a Restricted Subsidiary incurred or issued to finance an acquisition (in aggregate principal amount not to exceed the purchase price of such acquisition) or (y) Persons that are acquired by the
Issuer or any Restricted Subsidiary or merged into or consolidated with the Issuer or a Restricted Subsidiary in accordance with the terms of this Indenture (including designating an Unrestricted Subsidiary a Restricted Subsidiary); provided
that after giving effect to such acquisition, merger or consolidation, either: 
 (1) the Issuer would be permitted to
incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.07(a); or 

(2) the Fixed Charge Coverage Ratio of the Issuer and the Restricted Subsidiaries is equal to or greater than immediately prior
to such acquisition, merger or consolidation; 
 (15) 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; 

(16) Indebtedness of the Issuer or any Restricted Subsidiary supported by a letter of credit issued pursuant to any Credit
Facility, in a principal amount not in excess of the stated amount of such letter of credit; 
 (17) (1) any guarantee by the
Issuer or a Restricted Subsidiary of Indebtedness or other obligations of any Restricted Subsidiary so long as, in the case of a guarantee by a Restricted Subsidiary that is not a Guarantor, such Indebtedness could have been incurred directly by the
Restricted Subsidiary providing such guarantee, or 

  
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 (2) any guarantee by a Restricted Subsidiary of Indebtedness of the Issuer;
provided that such guarantee is incurred in accordance with Section 4.13; 
 (18) Indebtedness of the Issuer 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; 

(19) Indebtedness of the Issuer or any of its Restricted Subsidiaries undertaken in connection with Cash Management Services
and related activities for the Issuer, any of its Subsidiaries or any joint venture to which they are a party in the ordinary course of business; 

(20) Indebtedness issued by the Issuer or any of its Restricted Subsidiaries to future, current or former officers, directors,
managers, consultants and employees thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Issuer or any direct or indirect parent company of the Issuer to the
extent described in Section 4.09(b)(4); 
 (21) Indebtedness of the Issuer or any of its Restricted Subsidiaries
representing deferred compensation to officers, directors, managers, consultants and employees thereof incurred in the ordinary course of business; 

(22) Indebtedness consisting of Permitted Liens incurred pursuant to clause (35) of the definition thereof; and 

(23) Indebtedness incurred by the Issuer or any Restricted Subsidiary pursuant to any Receivables Facilities. 

(c) For purposes of determining compliance with this Section 4.07, 

(1) in the event that an item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) meets the criteria of more than
one of the categories of permitted Indebtedness, Disqualified Stock or preferred stock described in clauses (1) through (23) of Section 4.07(b) or is entitled to be incurred as Ratio Indebtedness pursuant to Section 4.07(a), the
Issuer, in its sole discretion, may divide, classify or later reclassify (based on circumstances existing on the date of such reclassification) such item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) and shall only
be required to include the amount and type of such Indebtedness, Disqualified Stock or preferred stock in one of the above clauses of Section 4.07(a) or Section 4.07(b); provided that all Indebtedness outstanding under the ABL
Credit Facility on the Issue Date shall be deemed to have been incurred pursuant to Section 4.07(b)(1) and may not be reclassified; provided further that the Issuer shall not be permitted to reclassify all or any portion of any Secured
Indebtedness unless the Lien is also permitted to be incurred, and is incurred, with respect to such Secured Indebtedness as so reclassified; 

(2) at the time of incurrence, the Issuer shall be entitled to divide and classify an item of Indebtedness in more than one of the types of
Indebtedness described in Sections 4.07(a) and 4.07(b) above; 
 (3) if obligations in respect of letters of credit are incurred pursuant to
a credit agreement and are being treated as incurred pursuant to Section 4.07(b)(1) and the letters of 

  
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credit relate to other Indebtedness, then the corresponding amount of such other Indebtedness shall not be included; and 

(4) in the event that the Issuer or a Restricted Subsidiary enters into or increases commitments under a revolving credit facility, the Fixed
Charge Coverage Ratio for borrowings and reborrowings thereunder (and including issuance and creation of letters of credit and bankers’ acceptances thereunder) shall, at the Issuer’s option as elected on the date the Issuer or a Restricted
Subsidiary, as the case may be, enters into or increases such commitments, either (i) be determined on the date such revolving credit facility or such increase in commitments first becomes effective (assuming that the full amount thereof has
been borrowed as of such date), and, if such Fixed Charge Coverage Ratio test is satisfied with respect thereto at such time, any borrowing or reborrowing thereunder (and the issuance and creation of letters of credit and bankers’ acceptances
thereunder) shall be permitted under this Section 4.07 irrespective of the Fixed Charge Coverage Ratio at the time of any borrowing or reborrowing (or issuance or creation of letters of credit or bankers’ acceptances thereunder) (the
committed amount permitted to be borrowed or reborrowed (and the issuance and creation of letters of credit and bankers’ acceptances) on a date pursuant to the operation of this clause (i) shall be the “Reserved Indebtedness
Amount” as of such date for purposes of the Fixed Charge Coverage Ratio or (ii) be determined on the date such amount is actually borrowed pursuant to any such facility or increased commitment. 

(d) Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment
of interest or dividends in the form of additional Indebtedness, Disqualified Stock or preferred stock shall not be deemed to be an incurrence of Indebtedness, Disqualified Stock or preferred stock for purposes of this Section 4.07. Any
Refinancing Indebtedness and any Indebtedness incurred to refinance Indebtedness incurred pursuant to clauses (1), (2), (3), (8) and (12) of Section 4.07(b) above shall be permitted to include additional Indebtedness, Disqualified Stock or
preferred stock incurred to pay premiums (including reasonable tender premiums), defeasance costs, accrued and unpaid interest, fees and expenses in connection with such refinancing. In the case of any Indebtedness, Disqualified Stock or preferred
stock incurred to refinance Indebtedness, Disqualified Stock or preferred stock initially incurred in reliance on the proviso in Section 4.07(a) or clauses (1), (4), (8) or (12) of Section 4.07(b), measured by reference to a
percentage of EBITDA, at the time of incurrence, where such refinancing would cause such percentage of EBITDA restriction to be exceeded if calculated based on the percentage of EBITDA on the date of such refinancing, such percentage of EBITDA
restriction shall not be deemed to be exceeded so long as the principal amount of such refinancing Indebtedness, Disqualified Stock or preferred stock does not exceed the principal amount of such Indebtedness being refinanced, plus any additional
amounts permitted pursuant to the immediately preceding sentence in connection with such refinancing. 
 (e) For purposes of determining
compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness or Liens or the making of any Restricted Payment or Permitted Investments, the U.S. dollar equivalent principal amount of the relevant Indebtedness, Restricted
Payment or Investment denominated in another currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness or Lien was incurred, in the case of term debt, or first committed, in the case of
revolving credit debt or such Restricted Payment or Investment was made; provided that if such Indebtedness is 

  
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incurred to Refinance other Indebtedness denominated in another 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, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed
(i) the principal amount of such Indebtedness being Refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses incurred in connection with such Refinancing. 

(f) The principal amount of any Indebtedness incurred to Refinance other Indebtedness, if incurred in a different currency from the
Indebtedness being Refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such Refinancing. 

(g) With respect to any Indebtedness, Liens, Restricted Payments or Permitted Investments incurred or made in reliance on a provision that does
not require compliance with a financial ratio or test (including, without limitation, any tests based on the Consolidated Total Debt Ratio or the Fixed Charge Coverage Ratio) (any such amounts, the “Fixed Amounts”)
substantially concurrently with any Indebtedness, Liens, or Restricted Payments or Investments incurred or made in reliance on a provision under this Indenture that requires compliance with a financial ratio or test (any such amounts, the
“Incurrence-Based Amounts”), the Fixed Amounts shall be disregarded in the calculation of the financial ratio or test applicable to the incurrence of the Incurrence-Based Amounts. This Indenture shall not treat
(1) unsecured Indebtedness as subordinated or junior to Secured Indebtedness merely because it is unsecured or (2) Senior Indebtedness as subordinated or junior to any other Senior Indebtedness merely because it has a junior priority with
respect to the same collateral or is secured by different collateral. 
 SECTION 4.08. Limitation on Incurrence of Layered
Indebtedness. 
 The Issuer shall not, and shall not permit any Guarantor to, directly or indirectly, incur any Indebtedness that is or
purports to be by its terms (or by the terms of any agreement governing such Indebtedness) subordinated in right of payment to any other Senior Indebtedness of the Issuer or of such Guarantor, as the case may be, unless such Indebtedness is also by
its terms (or by the terms of any agreement governing such Indebtedness) made expressly subordinated in right of payment to the Notes or the Guarantee of such Guarantor, to the same extent and in the same manner as such Indebtedness is subordinated
in right of payment to such other Senior Indebtedness of the Issuer or such Guarantor, as the case may be. 
 For purposes of the foregoing,
this Indenture will not treat (1) unsecured Indebtedness as subordinated in right of payment to any other Indebtedness merely because it is unsecured, (2) Senior Indebtedness as subordinated in right of payment to any other Senior
Indebtedness merely because it has a junior priority with respect to the same collateral or is secured by different collateral or (3) Indebtedness as subordinated in right of payment to any other Indebtedness merely because the holders of such
Indebtedness have entered into intercreditor agreements (including the First Lien-Second Lien Intercreditor Agreement and ABL-Notes Intercreditor Agreement) or other arrangements giving one or more of such
holders priority over the other holders in the collateral held by them. 

  
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 SECTION 4.09. Limitation on Restricted Payments. 

(a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly: 

(1) declare or pay any dividend or make any payment or distribution on account of the Issuer’s or any Restricted Subsidiary’s Equity
Interests other than: 
 (A) dividends or distributions by the Issuer payable in Equity Interests (other than Disqualified
Stock) of the Issuer, or 
 (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend
or distribution payable on or in respect of any class or series of securities issued by a Subsidiary other than a Wholly-Owned Subsidiary, the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in
accordance with its Equity Interests in such class or series of securities; 
 (2) purchase, redeem, defease or otherwise acquire or retire
for value any Equity Interests of the Issuer or any direct or indirect parent company of the Issuer, including in connection with any merger or consolidation, in each case held by a Person other than the Issuer or a Restricted Subsidiary; 

(3) make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value in each case, prior to any scheduled
repayment, sinking fund payment or maturity, any Subordinated Indebtedness of the Issuer or any Restricted Subsidiary, other than: 

(A) Indebtedness permitted to be incurred pursuant to clauses (7) and (8) of Section 4.07(b); or 

(B) the purchase, repurchase or other acquisition of Subordinated Indebtedness purchased in anticipation of satisfying a
sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase or acquisition; or 

(4) make any Restricted Investment. 
 (all such
payments and other actions set forth in clauses (1) through (4) above (other than any exception thereto) being collectively referred to as “Restricted Payments”), unless, at the time of such Restricted
Payment: 
 (A) no Event of Default shall have occurred and be continuing or would occur as a consequence thereof; 

(B) immediately after giving effect to such transaction on a pro forma basis, the Issuer could incur $1.00 of additional
Indebtedness pursuant to Section 4.07(a); and 

  
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 (C) such Restricted Payment, together with the aggregate amount of all other
Restricted Payments made by the Issuer and the Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clauses (1), (2) (with respect to the payment of dividends on Refunding Capital Stock (as defined below) pursuant
to clause (B) thereof only) and (6) of Section 4.09(b), but excluding all other Restricted Payments permitted by Section 4.09(b)), is less than the sum of (without duplication): 

(i) 50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from January 1, 2020
to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of
such deficit; plus 
 (ii) 100% of the aggregate net cash proceeds and the Fair Market Value of marketable securities or
other property received by the Issuer, including in connection with any merger or consolidation, since immediately after the Issue Date (other than in connection with the Transactions) from the issue or sale of Equity Interests of the Issuer, but
excluding (x) cash proceeds and the Fair Market Value of marketable securities or other property received from the sale of Equity Interests to any employee, director, manager or consultant of the Issuer, any direct or indirect parent company of
the Issuer and the Issuer’s Subsidiaries after the Issue Date to the extent such amounts have been applied to Restricted Payments made in accordance with Section 4.09(b)(4), (y) net cash proceeds received from any public offering of common
stock or contributed to the Issuer by any direct or indirect parent of the Issuer from any public offering of common stock that occurs following the Issue Date to the extent such amounts have been used for the payment of dividends on the
Issuer’s common stock (or the payment of dividends to any direct or indirect parent of the Issuer to fund the payment by any direct or indirect parent of the Issuer of dividends on such entity’s common stock) made in accordance with
Section 4.09(b)(19), and, (z) to the extent such net cash proceeds are actually contributed to the Issuer, Equity Interests of any direct or indirect parent company of the Issuer (excluding contributions to the extent such amounts have
been applied to Restricted Payments made in accordance with Section 4.09(b)(4)); provided that this clause (ii) shall not include the proceeds from (a) Refunding Capital Stock (as defined below), (b) Equity Interests (or
Indebtedness that has been converted or exchanged for Equity Interests) of the Issuer sold to a Restricted Subsidiary, the Issuer or any employee plan of the Issuer or any Restricted Subsidiary, as the case may be, (c) Disqualified Stock (or
Indebtedness that has been converted or exchanged into Disqualified Stock) or (d) Excluded Contributions; plus 

  
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 (iii) the amount by which Indebtedness of the Issuer or the Restricted
Subsidiaries is reduced on the Issuer’s consolidated balance sheet upon the conversion or exchange subsequent to the Issue Date of any Indebtedness of the Issuer or the Restricted Subsidiaries (other than Indebtedness held by the Issuer or a
Subsidiary of the Issuer) convertible or exchangeable for Capital Stock (other than Disqualified Stock) of the Issuer (less the amount of any cash, or the Fair Market Value of any other property, distributed by the Issuer upon such conversion or
exchange); plus 
 (iv) the aggregate amount equal to the net reduction in Investments resulting from (x) the sale or
other disposition (other than to the Issuer or a Restricted Subsidiary) of Restricted Investments made by the Issuer and the Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Issuer and the Restricted
Subsidiaries and repayments of loans or advances, and releases of guarantees, which constitute Restricted Investments made by the Issuer or the Restricted Subsidiaries, in each case, after the Issue Date, not to exceed in any such case the aggregate
amount of Restricted Investments made by the Issuer or any Restricted Subsidiary after the Issue Date or (y) dividends, distributions, interest payments, return of capital, repayments of Investments or other transfers of assets to the Issuer or
any Restricted Subsidiary from any Unrestricted Subsidiary, or the redesignation of any Unrestricted Subsidiary as a Restricted Subsidiary (valued in each case as provided in the definition of “Investment”), not to exceed in the case of
any such Unrestricted Subsidiary the aggregate amount of Investments made by the Issuer or any Restricted Subsidiary in such Unrestricted Subsidiary after the Issue Date; plus 

(v) $75 million; provided, however, that the calculation pursuant to the immediately preceding clauses
(i) through (iv) shall not include any amounts attributable to, or arising in connection with, the Transactions. 
 (b) The foregoing
provisions shall not prohibit: 
 (1) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60
days after the date of declaration thereof or the giving of such irrevocable notice, as applicable, if at the date of declaration or the giving of such notice such payment would have complied with the provisions of this Indenture; 

(2) (A) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital
Stock”) of the Issuer or any Restricted Subsidiary, or any Equity Interests of any direct or indirect parent company of the Issuer, in exchange for, or out of the proceeds of a sale (other than to a Restricted Subsidiary)
made within 120 days of, Equity Interests of the Issuer or any direct or indirect parent company of the Issuer to the extent 

  
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contributed to the Issuer (in each case, other than any Disqualified Stock) (“Refunding Capital Stock”) and 

(B) if immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was
permitted pursuant to clause (6) of this Section 4.09(b), the declaration and payment of dividends on the Refunding Capital Stock in an aggregate amount per year no greater than the aggregate amount of dividends per annum that was
declarable and payable on such Retired Capital Stock immediately prior to such retirement; 
 (3) the prepayment, exchange, redemption,
defeasance, repurchase or other acquisition or retirement for value of Subordinated Indebtedness of the Issuer or a Restricted Subsidiary made in exchange for, or out of the proceeds of a sale made within 120 days of, new Indebtedness of the Issuer
or a Restricted Subsidiary that is incurred in compliance with Section 4.07 so long as: 
 (A) the principal amount (or
accreted value, if applicable) of such new Indebtedness does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on the Subordinated Indebtedness being so prepaid, exchanged, redeemed,
defeased, repurchased, exchanged, acquired or retired for value, plus the amount of any premium (including reasonable tender premiums), defeasance costs and any reasonable fees and expenses incurred in connection with the issuance of such new
Indebtedness, 
 (B) such new Indebtedness is subordinated to the Notes or the applicable Guarantee at least to the same
extent as such Subordinated Indebtedness so prepaid, exchanged, redeemed, defeased, repurchased, acquired or retired for value, 

(C) such new Indebtedness has a final scheduled maturity date, or mandatory redemption date, as applicable, equal to or later
than the final scheduled maturity date, or mandatory redemption date, of the Subordinated Indebtedness being so prepaid, exchanged, redeemed, defeased, repurchased, exchanged, acquired or retired, and 

(D) such new Indebtedness has a Weighted Average Life to Maturity equal to or greater than the remaining Weighted Average Life
to Maturity of the Subordinated Indebtedness being so redeemed, defeased, repurchased, exchanged, acquired or retired; 
 (4) a Restricted
Payment to pay for the repurchase, retirement, cancellation or other acquisition or retirement for value of Equity Interests (other than Disqualified Stock) of the Issuer, any Subsidiary of the Issuer or any direct or indirect parent company of the
Issuer held by any future, present or former employee, director, manager, officer or consultant of the Issuer, any of its Subsidiaries or any direct or indirect parent company of the Issuer pursuant to any equity plan or stock option plan or any
other benefit plan or agreement, any stock based compensation plan or any stock subscription or shareholder agreement (including any principal and interest 

  
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payable on any notes issued by the Issuer or any direct or indirect parent company of the Issuer in connection with such repurchase, retirement or other acquisition), including any Equity
Interests rolled over by management of the Issuer or any direct or indirect parent company of the Issuer in connection with the Spin-Off; provided, that the aggregate Restricted Payments made pursuant
to this clause (4) do not exceed in any calendar year the greater of (x) $30 million and (y) 4.0 % of EBITDA for the most recently ended Test Period (with unused amounts being carried over to the succeeding fiscal years); provided
further that such amount in any calendar year may be increased by an amount not to exceed: 
 (A) the cash proceeds from
the sale of Equity Interests (other than Disqualified Stock) of the Issuer and, to the extent contributed to the Issuer, the cash proceeds from the sale of Equity Interests of any direct or indirect parent company of the Issuer, in each case to any
future, present or former employees, directors, managers or consultants of the Issuer, any of its Subsidiaries or any direct or indirect parent company of the Issuer that occurs after the Issue Date, to the extent the cash proceeds from the sale of
such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of clause (C) of Section 4.09(a); plus 

(B) the cash proceeds of key man life insurance policies received by the Issuer and the Restricted Subsidiaries after the Issue
Date, less 
 (C) the amount of any Restricted Payments previously made pursuant to clauses (A) and (B) of this
Section 4.09(b)(4); 
 provided that the Issuer may elect to apply all or any portion of the aggregate increase contemplated by
clauses (A) and (B) of this Section 4.09(b)(4) in any calendar year; 
 and provided further that cancellation of
Indebtedness owing to the Issuer or any Restricted Subsidiary from any future, present or former employees, directors, managers or consultants of the Issuer (or any permitted transferee thereof), any direct or indirect parent company of the Issuer
or any Restricted Subsidiary in connection with a repurchase of Equity Interests of the Issuer or any direct or indirect parent company of the Issuer shall not be deemed to constitute a Restricted Payment for purposes of this covenant or any other
provision of this Indenture; 
 (5) the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the
Issuer or any Restricted Subsidiary or any class or series of preferred stock of any Restricted Subsidiary, in each case, issued in accordance with Section 4.07 to the extent such dividends are included in the definition of Fixed Charges; 

(6) the declaration and payment of dividends on Refunding Capital Stock that is preferred stock in excess of the dividends declarable and
payable thereon pursuant to Section 4.09(b)(2); provided that, for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of the declaration of such
dividends on Refunding Capital Stock, after giving effect to such issuance or declaration on a  

  
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pro forma basis, the Issuer and the Restricted Subsidiaries on a consolidated basis would have had a Fixed Charge Coverage Ratio of at least 2.00 to 1.00; 

(7) Investments in Unrestricted Subsidiaries and joint ventures having an aggregate Fair Market Value, taken together with all other
Investments made pursuant to this clause (7) that are at the time outstanding (the amount at the time outstanding calculated without giving effect to the sale of an Unrestricted Subsidiary or joint venture to the extent the proceeds of such
sale do not consist of cash, Cash Equivalents or marketable securities), not to exceed the greater of (x) $45 million and (y) 5.75% of EBITDA for the most recently ended Test Period at the time of such Investment (with the Fair Market Value of
each Investment being measured at the time made and without giving effect to subsequent changes in value); 
 (8) payments made or expected
to be made by the Issuer or any Restricted Subsidiary in respect of withholding or similar Taxes payable upon exercise of Equity Interests by any future, present or former employee, director, manager or consultant and repurchases of Equity Interests
deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 

(9) [reserved.]; 
 (10) other
Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause (10) not to exceed the greater of (x) $75 million and (y) 10.0% of the EBITDA for the most recently ended Test
Period; 
 (11) distributions or payments of Receivables Fees; 

(12) (x) repurchases of Capital Stock deemed to occur upon the exercise, conversion or exchange of stock options, warrants, other rights to
acquire Capital Stock or other convertible or exchangeable securities if such Capital Stock represents all or portion of the exercise price thereof or withholding Taxes payable with respect thereto, (y) cash payments in connection with any
conversion or exchange of convertible indebtedness in amount equal to the sum of (i) the principal amount of such convertible indebtedness and (ii) the proceeds of any payments received by the Issuer or any of its Restricted Subsidiaries
pursuant to the exercise, settlement or termination of any related bond hedge transaction or (z) payments in connection with a permitted bond hedge transaction (i) by delivery of shares of the Issuer’s Equity Interests upon net share
settlement thereof or (ii) by (A) set-off against the related bond hedge transaction and (B) payment of an early termination amount thereof in common Equity Interests of the Issuer upon any early
termination thereof; 
 (13) the repurchase, redemption or other acquisition for value of Equity Interests of the Issuer deemed to occur in
connection with paying cash in lieu of fractional shares of such Equity Interests in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Issuer,
or upon the exercise, conversion or exchange of any stock options, warrants, other rights to purchase Capital Stock or other convertible or exchangeable securities, in each case, permitted under this Indenture; 

  
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 (14) the distribution, by dividend or otherwise, of shares of Capital Stock or other
securities of, or Indebtedness owed to the Issuer or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash or Cash Equivalents); 

(15) [reserved.]; 
 (16) payments
or distributions to satisfy dissenters’ rights, pursuant to or in connection with a consolidation, merger or transfer of assets that complies with Article 5 hereof; 

(17) any Restricted Payments attributable to, or arising in connection with, (i) the Transactions or the
Spin-Off, and (ii) any other transactions pursuant to agreements or arrangements in effect on the Issue Date on substantially the terms described in the Offering Memorandum or any amendment, modification
or supplement thereto or replacement thereof, as long as the terms of such agreement or arrangement, as so amended, modified, supplemented or replaced is not materially more disadvantageous to the Issuer and the Restricted Subsidiaries, taken as a
whole, than the terms of such agreement or arrangement described in the Offering Memorandum; 
 (18) [reserved.]; 

(19) the declaration and payment of dividends on the Issuer’s common stock (or the payment of dividends to any direct or indirect parent
of the Issuer to fund the payment by any direct or indirect parent of the Issuer of dividends on such entity’s common stock) of up to 6.0% per annum of the net cash proceeds received by the Issuer from any public offering of common stock or
contributed to the Issuer by any direct or indirect parent of the Issuer from any public offering of common stock that occurs following the Issue Date, other than public offerings with respect to the Issuer’s common stock registered on Form S-4 or S-8 or any successor form thereto and other than any public sale constituting Excluded Contributions; 

(20) Restricted Payments that are made with Excluded Contributions; 

(21) any Restricted Payment so long as immediately after giving effect to the making thereof, the Consolidated Total Debt Ratio of the Issuer
and the Restricted Subsidiaries is equal to or less than 1.00 to 1.00; and 
 (22) the declaration and payment of dividends with respect to
the Issuer’s common shares and/or any share repurchase with respect to the Issuer’s common shares after the Distribution Date, not to exceed an amount equal to the greater of (x) $140 million and (y) 18.0% of the EBITDA for the most
recently ended Test Period as of the date of such declaration or payment per fiscal year of the Issuer (with unused amounts being carried over solely to the immediately succeeding fiscal year); 

provided that at the time of, and after giving effect to, any Restricted Payment permitted pursuant to clauses (6), (10) and (14) of this
Section 4.09(b), no Default shall have occurred and be continuing. 

  
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 (c) If any Restricted Payment or Investment (or a portion thereof) would be permitted
pursuant to one or more provisions of Section 4.09 and/or one or more of the exceptions contained in the definition of “Permitted Investments,” the Issuer may divide and classify such Investment or Restricted Payment (or a portion
thereof) in any manner that complies with Section 4.09 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. 
 (d) As of the Issue Date, all of the Issuer’s
Subsidiaries shall be Restricted Subsidiaries. The Issuer shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted Subsidiary.” For purposes of designating any
Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Issuer and the Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be Restricted Payments in an amount
determined as set forth in the definition of “Investment.” Such designation shall be permitted only if a Restricted Payment in such amount would be permitted at such time, whether pursuant to this Section 4.09 or the definition of
“Permitted Investments”, and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries shall not be subject to any of the restrictive covenants set forth in this Indenture. 

SECTION 4.10. Liens. 
 (a)
The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any Lien (the “Initial Lien”) on any of its assets or property, in each case whether
owned on the Issue Date or thereafter acquired, securing any Indebtedness, other than: 
 (i) in the case of any Initial Lien
on any Collateral, such Initial Lien if such Initial Lien is a Permitted Lien; and 
 (ii) in the case of any Initial Lien on
any asset or property not constituting or required to become Collateral, such Initial Lien if (A) the Notes and the Guarantees are equally and ratably secured with (or on a senior basis to, in the case such Initial Lien secures any Subordinated
Indebtedness) the Obligations secured by such Initial Lien, or (B) such Initial Lien is a Permitted Lien. 
 (b) Any Lien created for
the benefit of the Holders pursuant to Section 4.10(a)(ii) shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien, which release and
discharge, in the case of any sale of such asset or property, shall not affect any Lien that the Notes Collateral Agent, Trustee or any other authorized representative may have on the proceeds from such sale. 

(c) Except to the extent expressly set forth in specific clauses of the definition of “Permitted Liens,” any Initial Lien on
Collateral constituting a Permitted Lien that is created, incurred or permitted to exist by the Issuer or any Restricted Subsidiary pursuant to Section 4.10(a)(i) may, at the Issuer’s or such Restricted Subsidiary’s election, have a
lien priority that is 

  
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senior to, junior to or equal with the lien priority for the Liens on such Collateral securing the Notes and the Guarantees. 

(d) If the Issuer or any Guarantor creates any Lien upon any property or assets to secure any other Notes Priority Obligations, it must
substantially concurrently grant a Lien upon such property or assets as security for the Notes or the applicable Guarantee such that the property or assets subject to such Lien becomes Collateral subject to a first priority lien, in the case of
property or assets that would comprise Notes Priority Collateral, or a second priority lien, in the case of property or assets that would comprise ABL Priority Collateral, except to the extent such property or assets constitutes cash or cash
equivalents required to secure only letter of credit obligations under the ABL Credit Facility. 
 SECTION 4.11. Change of Control.

 (a) If a Change of Control occurs after the Issue Date, unless the Issuer has, prior to or concurrently with the time the Issuer is
required to make a Change of Control Offer (as defined below), delivered electronically or mailed a redemption notice that is or has become unconditional with respect to all the Outstanding Notes pursuant to Article 3 or Section 8.06, the
Issuer shall make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”)
equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to, but excluding the date of purchase, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant
Interest Payment Date. No later than 30 days following any Change of Control, the Issuer shall send notice of such Change of Control Offer electronically or by first class mail or overnight mail, with a copy to the Trustee sent in the same manner,
to each Holder of Notes to the address of such Holder appearing in the security register or otherwise in accordance with the procedures of the Depositary, with the following information: 

(1) that a Change of Control Offer is being made pursuant to this Section 4.11 and that all Notes properly tendered pursuant to such
Change of Control Offer shall be accepted for payment by the Issuer; 
 (2) the purchase price and the purchase date, which shall be no
earlier than 30 days nor later than 60 days from the date such notice is mailed or sent (the “Change of Control Payment Date”); 

(3) that any Note not properly tendered shall remain outstanding and continue to accrue interest; 

(4) that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of
Control Offer shall cease to accrue interest on the Change of Control Payment Date; 
 (5) that Holders electing to have any Notes purchased
pursuant to a Change of Control Offer shall be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the paying agent specified in the notice at the address
specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

  
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 (6) that Holders shall be entitled to withdraw their tendered Notes and their election to
require the Issuer to purchase such Notes; provided that the paying agent receives, not later than the expiration time of the Change of Control Offer, electronic transmission (in PDF), facsimile transmission or letter (sent in the same manner
provided in the Change of Control Offer) setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes
purchased; 
 (7) that if the Issuer is purchasing less than all of the Notes, the Holders of the remaining Notes shall be issued new Notes
and such new Notes shall be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to $2,000 or an integral multiple of $1,000 in excess thereof; 

(8) if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer is conditional on the
occurrence of such Change of Control and, if applicable, shall state that, in the Issuer’s discretion, the Change of Control Payment Date may be delayed until such time as the Change of Control shall occur or that such repurchase may not occur
and such notice may be rescinded in the event that the Issuer shall determine that such Change of Control shall not occur by the Change of Control Payment Date, or by the Change of Control Payment Date as so delayed; and 

(9) the other instructions, as determined by the Issuer, consistent with this Section 4.11, that a Holder must follow. 

(b) While the Notes are in the form of Global Notes and the Issuer makes an offer to purchase all of the Notes pursuant to the Change of
Control Offer, a Holder shall exercise its option to elect for the purchase of the Notes through the facilities of the Depositary subject to its rules and regulations. 

(c) The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations in this Indenture by virtue thereof. 

(d) On the Change of Control Payment Date, the Issuer shall, to the extent permitted by law, 

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

(2) deposit with the paying agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions thereof so
tendered; and 

  
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 (3) deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted
together with an Officer’s Certificate stating that all Notes or portions thereof have been tendered to and purchased by the Issuer. 

(e) In the event that the Issuer makes a Change of Control Payment, the paying agent shall promptly mail or pay by wire transfer to each Holder
of the Notes the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate a new Note (or cause to be transferred by book entry) equal in principal amount to any unpurchased portion of the Notes surrendered, if any;
provided that each such new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Issuer shall publicly announce the results of the Change of Control Offer on or as soon as practicable after
the Change of Control Payment Date. 
 (f) The Issuer shall not be required to make a Change of Control Offer following a Change of Control
if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements of this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all such Notes validly
tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer 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 of the making of such Change of Control Offer. 
 (g) If Holders of not less than
90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer as described above,
purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party shall have the right, upon not less than 10 days nor more than 60 days’ prior notice, provided that such notice is given not
more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem all Notes that remain outstanding following such purchase on a date (the “Second Change of Control Payment
Date”) at a price in cash equal to the applicable Change of Control Payment in respect of the Second Change of Control Payment Date plus accrued and unpaid interest, if any, to, but excluding, the date of purchase, subject
to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date. 
 (h)
The provisions under this Indenture related to the Issuer’s obligations to make an offer to repurchase the Notes as a result of a Change of Control and the definition of “Change of Control” may be waived or modified with the written
consent of the Holders of a majority in principal amount of the Notes outstanding. 
 SECTION 4.12. Company Existence. 

Except as otherwise permitted by Article 5 hereof, the Issuer shall do or cause to be done all things necessary to preserve and keep in full
force and effect its company existence. 

  
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 SECTION 4.13. Future Guarantors. 

(a) The Issuer shall cause each of its Restricted Subsidiaries that incurs any Indebtedness, or guarantees the payment of any Indebtedness
incurred, pursuant to the ABL Credit Facility or the Second Lien Notes to, within 30 days of such incurrence or guarantee: 
 (1) execute and
deliver a supplemental indenture, substantially in the form attached as Exhibit D hereto, to this Indenture providing for a Guarantee by such Subsidiary; and 

(2) to the extent required by the Notes Collateral Documents, take all actions required to grant a security interest in the Collateral owned by
such Subsidiary to the Notes Collateral Agent in the manner and to the extent provided in this Indenture and the Notes Collateral Documents, including, without limitation, by entering into joinders, amendments, supplements or other instruments with
respect to the Collateral Agreement and each other Notes Collateral Document (as applicable) and executing, filing and recording such instruments in such jurisdictions as may be required by applicable law to preserve and protect the Liens on such
Collateral, together with such financing statements or comparable documents as may be required to perfect any security interests in such Collateral that may be perfected by the filing of a financing statement or similar document under the Uniform
Commercial Code or other similar statute or regulation of the relevant states or jurisdictions; and 

(3) deliver an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee and the Notes Collateral Agent. 

(b) Further, the Issuer may cause any Restricted Subsidiary to become a Guarantor at its election. 

(c) Any such Guarantee shall be released in accordance with Article 10. 

SECTION 4.14. Limitations on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause to exist or
become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to: 
 (a) (1)
pay dividends or make any other distributions to the Issuer or any Restricted Subsidiary on its Capital Stock or (2) pay any Indebtedness owed to the Issuer or any Restricted Subsidiary; 

(b) make loans or advances to the Issuer or any Restricted Subsidiary; or 

(c) sell, lease or transfer any of its properties or assets to the Issuer or any Restricted Subsidiary, 

except (in each case) for such encumbrances or restrictions existing under or by reason of: 

  
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 (1) contractual encumbrances or restrictions in effect on the Issue Date, if on
substantially the terms described in the Offering Memorandum, including those arising under the ABL Credit Facility, the Second Lien Indenture, this Indenture, the Notes, the Guarantees and the Collateral Documents; 

(2) purchase money obligations for property acquired in the ordinary course of business and Capitalized Lease Obligations that impose
restrictions of the nature discussed in clause (c) above on the property so acquired; 
 (3) applicable law or any applicable rule,
regulation or order; 
 (4) any agreement or other instrument of a Person acquired by or merged or consolidated with or into the Issuer or
any Restricted Subsidiary, or of an Unrestricted Subsidiary that is designated a Restricted Subsidiary, or that is assumed in connection with the acquisition of assets from such Person, in each case that is in existence at the time of such
transaction (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person
and its Subsidiaries, so acquired or designated; 
 (5) contracts for the sale of assets, including customary restrictions with respect to a
Subsidiary of the Issuer pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Subsidiary; 

(6) Secured Indebtedness otherwise permitted to be incurred pursuant to Sections 4.07 and 4.10 that apply only to the assets securing such
Indebtedness; 
 (7) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; 
 (8) other Indebtedness, Disqualified Stock or preferred stock of Restricted Subsidiaries permitted to be incurred
subsequent to the Issue Date pursuant to Section 4.07; 
 (9) customary provisions in joint venture agreements or arrangements and other
similar agreements or arrangements relating solely to such joint venture; 
 (10) customary provisions contained in agreements and
instruments, including but not limited to leases, subleases, licenses, sublicenses or similar agreements, in each case, entered into in the ordinary course of business; 

(11) customary provisions that arise or are agreed to in the ordinary course of business and do not detract from the value of property or
assets of the Issuer or any Restricted Subsidiary in any manner material to the Issuer or such Restricted Subsidiary; 
 (12) Hedging
Obligations; 

  
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 (13) restrictions created in connection with any Receivables Facility that, in the good
faith determination of the Board of Directors of the Issuer, are necessary or advisable to effect in connection with such Receivables Facility; and 

(14) any encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) above imposed by any amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (13) above; provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Issuer, no more restrictive in any material respect with respect to such encumbrance and other restrictions taken as a
whole than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing (or restrictions otherwise customary for the relevant type of Indebtedness (which may be in the form of
“high-yield-style” notes or term loans)). 
 For purposes of determining compliance with this Section 4.14: (i) the priority
of any preferred stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common equity shall not be deemed a restriction on the ability to make distributions on Capital Stock and
(ii) the subordination of loans or advances made to the Issuer or a Restricted Subsidiary to other Indebtedness incurred by the Issuer or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances.

 SECTION 4.15. Asset Sales. 

(a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, consummate, directly or indirectly, an Asset Sale, unless: 

(1) the Issuer or such Restricted Subsidiary, as the case may be, receives consideration (including by way of relief from, or by any other
Person assuming responsibility for, any liabilities, contingent or otherwise) at least equal to the Fair Market Value (as determined by the Issuer at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed of;
and 
 (2) except in the case of a Permitted Asset Swap, at least 75% of the consideration from such Asset Sale and all other Asset Sales
since the Issue Date, on a cumulative basis received by the Issuer or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that the amount of: 

(A) any liabilities (as reflected on the Issuer’s most recent consolidated balance sheet, or if incurred or accrued
subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Issuer’s consolidated balance sheet 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 Issuer) of the Issuer, other than liabilities that are by their terms subordinated to the Notes, that are assumed by the transferee of any such assets (or are otherwise extinguished in connection with the transactions relating
to such Asset Sale) and for which the 

  
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Issuer and all such Restricted Subsidiaries have been validly released by all applicable creditors in writing, 

(B) any securities, notes or other obligations or assets received by the Issuer or such Restricted Subsidiary from such
transferee that are converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each
case, within 180 days following the closing of such Asset Sale, and 
 (C) any Designated
Non-cash Consideration received by the Issuer or 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 (C) not to exceed the greater of $75 million and 1.5% of Consolidated Total Assets 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, 
 shall be deemed to be cash for purposes of this provision and for no other purpose. 

(b) Within 450 days after the Issuer’s or any Restricted Subsidiary’s receipt of the Net Proceeds of any Asset Sale (the
“Asset Sale Proceeds Application Period”), the Issuer or such Restricted Subsidiary may, at its option, apply the Net Proceeds from such Asset Sale: 

(1) if assets subject to such Asset Sale constitute Collateral, to repay, prepay, purchase, repurchase or redeem (a) Notes Priority
Obligations or (b) if the assets subject to such Asset Sale were ABL Priority Collateral, ABL Obligations; provided, however, that (x) the Obligations in respect of the Notes shall be reduced on no less than a pro rata
basis along with any such reduction of other Notes Priority Obligations and (y) all reductions of Obligations in respect of the Notes shall be made as provided 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 Asset Sale Offer) to all Holders to purchase their Notes at 100% of the principal
amount thereof, plus accrued but unpaid interest, if any, on such Notes; 
 (2) if assets subject to such Asset Sale do not constitute
Collateral, to repay, prepay, purchase, repurchase or redeem any Indebtedness that is secured by the assets that are the subject of such Asset Sale, any Senior Indebtedness of the Issuer or any Guarantor or any Indebtedness that would appear as a
liability upon a balance sheet of a Restricted Subsidiary that is not a Guarantor (in each case other than Indebtedness owed to the Issuer or a Restricted Subsidiary); provided, however, that in connection with any repayment, prepayment,
purchase, repurchase or redemption of Indebtedness pursuant to this clause (2), the Issuer or such Restricted Subsidiary shall retire such Indebtedness and shall cause the related loan commitment (if any) to be permanently reduced in an amount equal
to the principal amount so repaid, prepaid, purchased, repurchased or redeemed; 

  
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 (3) to reinvest in Additional Assets (including by means of an investment in Additional
Assets by a Restricted Subsidiary with Net Proceeds received by the Issuer or another Restricted Subsidiary) or make capital expenditures in or that are used or useful in the Issuer’s business within 450 days from the later of the date of such
Asset Sale and the date of receipt of such Net Proceeds; provided that, the Issuer and its Restricted Subsidiaries shall be deemed to have complied with this clause (3) if, within 450 days after the Asset Sale that generated the Net
Proceeds, the Issuer or such Restricted Subsidiary has entered into a binding agreement to consummate any such investment described in this clause (3) with the good faith expectation that such Net Proceeds shall be applied to satisfy such
commitment within 180 days of such commitment (an “Acceptable Commitment”) and, in the event any Acceptable Commitment is later cancelled or terminated for any reason before the Net Proceeds are applied in connection
therewith, the Issuer or such Restricted Subsidiary enters into another Acceptable Commitment (a “Second Commitment”) within 180 days of such cancellation or termination; provided further that if any Second Commitment
is later cancelled or terminated for any reason before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds (as defined below); or 

(4) any combination of the foregoing. 

(c) Within ten Business Days after the end of an Asset Sale Proceeds Application Period with respect to an Asset Sale, if the aggregate balance
of any Net Proceeds not invested or applied in the timeframe and as permitted by clauses (1), (2), (3) and (4) of Section 4.15(b) (any such Net Proceeds, whether from one or more Asset Sales, “Excess
Proceeds”) exceeds $100.0 million, the Issuer shall make an offer (an “Asset Sale Offer”) to all holders of the Notes, and, if the Issuer or any Guarantor elects, to the holders of any
other Notes Priority Obligations, to purchase the maximum aggregate principal amount of Notes and such other Notes Priority Obligations (with respect to the Notes only, in denominations of $2,000 initial principal amount and multiples of $1,000
thereafter), that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount of the Notes and such other Notes Priority Obligations, in each case, plus accrued and unpaid interest, if
any, to, but excluding, the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture or the agreements governing such other Notes Priority Obligations. In the event that the Issuer or a Restricted
Subsidiary prepays any ABL Obligations or Notes Priority Obligations other than the Notes that are outstanding under a revolving credit or other committed loan facility pursuant to an Asset Sale Offer, the Issuer or such Restricted Subsidiary shall
cause the related loan commitment to be permanently reduced in an amount equal to the principal amount so prepaid. 
 The Issuer shall
commence an Asset Sale Offer for the Notes by transmitting electronically or by mailing the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. To the extent that the aggregate amount of Notes and, if applicable,
other Notes Priority Obligations tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds (or, in the case of an Asset Sale Offer being effected in advance of being required to do so by this Indenture, the amount of Net Proceeds to
be applied in such Asset Sale Offer), the Issuer may use any remaining Excess Proceeds (or such amount offered) in any manner not prohibited by this Indenture. If the aggregate principal amount of Notes and, if applicable, other Notes Priority
Obligations surrendered in an Asset Sale Offer exceeds the amount of Excess 

  
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Proceeds, the Issuer shall determine the aggregate principal amount of Notes to be purchased or repaid on a pro rata basis based on the accreted value or principal amount of the Notes or
such other Notes Priority Obligations tendered, and the Trustee shall select the Notes to be purchased or repaid on a pro rata basis based on the accreted value or principal amount of the Notes tendered or by lot or such similar method in
accordance with the procedures of the Depositary; provided that no Notes of $2,000 or less shall be repurchased in part. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero, and in the case of an
Asset Sale Offer being effected in advance of being required to do so by this Indenture, the amount of Net Proceeds to be applied in such Asset Sale Offer shall be excluded in subsequent calculations of Excess Proceeds. 

(d) Pending the final application of any Net Proceeds pursuant to this Section 4.15, the Issuer or the applicable Restricted Subsidiary
may apply such Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise use such Net Proceeds in any manner not prohibited by this Indenture. 

(e) The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations
conflict with the provisions of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Indenture by virtue thereof. 

(f) Notwithstanding the foregoing, to the extent that any of or all the Net Proceeds of any Asset Sales by a Subsidiary (x) are prohibited
or delayed by applicable local law from being repatriated to the Issuer or (y) would have a material adverse Tax consequence (taking into account any foreign tax credit or other net benefit actually realized in connection with such repatriation
that would not otherwise be realized), as determined by the Issuer in its sole discretion, the portion of such Net Proceeds so affected shall not be required to be applied in compliance with this Section 4.15, and such amounts may be retained
by the applicable Subsidiary; provided that, clause (x) of this paragraph shall apply to such amounts so long, but only so long, as the applicable local law shall not permit repatriation to the Issuer, and if such repatriation of any of
such affected Net Proceeds is permitted under the applicable local law and is not subject to clause (y) of this paragraph, then such repatriation shall be promptly effected and such repatriated Net Proceeds shall be applied (whether or not
repatriation actually occurs) in compliance with this Section 4.15; provided, further, that the aggregate amount of Net Proceeds retained pursuant to clause (y) of this paragraph shall not exceed $250 million at any one time
outstanding. The time periods set forth in this Section 4.15 shall not start with respect to such Net Proceeds until such time as the Net Proceeds may be repatriated (whether or not such repatriation actually occurs). 

  
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 SECTION 4.16. [Reserved.] 

SECTION 4.17. Limitations on Transactions with Affiliates. 

The Issuer shall not, and shall not permit any Restricted Subsidiary to, make any payment to, or sell, lease, transfer or otherwise dispose of
any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer
(each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $30 million, unless: 

(1) such Affiliate Transaction is on terms that are not materially less favorable to the Issuer or the relevant Restricted Subsidiary than
those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis; and 

(2) in the case of an Affiliate Transaction including aggregate payments or consideration in excess of $60 million, the Issuer delivers to
the Trustee a resolution adopted by the majority of the Board of Directors of the Issuer approving such Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with clause
(1) above. 
 (b) The foregoing provisions shall not apply to the following: 

(1) (i) transactions between or among the Issuer or any of the Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary as a
result of such transaction and (ii) any merger or consolidation of the Issuer or any direct or indirect parent of the Issuer; provided that such parent company shall have no material liabilities and no material assets other than cash,
Cash Equivalents and the Capital Stock of the Issuer and such merger or consolidation is otherwise in compliance with the terms of this Indenture and effected for a bona fide business purpose; 

(2) Restricted Payments permitted by Section 4.09 and the definition of “Permitted Investments”; 

(3) the payment of reasonable and customary fees and compensation paid to, and indemnities and reimbursements and employment and severance
arrangements provided on behalf of, or for the benefit of, former, current or future officers, directors, managers, employees or consultants of the Issuer, any direct or indirect parent company of the Issuer or any Restricted Subsidiary; 

(4) transactions in which the Issuer or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from an Independent
Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable to the Issuer or its relevant Restricted Subsidiary than
those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis; 

  
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 (5) transactions pursuant to agreements or arrangements in effect on the Issue Date and on
substantially the terms described in the Offering Memorandum or pursuant to the Spin-Off Documents (including the Spin-Off, all transactions in connection therewith
(including but not limited to the financing thereof) and all fees and expenses paid or payable in connection with the Spin-Off) or any amendment, modification or supplement thereto or replacement thereof, as
long as such agreement or arrangement, as so amended, modified, supplemented or replaced is not materially more disadvantageous to the Issuer and the Restricted Subsidiaries, taken as a whole, than the agreement or arrangement in existence on the
Issue Date or pursuant to the Spin-Off Documents; 
 (6) the existence of, or the performance by the
Issuer or any Restricted Subsidiary of its obligations under the terms of, any stockholders agreement or the equivalent (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Issue Date
(on substantially the terms described in the Offering Memorandum) and any similar agreements which it may enter into thereafter; provided that the existence of, or the performance by the Issuer or any Restricted Subsidiary of obligations
under any future amendment to any such existing agreement or under any similar agreement entered into after the Issue Date shall only be permitted by this clause (6) to the extent that the terms of any such amendment or new agreement are not
otherwise disadvantageous to the Holders in any material respect when taken as a whole; 
 (7) any transaction in the ordinary course of
business and otherwise in compliance with the terms of this Indenture that is fair to the Issuer and the Restricted Subsidiaries, in the reasonable determination of the majority of the Board of Directors of the Issuer or the senior management
thereof, or is on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; 
 (8) the
issuance or transfer of Equity Interests (other than Disqualified Stock) of the Issuer and the granting and performance of customary registration rights; 

(9) sales of accounts receivable, or participations therein or other transactions, in connection with any Receivables Facility; 

(10) payments, loans, advances or guarantees (or cancellation of loans, advances or guarantees) to employees, directors, managers or
consultants of the Issuer, any direct or indirect parent company of the Issuer or any Restricted Subsidiary and employment agreements, stock option plans and other similar arrangements with such employees, directors, managers or consultants which,
in each case, are approved by the Issuer in good faith; 
 (11) payments to any future, current or former employee, director, manager,
officer, manager or consultant of the Issuer, any of its Subsidiaries or any direct or indirect parent company of the Issuer 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; and any employment and severance arrangements, stock option plans and other compensatory arrangements (and any successor plans thereto) and any supplemental executive retirement benefit plans or
arrangements with any such employees, directors, officers, managers or consultants that are, in each case, approved by the Issuer in good faith; 

  
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 (12) any transaction with a Person (other than an Unrestricted Subsidiary) which would
constitute an Affiliate Transaction solely because the Issuer or a Restricted Subsidiary owns an Equity Interest in or otherwise controls such Person; 

(13) any lease entered into between the Issuer or any Restricted Subsidiary, as lessee, and any Affiliate of the Issuer, as lessor, in the
ordinary course of business; 
 (14) intellectual property licenses in the ordinary course of business; 

(15) transactions between the Issuer or any of its Restricted Subsidiaries and any Person that would constitute an Affiliate Transaction solely
because a director of such Person is also a director of the Issuer or any direct or indirect parent of the Issuer; provided, however, that such director abstains from voting as a director of the Issuer or such direct or indirect parent of the
Issuer, as the case may be, on any matter involving such other Person; 
 (16) pledges of Equity Interests of Unrestricted Subsidiaries; 

(17) transactions with joint ventures entered into in the ordinary course of business, or approved by a majority of the Board of Directors of
the Issuer; 
 (18) payments made pursuant to any customary tax consolidation and grouping arrangements; and 

(19) transactions contemplated by Section 4.07(b)(19). 

SECTION 4.18. Suspension of Covenants. 

(a) Following the earliest date following the Issue Date on which: (1) the Notes have Investment Grade Ratings from at least two Rating
Agencies and (2) no Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (1) and (2) being collectively referred to as a “Covenant Suspension
Event”) until the Reversion Date, the Issuer and the Restricted Subsidiaries shall not be subject to the following provisions of this Indenture: 

(A) Section 4.07; 

(B) Section 4.09; 

(C) Section 4.13; 

(D) Section 4.14; 

(E) Section 4.15; 

(F) Section 4.17; and 

(G) clause (a)(4) of Section 5.01. 

  
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 (collectively, the “Suspended Covenants”). Solely for the purpose of
determining the amount of Permitted Liens under Section 4.10 during any Suspension Period (as defined below) and without limiting the Issuer’s or any Restricted Subsidiary’s ability to incur Indebtedness during any Suspension Period,
to the extent that calculations in Section 4.10 (including the definition of “Permitted Liens”) refer to Section 4.07, such calculations shall be made as though Section 4.07 remains in effect during the Suspension Period.
Upon the occurrence of a Covenant Suspension Event (the date of such occurrence, the “Suspension Date”), the amount of Excess Proceeds shall be set at zero. In the event that the Issuer and the Restricted
Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraws its
Investment Grade Rating or downgrades the rating assigned to the Notes below an Investment Grade Rating, then the Issuer and the Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants with respect to future events
(subject to re-suspension upon the occurrence of a subsequent Covenant Suspension Event). The period of time between the Suspension Date and the Reversion Date is referred to in this description as the
“Suspension Period.” Notwithstanding that the Suspended Covenants may be reinstated, no Default or breach of any kind shall be deemed to exist under this Indenture, the Notes or the Guarantees with respect to the Suspended Covenants, and
none of the Issuer or any of its Restricted Subsidiaries shall bear any liability for any actions taken or events occurring during the Suspension Period, or any actions taken at any time pursuant to any contractual obligation arising during the
Suspension Period, as a result of a failure to comply with the Suspended Covenants during the Suspension Period (or upon termination of the Suspension Period or after that time based solely on events that occurred during the Suspension Period). The
Issuer shall provide an Officer’s Certificate to the Trustee indicating the occurrence of any Suspension Date or Reversion Date. The Trustee shall have no obligation to independently determine or verify if such events have occurred or notify
the Holders of any Suspension Date or Reversion Date. The Trustee may provide a copy of such Officer’s Certificate to any Holder of Notes upon request. 

(b) On the Reversion Date, all Indebtedness incurred, or Disqualified Stock issued, during the Suspension Period shall be deemed to have been
incurred or issued on the Issue Date, so that it is classified as permitted pursuant to Section 4.07(b)(3). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.09 shall be
made as though Section 4.09 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period shall reduce the amount available to be made as Restricted Payments
under Section 4.09(a) and the items specified in Section 4.09(a)(C)(i) through (C)(iv) if occurring during the Suspension Period shall increase the amount available to be made as Restricted Payments under such section. No Subsidiaries
shall be designated as Unrestricted Subsidiaries during any Suspension Period. Any Affiliate Transaction entered into after the Reversion Date pursuant to an agreement entered into during any Suspension Period shall be deemed to be permitted
pursuant Section 4.17(b)(6). Any encumbrance or restriction on the ability of any Restricted Subsidiary that is not a Guarantor to take any action described in Section 4.14(a) through (c) that becomes effective during any Suspension
Period shall be deemed to be permitted pursuant to the exception contained in clause (1) of Section 4.14 relating to existing encumbrances and restrictions.  

(c) The Issuer shall give the Trustee prompt (and in any event not later than five Business Days after a Covenant Suspension Event) written
notice of any Covenant Suspension 

  
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Event. In the absence of such notice, the Trustee may conclusively assume the Suspended Covenants apply and are in full force and effect. The Issuer shall give the Trustee prompt (and in any
event not later than five Business Days after a Covenant Suspension Event) written notice of any occurrence of a Reversion Date. After any such notice of the occurrence of a Reversion Date, the Trustee may conclusively assume the Suspended Covenants
apply and are in full force and effect. 
 ARTICLE V 

MERGER, CONSOLIDATION OR SALE OF ALL OR SUBSTANTIALLY ALL ASSETS 

SECTION 5.01. The Issuer May Consolidate, Etc., Only on Certain Terms. 

(a) The Issuer shall not consolidate or merge, consolidate or amalgamate with or into or wind up into, consummate a Division as the Dividing
Person with (whether or not the Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions to, any Person unless: 

(1) (i) the Issuer is the surviving Person, or (ii) the Person formed by or surviving any such merger, consolidation, amalgamation,
winding up or Division (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a Person organized or existing under the laws of the United States, any state thereof or
the District of Columbia (in each of (i) and (ii), such Person, as the case may be, being herein called the “Successor Issuer”); 

(2) the Successor Issuer, if other than the Issuer, expressly assumes all the obligations of the Issuer under (i) this Indenture and the
Notes pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee and the Notes Collateral Agent and (ii) the applicable Collateral Documents and causes such amendments, supplements and
other instruments to be executed, filed and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Liens on the Collateral owned by or transferred to the Successor Issuer, together with such financing
statements or comparable documents as may be required to perfect any security interests in such Collateral that may be perfected by the filing of a financing statement or similar document under the Uniform Commercial Code or other similar statute or
regulation of the relevant states or jurisdictions; 
 (3) immediately after such transaction, no Default exists; 

(4) immediately after giving pro forma effect to such transaction and any related financing transactions, as if such transactions had occurred
at the beginning of the Applicable Measurement Period, 
 (A) the Issuer would be permitted to incur at least $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.07(a) or 

  
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 (B) the Fixed Charge Coverage Ratio for the Issuer and the Restricted
Subsidiaries would be equal to or greater than the Fixed Charge Coverage Ratio for the Issuer and the Restricted Subsidiaries immediately prior to such transaction; 

(5) in the case of Section 5.01(a)(1)(ii), each Guarantor, unless it is the other party to the transactions described above, shall have by
supplemental indenture confirmed that 
 (A) its Guarantee shall apply to such Person’s obligations under this Indenture
and the Notes; and 
 (B) the grant of a security interest in all properties and assets owned by such Guarantor constituting
Collateral in respect of its Guarantee of such Person’s obligations under this Indenture and the Notes shall remain valid following such transactions; and 

(6) in the case of Section 5.01(a)(1)(ii), the Issuer shall have delivered to the Trustee and the Notes Collateral Agent an Officer’s
Certificate and an Opinion of Counsel, each stating that such merger, consolidation, amalgamation, winding up, Division, sale, assignment, transfer, lease, conveyance or disposition, and such supplemental indentures, if any, comply with this
Indenture and the applicable Collateral Documents and an Opinion of Counsel stating that this Indenture and the applicable Collateral Documents constitute the legal, valid, binding and enforceable obligations of the Issuer or Successor Issuer, as
applicable, and each of the Guarantors party thereto. 
 (b) The Successor Issuer shall succeed to, and be substituted for, the Issuer under
this Indenture, the Notes and the applicable Collateral Documents, and the Issuer shall automatically be released and discharged from its obligations under this Indenture, the Notes and the applicable Collateral Documents; provided that, in
the case of a lease of all or substantially all its assets, the Issuer shall not be released from its obligations under this Indenture, the Notes or the applicable Collateral Documents. 

(c) Notwithstanding clauses (3) and (4) of Section 5.01(a): 

(1) any Restricted Subsidiary may merge, consolidate or amalgamate with or into, wind up into or consummate a Division as the Dividing Person
with or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to the Issuer or any Guarantor or, in the case of a Restricted Subsidiary that is not a Guarantor, any Restricted Subsidiary; and 

(2) the Issuer may merge, consolidate or amalgamate with or into, wind up into or consummate a Division as the Dividing Person with or transfer
all or substantially all its properties and assets to an Affiliate incorporated or organized solely for the purpose of reincorporating or reorganizing the Issuer in another jurisdiction within the laws of the United States, any state thereof or the
District of Columbia. 

  
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 SECTION 5.02. Guarantors May Consolidate, Etc., Only on Certain Terms. Subject to
Section 10.05, no Guarantor shall, and the Issuer shall not permit any such Guarantor to, consolidate or merge, consolidate or amalgamate with or into or wind up into, consummate a Division as the Dividing Person with (whether or not such
Guarantor is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions to, any Person unless: 

(1) (A) (i) such Guarantor is the surviving Person or (ii) the Person formed by or surviving any such merger, consolidation,
amalgamation, winding up or Division (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a Person organized or existing under the laws of the United States, any
state thereof or the District of Columbia (in each of (i) and (ii), such Person, as the case may be, being herein called the “Successor Person”); 

(B) the Successor Person, if other than such Guarantor, expressly assumes all the obligations of the Guarantor under
(i) this Indenture and such Guarantor’s related Guarantee pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee and the Notes Collateral Agent and (ii) the applicable
Collateral Documents and causes such amendments, supplements and other instruments to be executed, filed and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Liens on the Collateral owned by or
transferred to the Successor Person, together with such financing statements or comparable documents as may be required to perfect any security interests in such Collateral that may be perfected by the filing of a financing statement or similar
document under the Uniform Commercial Code or other similar statute or regulation of the relevant states or jurisdictions; 

(C) immediately after such transaction, no Default exists; and 

(D) except in the case of Section 5.02(1)(A)(i), the Issuer shall have delivered to the Trustee and the Notes Collateral
Agent an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture and the applicable Collateral Documents and an Opinion of
Counsel stating that this Indenture, Guarantees and the applicable Collateral Documents, as applicable, constitute legal, valid, binding and enforceable obligations of the applicable Guarantor, subject to customary exceptions; or 

(2) the transaction is an Asset Sale that is made in compliance with Section 4.15. 

Subject to Section 10.05, the Successor Person shall succeed to, and be substituted for, such Guarantor under this Indenture, such
Guarantor’s Guarantee and the applicable Collateral Documents and such Guarantor shall automatically be released and discharged from its obligations under this Indenture, such Guarantor’s Guarantee and the applicable Collateral Documents;
provided that, in the case of a lease of all or substantially all its assets, the Guarantor 

  
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shall not be released from its obligations under this Indenture, such Guarantor’s Guarantee or the applicable Collateral Documents. Notwithstanding the foregoing, any Guarantor may
(i) merge, consolidate or amalgamate with or into or wind up into, consummate a Division as the Dividing Person with or transfer all or part of its properties and assets to another Guarantor or the Issuer, (ii) merge, consolidate or
amalgamate with or into or wind up into, or consummate a Division as the Dividing Person with an Affiliate of the Issuer solely for the purpose of reincorporating or reorganizing the Guarantor under the laws of the United States, any state thereof
or the District of Columbia so long as the amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased thereby or (iii) convert into a Person organized or existing under the laws of a jurisdiction in the United States.

 ARTICLE VI 
 REMEDIES 

SECTION 6.01. Events of Default. “Event of Default,” wherever used herein, means any one
of the following events (whatever the reason for such Event of Default and whether it be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (1) default in payment when due and payable, upon redemption, acceleration or otherwise, of
principal of, or premium, if any, on the Notes issued under this Indenture; 
 (2) default for 30 days or more in the payment when due of
interest on or with respect to the Notes issued under this Indenture; 
 (3) the failure to perform or comply with any of the provisions
described under Article 5 hereof; 
 (4) the failure by the Issuer or any Restricted Subsidiary for 60 days after the receipt of written
notice given by the Trustee or the Holders of not less than 25% in principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with any of its obligations, covenants or agreements (other than a default referred to in
clauses (1), (2) and (3) above) contained in this Indenture, the Notes or the Notes Collateral Documents; 
 (5) default under any
mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Issuer or any Restricted Subsidiary or the payment of which is guaranteed by the Issuer or any
Restricted Subsidiary, other than Indebtedness owed to the Issuer or any Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is created after the issuance of the Notes, if both: 

(A) such default either results from the failure to pay any principal of such Indebtedness at its stated final maturity (after
giving effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness at its stated final maturity and results in the holder or holders of such Indebtedness causing such
Indebtedness to become due prior to its stated maturity and 

  
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 (B) the principal amount of such Indebtedness, together with the principal
amount of any other such Indebtedness in default for failure to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has been so accelerated, aggregate $150 million or more at
any one time outstanding; 
 (6) the failure by the Issuer or any Significant Subsidiary to pay final
non-appealable judgments aggregating in excess of $150 million (net of amounts covered by insurance policies issued by reputable insurance companies), which final judgments remain unpaid, undischarged and
unstayed for a period of more than 60 days after such judgment becomes final, and in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly
stayed; 
 (7) any of the following events with respect to the Issuer or any Significant Subsidiary: 

(A) the Issuer or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

(i) commences a voluntary case; 

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

(iii) consents to the appointment of a custodian of it or for all or substantially all of its property; 

(iv) takes any comparable action under any foreign laws relating to insolvency; or 

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

(i) is for relief against the Issuer or any Significant Subsidiary in an involuntary case; 

(ii) appoints a custodian of the Issuer or any Significant Subsidiary or all or substantially all of its property; or 

(iii) orders the winding up or liquidation of the Issuer or any Significant Subsidiary; and the order or decree remains
unstayed and in effect for 60 days; 
 (8) the Guarantee of any Guarantor that is a Significant Subsidiary shall for any reason cease to be
in full force (except as contemplated by the terms thereof or hereof) and effect or be declared null and void or any responsible officer of any Guarantor that is a Significant Subsidiary denies that it has any further liability under its Guarantee
or gives notice 

  
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to such effect, other than by reason of the termination of the related Indenture or the release of any such Guarantee in accordance with this Indenture; or 

(9) (A) any Lien created by the Notes Collateral Documents relating to the Notes and/or the Guarantees does not constitute a valid and
perfected Lien on any material portion of the Collateral (to the extent perfection is required by this Indenture or the Notes Collateral Documents), except as otherwise permitted by the terms of this Indenture or the relevant Notes Collateral
Documents and other than the satisfaction in full of all Obligations of the Issuer and the Guarantors under this Indenture or the release or amendment of any such Lien in accordance with the terms of this Indenture and the Notes Collateral
Documents; 
 (B) except for amendment, modification, waiver, termination or release in accordance with the terms of this
Indenture and the Notes Collateral Documents, any material Notes Collateral Document (including the ABL-Notes Intercreditor Agreement and the First Lien-Second Lien Intercreditor Agreement) is for whatever
reason terminated or ceases to be in full force and effect; or 
 (C) the enforceability of any Notes Collateral Document is
contested by the Issuer or any Guarantor; 
 except in each case to the extent that (x) any such invalidity or loss of
perfection or termination results from the failure of the administrative agent under the ABL Credit Facility or other Credit Facilities to make filings, renewals and continuations (or other equivalent filings) or take other appropriate action or the
failure of such administrative agent to maintain possession of certificates, instruments or other documents actually delivered to it representing securities pledged or other possessory collateral pledged under the applicable Collateral Documents or
(y) as to Collateral consisting of mortgaged real property, to the extent such losses are covered by a lender’s title insurance policy and such insurer has not denied coverage. 

SECTION 6.02. Acceleration of Maturity; Rescission and Annulment. 

(a) If any Event of Default (other than an Event of Default specified in Section 6.01(7) with respect to the Issuer) occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of the Outstanding Notes issued under this Indenture may, and the Trustee at the request of such Holders of the Notes shall (subject to receiving indemnity, prefunding and/or
security to its satisfaction), declare the principal, premium, if any, interest and any other monetary obligations on all the Outstanding Notes to be due and payable immediately. 

(b) Upon the effectiveness of a declaration under Section 6.02, such principal and interest shall be due and payable immediately.
Notwithstanding the foregoing, in the case of an Event of Default arising under Section 6.01(7) above with respect to the Issuer, all Outstanding Notes shall become due and payable without further action or notice. The Trustee may withhold from
the Holders notice of any continuing Default or Event of Default, except a Default or Event of Default relating to the payment of principal, premium, if any, or interest, if it determines that withholding notice is in their interest. 

  
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 (c) At any time after a declaration of acceleration has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article, the Holders of a majority in aggregate principal amount of the Outstanding Notes, by notice to the Trustee, may rescind and annul such
declaration and its consequences with respect to the Notes, so long as such recission and annulment would not conflict with any judgment of a court of competent jurisdiction and all amounts owing to the Trustee have been repaid, if 

(1) The Issuer has paid or deposited with the Trustee a sum sufficient to pay: 

(A) all overdue interest on all Outstanding Notes, 

(B) all unpaid principal of (and premium, if any, on) any Outstanding Notes which has become due otherwise than by such
declaration of acceleration, and interest on such unpaid principal at the rate borne by the Notes, 
 (C) to the extent that
payment of such interest is lawful, interest on overdue interest at the rate borne by the Notes, and 
 (D) all sums paid or
advanced by the Trustee hereunder and the compensation and properly incurred expenses, disbursements and advances (including any indemnity payments) of the Trustee, its agents and counsel; and 

(2) Events of Default, other than the nonpayment of amounts of principal of (or premium, if any, on) or interest on Notes, which have become
due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.08; 
 provided that no such recission shall
affect any subsequent default or impair any right consequent thereon. 
 (d) Notwithstanding Section 6.02(c) the preceding paragraph, in
the event of any Event of Default specified in Section 6.01(5), such Event of Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and
rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after such Event of Default arose, 
 (1)
the Indebtedness or guarantee that is the basis for such Event of Default has been discharged, or 
 (2) the holders thereof have rescinded
or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default, or 
 (3) the default that is the
basis for such Event of Default has been cured. 
 SECTION 6.03. Collection of Indebtedness and Suits for Enforcement by Trustee. If
an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal
of, premium on, if any, and interest 

  
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remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 SECTION 6.04.
Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes), its creditors or its property
and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. 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 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money,
securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of
any Holder in any such proceeding. 
 SECTION 6.05. Application of Money Collected. If the Trustee collects any money pursuant to
this Article, it shall pay out the money in the following order. 
 First: to the Trustee, the Agents, their respective agents and attorneys
for amounts due under Section 7.07 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes 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 

Third: to the Issuer or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.05. 

  
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 SECTION 6.06. Limitation on Suits. Except to enforce the right to receive payment of
principal, premium (if any) or interest when due, a Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if: 

(a) the Holder of a Note gives to the Trustee written notice of a continuing Event of Default; 

(b) the Holders of at least 25% in principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy;

 (c) such Holder of a Note or Holders of Notes offer to the Trustee security, prefunding and/or indemnity satisfactory to the Trustee
against any loss, liability or expense; 
 (d) the Trustee does not comply with the request within 60 days after receipt of the request and
the offer of security, prefunding and/or indemnity satisfactory to the Trustee against any loss, liability or expense; and 
 (e) within such
60-day period the Holders of a majority in principal amount of the then outstanding Notes do not give the Trustee a written direction inconsistent with the request. 

SECTION 6.07. Control by Holders. Except as otherwise provided herein, the Holders of a majority in principal amount of the outstanding
Notes are given the right to 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 with respect to the Notes. The Trustee, however, may
refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder of a Note or that would involve the Trustee in personal liability. 

SECTION 6.08. Waiver of Past Defaults. Holders of not less than a majority in aggregate principal amount of the then outstanding Notes
by notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium and
interest on the Notes (including in connection with an offer to purchase) (provided, however, that the Holders of a majority in aggregate 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 6.09. 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 the 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 and expenses, 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 does not apply to a suit by the Trustee, a suit by a Holder of a Note 

  
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pursuant to Section 6.06 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 

SECTION 6.10. Waiver of Stay or Extension Laws. Each of the Issuer, the Guarantors and any other obligor on the Notes covenants (to the
extent that it may lawfully do so) that it shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which
may affect the covenants or the performance of this Indenture; and each of the Issuer, the Guarantors and any other obligor on the Notes (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and
covenants that it shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE VII 
 TRUSTEE 

SECTION 7.01. Duties of Trustee. 

(a) 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. 

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

(i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and Notes Collateral
Documents 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 

(ii) 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 resolutions, statements, instruments, notices, directions certificates and/or opinions furnished to the Trustee and conforming on their face to the requirements of this Indenture. However, in the
case of certificates or opinions specifically required by any provision hereof to be furnished to it, the Trustee shall examine the certificates and opinions to determine whether or not they conform on their face 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: 

(i) this Section 7.01(c) does not limit the effect of Section 7.01(b); 

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

(iii) 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 hereof. 
 (d) Whether or not therein expressly so provided, every provision of this
Indenture that in any way relates to the Trustee is subject to Section 7.01(a), (b) and (c). 
 (e) No provision of this Indenture shall
require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request or direction of any Holders, unless such Holder shall
have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee shall not be
liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(g) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default is received by the Trustee as set forth in Section 6.01 and such notice references this Indenture. 

(h) In no event shall the Trustee be responsible or liable for special, indirect, punitive 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 Trustee shall have no duty to inquire as to the performance of, or otherwise monitor compliance with, the Issuer’s covenants
herein. 
 (j) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section 7.01. 
 SECTION 7.02. Rights of the Trustee. 

(a) The Trustee may conclusively rely upon any document, resolution, statement, notice, direction, certificate and/or opinion 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 any such document. 

(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 own selection and the advice of such

  
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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 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, provided that the Trustee’s conduct does not constitute willful misconduct or gross negligence. 

(e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer shall be sufficient if
signed by an Officer of the Issuer. 
 (f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by
this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities that might be incurred by it in
compliance with such request or direction. 
 (g) The Trustee shall not be bound to ascertain or inquire as to the performance or observance
of any covenants, conditions, or agreements on the part of the Issuer, make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its reasonable discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall
reasonably determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer during normal business hours and upon reasonable notice, personally or by agent or attorney at the sole
cost of the Issuer and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
 (h) The
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys, and the Trustee shall not be responsible for any willful misconduct or gross negligence on the part of
any agent or attorney appointed with due care by it under this Indenture. 
 (i) The Trustee shall not be required to give any bond or surety
in respect of the performance of its power and duties hereunder. 
 (j) The rights, privileges, protections, immunities and benefits given to
the Trustee under this Article 7, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, U.S. Bank National Association in each of its capacities hereunder as an Agent, and to each agent, Custodian
and other Person employed to act hereunder. 
 (k) The permissive right of the Trustee to take or refrain from taking any actions enumerated
in this Indenture shall not be construed as a duty. 

  
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 (l) The Trustee shall not be responsible or liable for any failure or delay in the
performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, accidents; nuclear or natural catastrophes or acts of God;
earthquakes; fire; flood; terrorism; wars and other civil or military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes,
strikes or work stoppages; acts of civil or military authority and governmental action. 
 (m) Anything in this Indenture notwithstanding, in
no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss of profit), even if the Trustee has been advised as to the likelihood of such loss or
damage and regardless of the form of action 
 (n) No provision of this Indenture shall be deemed to impose any duty or obligation on the
Trustee to take or omit to take any action, or suffer any action to be taken or omitted, in the performance of its duties or obligations under this Indenture, or to exercise any right or power thereunder, to the extent that taking or omitting to
take such action or suffering such action to be taken or omitted would violate applicable law binding upon it. 
 (o) Other than any
information set forth in a notice to the Trustee pursuant to the provisions of this Indenture or any Notes Collateral Documents, the delivery of reports, information and documents to the Trustee is for informational purposes only, and the
Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants under this
Indenture (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 (p) The Trustee may consult with
counsel of its selection, and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel. 
 (q) 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 (including but not limited to as Registrar and Paying Agent), and each agent,
custodian and other person employed to act hereunder. 
 (r) The right of the Trustee to perform any discretionary act enumerated in this
Indenture shall not be construed as a duty, and the Trustee shall not be answerable for other than its own negligence or willful misconduct in the performance of such act. 

(s) Trustee entitled to assume without enquiry, that the Issuer has performed in accordance with all of the provisions in this Indenture,
unless notified to the contrary. 

  
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 SECTION 7.03. Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any
Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest, as such term is used in the Trust Indenture Act of 1939, it must eliminate such conflict
within 90 days, apply to the SEC for permission to continue as Trustee or resign. Any Agent may do the same with like rights and duties. The Trustee shall also be subject to Sections 7.10 hereof. 

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 Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’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. 
 SECTION 7.05. Notice of Defaults. 

(a) The Trustee shall not be deemed to have notice of any Default with respect to Notes unless a Trust 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 a Trust Officer of the Trustee at the Corporate Trust Office of the Trustee from the Issuer or the Holders of 25% in aggregate principal amount of
the outstanding Notes, and such notice references the specific Default or Event of Default, the Notes and this Indenture. 
 (b) If a Default
occurs and is continuing and is actually known to the Trustee, the Trustee shall deliver to Holders of the Notes, notice of the Default within the later of 90 days after the occurrence of a Default or 30 days after it is actually known to a Trust
Officer or written notice of it is received by the Trustee, unless such Default shall have been cured or waived. Except in the case of a Default in the payment of principal of, premium, if any, or interest on any Note (including payments pursuant to
the redemption provisions of the Notes), the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 

SECTION 7.06. [Reserved.] 

SECTION 7.07. Compensation and Indemnity. 

The Issuer and the Guarantors, jointly and severally, shall pay to U.S. Bank National Association, in each of its capacities as Trustee and
Agent, from time to time reasonable compensation for Agent’s and Trustee’s services hereunder, as agreed from time to time with U.S. Bank National Association. The Trustee’s compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Issuer and the Guarantors shall, jointly and severally, reimburse the Trustee and the Agents promptly upon request for all reasonable disbursements, advances and expenses incurred or made, including costs of
collection, by such 

  
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party in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements, advances and expenses of the Trustee’s and Agents’
respective agents, counsel, accountants and experts. 
 The Issuer and the Guarantors shall, jointly and severally, indemnify the Trustee,
each Agent and each of their respective agents, representatives, officers, directors, and employees against any and all losses, liabilities, damages or expenses (including reasonable attorneys’ fees and expenses) incurred by them arising out of
or in connection with the acceptance or administration of its duties under this Indenture, Notes Collateral Documents, First Priority Documents and the Intercreditor Agreements, including the costs and expenses of enforcing this Indenture against
the Issuer and the Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by the Issuer and the Guarantors or any Holder or any other person) or liability in connection with the enforcement of any
rights hereunder, or arising out of or in connection with the exercise or performance of any of its rights, powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its gross negligence, bad faith
or willful misconduct. The Trustee shall notify the Issuer and the Guarantors promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer shall not relieve the Issuer or the Guarantors of their obligations
hereunder. The Issuer shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Issuer shall pay the reasonable fees and expenses of such counsel. The Issuer and the Guarantors need not pay
for any settlement made without their consent, which consent shall not be unreasonably withheld. 
 The obligations of the Issuer and the
Guarantors under this Section 7.07 shall survive the resignation or removal of the Trustee or the Agents, as applicable, the satisfaction and discharge and the termination of this Indenture. 

To secure the Issuer’s and the Guarantors’ payment obligations in this Section, 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 resignation or removal of the Trustee, the satisfaction and discharge and the
termination of this Indenture. 
 In addition, and without prejudice to the rights provided to the Trustee under any of the provisions of
this Indenture, when the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(7) hereof 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. 
 “Trustee”
for purposes of this Section shall include any predecessor Trustee and the Trustee in each of its capacities hereunder and each agent, custodian and other person employed to act hereunder; provided, however, that the negligence or
willful misconduct of any predecessor Trustee hereunder shall not affect the rights of any other Trustee hereunder (other than a successor Trustee that is successor by merger or consolidation to such predecessor Trustee). 

  
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 SECTION 7.08. Replacement of Trustee. 

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. 
 The Trustee may resign in writing at any time and be discharged from the trust
hereby created by so notifying the Issuer. The Holders of Notes of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10 hereof; 

(b) 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;

 (c) a custodian or public officer takes charge of the Trustee or its property; or 

(d) the Trustee becomes incapable of acting. 

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

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer,
or the Holders of Notes of at least 10% in principal amount of the then outstanding Notes or the Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after written request by any Holder of a Note who has been a Holder of a Note for at least six months, fails to comply with
Section 7.10, such Holder of a Note may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. 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
of the Notes. 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 subject to the Lien provided for in
Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 

  
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 SECTION 7.09. 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 banking association, the successor corporation or banking association without any further act shall, if such successor corporation or banking association is otherwise eligible hereunder, be the successor Trustee. 

Subject to Section 7.10, any business entity into which the Trustee may be merged or converted or with which it may be consolidated, or
any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
 SECTION 7.10.
Eligibility; Disqualification. 
 There shall at all times be a Trustee hereunder that is a Person organized and doing business under
the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital
and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. 
 ARTICLE VIII 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

SECTION 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. 

The Issuer may, at its option, at any time, with respect to the Notes, elect to have either Section 8.02 or 8.03 hereof applied to all
Outstanding Notes upon compliance with the conditions set forth below in this Article 8. 
 SECTION 8.02. Legal Defeasance and
Discharge. 
 Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Issuer and
the Guarantors shall be deemed to have been discharged from their obligations with respect to all Outstanding Notes (including the Guarantees and the Liens securing the Notes and the Guarantees) on the date the conditions set forth in
Section 8.04 are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire indebtedness
represented by the Outstanding Notes, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in clauses (a) and (b) below, and to have
satisfied all its other obligations under such Notes and this Indenture insofar as such Notes are concerned (and the Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following which
shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of Outstanding Notes to receive payments in respect of the principal of (and premium, if any, on) and interest on such Notes when such payments are due,
solely out of the trust described in Section 8.04, (b) the Issuer’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof, (c) the 

  
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rights, powers, trusts, duties and immunities of the Trustee and Agents hereunder and the obligations of each of the Guarantors and the Issuer in connection therewith and (d) this Article 8.
Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 with respect to the Notes. 

SECTION 8.03. Covenant Defeasance. 

Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Issuer and the Guarantors shall
be released from their obligations under Sections 5.01(a)(4) and (5), 5.02 and the covenants set forth in Sections 4.03 and 4.07 through 4.18 hereof with respect to the Outstanding Notes on and after the date the conditions set forth below are
satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not to be “Outstanding” for the purposes of any direction, waiver, consent or declaration or act of
Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, Covenant Defeasance means that, with respect to the
Outstanding Notes, the Issuer or any Guarantor 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 Sections 6.01(3) (solely
with respect to such defeased covenant), (5) and (6) and, with respect to only any Significant Subsidiary and not the Issuer, Section 6.01(7), but, except as specified above, the remainder of this Indenture and such Notes shall be
unaffected thereby. 
 SECTION 8.04. Conditions to Legal or Covenant Defeasance. 

The following shall be the conditions to the application of either Section 8.02 or 8.03 to the Outstanding Notes: 

(a) the Issuer shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of
Section 6.08 who shall agree to comply with the provisions of this Article 8 applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to the benefit
of the Holders of such Notes; (A) cash in U.S. dollars, or (B) Government Securities, or (C) a combination thereof, in such amounts as shall be sufficient, in the written 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 (or other qualifying trustee) to pay and discharge, the principal of (and premium, if any) and
interest on the Outstanding Notes at the Stated Maturity (or Redemption Date, if applicable and so indicated to the Trustee in writing); provided that, upon any redemption that requires the payment of the Applicable Premium, the amount
deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of deposit, with any deficit as of the date of redemption (any such
amount, the “Applicable Premium Deficit”) required to be deposited with the Trustee on or prior to the date of redemption; provided that the Trustee shall have been irrevocably instructed to apply such
cash or the proceeds of such Government Securities or combination thereof to said 

  
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payments with respect to the Notes. Before such a deposit, the Issuer may give to the Trustee, in accordance with Section 3.03 hereof, a notice of its election to redeem all of the
Outstanding Notes at a future date in accordance with Article 3 hereof, which notice shall be irrevocable. Such irrevocable redemption notice, if given, shall be given effect in applying the foregoing; in the case of Legal Defeasance, the Issuer
shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, (A) the Issuer has received from, or there has been published
by, the Internal Revenue Service a ruling or (B) since the issuance of the Notes, there has been a change in the applicable U.S. Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel in the United
States shall confirm that, subject to customary assumptions and exclusions, the beneficial owners of the Outstanding Notes shall not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such Legal Defeasance and shall
be subject to U.S. Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(b) in the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably
acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the beneficial owners of the Outstanding Notes shall not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such Covenant
Defeasance and shall be subject to U.S. Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; and 

(c) the Issuer shall have delivered to the Trustee and the Notes Collateral Agent an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 

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

All cash and non-callable Government Securities (including the proceeds thereof) deposited with the
Paying Agent (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof 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 Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of the
Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such cash and securities need not be segregated from other funds except to the extent required by law. 

The Issuer shall pay and indemnify the Trustee and Paying Agent, as applicable, against any tax, fee or other charge imposed on or assessed
against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of the outstanding Notes. 

  
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 Anything in this Article 8 to the contrary notwithstanding, the Paying Agent shall deliver
or pay to the Issuer from time to time upon the request of the Issuer any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), 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. Satisfaction and
Discharge. 
 This Indenture shall be discharged and shall cease to be of further effect (except as set forth in the last paragraph of
this Section 8.06 and as to surviving rights registration of transfer or exchange of the Notes expressly provided for herein or pursuant hereto) and the Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture when either: 
 (a) all Notes theretofore authenticated and delivered (other than
(i) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.07 and (ii) Notes for whose payment money has theretofore been deposited with the Trustee or any Paying Agent or
segregated and held on their behalf by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 2.04) have been delivered to the Trustee for cancellation; or 

(b) (1) all such Notes not theretofore delivered to the Trustee for cancellation, 

(i) have become due and payable by reason of the making of a notice of redemption pursuant to Section 3.03 or otherwise,

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

(iii) are to be called for redemption within one year under arrangements reasonably satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, 
 and the Issuer or any Guarantor, in the case of (i), (ii) or
(iii) has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of the Notes, cash in U.S. dollars, U.S. dollar-denominated Government Securities, or a combination
thereof, in such amounts as shall be sufficient, in the written opinion of a nationally recognized firm of independent public accountants delivered to the Trustee, without consideration of any reinvestment of interest to pay and discharge the entire
indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal, premium, if any and accrued interest to the Stated Maturity or Redemption Date, as the case may be; provided that upon any redemption that
requires the payment of the Applicable Premium, the amount deposited therefor shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of
the notice of redemption, with any Applicable Premium Deficit required to be deposited with the Trustee on or prior to the date of redemption; 

  
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 (1) the Issuer has paid or caused to be paid all sums payable by it under this Indenture;

 (2) the Issuer has delivered irrevocable written instructions to the Trustee under this Indenture to apply the deposited money toward the
payment of such Notes at the Stated Maturity or the Redemption Date, as the case may be; and 
 (3) the Issuer has delivered to the Trustee
and the Notes Collateral Agent an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein to the satisfaction and discharge under this Indenture have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Issuer to the Trustee and the Agents under
Section 7.07, the obligations of the Issuer to any Authenticating Agent under Article 2 and, if money or Government Securities shall have been deposited with the Trustee pursuant to this Article, the obligations of the Trustee under
Section 7.01 and the last paragraph of Section 2.04 shall survive such satisfaction and discharge. 
 SECTION 8.07. Repayment
to Issuer. 
 Any cash or non-callable Government Securities deposited with the Trustee or any
Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest on, any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable
shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from such trust; and the Holder shall thereafter, as an unsecured creditor, look only to the Issuer for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such cash and securities, and all liability of the Issuer as trustee thereof, shall thereupon cease. 

SECTION 8.08. Reinstatement. 

If the Trustee or Paying Agent is unable to apply any cash or non-callable Government Securities in
accordance with Section 8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 until such time as the Trustee or Paying Agent is permitted to apply all such cash and securities in accordance with
Section 8.02 or 8.03, as the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Issuer shall be subrogated
to the rights of the Holders to receive such payment from the cash and securities held by the Trustee or Paying Agent. 
 SECTION 8.09.
Survival. 
 The Trustee’s rights under this Article 8 shall survive termination of this Indenture or the resignation of the
Trustee. 

  
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 ARTICLE IX 

AMENDMENT, SUPPLEMENT AND WAIVER 

SECTION 9.01. Without Consent of Holder. 

Without the consent of any Holder, the Issuer, any Guarantor (with respect to any amendment relating to its Guarantee), the Trustee and the
Notes Collateral Agent (with respect to the Notes Collateral Documents), at any time and from time to time, may amend or supplement this Indenture, the Notes, any related Guarantee and the Notes Collateral Documents, in each case, for any of the
following purposes: 
 (a) to cure any ambiguity, omission, mistake, defect or inconsistency or make such other provisions in regard to
matters or questions arising under this Indenture as the Issuer may deem necessary or desirable and that would provide additional rights or benefits to the Holders, in each case as determined by the Issuer in good faith and certified in an
Officer’s Certificate to the Trustee; 
 (b) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(c) to comply with Article 5; 

(d) to provide for the assumption of the Issuer’s or any Guarantor’s obligations to Holders; 

(e) to make any change that would provide any additional rights or benefits to the Holders (including the addition of collateral to secure the
Notes and/or additional Guarantees) or that does not materially adversely affect the legal rights under this Indenture of any such Holder, 

(f) to add covenants for the benefit of the Holders of Notes or to surrender any right or power conferred upon the Issuer or any Guarantor;

 (g) to evidence and provide for the acceptance and appointment under this Indenture or the Notes Collateral Documents, as applicable, of
(i) a successor Trustee, pursuant to the requirements of Sections 7.08 and 7.09 or (ii) a successor Notes Collateral Agent pursuant to the requirements of Section 13.05 and the applicable Notes Collateral Documents; 

(h) to provide for the issuance of Additional Notes, in accordance with this Indenture; 

(i) to add a Guarantor or a parent guarantor under this Indenture; provided that only the Issuer, the Trustee and the Guarantor or
parent guarantor being added need to sign any such supplement or amendment, or release a Guarantor in accordance with the terms of this Indenture; 

(j) to conform the text of this Indenture, Guarantees, the Notes or the Notes Collateral Documents to any provision of the “Description
of Notes” section of the Offering Memorandum; or 

  
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 (k) to amend 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; or 
 (l) to add additional assets as Collateral or to release any Collateral from the Liens securing the Notes or to
subordinate such Lien (or conform the subordination of such Lien), in each case pursuant to the terms of this Indenture and the Notes Collateral Documents, as and when permitted or required by this Indenture and the Notes Collateral Documents. 

In addition, (i) the intercreditor provisions of the Notes Collateral Documents and any other applicable Intercreditor Agreement may be amended, waived
or otherwise modified from time to time with the consent of the parties thereto and (ii) the Issuer may, without the consent of any other party thereto, amend the Notes Collateral Documents and any other applicable Intercreditor Agreement to
provide for the accession or succession of any parties in connection with an amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplementing or other modification from time to time of the ABL Credit Facility,
other Credit Facilities, the Notes, any Additional Notes Priority Obligations, the Second Lien Notes or any other Indebtedness that, in each case, is secured by the Collateral (and is permitted to be incurred and so secured under this Indenture)
with a Lien priority that is senior, equal or junior to the Notes Priority Obligations as specified in such amendment (to the extent such priority is permitted under this Indenture). In addition, the Issuer and the Trustee may, without the consent
of any other party thereto, amend the Notes Collateral Documents and/or enter into additional arrangements such as additional Intercreditor Agreements or collateral trust agreements in order to permit any Secured Cash Management Obligations, Secured
Hedging Obligations, Secured Commercial Obligations and Secured Supply Chain Financing Obligations of the Issuer and its Subsidiaries to be secured equally and ratably on a pari passu basis with the Notes Obligations, including entering into First
Lien Pari Passu Intercreditor Agreements with respect to such obligations (in each case, to the extent such obligations are permitted to be incurred under this Indenture). The Trustee shall enter into any of the foregoing arrangements upon written
request of the Issuer, provided that the Issuer shall have delivered to the Trustee an Officer’s Certificate certifying that the applicable secured obligations to be subject to such Intercreditor Agreement or collateral trust agreement are
permitted under this Indenture to be so secured by the Collateral with the Lien priority so designated by the Issuer. Each Holder, by its acceptance of the Notes, shall be deemed to have consented and agreed to the terms of each Notes Collateral
Document, as originally in effect and as amended, supplemented or replaced from time to time in accordance with its terms or the terms of this Indenture; and authorizes, directs and empowers the Trustee and the Notes Collateral Agent (including
through the Intercreditor Agreements) to bind the Holders of the Notes as set forth in the applicable Notes Collateral Documents to which they are a party and to perform its obligations and exercise its rights and powers thereunder. 

  
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 Upon the request of the Issuer, and upon receipt by the Trustee of the documents described
in Section 9.05 hereof, the Trustee and the Agents shall join with the Issuer 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 neither the Trustee nor the Agents shall be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this
Indenture or otherwise. 
 After an amendment, supplement or waiver under this Section 9.01 becomes effective, the Issuer shall deliver
(by means of electronic transmission in accordance with the applicable procedures of DTC) to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. 

SECTION 9.02. With Consent of Holders of Notes. 

(a) With the consent of the Holders of not less than a majority in principal amount of the Outstanding Notes, by act of said Holders delivered
to the Issuer and the Trustee, the Issuer, any Guarantor (with respect to any Guarantee to which it is a party or this Indenture) and the Trustee may amend or supplement this Indenture, any Guarantee and the Notes, and the Notes Collateral Agent may
amend the Notes Collateral Documents, in each case for the purpose of adding any provisions hereto or thereto, changing in any manner or eliminating any of the provisions or of modifying in any manner the rights of the Holders hereunder or
thereunder (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes) and any existing Default or Event of Default or compliance with any provision of this Indenture, the Notes, the Guarantees or
the Notes Collateral Documents may be waived with the consent of the Holders of not less than a majority in principal amount of the Outstanding Notes, other than Notes beneficially owned by the Issuer or its Affiliates (including consents obtained
in connection with a purchase of or tender offer or exchange offer for Notes); provided that, without consent of the Holder of each Outstanding Note affected thereby, no such amendment, supplement or waiver shall, with respect to any Notes
held by a non-consenting Holder: 
 (1) reduce the principal amount of the Notes whose Holders must
consent to an amendment, supplement or waiver; 
 (2) reduce the principal of or change the Stated Maturity of any such Note or reduce the
premium payable upon the redemption of any Note or change the time at which any Note may be redeemed pursuant to Section 3.07; 
 (3)
reduce the rate of or change the time for payment of interest on any Note; 
 (4) waive a Default or Event of Default in the payment of
principal of or premium, if any, or interest on the Notes issued under this Indenture, except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the payment
default that resulted from such acceleration, or in respect 

  
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of a covenant or provision contained in this Indenture or any guarantee which cannot be amended or modified without the consent of all Holders of the Notes; 

(5) make any Note payable in money other than that stated in the Notes; 

(6) make any change in Section 6.08 or the rights of Holders of the Notes to receive payments of principal of or premium, if any, or
interest on the Notes; 
 (7) make any changes to this Section 9.02; 

(8) impair the right of any Holder to receive payment of principal of, or interest on such Holder’s Notes on or after the due dates
therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; or 
 (9) make any change
to or modify the ranking of any Note or related Guarantee that would adversely affect the Holders of the Notes. 
 (b) Notwithstanding the
provisions of Section 9.02(a), without the consent of the Holders of at least two-thirds in aggregate principal amount of the Notes then outstanding (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange for, Notes) an amendment, supplement or waiver may not: 
 (i)
release all or substantially all of the Collateral (including any and all Guarantees), except as otherwise permitted by this Indenture or the Notes Collateral Documents; or 

(ii) modify the Intercreditor Agreements or the provisions in this Indenture dealing with the Notes Collateral Documents in any
manner materially adverse to the Holders, except as otherwise permitted by this Indenture or the Notes Collateral Documents. 
 (c) It shall
not be necessary for the consent of the Holders of Notes under this Section 9.01 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. A consent to any
amendment or waiver under either this Indenture, the Notes, as applicable, or any Guarantee, by any Holder given in connection with a tender or exchange of such Holder’s Notes shall not be rendered invalid by such tender or exchange. 

SECTION 9.03. Payments for Consent. 

Neither the Issuer nor any of its Restricted Subsidiaries may, directly or indirectly, pay or cause to be paid any consideration to or for the
benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders (or in the case of an
exchange offer, exchanged with all Holders) that consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or amendment; provided that if consents, waivers or amendments are sought
in connection with an exchange offer where participation in such exchange offer is limited to Holders who are “qualified 

  
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institutional buyers” within the meaning of Rule 144A, or “non-U.S. persons” within the meaning of Regulation S, then such consideration
need only be offered to all such Holders and paid to all such Holders that consent, waive or agree to amend in the applicable time frame. 

SECTION 9.04. Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion thereof 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 or subsequent Holder may revoke the consent as
to its Note or portion thereof if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver shall become effective in accordance with its terms and
thereafter shall bind every Holder. 
 SECTION 9.05. Trustee and Agents to Sign Amendments. 

The Trustee and Agents shall sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement
does not adversely affect the rights, duties, liabilities or immunities of the Trustee and Agents, as applicable. In executing any amended or supplemental indenture, the Trustee and Agents shall be provided with and (subject to Sections 7.01 and
13.05) shall be fully protected in conclusively relying upon an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that such
amended or supplemental indenture is the legal, valid and binding obligations of the Issuer enforceable against it in accordance with its terms, subject to customary exceptions and that such amended or supplemental indenture complies with the
provisions hereof. 
 ARTICLE X 

GUARANTEES 
 SECTION 10.01.
Guarantees. 
 Any Guarantor that is a party hereto on the Issue Date or that executes a supplemental indenture in the form of
Exhibit D hereto, shall hereby fully, unconditionally and irrevocably guarantee on a senior secured basis, jointly and severally, to each Holder and to the Trustee, the Agents and their respective successors and assigns (a) the full and
punctual payment of principal of and interest on the Notes when due, whether at Stated Maturity, by acceleration or otherwise, and all other monetary obligations of the Issuer under this Indenture and the Notes and (b) the full and punctual
performance within applicable grace periods of all other monetary obligations of the Issuer under this Indenture and the Notes (all such obligations set forth in clauses (a) and (b) above being hereinafter collectively called the
“Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from such Guarantor and that such
Guarantor shall remain bound under this Article 10 notwithstanding any extension or renewal of any Guaranteed Obligation. 
 Each Guarantor
waives presentation to, demand of, payment from and protest to the Issuer of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. 

  
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Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of each Guarantor hereunder shall not be affected by (a) the failure of any Holder,
the Trustee, or Agents to assert any claim or demand or to enforce any right or remedy against the Issuer, any other Guarantor or any other Person under this Indenture, the Notes or any other agreement or otherwise; (b) any extension or renewal
of any obligation of the Issuer under this Indenture or any Note, by operation of law or otherwise; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; or
(d) except as set forth in Section 10.05, any change in the ownership of such Guarantor. 
 Each Guarantor further agrees that its
Guarantee shall constitute a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder, the Trustee or Agents to any security held for payment
of the Guaranteed Obligations. 
 Each Guarantor further agrees that its Guarantee shall continue to be effective or be reinstated, as the
case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder, the Trustee or Agents upon the bankruptcy or reorganization of the Issuer or
otherwise. 
 Each Guarantor further agrees that, as between it, on the one hand, and the Holders, the Trustee and the Agents, on the other
hand, (x) the maturity of the Guaranteed Obligations may be accelerated as provided in Article 6 for the purposes of such Guarantor’s Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the Guaranteed Obligations, and (y) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due
and payable by such Guarantor for the purposes of this Section. 
 Each Guarantor also agrees to pay any and all costs and expenses
(including reasonable attorneys’ fees) incurred by the Trustee or the Agents in enforcing any rights under this Section. 
 SECTION
10.02. Limitation on Liability. 
 Each Guarantor, and by its acceptance hereof each Holder, confirms that it is the intention of all
such parties that the guarantee by each such Guarantor pursuant to its Guarantee not constitute a fraudulent conveyance or transfer, or being voidable, for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention, the Holders and each such Guarantor hereby irrevocably agree that the
obligations of such Guarantor under its Guarantee shall be limited to the maximum amount that shall not, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments
made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to this Section 10.02, result in the obligations of such Guarantor under its Guarantee constituting such
fraudulent conveyance or transfer, or being avoidable. 

  
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 SECTION 10.03. Successors and Assigns. 

This Article 10 shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the successors and
assigns of the Trustee, the Agents and the Holders and, in the event of any transfer or assignment of rights by any Holder, the Trustee or the Agents, the rights and privileges conferred upon that party in this Indenture and in the Notes shall
automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 
 SECTION
10.04. No Waiver. 
 Neither a failure nor a delay on the part of either the Trustee, the Agents or the Holders in exercising any
right, power or privilege under this Article 10 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the
Trustee, the Agents and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 10 at law, in equity, by statute or otherwise. 

SECTION 10.05. Release of Guarantor. 

Any Guarantee by a Guarantor of the Notes shall be automatically and unconditionally released and discharged: 

(1) (A) upon any sale, exchange or transfer (by merger or otherwise) of (i) the Capital Stock of such Guarantor (including any sale,
exchange or transfer) after which the applicable Guarantor is no longer a Restricted Subsidiary or (ii) all or substantially all of the assets of such Guarantor, which sale, exchange or transfer is made in compliance with the applicable
provisions of this Indenture (including pursuant to an enforcement action in accordance with the terms of an Intercreditor Agreement); 

(B) if such Guarantor no longer guarantees or is otherwise obligated under the ABL Credit Facility or the Second Lien Notes,
other than any release or discharge resulting from the payment or redemption in full of the ABL Credit Facility and the Second Lien Notes; 

(C) upon the designation of any such Guarantor as an Unrestricted Subsidiary in compliance with the applicable provisions of
this Indenture; 
 (D) upon the exercise of the Legal Defeasance of the Notes under Section 8.02 hereof, and the
Covenant Defeasance of the Notes under Section 8.03 hereof, or if the Issuer’s obligations under this Indenture are discharged in accordance with Section 8.06 of this Indenture; 

(E) upon the merger or consolidation of such Guarantor with and into the Issuer or another Guarantor that is the surviving
Person in such merger or consolidation, or upon the liquidation of such Guarantor following the transfer of all of its assets to the Issuer or another Guarantor; 

  
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 (F) as described under Section 9.01 or 9.02; and 

(2) upon the Issuer and such Guarantor delivering to the Trustee an Officer’s Certificate (with no requirement for delivery of an Opinion
of Counsel) stating that all conditions precedent herein provided for relating to such release have been complied with. 
 SECTION 10.06.
Contribution. 
 Each Guarantor that makes a payment under its Guarantee shall be entitled upon payment in full of all Guaranteed
Obligations to contribution from each Guarantor, as applicable, in an amount equal to such 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. Calculation of each Guarantor’s pro rata portion of any payment shall be made by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate; provided that such calculation or the correctness thereof
shall not be a duty or obligation of the Trustee. 
 ARTICLE XI 

MISCELLANEOUS 
 SECTION 11.01.
[Reserved.] 
 SECTION 11.02. Notices. 

Any notice or communication by the Issuer, the Trustee or an Agent to the other parties is duly given if in writing in English that is signed
manually or by way of a digital signature provided by a digital signature provider (as specified in writing to the Trustee by an Officer) and delivered in person or mailed by first class mail (registered or certified, return receipt requested),
facsimile or electronic transmission or overnight air courier guaranteeing next-day delivery, to the other’s address: 

If to the Issuer: 

Arconic Corporation 

201 Isabella Street 

Pittsburgh, Pennsylvania 15212 

Attn: Treasurer or Assistant Treasurer 

with copies to: 

Sullivan & Cromwell LLP 

125 Broad Street 

New York, NY 10004 

Attn: Ari Blaut 

If to the Trustee, Notes Collateral Agent, Registrar, Paying Agent or Authenticating Agent: 

U.S. Bank National Association 

  
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 Two Liberty Place 

50 South 16th Street, Suite 2000 

Mail Station: EX-PA-WBSP 

Philadelphia, PA 19102 

Attention: Michael Judge 

Telephone: (215) 761-9326 

Facsimile: (215) 761-9412 

Email: Michael.Judge@usbank.com 

The Issuer agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to
the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

The Issuer, the Trustee or the Agents, by notice to the other, may designate additional or different addresses for subsequent notices or
communications. 
 The Trustee and the Agents, as applicable, agree to accept and act upon email with portable document format (PDF)
attached or facsimile transmission of written instructions pursuant to this Indenture; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written instructions, shall provide the
originally executed instructions in a timely manner and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions. 

All notices and communications (other than those sent to the Trustee, Agents or Holders) shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if sent by facsimile transmission; and the next Business Day after timely delivery to the
courier, if sent by overnight air courier guaranteeing next-day delivery. All notices and communications to the Trustee, Agents or Holders shall be deemed duly given and effective only upon receipt. 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 security register for the Notes. 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. 
 If a
notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

If the Issuer mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 

  
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 SECTION 11.03. [Reserved.] 

SECTION 11.04. Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Issuer to the Trustee or an Agent to take any action under any provision of this Indenture (except for
authentication of the Notes by the Trustee on the Issue Date or entry into any supplemental indenture pursuant to Section 4.13, which shall not require an Opinion of Counsel, or unless otherwise specified in this Indenture), the Issuer shall
furnish to the Trustee and/or Agent, as applicable: 
 (a) an Officer’s Certificate in form and substance reasonably satisfactory to the
Trustee and/or Agent, as applicable, (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of the signers, 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
and/or Agent, as applicable, (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with. 

SECTION 11.05. Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to Section 4.04 hereof) and 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, such
Person has made such examination or investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

SECTION 11.06. Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar, Paying Agent or Authenticating Agent may make
reasonable rules and set reasonable requirements for its functions. 
 SECTION 11.07. Business Days. 

If a payment date is not a Business Day, payment shall be made on the next succeeding 

  
 132 

 
day that is a Business Day, and no interest shall accrue for the intervening period. If a Regular Record Date is not a Business Day, the record date shall not be affected. 

SECTION 11.08. No Personal Liability of Directors, Managers, Officers, Employees and Stockholders. 

No past, present or future director, manager, officer, employee, incorporator or stockholder of the Issuer, any Guarantor or the Trustee, as
such, shall have any liability for any obligations of the Issuer or of the Guarantors under the Notes, this Indenture, the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes
by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

SECTION 11.09. Governing Law; Waiver of Jury Trial. 

THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES. 

EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE (AND EACH HOLDER AND OWNER OF A BENEFICIAL INTEREST IN A NOTE BY ITS ACCEPTANCE OF A NOTE
OR A BENEFICIAL INTEREST THEREIN, WILL BE DEEMED TO) 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 OR THE TRANSACTIONS
CONTEMPLATED HEREBY. 
 SECTION 11.10. No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 11.11. Successors. 

All covenants and agreements of the Issuer in this Indenture and the Notes shall bind its successors. All covenants and agreements of the
Trustee and the Agents in this Indenture shall bind their respective successors. 
 SECTION 11.12. Severability. 

In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 11.13. 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. The exchange of copies of 

  
 133 

 
this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the
original Indenture for all purposes. Signatures of all the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes other than the Trustee’s signature on the certificate of authentication
on each Note. 
 SECTION 11.14. Table of Contents, Headings, Etc. 

The table of contents, cross-reference table and headings in 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 11.15. Force
Majeure. 
 In no event shall the Trustee or the Agents be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, 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 and hardware) services or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication
facility; it being understood that the Trustee and the Agents, as applicable, 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 11.16. Patriot Act Compliance. 

In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States (“Applicable AML Law”), the Trustee and Agent
are required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Trustee and Agent. Accordingly, each of the parties agree to provide to the Trustee and Agent,
upon their reasonable request from time to time such identifying information and documentation as may be reasonably available for such party in order to enable the Trustee and Agent to comply with Applicable AML Law. 

ARTICLE XII 
 [Reserved.] 

ARTICLE XIII 
 COLLATERAL AND
SECURITY 
 SECTION 13.01. Collateral and Notes Collateral Documents. 

(a) On the Issue Date, the Issuer, the Guarantors and the Notes Collateral Agent shall enter into the Collateral Agreement and one or more
other Notes Collateral Documents defining the terms of the security interests that will secure the Notes and the Guarantees as contemplated therein. The Issuer shall use its commercially reasonable efforts to complete or cause to be

  
 134 

 
completed on or prior to the Issue Date all filings and other similar actions required on its part under the Notes Collateral Documents in connection with the perfection of such security
interests; provided, however, that the Issuer shall use its reasonable best efforts to complete or cause to be completed those actions required on its part under the Notes Collateral Documents to perfect such security interests within 120
days of the Issue Date (provided that the Issuer will have the right to a 90 day extension if it delivers an Officer’s Certificate to the Trustee stating that it is impracticable to meet the foregoing deadline in light of restrictions related
to COVID-19). 
 (b) The Trustee and each Holder, by accepting any Notes and the Guarantees,
acknowledges that, as more fully set forth in the Notes Collateral Documents, the Collateral as now or hereafter constituted shall be for the benefit of all the Holders, the Collateral Agent, the Trustee and the other holders of Notes Priority
Obligations, and that the Lien granted in the Notes Collateral Documents relating to the Notes in respect of the Trustee, the Notes Collateral Agent, the Holders and the other holders of Notes Priority Obligations is subject to and qualified and
limited in all respects by the Notes Collateral Documents and actions that may be taken thereunder. In the event of conflict between an Intercreditor Agreement, on the one hand, and any of the other Notes Collateral Documents and this Indenture, on
the other, the applicable Intercreditor Agreement shall control. 
 SECTION 13.02. Further Assurances. 

The Issuer and the Guarantors shall, at their sole expense, duly execute and deliver, or cause to be duly executed and delivered, such further
agreements, documents, instruments, financing and continuation statements and amendments thereto as may be necessary to confirm that the Notes Collateral Agent holds, for the benefit of itself, the Holders and the Trustee, duly created, enforceable
and perfected (to the extent required by the Notes Collateral Documents) Liens in the Collateral, subject only to Permitted Liens. As necessary, or upon request of the Notes Collateral Agent, the Issuer and the Guarantors shall, at their sole
expense, execute any and all further documents, financing statements, agreements and instruments, and take all further action (including filing Uniform Commercial Code and other financing statements, mortgages and deeds of trust) as may be necessary
to effectuate the provisions and purposes of the Notes Collateral Documents, to the extent permitted by applicable law. 
 SECTION 13.03.
After Acquired Property. 
 From and after the Issue Date, subject to the exceptions and limitations in the Notes Collateral
Documents, if the Issuer or any Guarantor acquires any property of the type that would constitute Collateral (excluding, for the avoidance of doubt, any Excluded Property) and that is not automatically subject to a perfected security interest or
Lien under the Notes Collateral Documents, then the Issuer or such Guarantor will provide security interests in and Liens on such property in favor of the Notes Collateral Agent for the benefit of the Holders and in favor of the Additional Notes
Priority Collateral Agents for the benefit of the holders of any Additional Notes Priority Obligations and deliver certain joinder agreements and certificates in respect thereof as required by this Indenture and the Notes Collateral Documents, and
thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such after-acquired property to the same extent and with the same force and effect. 

  
 135 

 SECTION 13.04. Release. 

(a) The Liens on the Collateral shall be automatically released (and such assets shall no longer be Collateral) with respect to the Notes and
the Guarantees: 
 (i) in part, as to any property or asset constituting Collateral (A) that is sold or otherwise
disposed of or deemed disposed of by the Issuer or any of the Guarantors (other than to the Issuer or a Guarantor) in a transaction not prohibited by this Indenture (whether or not an “event of default” under this Indenture has occurred
and is continuing) if all other Liens on that asset securing the ABL Obligations, other Credit Facility Obligations, Second Priority Obligations and any other Additional Notes Priority Obligations then secured by that asset are released,
(B) that is sold or otherwise disposed of or deemed disposed of by the Issuer or any of the Guarantors (other than to the Issuer or a Guarantor) in a transaction permitted under Section 4.15, (C) that is owned by a Guarantor to the extent
such Guarantor has been released from its Guarantee in accordance with this Indenture, the ABL-Notes Intercreditor Agreement, the First Lien-Second Lien Intercreditor Agreement or (D) otherwise in
accordance with, and as expressly provided for under, this Indenture and the Notes Collateral Documents; 
 (ii) as to any
asset constituting ABL Priority Collateral, subject to the ABL-Notes Intercreditor Agreement, to the extent the corresponding ABL Liens securing obligations under the ABL Credit Facility are released; 

(iii) in whole, upon a legal defeasance or covenant defeasance as described under Section 8.02 and 8.03; 

(iv) in whole, upon satisfaction and discharge of this Indenture as described under Section 8.06; 

(v) in whole, upon payment in full of the principal of, accrued and unpaid interest, if any, and premium, if any, on the Notes;

 (vi) as described under Article 9; 

(vii) in whole or in part, as applicable, as to all or any portion of property subject to such Liens which has been taken by
eminent domain, condemnation or other similar circumstances; 
 (viii) to the extent any particular item of Collateral
becomes Excluded Property; or 
 (ix) in whole, at the Issuer’s option (by written notice to the Trustee), in the event
that (x) the Notes have Investment Grade Ratings from at least two Rating Agencies, (y) the ABL Credit Facility (including any Refinancing Indebtedness in respect thereof) is, or substantially concurrently with the release of the Liens on
the Collateral securing the Notes will become, unsecured and (z) the Second Lien Notes (including any Refinancing Indebtedness in respect thereof) are, or substantially 

  
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concurrently with the release of the Liens on the Collateral securing the Notes will become, unsecured. 

Upon any sale or disposition of Collateral in compliance with this Indenture and the Notes Collateral Documents (other than to the Issuer or a
Guarantor), the Liens in favor of the Notes Collateral Agent on such Collateral shall automatically terminate and be released and the Notes Collateral Agent shall execute and deliver such documents and instruments as the Issuer and the Guarantors
may reasonably request, at their cost and expense, to evidence such termination and release (without recourse or warranty) without the consent of the Holders. 

SECTION 13.05. Notes Collateral Agent. 

(a) By accepting a Note, each Holder thereof shall be deemed to have irrevocably appointed U.S. Bank National Association (and its successors)
to act on its behalf as the Notes Collateral Agent under each of the Notes Collateral Documents and authorized the Notes Collateral Agent to (i) take such actions on its behalf and to exercise the rights and powers that are delegated to it by
the terms of the Notes Collateral Documents or other documents to which it is a party, and (ii) execute each document expressed or permitted to be executed by the Notes Collateral Agent on its behalf. The Holders may not, individually or
collectively, take any direct action to enforce any rights in their favor under the Notes Collateral Documents. The Holders of the Notes may only act through instruction to the Trustee, which, in turn, shall instruct the Notes Collateral Agent. The
Notes Collateral Agent shall have no duties or obligations except those expressly set forth in the Notes Collateral Documents to which it is party. The Notes Collateral Agent shall not be liable for any action taken or not taken by it in the absence
of its own gross negligence or willful misconduct. The Notes Collateral Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other
writing believed by it to be genuine and to have been signed or sent by the proper Person. The Notes Collateral Agent may also rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person and
shall not incur any liability for relying thereon. The Notes Collateral Agent may consult with legal counsel (who may be counsel for the Issuer), independent accountants and other experts selected by it, and shall not be liable for any action taken
or not taken by it in reliance on the advice of any such counsel, accountants or experts. Without limiting the generality of the foregoing, the Notes Collateral Agent: 

(i) shall not be subject to any fiduciary or other implied duties, regardless of whether an event of default has occurred and
is continuing; 
 (ii) shall not have any duty to take any discretionary action or exercise any discretionary powers, except
rights and powers expressly contemplated hereby or by the Notes Collateral Documents that the Notes Collateral Agent is required to exercise; provided that the Notes Collateral Agent shall not be required to take any action that, in its
opinion or the opinion of its counsel, may expose the Notes Collateral Agent to liability or that is contrary to any Notes Collateral Document or applicable law; 

(iii) shall not, except as expressly set forth herein and in the Notes Collateral Documents, have any duty to disclose, and
shall not be liable for the failure to disclose, 

  
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any information relating to the Issuer or any of its Affiliates that is communicated to or obtained by the Person serving as the Notes Collateral Agent or any of its Affiliates in any capacity;

 (iv) shall not be liable for any action taken or not taken by it (a) with the consent or at the request of the
Trustee or (b) in the absence of its own gross negligence or willful misconduct or (c) in reliance on a certificate of an authorized officer of the Issuer stating that such action is permitted by the terms of the Intercreditor Agreements;

 (v) shall not be responsible for or have any duty to ascertain or inquire into (a) any statement, warranty or
representation made in or in connection with the Intercreditor Agreements or any other Notes Collateral Document, (b) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or
therewith, (c) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any event of default, (d) the validity, enforceability, effectiveness or
genuineness of the Intercreditor Agreements, any other Notes Collateral Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Notes Collateral Documents,
(e) the value or the sufficiency of any Collateral, or (f) the satisfaction of any condition set forth in any Notes Collateral Document, other than to confirm receipt of items expressly required to be delivered to the Notes Collateral
Agent; and 
 (vi) shall be deemed not to have knowledge of any event of default under any Obligations other than Notes
Obligations unless and until written notice describing such event of default is given to the Notes Collateral Agent by the representative of such Obligations or the Issuer; for the avoidance of doubt, the Notes Collateral Agent shall only have
knowledge of any event of default under any Notes Obligations in accordance with the provisions of this Indenture. 
 The use of the term
“agent” herein with reference to the Notes Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law other than as a “representative”
as such term is used in Section 9-102(a)(73)(E) of the Uniform Commercial Code. 
 BY ACCEPTING
A NOTE EACH HOLDER SHALL BE DEEMED TO HAVE IRREVOCABLY AGREED TO THE FOREGOING PROVISIONS OF THIS SECTION 13.05(A) AND SHALL BE BOUND BY THOSE AGREEMENTS TO THE FULLEST EXTENT PERMITTED BY LAW. 

(b) Without limiting the Intercreditor Agreements, the Notes Collateral Agent shall be subject to such directions as may be properly given it
by the Trustee and/or other Agents, as applicable, from time to time in accordance with this Indenture, the Intercreditor Agreements and the other Notes Collateral Documents. Except as directed by the Trustee and/or other Agents, as applicable, and
as expressly required by this Indenture, the Intercreditor Agreements and the other Notes Collateral Documents, and in each case subject to the Intercreditor Agreements, the Notes Collateral Agent shall not be obligated: 

  
 138 

 (i) to act upon directions purported to be delivered to it by any other
Person; 
 (ii) to foreclose upon or otherwise enforce any Lien securing the Notes or any of the Guarantees; or 

(iii) to take any other action whatsoever with regard to any or all of the Liens securing the Notes, the Guarantees or the
Notes Collateral Documents or with regard to the Collateral. 
 (c) The Notes Collateral Agent is authorized and empowered to appoint one or
more co-agents or sub-agents or attorneys-in-fact as it deems necessary or appropriate in
connection herewith and shall not be liable for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. 

(d) The Notes Collateral Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by it. The Notes Collateral Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers by or through their
respective Affiliates. The exculpatory provisions of this Article 13 shall apply to any such sub-agent and to the Affiliates of the Notes Collateral Agent and any such
sub-agent. 
 (e) A resignation or removal of the Notes Collateral Agent and appointment of a
successor Notes Collateral Agent shall become effective only upon the successor Notes Collateral Agent’s acceptance of appointment as provided in this Section. 

(i) The Notes Collateral Agent may resign in writing at any time by so notifying the Issuer. The Holders of Notes of a majority
in principal amount of the then outstanding Notes may remove the Notes Collateral Agent by so notifying the Notes Collateral Agent and the Issuer in writing. The Issuer may remove the Notes Collateral Agent if: 

(1) the Notes Collateral Agent ceases to be a Person organized and doing business under the laws of the United States of America or of any
state thereof, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition (an
“Eligible Collateral Agent”); 
 (2) the Notes Collateral Agent is adjudged a bankrupt or an insolvent or an order
for relief is entered with respect to the Notes Collateral Agent under any Bankruptcy Law; 
 (3) a custodian or public officer takes charge
of the Notes Collateral Agent or its property; or 
 (4) the Notes Collateral Agent becomes incapable of acting. 

(ii) If the Notes Collateral Agent resigns or is removed or if a vacancy exists in the office of Notes Collateral Agent for any
reason, the Issuer shall promptly appoint a 

  
 139 

 
successor Notes Collateral Agent. Within one year after the successor Notes Collateral Agent takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint
a successor Notes Collateral Agent to replace the successor Notes Collateral Agent appointed by the Issuer. 
 (iii) If a
successor Notes Collateral Agent does not take office within 60 days after the retiring Notes Collateral Agent resigns or is removed, the retiring Notes Collateral Agent, the Issuer, or the Holders of Notes of at least 10% in principal amount of the
then outstanding Notes or the Notes Collateral Agent may petition any court of competent jurisdiction for the appointment of a successor Notes Collateral Agent. 

(iv) If the Notes Collateral Agent, after written request by any Holder of a Note who has been a Holder of a Note for at least
six months, fails to be an Eligible Collateral Agent, such Holder of a Note may petition any court of competent jurisdiction for the removal of the Notes Collateral Agent and the appointment of a successor Notes Collateral Agent. 

(v) A successor Notes Collateral Agent shall deliver a written acceptance of its appointment to the retiring Notes Collateral
Agent and to the Issuer. Thereupon, the resignation or removal of the retiring Notes Collateral Agent shall become effective, and the successor Notes Collateral Agent shall have all the rights, powers and duties of the Notes Collateral Agent under
this Indenture. The successor Notes Collateral Agent shall mail a notice of its succession to Holders of the Notes. The retiring Notes Collateral Agent shall promptly transfer all Collateral held by it as Notes Collateral Agent to the successor
Notes Collateral Agent, provided that all sums owing to the Notes Collateral Agent hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Notes Collateral Agent pursuant
to this Section 13.05(e), the Issuer’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Notes Collateral Agent. 

(f) Each Holder, by its acceptance of the Notes, shall be deemed to have consented and agreed to the terms of each Notes Collateral Document,
as originally in effect and as amended, supplemented or replaced from time to time in accordance with its terms or the terms of this Indenture; and authorizes and empowers the Trustee and the Notes Collateral Agent (including through the
Intercreditor Agreements) to bind the Holders as set forth in the applicable Notes Collateral Documents to which they are a party and to perform its obligations and exercise its rights and powers thereunder. 

(g) Except as contemplated by the Notes Collateral Documents, neither the Trustee nor the Notes Collateral Agent shall be responsible
(1) for the existence, genuineness or value of any of the Collateral, (2) for filing any financing or continuation statements or recording any documents or instruments in any public office or otherwise perfecting or maintaining the
perfection of any security interest in the Collateral, (3) for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, (4) for the validity or sufficiency of the Collateral or any agreement or
assignment contained therein, (5) for the validity of the title of the Issuer or any Grantor to the Collateral, for insuring the Collateral or (6) for the payment of taxes, 

  
 140 

 
charges, assessments or Liens upon the Collateral or (7) otherwise as to the maintenance of the Collateral. 

SECTION 13.06. Intercreditor Agreements. Each Holder of Notes, by its acceptance thereof, (a) acknowledges that it has
received a copy of the ABL-Notes Lien Intercreditor Agreement, (b) consents to the subordination of Liens (as defined therein) provided for in the ABL-Notes
Intercreditor Agreement, (c) agrees that it will be bound by and will take no actions contrary to the provisions of the ABL-Notes Intercreditor Agreement and (d) authorizes and instructs each of the
Notes Collateral Agent and the Trustee to (i) enter into the ABL-Notes Intercreditor Agreement as the “Initial Notes Collateral Agent” and “Trustee”, respectively, and on behalf of
such Holder, (ii) make any representations, warranties and covenants contained in the ABL-Notes Intercreditor Agreement on behalf of such Holder and (iii) perform its obligation under the ABL-Notes Intercreditor Agreement. The foregoing provisions are intended as an inducement to the lenders under the ABL Credit Facility to permit the incurrence of Indebtedness under this Indenture and to extend
credit to the Issuer and such lenders are intended third party beneficiaries of such provisions. 
 [Signatures on following page] 

  
 141 

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

			
		 	ISSUER:
		
		 	ARCONIC CORPORATION
		
	By:	 	 /s/ Jason Secore

		 	Name: Jason Secore
		 	Title: Vice President & Treasurer

 
			
		 	GUARANTORS:
		
		 	 ARCONIC AEROSPACE LAMINATES INC.
 ARCONIC
LANCASTER CORP.
 ARCONIC PROPERTIES INC.
 ARCONIC TUBE
SPECIALTIES INC.
 ARCONIC WIRELESS NETWORK SERVICES INC.

CARADCO, INC.
 HALETHORPE EXTRUSIONS, INC.

HALETHORPE SERVICES, INC.
 KAWNEER ALUMINIUM DEUTSCHLAND INC.

KAWNEER COMPANY, INC.
 PLANT CITY EXTRUSIONS CORPORATION

PIMALCO, INC.
 RMC TEXAS, INC.

		
	By:	 	 /s/ Jason Secore

		 	Name: Jason Secore
		 	Title: Vice President & Treasurer
		
		 	 ARCONIC CORPORATION, as sole Member of each of:
  

ALUMAX LLC
 ARCONIC ARCHITECTURAL PRODUCTS LLC

ARCONIC DAVENPORT LLC
 ARCONIC LAFAYETTE LLC

ARCONIC MASSENA LLC
 ARCONIC TECHNOLOGIES LLC

ARCONIC TENNESSEE LLC
 ARCONIC SERVICE LLC

KAWNEER COMMERCIAL WINDOWS LLC

		
	By:	 	 /s/ Jason Secore

		 	Name: Jason Secore
		 	Title: Vice President & Treasurer

 TRUSTEE: U.S. BANK NATIONAL ASSOCIATION 

 

			
	By:	 	 /s/ Michael Judge

		 	Name: Michael Judge
		 	Title:   Vice President

 
			
		 	REGISTRAR, PAYING AGENT AND AUTHENTICATING AGENT: U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Michael Judge

		 	Name: Michael Judge
		 	Title: Vice President

  

			
		 	 COLLATERAL AGENT,
 U.S. BANK NATIONAL
ASSOCIATION

		
	By:	 	 /s/ Michael Judge

		 	Name: Michael Judge
		 	Title: Vice President

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [Global
Note Legend] 
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR
THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE,
(II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE REGISTRAR FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND
(IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE 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. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER 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 MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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. 

[Private Placement Legend] 
 THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR
TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT), OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT
(A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES 

  
 A-1 

 
ACT) IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN
OPINION OF COUNSEL IF THE ISSUER OR ANY SUBSIDIARY THEREOF SO REQUEST), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A
NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 

[Regulation S Global Note Legend] 

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. 

  
 A-2 

					
	CUSIP:                     	  	ISIN:                     	  	    

 [RULE 144A][REGULATION S] GLOBAL NOTE 

6.000% First Lien Notes due 2025 
  

			
	 No.
                    
	  	$[            ]

 ARCONIC CORPORATION 

promises to pay to Cede & Co., or registered assigns, the principal sum of             
DOLLARS on May 15, 2025, as such amount may be changed from time to time pursuant to the Schedule of Exchanges of Interests attached hereto. 

Interest Payment Dates: May 15 and November 15 

Record Dates: May 1 and November 1 
 Dated:
May 13, 2020 
  

			
	ARCONIC CORPORATION
		
	By:	 	                                      
                                         
                
		 	Name: [●]
		 	Title: [●]

  
 A-3 

 This is one of the Notes referred to in the 

within-mentioned Indenture: 
 U.S. BANK NATIONAL ASSOCIATION,

 as Authenticating Agent 
 Name: 

Title: 
 By:
                                         
                                 

  
 A-4 

 [FORM OF REVERSE SIDE OF NOTE] 

6.000% First Lien Notes due 2025 

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

1.    INTEREST. Arconic Corporation (the “Issuer”), promises to pay interest on the
principal amount of this Note at a rate per annum of 6.000% from May 13, 2020 until maturity or earlier redemption or repayment of the Note. The Issuer will pay interest on this Note semi-annually in arrears on May 15 and November 15
of each year, commencing on November 15, 2020, or, if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). The Issuer will make each interest payment
to the Holder of record of this Note on the immediately preceding May 1 and November 1 (each, a “Regular Record Date”). Interest on this Note will accrue from the most recent date to which interest has
been paid or, if no interest has been paid, from and including May 13, 2020. The Issuer will 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 rate borne by this Note; 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 rate borne by this Note. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

2.    METHOD OF PAYMENT. The Issuer will pay interest on this Note to the Person who is the registered Holder of this Note
at the close of business on the Record Date (whether or not a Business Day) next preceding the Interest Payment Date, even if this Note is cancelled 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. Payment of interest may be made by check mailed to the Holders at their addresses set forth in the Note Register of Holders, provided that (a) all payments of
principal, premium, if any, and interest on, Notes represented by Global Notes registered in the name of or held by DTC or its nominee will be made by wire transfer of immediately available funds to the accounts specified by the Holder or Holders
thereof and (b) all payments of principal, premium, if any, and interest with respect to certificated Notes will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects
payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee or the
Paying Agent may accept in its discretion). Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

3.    AUTHENTICATING AGENT, PAYING AGENT AND REGISTRAR. Initially, U.S. Bank National Association will act as
Authenticating Agent, Paying Agent and Registrar. The Issuer may change any Authenticating Agent, Paying Agent or Registrar without notice to the Holders. The Issuer or any of its Subsidiaries may act in any such capacity. 

  
 A-5 

 4.    INDENTURE. The Issuer issued the Notes under an Indenture, dated
as of May 13, 2020 (the “Indenture”), among the Issuer, the Guarantors party thereto, U.S. Bank National Association, as trustee (the “Trustee”) and U.S. Bank National
Association, as collateral agent (the “Notes Collateral Agent”), as authenticating agent (“Authenticating Agent”), registrar (“Registrar”) and paying
agent (“Paying Agent”). The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the
extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

5.    OPTIONAL REDEMPTION. At any time prior to May 15, 2022, the Issuer may redeem all or a portion of the Notes, at
a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but excluding, the Redemption Date (subject to the rights of Holders of record of Notes on
the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 
 On and after May 15, 2022, the
Issuer may redeem the Notes, in whole or in part, at the following redemption prices (expressed as percentages of principal amount of Notes to be redeemed) set forth below, plus accrued and unpaid interest thereon, if any, to, but excluding, the
applicable Redemption Date, subject to the right of Holders of record of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date, if redeemed during the twelve-month period beginning on May 15 of
each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2022
	  	 	103.000	% 
	 2023
	  	 	101.500	% 
	 2024 and thereafter
	  	 	100.000	% 

 In addition, until May 15, 2022, the Issuer may, at its option, on one or more occasions redeem up to 40%
of the aggregate principal amount of Notes issued under the Indenture at a redemption price equal to 106.000% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable Redemption
Date, subject to the right of Holders of record of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date, with the net cash proceeds of one or more Equity Offerings to the extent such net cash
proceeds are received by or contributed to the Issuer; provided that at least 60% of the sum of the aggregate principal amount of Notes originally issued under the Indenture (including any Additional Notes issued under the Indenture after the
Issue Date) remains outstanding immediately after the occurrence of each such redemption; provided, further, that each such redemption occurs within 120 days of the date of closing of each such Equity Offering. 

Any redemption pursuant to this Section 5 shall be made pursuant to the provisions of Section 3.07 of the Indenture. 

6.    OFFERS TO REPURCHASE. Upon the occurrence of a Change of Control, the Issuer shall make a Change of Control Offer in
accordance with Section 4.11 of the Indenture. 

  
 A-6 

 7.    MANDATORY REDEMPTION. Except as set forth in Section 4.11 of
the Indenture, the Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

8.    NOTICE OF REDEMPTION. At least 10 days but not more than 60 days before a Redemption Date, the Issuer shall mail or
cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address. Any redemption and notice thereof may, in the Issuer’s discretion, be subject to the satisfaction of one or
more conditions precedent. 
 9.    DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons
in denominations of $2,000 and any integral multiple of $1,000 in excess of $2,000. 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 and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Registrar shall not be required to register the transfer of or
exchange of (a) any Note selected for redemption in whole or in part pursuant to Article 3 of the Indenture, except the unredeemed portion of any Note being redeemed in part, or (b) any Note for a period beginning 15 days before the
mailing of a notice of an offer to repurchase or redeem Notes or 15 days before an Interest Payment Date (whether or not an Interest Payment Date or other date determined for the payment of interest), and ending on such mailing date or Interest
Payment Date, as the case may be. 
 10.    PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its
owner for all purposes. 
 11.    AMENDMENT, SUPPLEMENT AND WAIVER The Indenture, the Guarantees or the Notes may be
amended or supplemented as provided in the Indenture. 
 12.    DEFAULTS AND REMEDIES. The Events of Default relating to
the Notes are defined in Section 6.01 of the Indenture. If any Event of Default (other than an Event of Default specified in Section 6.01(7) with respect to the Issuer) occurs and is continuing, the Trustee or the Holders of at least 25%
in principal amount of the then outstanding Notes may declare the principal of and accrued but unpaid interest on all the Notes to be due and payable immediately by notice in writing to the Issuer and the Trustee (if given by the Holders). If an
Event of Default specified in Section 6.01(7) with respect to the Issuer occurs and is continuing, then all Outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Indenture, the Notes or the
Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold
from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal, premium, if any, or interest) if it determines that withholding notice is in their interest.

 13.    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 or Authenticating Agent. 

  
 A-7 

 14.    GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND
BE USED TO CONSTRUE THE INDENTURE, THE NOTES AND THE GUARANTEES. 
 15.    CUSIP AND ISIN NUMBERS. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee or Registrar 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.

 16.    NOTES COLLATERAL DOCUMENTS; INTERCREDITOR AGREEMENTS. Each Holder, by accepting a Note, shall be deemed to
have consented and agreed to the terms of the Notes Collateral Documents and the performance by the Notes Collateral Agent of its obligations and the exercise of its rights thereunder and in connection therewith. 

  
 A-8 

 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 Issuer. 

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-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.11 of the Indenture, check the box below: 

☐  Section 4.11 

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.11 of the Indenture, state the amount
you elect to have purchased: 

$                     

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-10 

 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 Certificated Note, or exchanges of a part of another Global or Certificated 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

officer of Trustee

or Custodian

  

 

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

  
 A-11 

 Exhibit B 

FORM OF CERTIFICATE OF TRANSFER 
 Arconic
Corporation 
 201 Isabella Street 
 Pittsburgh, Pennsylvania
15212 
 Attn: Treasurer or Assistant Treasurer 
 U.S. Bank
National Association 
 Two Liberty Place 
 50 South 16th
Street, Suite 2000 
 Mail Station: EX-PA-WBSP 

Philadelphia, PA 19102 
 Attn: Michael Judge 

Re:         6.000% First Lien Notes due 2025 

Reference is hereby made to the Indenture, dated as of May 13, 2020 (the “Indenture”), among Arconic Corporation,
the Guarantors party thereto, U.S. Bank National Association, as trustee (the “Trustee”) and U.S. Bank National Association, as collateral agent, registrar, paying agent and authenticating agent. Capitalized
terms used but not defined herein shall have the meanings given to them in the Indenture. 
 (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $         in such Note[s] or
interests (the “Transfer”), to (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 

[CHECK ALL THAT APPLY] 

1.    ☐  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT 144A GLOBAL NOTE
OR RELEVANT CERTIFICATED NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Certificated Note is being transferred to a Person that the Transferor reasonably believes is purchasing the
beneficial interest or Certificated Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer”
within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. 

2.    ☐  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT REGULATION S
GLOBAL NOTE OR RELEVANT CERTIFICATED NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 of Regulation S and, accordingly, the Transferor hereby further certifies that
(i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed
and 

  
 B-1 

 
believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the applicable Restricted Period,
the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Certificated Note will be subject to the restrictions on Transfer enumerated in the Indenture and the Securities Act. 

3.    ☐  CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT
CERTIFICATED NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and
Restricted Certificated Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a)    ☐  such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities
Act; or 
 (b)    ☐  such Transfer is being effected to the Issuer or a subsidiary thereof. 

4.    ☐  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR
OF AN UNRESTRICTED CERTIFICATED NOTE. 
 (c)    ☐  CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The
Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States
and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Certificated Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Certificated Notes
and in the Indenture. 
 (d)    ☐  CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer
is being effected pursuant to and in accordance with Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the

  
 B-2 

 
terms of the Indenture, the transferred beneficial interest or Certificated Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Global Notes, on Restricted Certificated Notes and in the Indenture. 
 (e)    ☐  CHECK
IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Certificated Note will not be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Certificated Notes and in the Indenture. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer. 

[Insert Name of Transferor] 
  

			
	By:	 	
                     

		 	Name:
		 	Title:

 Dated:
                                        

  
 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

1. The Transferor owns and proposes to transfer the following: 

[CHECK ONE OF (a) OR (b)] 
  

			
	 (a)  ☐  a beneficial interest in the:

 
 (i)  ☐  144A Global Note ([CUSIP:

 
 (ii) ☐  Regulation S Global Note ([CUSIP:

 
 (b)  ☐  a Restricted Certificated Note.

 
 2. After the Transfer the Transferee will hold:
	  	 ]), or
  

]), or
  
  

 
  

 [CHECK ONE] 

(a)  ☐  a beneficial interest in the: 
  

	 	(i)      ☐  144A	 Global Note ([CUSIP:
                    ]), or 

  

	 	(ii)     ☐  Regulation	 S Global Note ([CUSIP:
                    ])or 

  

	 	(iii)    ☐  Unrestricted	 Global Note
([                    ] [                    ]);
or 

 (b)  ☐  a Restricted Certificated Note; or 

(c)  ☐  an Unrestricted Certificated Note, in accordance with the terms of the Indenture. 

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Arconic
Corporation 
 201 Isabella Street 
 Pittsburgh, Pennsylvania
15212 
 Attn: Treasurer or Assistant Treasurer 
 U.S. Bank
National Association 
 Two Liberty Place 
 50 South 16th
Street, Suite 2000 
 Mail Station: EX-PA-WBSP 

Philadelphia, PA 19102 
 Attn: Michael Judge 

Re:         6.000% First Lien Notes due 2025 

Reference is hereby made to the Indenture, dated as of May 13, 2020 (the “Indenture”), among
Arconic Corporation, the Guarantors party thereto, U.S. Bank National Association, as trustee (the “Trustee”) and U.S. Bank National Association, as collateral agent, registrar, paying agent and authenticating
agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $         in such Note[s] or interests (the
“Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1) EXCHANGE
OF RESTRICTED CERTIFICATED NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED CERTIFICATED NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE OF THE SAME SERIES 

a)    ☐  CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO
BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OF THE SAME SERIES. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note of the same series in
an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States. 
 b)    ☐  CHECK IF EXCHANGE IS FROM BENEFICIAL
INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED CERTIFICATED NOTE OF THE 

  
 C-1 

 
SAME SERIES. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Certificated Note of the same series, the Owner hereby
certifies (i) the Certificated Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the
Certificated Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

c)    ☐  CHECK IF EXCHANGE IS FROM RESTRICTED CERTIFICATED NOTE TO BENEFICIAL INTEREST IN
AN UNRESTRICTED GLOBAL NOTE OF THE SAME SERIES. In connection with the Owner’s Exchange of a Restricted Certificated Note for a beneficial interest in an Unrestricted Global Note of the same series, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Certificated Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is
being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

d)    ☐  CHECK IF EXCHANGE IS FROM RESTRICTED CERTIFICATED NOTE TO UNRESTRICTED
CERTIFICATED NOTE OF THE SAME SERIES. In connection with the Owner’s Exchange of a Restricted Certificated Note for an Unrestricted Certificated Note of the same series, the Owner hereby certifies (i) the Unrestricted Certificated Note is
being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Certificated Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Certificated Note is being
acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 2) EXCHANGE OF RESTRICTED
CERTIFICATED NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED CERTIFICATED NOTES OF THE SAME SERIES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES OF THE SAME SERIES 

a)    ☐  CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO
RESTRICTED CERTIFICATED NOTE OF THE SAME SERIES. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Certificated Note of the same series with an equal principal amount, the Owner
hereby certifies that the Restricted Certificated Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Certificated Note
issued will continue to be subject to the restrictions on transfer enumerated in the Private 

  
 C-2 

 
Placement Legend printed on the Restricted Certificated Note and in the Indenture and the Securities Act. 

b)    ☐  CHECK IF EXCHANGE IS FROM RESTRICTED CERTIFICATED NOTE TO BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE OF THE SAME SERIES. In connection with the Exchange of the Owner’s Restricted Certificated Note for a beneficial interest in the [CHECK ONE] ☐ 144A Global Note ☐ Regulation S Global Note of the same series,
with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and
the Securities Act. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer and are
dated 
  

			
	[Insert Name of Transferor]
		
	By:	 	
                    

		 	Name:
		 	Title:

 Dated:
                     

  
 C-3 

 EXHIBIT D 

FORM OF SUPPLEMENTAL INDENTURE 
 TO
BE DELIVERED BY SUBSEQUENT SUBSIDIARY GUARANTORS 
 Supplemental Indenture (this “Supplemental Indenture”),
dated as of     , among (the “Guaranteeing Party”), U.S. Bank National Association, as trustee (the “Trustee”) and U.S. Bank National Association, as
collateral agent (“Notes Collateral Agent”) authenticating agent (“Authenticating Agent”), registrar (“Registrar”) and paying agent
(“Paying Agent”). 
 WITNESSETH 

WHEREAS, Arconic Corporation, a Delaware corporation (the “Issuer”), has heretofore executed and
delivered to the Trustee that certain Indenture (the “Indenture”), dated as of May 13, 2020, providing for the issuance of an unlimited aggregate principal amount of 6.000% First Lien Notes due 2025 (the
“Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Party
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Party shall fully and unconditionally guarantee all of the Issuer’s obligations under the Notes and the Indenture, jointly and severally with
each other Guarantor, on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); 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) Agreement to Guarantee. The Guaranteeing Party hereby agrees as follows: 

(a) Along with all other Guarantors named in the Indenture (including pursuant to any supplemental indentures), to fully,
unconditionally and irrevocably guarantee on a senior unsecured basis, jointly and severally, to each Holder and to the Trustee, the Agents and their respective successors and assigns (a) the full and punctual payment of principal of and
interest on the Notes when due, whether at Stated Maturity, by acceleration or otherwise, and all other monetary obligations of the Issuer under the Indenture and the Notes and (b) the full and punctual performance within applicable grace
periods of all other monetary obligations of the Issuer under the Indenture and the Notes (all such obligations set forth in clauses (a) and (b) above being hereinafter collectively called the “Guaranteed
Obligations”). Subject to the provisions of Article 10 of the Indenture, such Guarantee shall remain in full force and effect until payment in full of all Guaranteed Obligations. The Guaranteeing Party further
agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from Guaranteeing Party and that Guaranteeing Party will remain bound under 

  
 D-1 

 
Article 10 of the Indenture notwithstanding any extension or renewal of any Guaranteed Obligation. 

(b) The Guaranteeing Party waives presentation to, demand of, payment from and protest to the Issuer of any of the Guaranteed
Obligations and also waives notice of protest for nonpayment. The Guaranteeing Party waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of the Guaranteeing Party hereunder shall not be affected by
(a) the failure of any Holder, the Trustee or Agents to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Supplemental Indenture, the Indenture, the Notes or any other agreement or
otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Supplemental Indenture, the Indenture, the Notes or any other agreement; (d) the
release of any security held by any Holder, the Trustee or Agents for the Guaranteed Obligations or any of them; (e) the failure of any Holder, the Trustee or Agents to exercise any right or remedy against any other guarantor of the Guaranteed
Obligations; or (f) except as set forth in Section 10.05 of the Indenture, any change in the ownership of such Guarantor. 

(c) The Guaranteeing Party further agrees that its Guarantee herein constitutes a guarantee of payment, performance and
compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder, the Trustee or Agents to any security held for payment of the Guaranteed Obligations. 

(d) The Guaranteeing Party further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the
case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder, the Trustee or Agents upon the bankruptcy or reorganization of the Issuer or
otherwise. 
 (e) The Guaranteeing Party further agrees that, as between it, on the one hand, and the Holders, the Trustee
and the Agents, on the other hand, (x) the maturity of the Guaranteed Obligations may be accelerated as provided in Article 6 of the Indenture for the purposes of the Guaranteeing Party’s Guarantee herein, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations, and (y) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6 of the Indenture, such
Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by the Guaranteeing Party for the purposes of Section 10.01 of the Indenture and this Supplemental Indenture. 

(f) The Guaranteeing Party also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees)
incurred by the Trustee or the Agents in enforcing any rights under Section 10.01 of the Indenture or this Supplemental Indenture. 

(3) Limitation on Liability. The limitations of Section 10.02 of the Indenture shall apply to Section 2 of
this Supplemental Indenture. 

  
 D-2 

 (4) Successors and Assigns. This Supplemental Indenture and Article
10 of the Indenture shall be binding upon the Guaranteeing Party and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee, the Agents and the Holders and, in the event of any transfer or assignment
of rights by any Holder, the Trustee or the Agents, the rights and privileges conferred upon that party in this Supplemental Indenture, in the Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all
subject to the terms and conditions of the Indenture. 
 (5) No Waiver. Neither a failure nor a delay on the part of
either the Trustee, the Agents or the Holders in exercising any right, power or privilege under this Supplemental Indenture or Article 10 of the Indenture shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any
other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee, the Agents and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which
either may have under this Supplemental Indenture and Article 10 of the Indenture at law, in equity, by statute or otherwise. 

(6) Merger, Consolidation or Sale of All or Substantially All Assets. 

Section 5.02 of the Indenture shall apply to the Guaranteeing Party and such Guaranteeing Party shall be a Guarantor for
such purpose. 
 (7) Releases. 

Section 10.05 of the Indenture shall apply to the Guarantee of the Guaranteeing Party and such Guaranteeing Party shall be
a Guarantor for such purpose. 
 (8) Contribution. If the Guaranteeing Party makes a payment under its Guarantee, it
shall be entitled upon payment in full of all Guaranteed Obligations to contribution from each other Guarantor, as applicable, in an amount equal to such 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. Calculation of each Guarantor’s pro rata portion of any payment shall be made by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate;
provided that such calculation or the correctness thereof shall not be a duty or obligation of the Trustee. 
 (9) No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Guaranteeing Party shall have any liability for any obligations of the Issuer or the Guarantors (including the Guaranteeing Party) under the Notes, any
Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes. 
 (10) Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 D-3 

 (11) 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. 
 (12)
Effect of Headings. The section headings herein are for convenience only and shall not affect the construction hereof. 

(13) The Trustee and the Agents. The Trustee and the Agents 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 Party. 

  
 D-4 

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

			
	[GUARANTEEING PARTY]
		
	By:	 	
                    

		 	Name:
		 	Title:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:
	
	U.S. BANK NATIONAL ASSOCIATION, as Paying Agent, Registrar and Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:
	
	U.S. BANK NATIONAL ASSOCIATION, as Notes Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-5 

 EXHIBIT E 
  

 
  

COLLATERAL AGREEMENT 
 dated as of

 May 13, 2020 
 among

 ARCONIC CORPORATION, 
 THE
GUARANTORS 
 IDENTIFIED HEREIN 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Notes Collateral Agent 
  

 
  

 TABLE OF CONTENTS 
  

					
	 ARTICLE I Definitions
	  	 	1	
		
	 SECTION 1.01. Defined Terms
	  	 	1	
	 SECTION 1.02. Other Defined Terms
	  	 	1	
		
	 ARTICLE II [RESERVED]
	  	 	7	
		
	 ARTICLE III Pledge of Securities
	  	 	7	
		
	 SECTION 3.01. Pledge
	  	 	7	
	 SECTION 3.02. Delivery of the Pledged Collateral
	  	 	8	
	 SECTION 3.03. Representations and Warranties
	  	 	8	
	 SECTION 3.04. Certification of Limited Liability Company and Limited Partnership
Interests
	  	 	10	
	 SECTION 3.05. Registration in Nominee Name; Denominations
	  	 	10	
	 SECTION 3.06. Voting Rights; Dividends and Interest
	  	 	10	
		
	 ARTICLE IV Security Interests in Personal Property
	  	 	12	
		
	 SECTION 4.01. Security Interest
	  	 	12	
	 SECTION 4.02. Representations and Warranties
	  	 	14	
	 SECTION 4.03. Covenants
	  	 	16	
	 SECTION 4.04. Other Actions
	  	 	16	
	 SECTION 4.05. Covenants Regarding Patent, Trademark and Copyright Collateral
	  	 	17	
	 SECTION 4.06. COVID-19 Pandemic.
	  	 	18	
		
	 ARTICLE V Remedies
	  	 	19	
		
	 SECTION 5.01. Remedies Upon Default
	  	 	19	
	 SECTION 5.02. Application of Proceeds
	  	 	20	
	 SECTION 5.03. Grant of License to Use Intellectual Property
	  	 	21	
	 SECTION 5.04. Securities Act
	  	 	21	
		
	 ARTICLE VI [Reserved]
	  	 	22	
		
	 ARTICLE VII Miscellaneous
	  	 	22	
		
	 SECTION 7.01. Notices
	  	 	22	
	 SECTION 7.02. Waivers; Amendment
	  	 	22	
	 SECTION 7.03. Notes Collateral Agent’s Fees and Expenses
	  	 	23	
	 SECTION 7.04. Survival of Agreement
	  	 	23	
	 SECTION 7.05. Counterparts; Effectiveness, Successors and Assigns
	  	 	23	
	 SECTION 7.06. Severability
	  	 	23	

					
	 SECTION 7.07. [Reserved]
	  	 	23	
	 SECTION 7.08. Governing Law; Jurisdiction; Consent to Service of Process
	  	 	24	
	 SECTION 7.09. WAIVER OF JURY TRIAL
	  	 	24	
	 SECTION 7.10. Headings
	  	 	25	
	 SECTION 7.11. Security Interest Absolute
	  	 	25	
	 SECTION 7.12. Termination or Release
	  	 	25	
	 SECTION 7.13. Additional Subsidiaries
	  	 	25	
	 SECTION 7.14. Notes Collateral Agent Appointed Attorney-in-Fact
	  	 	26	
	 SECTION 7.15. General Provisions Concerning the Notes Collateral Agent
	  	 	26	
	 SECTION 7.16. Limitation on Duty in Respect of Collateral
	  	 	27	
	 SECTION 7.17. Benefit of Agreement
	  	 	27	
	 SECTION 7.18. Intercreditor Agreements
	  	 	28	

			
	Schedules	 	
		
	Schedule I	 	Guarantor Parties
	Schedule II	 	Pledged Equity Interests; Pledged Debt Securities
	Schedule III	 	Intellectual Property
	Schedule IV	 	Commercial Tort Claims
		
	Exhibits	 	
		
	Exhibit I	 	Form of Collateral Agreement Supplement
	Exhibit II	 	Form of Notes Patent Security Agreement
	Exhibit III	 	Form of Notes Trademark Security Agreement
	Exhibit IV	 	Form of Notes Copyright Security Agreement

 COLLATERAL AGREEMENT dated as of 13, 2020 (this “Agreement”), among ARCONIC
CORPORATION, a Delaware corporation (the “Issuer”), the Guarantors party hereto and U.S. Bank National Association, as Notes Collateral Agent (the “Notes Collateral Agent”). 

Reference is made to the Indenture dated as of 13, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the
“Indenture”), among the Issuer, the Guarantors from time to time party thereto, U.S. Bank National Association, as trustee (in such capacity and together with its successors and assigns, the “Trustee”), and U.S.
Bank National Association, as Notes Collateral Agent, registrar, paying agent and authenticating agent pursuant to which the Issuer has issued on May 13, 2020, $700,000,000 aggregate principal amount of 6.000% First Lien Notes due 2025
(together with any Additional Notes (as defined in the Indenture), the “Notes”). 
 WHEREAS, the Guarantors are Affiliates
of the Issuer, and will derive substantial benefits from the issuance of the Notes pursuant to the Indenture. 
 WHEREAS, pursuant to
Article X of the Indenture, each Guarantor party thereto has agreed to unconditionally and irrevocably guarantee to each Holder (as defined in the Indenture) and the Trustee for the benefit of the Secured Parties the prompt and complete payment and
performance when due (whether at the stated maturity, by acceleration or otherwise) of the Guaranteed Obligations (as defined in the Indenture) pursuant to the terms of the Indenture. 

WHEREAS, in connection with the Indenture, the Issuer and the other Grantors entered into that certain (i) Intercreditor Agreement dated
as of the date hereof (as amended, restated, supplemented or otherwise modified, the “ABL-Notes Intercreditor Agreement”), by and among the Issuer, the other Grantors party thereto, Deutsche
Bank AG New York Branch, as administrative agent and collateral agent under the Credit Agreement (as defined below), and the Notes Collateral Agent and (ii) Amended and Restated Intercreditor Agreement dated as of the date hereof (as amended,
restated, supplemented or otherwise modified, the “Second Lien Intercreditor Agreement” and, together with the ABL-Notes Intercreditor Agreement, the “Intercreditor
Agreements”), by and among the Issuer, the other Grantors party thereto, Deutsche Bank AG New York Branch, in its capacity as administrative agent and collateral agent under the Credit Agreement, the Notes Collateral Agent and the Second
Lien Agent (as defined in the Indenture). 
 Accordingly, the parties hereto agree as follows: 

ARTICLE 1 
 Definitions

 Section 1.01Defined Terms. (a) Each capitalized term used but not defined herein shall have the meaning specified in the
Indenture, provided that each term defined in the New York UCC (as defined herein) and not defined in this Agreement shall have the meaning specified in the New York UCC. The term “instrument” shall have the meaning specified in
Article 9 of the New York UCC. 
 (b) The rules of construction specified in Section 1.04 of the Indenture also apply to this
Agreement, mutatis mutandis. 
 Section 1.02Other Defined Terms. As used in this
Agreement, the following terms have the meanings specified below: 

 2 
  

 “ABL-Notes Intercreditor Agreement”
has the meaning assigned to such term in the recitals hereto. 
 “Account Debtor” means any Person that is or may become
obligated to any Grantor under, with respect to or on account of an Account. 
 “Agreement” has the meaning assigned to
such term in the preamble hereto. 
 “Article 9 Collateral” has the meaning assigned to such term in
Section 4.01(a). 
 “Collateral” means Article 9 Collateral and Pledged Collateral. 

“Copyright License” means any written agreement, now or hereafter in effect, granting to any Person any right under any
Copyright owned by any Grantor or that such Grantor otherwise has the right to license, or granting any right to any Grantor under any Copyright owned by any other Person, or that any other Person now or hereafter otherwise has the right to license,
and all rights of such Grantor under any such agreement. 
 “Copyrights” means, with respect to any Person, all of such
Person’s right, title and interest in and to the following throughout the world: (a) any and all copyrights, rights and interests in such copyrights, works protectable by copyright and copyright registrations, in each case whether as
author, assignee, transferee or otherwise, (b) all extensions, renewals and restorations for any of the foregoing, (c) all income, royalties, damages, license fees and payments now or hereafter due and/or payable under any of the
foregoing, including damages or payments for past or future infringements or other violations for any of the foregoing and (d) the right to sue for past, present, and future infringements or other violations of any of the foregoing. 

“Credit Agreement” means that Credit Agreement, dated as of May 13, 2020, by and among the Issuer, the guarantors party
thereto, the lenders party thereto from time to time in their capacities as lenders thereunder, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and any amendments, supplements, modifications, extensions, replacements,
renewals, restatements, refundings or refinancings thereof. 
 “Effective Date” means the “Issue Date” as such
term is defined in the Indenture. 
 “Excluded Equity Interests” has the meaning assigned to such term in
Section 3.01. 
 “Excluded Personal Property” has the meaning assigned to such term in Section 4.01. 

“Excluded Property” means all the following assets and property of any Grantor: 

(i) (A) all leasehold interests (other than any leasehold to the extent mortgaged under the Credit Agreement), (B) fee-owned real property with a value less than $30,000,000 and (C) any building, structure or improvement located in an area determined by the Federal Emergency Management Agency to have special flood hazards
(other than any such property required to be pledged under the Credit Agreement); 
 (ii) aircraft, rolling stock, motor vehicles and other
assets subject to certificates of title, letter-of-credit rights (except to the extent perfection can be obtained by filing of Uniform Commercial Code financing
statements) and commercial tort claims (x) for which a complaint or 

 3 
  

 
counterclaim has not yet been filed in a court of competent jurisdiction or (y) reasonably expected to result in a judgment not in excess of $20,000,000; 

(iii) “margin stock” (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and pledges and
security interests prohibited by applicable law, rule or regulation; 
 (iv) equity interests in the following subsidiaries of the Issuer:
(A) each subsidiary designated by the Issuer for the purpose of this clause (A) from time to time, for so long as any such subsidiary does not constitute a Material Subsidiary (as defined in the Credit Agreement) as of the most recently
ended four fiscal quarters of the Issuer, (B) any Person that is not a wholly-owned subsidiary or otherwise constitutes a joint venture (to the extent (1) requiring the consent of one or more third parties (other than the Issuer or any of
its Subsidiaries or any director, officer or employee thereof), (2) triggering a right of first refusal or co-sale rights or similar rights of third parties or (3) prohibited by the terms of any
applicable organizational documents, joint venture agreement or shareholder’s agreement (provided that such requirement existed on the Effective Date or exists at the time of the acquisition of such equity interests and was not incurred in
contemplation of the entry into the Indenture or the acquisition of such equity interests (it being understood that the foregoing shall not be construed to prohibit customary provisions in joint venture agreements))), (C) any special purpose entity
or broker-dealer entity, (D) any non-profit entity, (E) any subsidiary designated an “Unrestricted Subsidiary” (as defined in the Indenture) and (F) any Excluded Equity Interests (as
defined in Section 3.01 hereof); 
 (v) assets to the extent a security interest in such assets would result in material adverse tax
consequences to the Issuer or any of its Subsidiaries (as reasonably determined in good faith by the Issuer); 
 (vi) any lease, license,
sublicense or other agreement or any property subject to a purchase money security interest, capitalized lease obligation or similar arrangement to the extent that a grant of a security interest therein would violate or invalidate such lease,
license, sublicense or agreement, purchase money arrangement, capitalized lease obligation or similar arrangement or require the consent of any Person or create a right of termination in favor of any other party thereto (other than the Issuer or any
of its Subsidiaries) after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code or other applicable law, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under
the Uniform Commercial Code or other applicable law notwithstanding such prohibition; 
 (vii) assets a pledge of which is (x) legally
prohibited or requires governmental (including regulatory) consent, approval, license or authorization or (y) contractually prohibited on the Effective Date or the date of acquisition of such asset (or on the date a Subsidiary of the Issuer
that is not a Guarantor becomes a Guarantor), so long as such prohibition is not created in contemplation of such transaction or of becoming a Guarantor, and unless such consent, approval, license or authorization has been received, in each case,
after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code and other applicable requirements of law; 

(viii) any (x) intent-to-use trademark application filed
in the United States Patent and Trademark Office pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. Section 1051, prior to the accepted filing of a “Statement of Use” and issuance of a “Certificate of Registration”
pursuant to Section 1(d) of the Lanham Act or an accepted filing of an “Amendment to Allege Use” whereby such intent-touse trademark application is converted to a “use in commerce” application pursuant to Section 1(c)
of the Lanham Act and (y) any other Intellectual Property in any 

 4 
  

 
jurisdiction where such pledge or security interest would cause the invalidation or abandonment of such Intellectual Property under applicable law; 

(ix) accounts primarily holding funds received from insurance companies in connection with the third party claims of management and handling
business of the Issuer and the Restricted Subsidiaries (together with the funds held in such accounts); 
 (x) (a) any deposit account
the funds in which are used solely for the payment of salaries and wages, workers’ compensation and similar expenses in the ordinary course of business, (b) any deposit account that is a zero-balance
disbursement account, (c) any deposit account the funds in which consist solely of (i) funds held by the Issuer or any Restricted Subsidiary in trust for any director, officer or employee of the Issuer or any Restricted Subsidiary or any
employee benefit plan maintained by the Issuer or any Restricted Subsidiary, (ii) funds representing deferred compensation for the directors and employees of the Issuer or any Restricted Subsidiary or (iii) funds held as part of escrow
arrangements permitted under the terms of the Credit Agreement and the Indenture, (d) any securities account the funds in which are used solely for the payment of salaries and wages, workers’ compensation and similar expenses in the
ordinary course of business and (e) any securities account the funds or assets in which consist solely of (i) funds or assets held by the Issuer or any Restricted Subsidiary in trust for any director, officer or employee of the Issuer or
any Restricted Subsidiary or any employee benefit plan maintained by the Issuer or any Restricted Subsidiary, (ii) funds or assets representing deferred compensation for the directors and employees of the Issuer or any Restricted Subsidiary or
(iii) funds held as part of escrow arrangements to the extent permitted under the terms of the Credit Agreement and the Indenture; 

(xi) any governmental licenses or state or local franchises, charters and authorizations, to the extent security interests in favor of the
Notes Collateral Agent in such licenses, franchises, charters or authorizations are prohibited or restricted thereby or under applicable law, after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code and other
applicable requirements of law; provided that in the event of the termination or elimination of any such prohibition or restriction contained in any applicable license, franchise, charter or authorization or applicable law, a security
interest in such licenses, franchises, charters or authorizations shall be automatically and simultaneously granted under the applicable Notes Documents and such license, franchise, charter or authorization shall be included as Collateral; 

(xii) assets or rights (including Intellectual Property) located in, protected, registered, applied for or arising under the laws of any
jurisdiction outside of the United States; 
 (xiii) (A) voting Equity Interests in excess of 65% of the issued and outstanding voting
Equity Interests and (B) to the extent such pledge would result in material adverse tax consequences (as determined by the Issuer in its reasonable judgment), non-voting Equity Interests in excess of 65%
of the issued and outstanding non-voting Equity Interests, in each case of any Foreign Subsidiary or any Foreign Subsidiary Holding Company; and 

(xiv) cash and Permitted Investments (as defined in the Indenture) securing Hedging Obligations (as defined in the Indenture) in the ordinary
course of business submitted for clearing in accordance with applicable requirements of law; 
 provided that no asset of the Issuer or any other
Grantor that is subject (or purported to be subject) to a Lien securing any ABL Obligation or Second Priority Obligation shall constitute Excluded Property.  

 5 
  

 If the Credit Agreement is terminated and no longer outstanding, each reference to the Credit
Agreement in this definition shall be deemed to refer to the Credit Agreement as if they had remained outstanding in the form most recently in effect prior to such termination. 

“Federal Securities Laws” has the meaning assigned to such term in Section 5.04. 

“First Lien Credit Agreement Agent” means Deutsche Bank AG New York Branch in such capacity under the Second Lien
Intercreditor Agreement, together with its permitted successors and assigns. 
 “Global Intercompany Note” means the global
intercompany note substantially in the form of Exhibit F to the Credit Agreement pursuant to which intercompany obligations and advances owed by any loan party are subordinated to the Secured Obligations. 

“Grantors” means the Issuer and each Guarantor. 

“Guarantors” means (a) the Restricted Subsidiaries identified on Schedule I and (b) each other
Restricted Subsidiary that becomes a party to this Agreement after the Effective Date.  
 “Intellectual Property”
means any and all intellectual property and similar proprietary rights throughout the world, including such rights in any and all inventions, designs, Patents, Copyrights, Trademarks, Licenses, trade secrets, domain names, confidential or
proprietary technical and business information, know-how, show-how or other proprietary data, software and databases and all embodiments or fixations thereof and related
documentation and registrations, and all modifications of and improvements to any of the foregoing, and all rights to sue or otherwise recover for any past, present and future infringement, dilution, misappropriation or other violation or impairment
thereof, including the right to receive all income, payments, license fees, royalties, claims, damages and proceeds of suit now or hereafter due and/or payable with respect thereto. 

“Intellectual Property Security Agreements” has the meaning assigned to such term in Section 4.02(b). 

“Intercreditor Agreements” has the meaning assigned to such term in the recitals hereto. 

“Issuer” has the meaning assigned to such term in the recitals hereto. 

“License” means any Patent License, Trademark License, Copyright License or other written license or sublicense agreement to
which any Person is a party, and including all income, royalties, damages, claims and payments now or hereafter due or payable under and with respect thereto, including damages and payments for past and future breaches thereof and all rights to sue
for past, present and future breaches thereof. 
 “Majority Holders” means Holders of a majority in aggregate principal
amount of the then outstanding Notes as determined in accordance with the Indenture. 
 “New York UCC” means the Uniform
Commercial Code as from time to time in effect in the State of New York. 

 6 
  

 “Notes Documents” means the Indenture, this Collateral Agreement, the
Intercreditor Agreements, the Intellectual Property Security Agreements, the mortgages and each other agreement, instrument or other document entered into in favor of the Notes Collateral Agent or any other holders of Obligations in respect of the
Notes, including the Guarantees (and the successors and assigns of each of the Notes and the Guarantees), for purposes of securing the Obligations in respect of the Notes (including the Guarantees), as the same may be amended, restated, supplemented
or otherwise modified from time to time. 
 “Paid in Full” and “Payment in Full” means payment in full in
cash of all of the Secured Obligations. 
 “Patent License” means any written agreement, now or hereafter in effect,
granting to any Person any right to make, use or sell any invention under a Patent owned by any Grantor, or that any Grantor otherwise has the right to license, or granting to any Grantor any right to make, use or sell any invention under a Patent
owned by any other Person, or that any other Person otherwise has the right to license, and all rights of any Grantor under any such agreement. 

“Patents” means, with respect to any Person, all of such Person’s right, title and interest to the following throughout
the world: (a) any and all patents and patent applications, (b) all inventions and improvements claimed therein, (c) all reissues, divisions, continuations, renewals, extensions, reexaminations and
continuations-in-part thereof, (d) all income, royalties, damages, license fees and payments now or hereafter due and/or payable under any of the foregoing,
including damages or payments for past or future infringements or other violations for any of the foregoing and (e) the right to sue for past, present, and future infringements or other violations of any of the foregoing. 

“Perfection Certificate” means the Perfection Certificate dated the Effective Date delivered by the Grantors to the Notes
Collateral Agent. 
 “Pledged Collateral” has the meaning assigned to such term in Section 3.01. 

“Pledged Debt Securities” has the meaning assigned to such term in Section 3.01. 

“Pledged Equity Interests” has the meaning assigned to such term in Section 3.01. 

“Pledged Securities” means any promissory notes, stock certificates, unit certificates, limited liability membership interest
certificates and other certificated securities now or hereafter included in the Pledged Collateral, including all certificates, instruments or other documents representing or evidencing any Pledged Collateral. 

“Second Lien Intercreditor Agreement” has the meaning assigned to such term in the recitals hereto. 

“Second Lien Indenture Agent” means U.S. Bank in such capacity under the Intercreditor Agreement, together with its
successors and assigns. 
 “Secured Obligations” means the “Notes Obligations” as such term is defined in the
Indenture. 
 “Secured Parties” means the Trustee, the Notes Collateral Agent and the Holders of the Notes. 

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 “Security Interest” has the meaning assigned to such term in
Section 4.01(a). 
 “Supplement” means an instrument in the form of Exhibit I hereto, or any other form approved by
the Notes Collateral Agent, and in each case reasonably satisfactory to the Notes Collateral Agent. 
 “Trademark License”
means any written agreement, now or hereafter in effect, granting to any Person any right to use any Trademark owned by any Grantor or that any Grantor otherwise has the right to license, or granting to any Grantor any right to use any Trademark
owned by any other Person or that any other Person otherwise has the right to license, and all rights of any Grantor under any such agreement. 

“Trademarks” means, with respect to any Person, all of such Person’s right, title and interest in and to the following
throughout the world: (a) any and all trademarks, service marks, trade names, corporate names, company names, business names, domain names, fictitious business names, trade styles, trade dress, logos, other source or business identifiers
and designs, all registrations, applications for registration and recordings thereof and all goodwill associated with or symbolize by any of the foregoing, (b) all extensions and renewals of the foregoing, (c) all income, royalties,
damages, license fees and payments now or hereafter due and/or payable under any of the foregoing, including damages or payments for past or future infringements or other violations for any of the foregoing and (d) the right to sue for past,
present, and future infringements or other violations of any of the foregoing. 
 “UCC” means the New York UCC;
provided that, in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of, or remedies with respect to, any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a
jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions hereof relating to such perfection, priority or
remedies. 
 ARTICLE 2 

[RESERVED] 
 ARTICLE 3

 Pledge of Securities 

Section 3.01Pledge. As security for the payment or performance, as the case may be, in full of the
Secured Obligations, each Grantor hereby assigns and pledges to the Notes Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Notes Collateral Agent, its successors and assigns, for the
benefit of the Secured Parties, a security interest in all of such Grantor’s right, title and interest in, to and under (a)(i) the shares of capital stock and other Equity Interests issued by any Grantor and any wholly-owned Restricted
Subsidiary of the Issuer (other than any Equity Interests constituting Excluded Property (the Equity Interests so excluded being collectively referred to herein as “Excluded Equity Interests”)) now directly owned or at any time
hereafter acquired by such Grantor, including those set forth opposite the name of such Grantor (as the owner of such Equity Interest) on Schedule II, and (ii) all certificates and any other instruments representing all such Equity
Interests (collectively, the “Pledged Equity Interests”); (b)(i) any debt securities now owned or at any time hereafter acquired by such Grantor, including those listed opposite the name of such Grantor on Schedule II, and

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(ii) all promissory notes and any other instruments evidencing all such debt securities (collectively, the “Pledged Debt Securities”); (c) subject to Section 3.06, all
payments of principal or interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect
of, the securities and instruments referred to in clauses (a) and (b) above; (d) subject to Section 3.06, all rights and privileges of such Grantor with respect to the securities, instruments and other property referred to in
clauses (a), (b) and (c) above; and (e) all Proceeds of any and all of the foregoing (the items referred to in clauses (a) through (e) above being collectively referred to as the “Pledged Collateral”). 

Section 3.02Delivery of the Pledged Collateral. (a)Each Grantor agrees that it shall use its
reasonable best efforts to deliver or cause to be delivered to the Notes Collateral Agent (or any other person acting as bailee for the Notes Collateral Agent pursuant to an applicable intercreditor agreement, including but not limited to the
Intercreditor Agreements) any and all Pledged Securities (i) within 120 days after the Effective Date, in the case of any such Pledged Securities owned by such Grantor on the Effective Date, and (ii) within 60 days following the
acquisition thereof by such Grantor, in the case of any such Pledged Securities acquired by such Grantor after the Effective Date. 

(b)    Each Grantor (i) will cause all Indebtedness of the Issuer and each Subsidiary that, in each case, is owing to
such Grantor, to be evidenced by, at Grantor’s option, the Global Intercompany Note or one or more standalone promissory notes, (ii) will use its reasonable best efforts to cause the Global Intercompany Note to be delivered within 120 days
after the Effective Date to the Notes Collateral Agent (or any other person acting as bailee for the Notes Collateral Agent pursuant to an applicable intercreditor agreement, including but not limited to the Intercreditor Agreements) pursuant to the
terms hereof and (iii) will use its reasonable best efforts to cause any intercompany Indebtedness not evidenced by the Global Intercompany Note but instead evidenced by a separate intercompany promissory note having a principal amount
exceeding $25,000,000 that is owing to a Grantor to be delivered to the Notes Collateral Agent (or any other person acting as bailee for the Notes Collateral Agent pursuant to an applicable intercreditor agreement, including but not limited to the
Intercreditor Agreements) within 120 days after the Effective Date pursuant to the terms hereof along with proper powers and instruments of transfer pursuant to the terms hereof. 

(c)    Upon delivery to the Notes Collateral Agent (or any other person acting as bailee for the Notes Collateral Agent
pursuant to an applicable intercreditor agreement, including but not limited to the Intercreditor Agreements), (i) any Pledged Securities shall be accompanied by undated stock powers duly executed by the applicable Grantor in blank or other undated
instruments of transfer and (ii) all other tangible property comprising part of the Pledged Collateral to be delivered pursuant to this Section 3.02 shall be accompanied by proper undated instruments of assignment duly executed by the
applicable Grantor in blank. Each delivery of Pledged Securities after the date hereof shall be accompanied by a schedule describing the Pledged Securities so delivered, which schedule shall be deemed to supplement Schedule II and to be
attached and made a part hereof, provided that failure to provide any such schedule or any error therein shall not affect the validity of the pledge of any Pledged Securities. 

Section 3.03Representations and Warranties. The Grantors jointly and severally represent and warrant
to the Notes Collateral Agent, for the benefit of the Secured Parties, that: 
 (a)    Schedule II sets forth, as of the
Effective Date, a true and complete list, with respect to each Grantor, of (i) all Pledged Equity Interests owned by such Grantor and the 

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percentage of the issued and outstanding units of each class of the Equity Interests of the issuer thereof represented by such Pledged Equity Interests owned by such Grantor and (ii) all
Pledged Debt Securities owned by such Grantor and all promissory notes and other instruments evidencing such Pledged Debt Securities, other than any Pledged Debt Security, or promissory note or other instrument evidencing any Pledged Debt Security,
evidencing a Permitted Investment or Indebtedness of any Person (other than the Issuer or any Subsidiary) in a principal amount not in excess of $25,000,000; 

(b)    the Pledged Equity Interests and Pledged Debt Securities have been issued by the issuers thereof and, in the case
of such Pledged Equity Interests and Pledged Debt Securities issued by the Issuer or a Restricted Subsidiary, have been duly and validly authorized and (i) in the case of such Pledged Equity Interests issued by the Issuer or a Restricted
Subsidiary, are fully paid and nonassessable and (ii) in the case of such Pledged Debt Securities issued by the Issuer or a Restricted Subsidiary, are legal, valid and binding obligations of the issuers thereof, subject to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws affecting creditors’ rights generally and to general principles of equity, regardless of whether considered in a proceeding in equity or at law; 

(c)    except for the security interests granted hereunder, each of the Grantors (i) is and, subject to any transfers
made in compliance with the Indenture, will continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated on Schedule II as owned by such Grantor (it being understood that this clause shall not affect a
Grantor’s ability to sell, transfer, lease or otherwise dispose of the Pledged Securities in accordance with Section 4.15 of the Indenture), (ii) holds the same free and clear of all Liens (other than Liens created or permitted under
the Notes Documents and Permitted Liens), (iii) will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Lien on, the Pledged Collateral (other than Liens created or permitted
under the Notes Documents, Permitted Liens and transfers made in compliance with the Indenture) and (iv) will defend its title or interest thereto or therein against any and all Liens (other than Liens created or permitted under the Notes
Documents and Permitted Liens), however arising, of all Persons whomsoever; 
 (d)    except as disclosed on
Schedule II or any supplemental schedule furnished pursuant to Section 3.02(c), and except for restrictions and limitations imposed by the Notes Documents or securities laws generally, and, in the case of clause (ii) below, except for
limitations existing as of the Effective Date in the articles or certificate of incorporation, bylaws or other organizational documents of any Restricted Subsidiary, (i) the Pledged Collateral is and will continue to be freely transferable and
assignable, and (ii) none of the Pledged Collateral is or will be subject to any option, right of first refusal, shareholders agreement, charter or bylaw provisions or contractual restriction of any nature that might prohibit, impair, delay or
otherwise affect the pledge of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Notes Collateral Agent of rights and remedies hereunder; 

(e)    each of the Grantors has the power and authority to pledge the Pledged Collateral pledged by it hereunder in the
manner hereby done or contemplated; and 
 (f)    by virtue of the execution and delivery by the Grantors of this
Agreement, the Notes Collateral Agent, for the benefit of the Secured Parties, has a legal and valid security interest in the Pledged Securities securing the payment and performance of the Secured Obligations and when any Pledged Securities are
delivered to and subject to continued possession by the Notes Collateral Agent (or any other person acting as bailee for the Notes Collateral Agent pursuant to an applicable intercreditor agreement, including but not limited to the Intercreditor
Agreements) in the 

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State of New York in accordance with this Agreement, the Notes Collateral Agent will obtain a legal, valid and perfected lien upon and security interest in such Pledged Securities, under the New
York UCC to the extent such lien and security interest may be created and perfected under the New York UCC, as security for the payment and performance of the Secured Obligations, subject to no prior Lien (other than Liens created under the Notes
Documents and Permitted Liens). 
 Section 3.04Certification of Limited Liability Company and Limited
Partnership Interests. Each Grantor acknowledges and agrees that (i) to the extent any interest in any limited liability company or unlimited liability company or limited partnership controlled now or in the future by any Grantor and
pledged hereunder is a “security” within the meaning of Article 8 of the New York UCC and is governed by Article 8 of the UCC, such interest shall be at all times hereafter represented by a certificate and shall be at all times hereafter a
“security” within the meaning of Article 8 of the New York UCC and governed by Article 8 of the UCC and (ii) to the extent any interest in any limited liability company or unlimited liability company or limited partnership
controlled now or in the future by any Grantor and pledged hereunder is not a “security” within the meaning of Article 8 of the New York UCC, such Grantor shall at no time elect to treat any such interest as a “security” within
the meaning of Article 8 of the New York UCC, nor shall such interest be represented by a certificate, unless such Grantor provides prior written notification to the Notes Collateral Agent of such election and such interest is thereafter
represented by a certificate that is delivered to the Notes Collateral Agent (or any other person acting as bailee for the Notes Collateral Agent pursuant to an applicable intercreditor agreement, including but not limited to the Intercreditor
Agreements) pursuant to Section 3.02. 
 Section 3.05Registration in Nominee Name; Denominations.
The Notes Collateral Agent (or any other person acting as bailee for the Notes Collateral Agent pursuant to an applicable intercreditor agreement, including but not limited to the Intercreditor Agreements), on behalf of the Secured Parties,
shall hold the Pledged Securities in the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Notes Collateral Agent (or any other person acting as bailee for the Notes Collateral Agent pursuant to an applicable
intercreditor agreement, including but not limited to the Intercreditor Agreements). Subject to the provisions of any applicable intercreditor agreement, including but not limited to the Intercreditor Agreements, following the occurrence and during
the continuance of an Event of Default, the Notes Collateral Agent may (and to the extent that action by it is required, the relevant Grantor, if directed to do so by the Notes Collateral Agent, will as promptly as practicable) cause each of the
Pledged Securities (or any portion thereof specified in such direction) to be transferred of record into the name of the Notes Collateral Agent or its nominee. Following the occurrence and during the continuance of an Event of Default, each Grantor
will promptly give to the Notes Collateral Agent copies of any notices or other communications received by it with respect to Pledged Securities registered in the name of such Grantor. Subject to the provisions of any applicable intercreditor
agreement, including but not limited to the Intercreditor Agreements, following the occurrence and during the continuance of an Event of Default and after prior written notice to the applicable Grantor, the Notes Collateral Agent shall at all times
have the right to exchange the certificates representing Pledged Securities for certificates of smaller or larger denominations for any purpose consistent with this Agreement. 

Section 3.06Voting Rights; Dividends and Interest. (a)Unless and until an Event of Default shall have
occurred and be continuing and the Notes Collateral Agent shall have notified the Grantors that their rights under this Section 3.06 are being suspended: 

(i)    each Grantor shall be entitled to exercise any and all voting and/or other rights and powers inuring to an owner of
Pledged Collateral or any part thereof for any purpose; provided that such rights and powers shall not be exercised in any manner that would reasonably 

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be expected to materially and adversely affect the rights and remedies of the Notes Collateral Agent in respect of the Pledged Collateral; 

(ii)    the Notes Collateral Agent shall execute and deliver to each Grantor, or cause to be executed and delivered to
such Grantor, all such proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the voting and/or other rights and powers it is entitled to exercise pursuant to
paragraph (a)(i) of this Section 3.06; and 
 (iii)    each Grantor shall be entitled to receive and retain any and
all dividends, interest, principal and other distributions paid on or distributed in respect of the Pledged Collateral, but only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or
distributed in accordance with, the terms and conditions of the Indenture, the other Notes Documents and applicable laws, provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged Equity
Interests or Pledged Debt Securities, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part
thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral and, if received by any
Grantor, and required to be delivered to the Notes Collateral Agent hereunder, shall not be commingled by such Grantor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of,
or for and on behalf of, the Notes Collateral Agent (or any other person acting as bailee for the Notes Collateral Agent pursuant to an applicable intercreditor agreement, including but not limited to the Intercreditor Agreements), for the benefit
of the Secured Parties, and shall be forthwith delivered to the Notes Collateral Agent (or any other person acting as bailee for the Notes Collateral Agent pursuant to an applicable intercreditor agreement, including but not limited to the
Intercreditor Agreements) in the same form as so received (with any necessary endorsements, stock powers or other instruments of transfer). 

(b)    Upon the occurrence and during the continuance of an Event of Default, after the Notes Collateral Agent shall have
notified the Grantors of the suspension of their rights under paragraph (a)(iii) of this Section 3.06, all rights of any Grantor to dividends, interest, principal or other distributions that such Grantor is authorized to receive pursuant to
paragraph (a)(iii) of this Section 3.06, shall cease, and all such rights shall thereupon become vested in the Notes Collateral Agent (or any other person acting as bailee for the Notes Collateral Agent pursuant to an applicable
intercreditor agreement, including but not limited to the Intercreditor Agreements), which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions. All dividends,
interest, principal or other distributions received by any Grantor contrary to the provisions of this Section 3.06 shall be held in trust for the benefit of, or for and on behalf of, the Notes Collateral Agent and the other Secured Parties,
shall be segregated from other property or funds of such Grantor and shall be forthwith delivered to the Notes Collateral Agent (or any other person acting as bailee for the Notes Collateral Agent pursuant to an applicable intercreditor agreement,
including but not limited to the Intercreditor Agreements) upon demand in the same form as so received (with any necessary endorsements, stock or note powers or other instruments of transfer). Any and all money and other property paid over to or
received by the Notes Collateral Agent pursuant to the provisions of this paragraph (b) shall be retained by the Notes Collateral Agent in an account to be established by the Notes Collateral Agent upon receipt of such money or other property
shall be held as security for the payment and performance of the Secured Obligations and shall be applied in accordance with the provisions of Section 5.02. After all Events of Default have been cured or waived and the Issuer

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has delivered to the Notes Collateral Agent a certificate of the Chief Financial Officer, Treasurer or other Officer of the Issuer to that effect, the Notes Collateral Agent shall promptly repay
to each Grantor (without interest) all dividends, interest, principal or other distributions that such Grantor would otherwise have been permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 3.06 and that remain in
such account. 
 (c)    Upon the occurrence and during the continuance of an Event of Default, after the Notes
Collateral Agent shall have notified the Grantors of the suspension of their rights under paragraph (a)(i) of this Section 3.06, all rights of any Grantor to exercise the voting and other rights and powers it is entitled to exercise pursuant to
paragraph (a)(i) of this Section 3.06, and the obligations of the Notes Collateral Agent under paragraph (a)(ii) of this Section 3.06, shall cease, and all such rights shall thereupon become vested in the Notes Collateral Agent
(or any other person acting as bailee for the Notes Collateral Agent pursuant to an applicable intercreditor agreement, including but not limited to the Intercreditor Agreements), which shall have the sole and exclusive right and authority to
exercise such voting and other rights and powers, provided, that, unless otherwise directed by the Majority Holders, the Notes Collateral Agent shall have the right from time to time following and during the continuance of an Event of Default
to permit the Grantors to exercise such rights. 
 (d)    Any notice given by the Notes Collateral Agent to the Grantors
suspending their rights under paragraph (a) of this Section 3.06 (i) shall be given in writing, (ii) may be given to one or more of the Grantors at the same or different times and (iii) may suspend the rights and powers of
the Grantors under paragraph (a)(i) or paragraph (a)(iii) in part without suspending all such rights or powers (as specified by the Notes Collateral Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Notes
Collateral Agent’s right to give additional notices from time to time suspending other rights and powers so long as an Event of Default has occurred and is continuing. 

ARTICLE 4 
 Security
Interests in Personal Property 
 Section 4.01Security Interest. (a)As security for the payment
or performance, as the case may be, in full of the Secured Obligations and subject to Section 4.01(d), each Grantor hereby grants to the Notes Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security
interest (the “Security Interest”) in all right, title and interest in, to and under any and all of the following assets now owned or at any time hereafter acquired by such Grantor or in, to or under which such Grantor now has or at
any time hereafter may acquire any right, title or interest (collectively, the “Article 9 Collateral”): 

(i)    all Accounts; 

(ii)    all Chattel Paper; 

(iii)    all cash, cash equivalents, Deposit Accounts, Securities Accounts and Commodities Accounts; 

(iv)    all Documents; 

(v)    all Equipment; 

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 (vi)    all General Intangibles, (including (x) any Equity Interests
in other Persons that do not constitute Investment Property and (y) any Intellectual Property); 
 (vii)    all
Instruments; 
 (viii)    all Inventory; 

(ix)    all other Goods; 

(x)    all Investment Property; 

(xi)    all Letter-of-Credit Rights; 

(xii)    all Commercial Tort Claims specifically described on Schedule IV, as such Schedule may be supplemented from time
to time pursuant to Section 4.04(e); 
 (xiii) all Fixtures; 

(xiv)    all books and records pertaining to the Article 9 Collateral; and 

(xv)    to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all collateral
security and guarantees given by any Person with respect to any of the foregoing. 
 (b)    Each Grantor agrees that it
will file in any relevant jurisdiction any initial financing statements (including fixture filings) with respect to the Article 9 Collateral or any part thereof and amendments thereto that (i) indicate the Collateral as all assets, whether
now owned or at any time hereafter acquired, of such Grantor or words of similar effect as being of an equal or lesser scope or with greater detail, and (ii) contain the information required by Article 9 of the Uniform Commercial Code of
each applicable jurisdiction for the filing of any financing statement or amendment, including (A) whether such Grantor is an organization, the type of organization and any organizational identification number, if any, issued to such Grantor
and (B) in the case of a financing statement filed as a fixture filing, a sufficient description of the real property to which such Article 9 Collateral relates. Each Grantor will file with the United States Patent and Trademark Office or
United States Copyright Office (or any successor office) such documents as may be necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by such Grantor and naming any
Grantor or the Grantors as debtors and the Notes Collateral Agent as secured party. 
 (c)    The Security Interest and
the security interest granted pursuant to Article III are granted as security only and shall not subject the Notes Collateral Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with
respect to or arising out of the Collateral. 
 (d)    Notwithstanding anything herein to the contrary, in no event
shall the Article 9 Collateral include or security interest granted hereunder attach to (i) any Excluded Property, (ii) any assets if, to the extent and for so long as the grant of a Lien thereon to secure the Secured Obligations is
prohibited by any requirements of law or contract (so long as any contractual restriction is not incurred in contemplation of such entity becoming a subsidiary of the Issuer) (other than to the extent that any such prohibition would be rendered
ineffective pursuant to any other applicable requirements of law, including pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the New York UCC); provided that such security interest shall attach immediately at such time as the condition causing such prohibition shall no longer exist and, to the extent severable, shall
attach 

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immediately to any portion of such asset that does not result in such prohibition, (iii) any Excluded Equity Interests, (iv) any (A) intent-to-use trademark application filed in the United States Patent and Trademark Office pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. Section 1051, solely during the period prior to the
accepted filing of a “Statement of Use” and issuance of a “Certificate of Registration” pursuant to Section 1(d) of the Lanham Act or an accepted filing of an “Amendment to Allege Use” whereby such intent-to-use trademark application is converted to a “use in commerce” application pursuant to Section 1(c) of the Lanham Act (it being understood that,
following such period, such trademark registration or application, as applicable, shall be deemed automatically subject to the security interest granted herein and included in the Article 9 Collateral) and (B) other Intellectual Property in any
jurisdiction in all cases to the extent, if any, that, and solely during the period, if any, where, such pledge or security interest would cause the invalidation or abandonment of such Intellectual Property under applicable law, (v) Commercial
Tort Claims for which a complaint has not yet been filed in a court of competent jurisdiction and Commercial Tort Claims with a value, as reasonably determined by the Issuer, of less than $20,000,000 and (vi) any assets as to which the Issuer
reasonably determines that the costs of obtaining such security interests in such assets or perfection thereof are excessive in relation to the benefit to the Holders (or, in the case of ABL Priority Collateral, the lenders under the Credit
Agreement) of the security to be afforded thereby (the items referred to in clauses (i) through (vi) above being collectively referred to as the “Excluded Personal Property”); provided that Excluded Personal Property
shall not include any Proceeds, substitutions or replacements of any Excluded Personal Property (unless such Proceeds, substitutions or replacements would constitute Excluded Personal Property). 

Section 4.02Representations and Warranties. The Grantors jointly and severally represent and warrant
to the Notes Collateral Agent for the benefit of the Secured Parties that: 
 (a)    Each Grantor has good and valid
rights in all its Article 9 Collateral with respect to which it has purported to grant the Security Interest. 

(b)    The Perfection Certificate has been duly prepared, completed and executed and the information set forth therein,
including the exact legal name, jurisdiction of organization and chief executive office of each Grantor, is correct and complete as of the Effective Date. The Uniform Commercial Code financing statements (including fixture filings, as applicable) or
other appropriate filings, recordings or registrations as described in the Perfection Certificate to be filed in each governmental, municipal or other office specified in Schedules 2(a) and 2(b) to the Perfection Certificate (or specified by notice
from the Issuer to the Notes Collateral Agent after the Effective Date in the case of filings, recordings or registrations required by Section 4.13, 13.02 or 13.03 of the Indenture), are all the filings, recordings and registrations (other than
filings required to be made in the United States Patent and Trademark Office and the United States Copyright Office in order to perfect the Security Interest in Article 9 Collateral consisting of all United States registered or applied for Patents,
Trademarks and Copyrights and exclusive Copyright Licenses for which the applicable Grantor is the licensee and the licensed work is registered at the United States Copyright Office) that are necessary to publish notice of and protect the validity
of and to establish a legal, valid and perfected security interest in favor of the Notes Collateral Agent (for the benefit of the Secured Parties) in respect of all Article 9 Collateral in which the Security Interest may be perfected by such filing,
recording or registration of such documents in the United States of America (or any political subdivision thereof) and its territories and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration 

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or reregistration is necessary in any such jurisdiction, except as provided under applicable law with respect to the filing of continuation statements. A Patent Security Agreement substantially
in the form of Exhibit II hereto, a Trademark Security Agreement substantially in the form of Exhibit III hereto and a Copyright Security Agreement substantially in the form of Exhibit IV hereto (such agreements, collectively, the
“Intellectual Property Security Agreements”), in each case containing a description of the Article 9 Collateral consisting of all United States registered or applied for Patents, Trademarks, Copyrights or exclusive Copyright
Licenses, as applicable, for which the applicable Grantor is the licensee and the licensed work is registered at the United States Copyright Office, as applicable, and executed by each Grantor owning any such Article 9 Collateral, shall be recorded
by the applicable Grantor with the United States Patent and Trademark Office and the United States Copyright Office pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C. § 205 and the regulations thereunder, as applicable, to
establish a perfected security interest in favor of the Notes Collateral Agent (for the benefit of the Secured Parties) in respect of all Article 9 Collateral consisting of registered or applied-for United
States Patents, Trademarks, Copyrights and exclusive Copyright Licenses for which the applicable Grantor is the licensee and the licensed work is registered at the United States Copyright Office in which a security interest may be perfected by such
filing, recording or registration of such documents in the above-referenced offices. Notwithstanding anything in this Agreement to the contrary, other than the filing of Uniform Commercial Code financing statements, the Intellectual Property
Security Agreements, filings pursuant to Section 4.05(e) and, as applicable, Supplements, no Grantor shall be obligated to take any other steps or actions in connection with the grant or perfection of the security interest of the Notes
Collateral Agent in any Article 9 Collateral consisting of Intellectual Property. 
 (c)    The Article 9
Collateral is owned by the Grantors, or the Grantors have rights in such Article 9 Collateral, free and clear of any Lien, except for the Liens permitted under Section 4.10 of the Indenture. 

(d)    Schedule III hereto sets forth, as of the Effective Date, a true and complete list of substantially all
(i) registered and applied for United States Patents, Trademarks and Copyrights owned by any Grantor and (ii) exclusive Copyright Licenses for which a Grantor is the licensee and the licensed work is registered at the United States
Copyright Office, in each case of the foregoing clauses (i) and (ii), that are included in the Article 9 Collateral. As of the Effective Date, all material registrations of Intellectual Property listed in Schedule III are unexpired, subsisting
and have not been canceled, and to the knowledge of the Grantors, are valid. Schedule III, together with the supplement to Schedule III hereto required by Section 4.05(e), will set forth, as of the date such supplement is delivered pursuant to
Section 4.05(e), a true and complete list of all (x) registered and applied for United States Patents, Trademarks and Copyrights owned by any Grantor and (y) exclusive Copyright Licenses for which a Grantor is the licensee and the
licensed work is registered at the United States Copyright Office, in each case of the foregoing clauses (x) and (y), that are included in the Article 9 Collateral. As of the date such supplement is delivered pursuant to Section 4.05(e),
all material registrations of Intellectual Property included in such supplement will be unexpired, subsisting and not canceled, and to the knowledge of the Grantors, valid. 

(e)    The Liens on all Article 9 Collateral owned by each Grantor (i) have been validly created hereunder,
(ii) will attach to each item of such Article 9 Collateral on the Effective Date (or, if such Grantor first obtains rights thereto on a later date, on such later date) and (iii) when so attached, will secure all the Secured Obligations.

 The Notes Collateral Agent shall be fully protected in conclusively relying upon the information provided in this Section 4.02 and
elsewhere in this Agreement as a full and 

 16 
  

 
exhaustive list of all actions required in order to perfect the Collateral, and shall have no obligation to independently determine or verify the adequacy of such actions. 

Section 4.03Covenants. (a) Each Grantor agrees to promptly notify the Notes Collateral Agent in
writing of any change (i) in its legal name, (ii) in the location of its chief executive office or its principal place of business, (iii) in its identity or type of organization or corporate form, (iv) in its federal taxpayer
identification number or organizational identification number or (v) in its jurisdiction of organization. Each Grantor agrees to promptly provide the Notes Collateral Agent with certified organizational documents reflecting any of the changes
described in the first sentence of this paragraph. Each Grantor agrees to make any and all filings under the UCC or otherwise that are required in order for the Notes Collateral Agent to continue at all times following such change to have a valid,
legal and perfected security interest, having the priority required by this Agreement in all the Article 9 Collateral. 

(b)    Each Grantor shall, at its own expense, take any and all actions necessary to defend title to the Article 9
Collateral against all Persons and to defend the Security Interest of the Notes Collateral Agent in the Article 9 Collateral and the priority thereof against any Lien not permitted pursuant to Section 4.10 of the Indenture. 

(c)    Each Grantor shall remain liable to observe and perform all the conditions and obligations to be observed and
performed by it under each contract, agreement or instrument relating to the Article 9 Collateral, all in accordance with the terms and conditions thereof. 

(d)    None of the Grantors shall make or permit to be made any transfer of the Article 9 Collateral except as permitted
by the Indenture or this Agreement, and except that the Grantors may use, license and dispose of the Article 9 Collateral in any lawful manner not inconsistent with the provisions of this Agreement, the Indenture or any other Notes Document unless
and until the Trustee shall notify the Grantors that an Event of Default shall have occurred and be continuing and that during the continuance thereof the Grantors shall not sell, convey, lease, assign, transfer or otherwise dispose of any Article 9
Collateral (which notice may be given by telephone if promptly confirmed in writing). 
 (e)    The Grantors, at their
own expense, shall maintain or cause to be maintained insurance (which may be self-insurance) with risk retentions in such amounts and against such risks as are consistent with the past practices of the Grantors or otherwise as is customarily
maintained by companies engaged in the same or similar businesses operating in the same or similar locations. Each Grantor irrevocably makes, constitutes and appoints the Notes Collateral Agent (and all officers, employees or agents designated by
the Notes Collateral Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) for the purpose, upon the occurrence and during the continuance of an
Event of Default, of endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect thereto. All sums disbursed
by the Notes Collateral Agent in connection with this paragraph, including reasonable attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, upon demand, by the Grantors to the Notes Collateral Agent and
shall be additional Secured Obligations secured hereby. 
 Section 4.04Other Actions. In order to
further ensure the attachment, perfection and priority of, and the ability of the Notes Collateral Agent to enforce, the Security Interest, each Grantor agrees, in each case at such Grantor’s own expense, to take the following actions with
respect to the following Article 9 Collateral: 

 17 
  

 (A)    Instruments and Tangible Chattel Paper. If any Grantor
shall at any time hold or acquire any Instruments required to be delivered hereunder (other than any instrument with a face amount of less than $25,000,000 and checks to be deposited in the ordinary course of business) or Tangible Chattel Paper,
such Grantor shall forthwith endorse, assign and deliver the same to the Notes Collateral Agent (or any other person acting as bailee for the Notes Collateral Agent pursuant to an applicable intercreditor agreement, including but not limited to the
Intercreditor Agreements), accompanied by such instruments of transfer or assignment duly executed in blank as the Notes Collateral Agent may from time to time reasonably request. 

(B)    [Reserved.] 

(C)    [Reserved.] 

(D)    [Reserved.] 

(E)    Commercial Tort Claims. If any Grantor shall at any time hold or acquire a Commercial Tort Claim (other than
any Commercial Tort Claim for which a complaint has not yet been filed in a court of competent jurisdiction) in an amount reasonably estimated to exceed $20,000,000 (or its equivalent in U.S. Dollars), the Grantor shall promptly notify the Notes
Collateral Agent thereof in a writing signed by such Grantor, including an amendment or supplement to Schedule IV, with a summary description of such claim, and grant to the Notes Collateral Agent a security interest therein and in the proceeds
thereof, all upon the terms of this Agreement. 
 (F)    No Grantor shall be required, nor shall the Notes Collateral
Agent be authorized, (i) to perfect pledges, security interests or mortgages of Collateral of Grantors by any means other than by (A) filings pursuant to the Uniform Commercial Code, in the office of the Secretary of State (or similar
central filing office) of the relevant jurisdiction where the grantor is located (as determined pursuant to the Uniform Commercial Code) and filings in the applicable real estate records with respect to real properties required to be mortgaged under
the Senior Credit Facilities, (B) with respect to Intellectual Property, filings in the United States Patent and Trademark Office and the United States Copyright Office as expressly required in the Notes Documents, and (C) delivery to the
Notes Collateral Agent, to be held in its possession, of the Global Intercompany Note and all Collateral consisting of intercompany notes in a principal amount of $25,000,000 or more, owed by a single obligor, stock certificates of Restricted
Subsidiaries and instruments, in each case as expressly required in the Notes Documents or (ii) to enter into any control agreement with respect to any cash and Permitted Investments, other deposit accounts, securities accounts or commodities
accounts. For the avoidance of doubt, and notwithstanding anything to the contrary, including the foregoing, (x) no actions (including filings or searches) shall be required in order to create or perfect any security interest in any assets held
or located outside of the United States of the Grantors (including any Intellectual Property registered or applied-for in, or otherwise located in, protected or arising under the laws of any jurisdiction
outside the United States) and (y) no foreign law security or pledge agreements or foreign law mortgages or deeds shall be required outside of the United States with respect to any Grantor. 

Section 4.05Covenants Regarding Patent, Trademark and Copyright Collateral. (a)Each Grantor agrees
that it shall not, directly or indirectly, do any act or omit to do to any act whereby any material Intellectual Property included in the Article 9 Collateral may become invalidated or dedicated to the public. 

 18 
  

 (b)    Subject to Section 4.05(a), each Grantor shall notify the
Notes Collateral Agent promptly if it knows or becomes aware that any material Intellectual Property included in the Article 9 Collateral may become abandoned, lost or dedicated to the public, or of any materially adverse determination or
development (excluding routine office actions issued in the ordinary course of prosecution) regarding such Grantor’s ownership of such Intellectual Property, including, as applicable, its right to register the same, or its right to keep and
maintain the same and shall take such actions as are appropriate under the circumstances in the reasonable business judgment of such Grantor to protect such Article 9 Collateral. 

(c)    Each Grantor shall take all necessary steps that are consistent with such Grantor’s reasonable business
judgment (including in any proceeding before the United States Patent and Trademark Office or United States Copyright Office) to maintain any Intellectual Property included in the Article 9 Collateral that is material to the conduct of such
Grantor’s business. 
 (d)    In the event that any Grantor has reason to believe that any material Intellectual
Property owned by, or exclusively licensed to, such Grantor and included in the Article 9 Collateral has been or may become materially infringed, misappropriated or diluted by a third party, such Grantor promptly shall notify the Notes Collateral
Agent and shall take such actions as are appropriate under the circumstances in the reasonable business judgment of such Grantor to protect such Article 9 Collateral. 

(e)    If any Grantor, either directly or through any agent, employee, licensee or designee, files an application for
registration of any Patent, Trademark or Copyright with the United States Patent and Trademark Office or United States Copyright Office or otherwise becomes the owner of any Patent, Trademark or Copyright registered or applied for in the United
States Patent and Trademark Office or United States Copyright Office or the exclusive licensee under a Copyright License for a Copyright registered at the United States Copyright Office, in each case, that would constitute Article 9 Collateral, such
Grantor shall provide the Notes Collateral Agent with the information required by Schedule III hereto at the time of delivery of the annual reports pursuant to Section 4.03(a) of the Indenture, and, thereafter, upon request of the Notes
Collateral Agent, such Grantor shall promptly execute and deliver any and all Intellectual Property Security Agreements or other instruments as the Notes Collateral Agent may reasonably request to evidence and perfect the Notes Collateral
Agent’s security interest in such Intellectual Property. 
 (f)    Nothing in this Agreement shall prevent any
Grantor from disposing of, discontinuing the use or maintenance of, failing to preserve, protect, pursue, renew, enforce, extend or keep in full force and effect, or otherwise allow to lapse, terminate, become invalid or unenforceable or dedicate to
the public domain any of its Intellectual Property, to the extent permitted by the Credit Agreement. For the purposes of this Section 4.05, the definition of “Intellectual Property” shall exclude Licenses. 

Section 4.06COVID-19 Pandemic. The Issuer shall have the right to a 90 day extension to
deliver any item or complete any action pursuant to this Agreement if it delivers an Officer’s Certificate to the Notes Collateral Agent stating that it is impracticable to meet the foregoing deadline in light of restrictions related to COVID-19. 

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 ARTICLE 5 

Remedies 

Section 5.01Remedies Upon Default. Upon the occurrence and during the continuance of an Event of
Default and following notice to the Issuer, each Grantor agrees to deliver each item of Collateral to the Notes Collateral Agent (or any other person acting as bailee for the Notes Collateral Agent pursuant to an applicable intercreditor agreement,
including but not limited to the Intercreditor Agreements) on demand, and it is agreed that, subject to any applicable intercreditor agreement, the Notes Collateral Agent shall have the right to take any or all of the following actions at the same
or different times: (a) with respect to any Article 9 Collateral consisting of Intellectual Property, to license or sublicense (subject, in the case of Trademarks, to reasonable quality control obligations and, in the case of trade
secrets, to standard confidentiality obligations), whether general, special or otherwise, and whether on an exclusive or nonexclusive basis, any such Article 9 Collateral throughout the world on such terms and conditions and in such manner as
the Notes Collateral Agent shall determine (other than in violation of any then-existing licensing or other contractual arrangements to the extent that waivers cannot be obtained and subject to
Section 5.03), and (b) with or without legal process and with or without prior notice or demand for performance, to take possession of the Article 9 Collateral and without liability for trespass to enter any premises where the
Article 9 Collateral may be located for the purpose of taking possession of or removing the Article 9 Collateral and, generally, to exercise any and all rights afforded to a secured party under the UCC or other applicable law. Without
limiting the generality of the foregoing, each Grantor agrees that the Notes Collateral Agent shall have the right, subject to the mandatory requirements of applicable law, to sell or otherwise dispose of all or any part of the Collateral at a
public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Notes Collateral Agent shall deem appropriate. The Notes Collateral Agent shall be authorized at any such sale of
securities (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to Persons who will represent and agree that they are purchasing the Collateral for their own account for investment and not with a view to the
distribution or sale thereof, and upon consummation of any such sale the Notes Collateral Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any sale of
Collateral shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the fullest extent permitted by applicable law) all rights of redemption, stay and appraisal that such
Grantor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 
 The Notes
Collateral Agent shall give the applicable Grantors no less than 10 days’ prior written notice (which each Grantor agrees is reasonable notice within the meaning of Section 9-611 of the
New York UCC or its equivalent in other jurisdictions) of the Notes Collateral Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a
sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral or portion thereof, will first be offered for sale at such board or exchange. Any such
public sale shall be held at such time or times within ordinary business hours and at such place or places as the Notes Collateral Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral, or portion thereof, to
be sold may be sold in one lot as an entirety or in separate parcels, as the Notes Collateral Agent may (in its sole and absolute discretion, acting at the direction of the Majority Holders) determine. The Notes Collateral Agent shall not be
obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Notes Collateral Agent may, without notice

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or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further
notice, be made at the time and place to which the same was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Notes Collateral Agent until the
sale price is paid by the purchaser or purchasers thereof, but neither the Notes Collateral Agent nor any other Secured Party shall incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold
and, in case of any such failure, such Collateral may be sold again upon like notice. In the event of a foreclosure by the Notes Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Notes
Collateral Agent or any Holder of the Notes may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition, and the Notes Collateral Agent, at the direction of the Majority Holders, as agent for and
representative of the Secured Parties (but not any Holder or Holders of Notes in its or their respective individual capacities unless the Majority Holders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making
settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the Notes
Collateral Agent on behalf of the Secured Parties at such sale or other disposition. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Notes Collateral Agent shall be
free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Notes Collateral Agent shall have entered into
such an agreement all Events of Default shall have been remedied and the Secured Obligations Paid in Full. As an alternative to exercising the power of sale herein conferred upon it, the Notes Collateral Agent may proceed by a suit or suits at law
or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a
court-appointed receiver. Any sale pursuant to the provisions of this Section 5.01 shall be deemed to conform to commercially reasonable standards as provided in
Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions. 

Section 5.02Application of Proceeds. Subject to Section 7.18 hereof, the Notes Collateral Agent
shall apply the proceeds of any collection, sale, foreclosure or other realization upon the Collateral, including any Collateral consisting of cash, as follows: 

FIRST, to the payment of all costs and expenses incurred by, and all indemnity and fee obligations (other than contingent
indemnification and expense reimbursement obligations for which no claim has been made) owed to, the Notes Collateral Agent in connection with such collection, sale, foreclosure or other realization or otherwise in connection with this Agreement,
any other Notes Document or any of the Secured Obligations, including all court costs and the fees and expenses of its agents and legal counsel, the repayment of all advances made by the Notes Collateral Agent hereunder or under any other Notes
Document on behalf of any Grantor and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Notes Document; 

SECOND, to the payment in full of the Secured Obligations (the amounts so applied to be distributed among the Secured Parties
pro rata in accordance with the amounts of the Secured Obligations owed to them on the date of any such distribution); and 

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 THIRD, to whomever may be lawfully entitled to receive the same (including
pursuant to the Intercreditor Agreements), to the Grantors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. 

The Notes Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance
with this Agreement and any applicable intercreditor agreement. Upon any sale of Collateral by the Notes Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Notes Collateral
Agent or of the officer making the sale shall be a sufficient discharge to the Grantors and the purchaser or purchasers of the Collateral so sold and such Grantors, purchaser or purchasers shall not be obligated to see to the application of any part
of the purchase money paid over to the Notes Collateral Agent or such officer or be answerable in any way for the misapplication thereof. The Grantors shall remain liable for any deficiency if the proceeds of any sale or disposition of the
Collateral are insufficient to pay all Secured Obligations, including any attorneys’ fees and other expenses incurred by the Notes Collateral Agent or any other Secured Party to collect such deficiency. 

Section 5.03Grant of License to Use Intellectual Property. Solely for the purpose of enabling the
Notes Collateral Agent to exercise rights and remedies under this Agreement at such time as the Notes Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Notes Collateral Agent an
irrevocable (until terminated as provided below), nonexclusive, non-transferrable, limited license (exercisable without payment of royalty or other compensation to the Grantors and effective solely upon the
occurrence and solely during the continuation of an Event of Default), subject, in the case of Trademarks, to reasonable quality control obligations and, in the case of trade secrets, to standard confidentiality obligations, to use, license or
sublicense any of the Article 9 Collateral consisting of Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license reasonable access to all media in which any of
the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof, provided that such nonexclusive license and/or sublicense does not violate the express terms of any agreement
between a Grantor and a third party, or gives such third party any right of acceleration, modification or cancellation therein. The use of such license by the Notes Collateral Agent may be exercised, at the option of the Notes Collateral Agent,
solely upon the occurrence and solely during the continuation of an Event of Default, provided that any license, sublicense or other transaction entered into by the Notes Collateral Agent in accordance herewith shall be binding upon the
Grantors notwithstanding any subsequent cure of an Event of Default. For the avoidance of doubt, at the time of the release of the Liens on any Collateral as set forth in Section 7.12, the license granted to the Notes Collateral Agent pursuant
to this Section 5.03 with respect to such Collateral shall automatically and immediately terminate. 

Section 5.04Securities Act. In view of the position of the Grantors in relation to the Pledged
Collateral, or because of other current or future circumstances, a question may arise under the Securities Act, as now or hereafter in effect, or any similar statute hereafter enacted analogous in purpose or effect (such Act and any such similar
statute as from time to time in effect, the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder. Each Grantor understands that compliance with the Federal Securities Laws might
very strictly limit the course of conduct of the Notes Collateral Agent if the Notes Collateral Agent were to attempt to dispose of all or any part of the Pledged Collateral, and might also limit the extent to which or the manner in which any
subsequent transferee of any Pledged Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Notes Collateral Agent in any attempt to dispose of all or part of the Pledged Collateral under
applicable 

 22 
  

 
Blue Sky or other state securities laws or similar laws analogous in purpose or effect. Each Grantor recognizes that in light of such restrictions and limitations the Notes Collateral Agent may,
with respect to any sale of the Pledged Collateral, limit the purchasers to those who will agree, among other things, to acquire such Pledged Collateral for their own account, for investment, and not with a view to the distribution or resale
thereof. Each Grantor acknowledges and agrees that in light of such restrictions and limitations, the Notes Collateral Agent, in its sole and absolute discretion, (a) may proceed to make such a sale whether or not a registration statement for
the purpose of registering such Pledged Collateral or part thereof shall have been filed under the Federal Securities Laws and (b) may approach and negotiate with a single potential purchaser to effect such sale. Each Grantor acknowledges and
agrees that any such sale might result in prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions. In the event of any such sale, the Notes Collateral Agent shall incur no responsibility or
liability for selling all or any part of the Pledged Collateral at a price that the Notes Collateral Agent, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a
substantially higher price might have been realized if the sale were deferred until after registration as aforesaid or if more than a single purchaser were approached. The provisions of this Section 5.04 will apply notwithstanding the existence
of a public or private market upon which the quotations or sales prices may exceed substantially the price at which the Notes Collateral Agent sells. 

ARTICLE 6 
 [Reserved]

 ARTICLE 7 

Miscellaneous 

Section 7.01Notices. All communications and notices to the Issuer and the Notes Collateral Agent
hereunder shall (except as otherwise expressly permitted herein) be given as provided in Section 11.02 of the Indenture. All communications and notices hereunder to any other Grantor shall be given to it in care of the Issuer as provided in
Section 11.02 of the Indenture. 
 Section 7.02Waivers; Amendment. (a)No failure or delay by
any Secured Party in exercising any right or power under any Notes Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right
or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Secured Parties hereunder and under the other Notes Documents 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 any Grantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this
Section 7.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any Grantor in any case shall entitle any Grantor to any other or further notice or
demand in similar or other circumstances. 
 (b)    Neither this Agreement nor any provision hereof may be waived,
amended or modified except pursuant to an agreement or agreements in writing entered into by the Notes Collateral Agent and the Grantors with respect to which such waiver, amendment or modification is applicable, subject to any consent required in
accordance with Article 9 of the Indenture; provided that the Notes Collateral Agent may, without the consent of any Secured Party, consent 

 23 
  

 
to a departure by any Grantor from any covenant of such Grantor set forth herein to the extent such departure is consistent with the terms of the Indenture. 

(c)    This Agreement shall be construed as a separate agreement with respect to each Grantor and may be amended,
modified, supplemented, waived or released with respect to any Grantor without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder. 

Section 7.03Notes Collateral Agent’s Fees and Expenses. (a)The Grantors jointly and
severally agree to reimburse the Notes Collateral Agent for its fees and expenses incurred hereunder as provided in Section 7.07 of the Indenture; provided that each reference therein to the “Issuer” shall be deemed to be a
reference to the “Grantors.” 
 (b)    Any such amounts payable as provided hereunder shall be additional
Secured Obligations secured hereby and by the other Notes Documents. The provisions of this Section 7.03 shall survive and remain in full force and effect regardless of the termination of this Agreement or any other Notes Document, the
consummation of the transactions contemplated hereby or thereby, the repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Notes Document or any investigation made by
or on behalf of the Notes Collateral Agent or any other Secured Party. 
 Section 7.04Survival of
Agreement. All covenants, agreements, representations and warranties made by the Grantors in the Notes Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other
Notes Document shall be considered to have been relied upon by the Secured Parties and shall survive the execution and delivery of the Notes Documents, regardless of any investigation made by or on behalf of any Secured Party or any other Person,
and shall continue in full force and effect until all the Secured Obligations have been Paid in Full. 

Section 7.05Counterparts; Effectiveness, Successors and Assigns. 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 shall become effective as to any Grantor
when a counterpart hereof executed on behalf of such Grantor shall have been delivered to the Notes Collateral Agent and a counterpart hereof shall have been executed on behalf of the Notes Collateral Agent, and thereafter shall be binding upon such
Grantor and the Notes Collateral Agent and their respective permitted successors and assigns, and shall inure to the benefit of such Grantor, the Notes Collateral Agent and the other Secured Parties and their respective permitted successors and
assigns, except that no Grantor may assign or otherwise transfer any of its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be null and void), except as expressly contemplated by
this Agreement or the Indenture. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 7.06Severability. 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 7.07[Reserved].. 

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 Section 7.08Governing Law; Jurisdiction; Consent to Service of Process.
(a)This Agreement and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement shall be governed by, and construed in accordance with, the law of the
State of New York. 
 (b)    Each Grantor hereby irrevocably and unconditionally submits, for itself and its property,
to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action, litigation
or proceeding arising out of or relating to any Notes Document, or for recognition or enforcement of any judgment, and each Grantor hereby irrevocably and unconditionally agrees that all claims in respect of any such action, litigation or proceeding
shall be heard and determined in such New York State or, to the fullest extent permitted by applicable law, in such Federal court. Each Grantor agrees that a final judgment in any such action, litigation 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 any other Notes Document shall affect any right that the Notes Collateral Agent or any other Secured Party may
otherwise have to bring any action, litigation or proceeding relating to this Agreement or any other Notes Document against any Grantor or any of its properties in the courts of any jurisdiction. 

(c)    Each Grantor hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any
objection that it may now or hereafter have to the laying of venue of any action, litigation or proceeding arising out of or relating to this Agreement or any other Notes Document in any court referred to in paragraph (b) of this
Section 7.08. Each Grantor hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d)    Each Grantor irrevocably consents to service of process in the manner provided for notices in Section 7.01.
Nothing in this Agreement or any other Notes Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

(e)    Each Grantor hereby irrevocably designates, appoints and empowers the Issuer as its designee, appointee and agent
to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal process, summons, notices and documents that may be served in any such action or proceeding and the Issuer hereby accepts said
designation and appointment. 
 Section 7.09WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER NOTES DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER NOTES DOCUMENTS

 25 
  

 
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.09. 

Section 7.10Headings. 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 7.11Security Interest Absolute. All rights of the Notes Collateral Agent hereunder, the
Security Interest, the grant of the security interest in the Pledged Collateral and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Indenture or any
other Notes Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or
any of the Secured Obligations, or any other amendment to or waiver of, or any consent to any departure from, the Indenture, any other Notes Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument
relating to any of the foregoing (including any increase in the Secured Obligations resulting from the issuance of Additional Notes under the Indenture after the date hereof), (c) any exchange, release or
non-perfection of any Lien on other collateral securing, or any release or amendment to or waiver of, or any consent to any departure from, any guarantee of, all or any of the Secured Obligations, or
(d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Secured Obligations or this Agreement. 

Section 7.12Termination or Release. (a)This Agreement, the Security Interest and all other security
interests granted hereby shall terminate and be released when all the Secured Obligations have been Paid in Full. 

(b)    A Grantor shall automatically be released from its obligations hereunder and the Security Interest in the
Collateral of such Grantor shall be automatically released at the time or times and in the manner set forth in Section 13.04 of the Indenture. 

(c)    Upon any sale or other transfer by any Grantor of any Collateral that is permitted under the Indenture (other than
a sale or other transfer to a Grantor), or upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 13.04 of the Indenture, the security interest in such
Collateral shall be automatically released. 
 (d)    In connection with any termination or release pursuant to
paragraph (a), (b) or (c) of this Section 7.12, the Notes Collateral Agent shall execute and deliver to any Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably request to evidence such termination
or release. Any execution and delivery of documents pursuant to this Section 7.12 shall be without warranty by the Notes Collateral Agent, and the Notes Collateral Agent shall have no liability whatsoever to any other Secured Party as a result
of any release of Collateral by it in accordance with (or which the Notes Collateral Agent in good faith believes to be in accordance with) this Section 7.12. 

Section 7.13Additional Subsidiaries. Pursuant to the Indenture, certain Restricted Subsidiaries not a
party hereto on the Effective Date are required to enter into this Agreement. Upon the execution and delivery by the Notes Collateral Agent and any such Restricted Subsidiary of a Supplement, such Restricted Subsidiary shall become a Guarantor and a
Grantor hereunder, with the same force and effect as if originally named as such herein. If at any time a Restricted 

 26 
  

 
Subsidiary of the Issuer executes and delivers a supplemental indenture to become a Guarantor in accordance with Section 4.13(b) of the Indenture, contemporaneously with the execution and
delivery of such supplemental indenture, such Restricted Subsidiary shall execute and deliver a Supplement. The execution and delivery of any Supplement shall not require the consent of any other Grantor hereunder. The rights and obligations of each
Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party to this Agreement. 

Section 7.14Notes Collateral Agent Appointed
Attorney-in-Fact. Each Grantor hereby appoints the Notes Collateral Agent as the
attorney-in-fact of such Grantor for the purpose of carrying out the provisions of this Agreement and so long as an Event of Default has occurred and is continuing
taking any action and executing any instrument that the Notes Collateral Agent may deem necessary for the purpose of carrying out the provisions of this Agreement, which appointment is irrevocable and coupled with an interest. Without limiting the
generality of the foregoing, the Notes Collateral Agent shall have the right, solely upon the occurrence and during the continuance of an Event of Default, with full power of substitution either in the Notes Collateral Agent’s name or in the
name of such Grantor (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect, receive
payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to sign the name of any Grantor on any invoice or bill of lading relating to any of the Collateral; (d) to send verifications of Accounts
Receivable to any Account Debtor; (e) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce
any rights in respect of any Collateral; (f) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; (g) to notify, or to require any Grantor to notify, Account Debtors
to make payment directly to the Notes Collateral Agent; and (h) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary, to
carry out the purposes of this Agreement, as fully and completely as though the Notes Collateral Agent were the absolute owner of the Collateral for all purposes, provided that nothing herein contained shall be construed as requiring or
obligating the Notes Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Notes Collateral Agent, or to present or file any claim or notice, or to take any action with respect
to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Notes Collateral Agent and the other Secured Parties shall be accountable only for amounts actually received as a result
of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence, bad faith
or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable judgment). 

Section 7.15General Provisions Concerning the Notes Collateral Agent. 

(a)    The provisions of Article VII of the Indenture concerning the Trustee shall inure to the benefit of the Notes
Collateral Agent, and shall be binding upon all Grantors and all Secured Parties, in connection with this Agreement and the other Notes Documents. Without limiting the generality of the foregoing, (i) the Notes Collateral Agent shall not be
subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing, (ii) the Notes Collateral Agent shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated by the Notes Documents that the Notes Collateral Agent is required in writing to exercise by the Majority Holders, and (iii) except as expressly set forth in the Notes
Documents, 

 27 
  

 
the Notes Collateral Agent shall not have any duty to disclose, and shall not be liable for any failure to disclose, any information relating to any Grantor that is communicated to or obtained by
the bank serving as Notes Collateral Agent or any of its Affiliates in any capacity. The Notes Collateral Agent shall not be responsible for the existence, genuineness or value of any Collateral or for the validity, perfection, priority or
enforceability of any Lien, whether impaired by operation of law or by reason of any action or omission to act on its part under the Notes Documents, or for filing any financing or continuation statements or recording any documents or instruments in
any public office or otherwise perfecting or maintaining or the perfection of any security interest in, or insuring, any Collateral, provided that the Notes Collateral Agent will hold the possessory collateral in the event that the Notes Collateral
Agent is the sole Secured Party. The Notes Collateral Agent shall be deemed not to have knowledge of any Event of Default unless and until written notice thereof is given to the Notes Collateral Agent by the Issuer or a Secured Party. The permissive
right of the Notes Collateral Agent to take or refrain from taking any actions enumerated in this Agreement shall not be construed as a duty, and the Notes Collateral Agent shall have no liability for any failure to exercise any such rights or take
any such actions. 
 (b)    The Notes Collateral Agent may perform any of its duties and exercise any of its rights and
powers through one or more sub-agents appointed by it. The Notes Collateral Agent and any such sub-agent may perform any of its duties and exercise any of its rights and
powers through its Related Parties. The exculpatory provisions of Section 7.16 and this Section 7.15 shall apply to any such sub-agent and to the Related Parties of the Notes Collateral Agent and any
such sub-agent. 
 (c)    Notwithstanding anything in this Agreement or any
other Notes Document to the contrary, in the exercise of any power or discretion under this Agreement, the Notes Collateral Agent shall be entitled to seek the direction of the Trustee or the Majority Holders and shall be entitled to refrain from
acting (and shall have no liability to any Person for doing so) until it has received such direction accompanied by, if requested, indemnity or security satisfactory to the Notes Collateral Agent. 

Section 7.16Limitation on Duty in Respect of Collateral. Beyond the exercise of reasonable care in the
custody and preservation thereof, the Notes Collateral Agent will have no duty as to any Collateral in its possession or control or in the possession or control of any sub-agent or bailee or any income
therefrom or as to the preservation of rights against prior parties or any other rights pertaining thereto. The Notes Collateral Agent will be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its
possession or control if such Collateral is accorded treatment substantially equal to that which it accords its own property, and will not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the value thereof,
solely by reason of any act or omission of any sub-agent or bailee selected by the Notes Collateral Agent in good faith, except to the extent that such liability arises from the Notes Collateral Agent’s
gross negligence, bad faith or willful misconduct. 
 Section 7.17Benefit of Agreement. No Secured
Party that obtains the benefit of this Agreement shall have any right to notice of any action or to consent to, direct or object to any action hereunder or otherwise in respect of the Collateral (including, without limitation, the release or
impairment of any Collateral) other than in its capacity as the Trustee, Notes Collateral Agent or a Holder of Notes, as applicable, and, in any such case, only to the extent expressly provided in the Notes Documents, including Articles VII and
XIII of the Indenture. Each Secured Party not a party to the Indenture that obtains the benefit of this Agreement shall be deemed to have acknowledged and accepted the appointment of the Notes Collateral Agent pursuant to the terms of the Indenture
and the Notes, including under Article VII and XIII of the Indenture. 

 28 
  

 Section 7.18Intercreditor Agreements.
Notwithstanding anything to the contrary in this Agreement or in any other Notes Document, (a) the liens and security interests granted to the Notes Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement and the
exercise of any right or remedy with respect to any Collateral by the Notes Collateral Agent and the other Secured Parties shall be subject, in each case, to the terms of the Intercreditor Agreements and (b) in the event of any conflict or
inconsistency between the terms and provisions of this Agreement and of the Intercreditor Agreements the terms and provisions of the Intercreditor Agreements shall control. 

[Signature Pages Follow] 

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

			
	 ARCONIC CORPORATION

		
	         by
	 	
		 	
                   
                                         
                           

		 	Name:
		 	Title:

  
 [Signature Page to the
Collateral Agreement] 

			
	ARCONIC CORPORATION, as sole Member of
each of:
	
	ALUMAX LLC
	ARCONIC ARCHITECTURAL PRODUCTS LLC
	ARCONIC DAVENPORT LLC
	ARCONIC LAFAYETTE LLC
	ARCONIC MASSENA LLC
	ARCONIC SERVICE LLC
	ARCONIC TECHNOLOGIES LLC
	ARCONIC TENNESSEE LLC
	KAWNEER COMMERCIAL WINDOWS
	LLC
		
	        by	 	
		 	                                      
                                         
        
		 	Name:
		 	Title:
	
	ARCONIC AEROSPACE LAMINATES INC.
	ARCONIC LANCASTER CORP.
	ARCONIC PROPERTIES INC.
	ARCONIC TUBE SPECIALTIES INC.
	ARCONIC WIRELESS NETWORK
	SERVICES INC.
	CARADCO, INC.
	HALETHORPE EXTRUSIONS, INC.
	HALETHORPE SERVICES, INC.
	KAWNEER ALUMINIUM
	DEUTSCHLAND, INC.
	KAWNEER COMPANY, INC.
	PLANT CITY EXTRUSIONS
	CORPORATION
	PIMALCO, INC.
	RMC TEXAS, INC.
		
	        by	 	
		 	                                      
                                         
        
		 	Name:
		 	Title:

  
 [Signature Page to the
Collateral Agreement] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as
	Notes Collateral Agent
		
	        by	 	
		 	                                      
                                         
        
		 	Name:
		 	Title:
		
	         by
	 	
		 	                                      
                                         
        
		 	Name:
		 	Title:

  
 [Signature Page to the
Collateral Agreement] 

 Schedule I to 

the Collateral Agreement 

GUARANTORS 

 Schedule II to 

the Collateral Agreement 
 PLEDGED
EQUITY INTERESTS 
 PLEDGED DEBT SECURITIES 

Global Intercompany Note. 

 Schedule III to 

the Collateral Agreement 
 U.S.
COPYRIGHTS 
 COPYRIGHT REGISTRATIONS 

COPYRIGHT APPLICATIONS 

None. 
 EXCLUSIVE COPYRIGHT
LICENSES 
 None. 

 U.S. PATENTS 

PATENTS AND DESIGN PATENTS 

PATENT APPLICATIONS 

 U.S. TRADEMARK/TRADE NAMES 

U.S. TRADEMARK REGISTRATIONS 

 U.S. TRADEMARK APPLICATIONS 

 Schedule IV to 

the Collateral Agreement 

Commercial Tort Claims 

 Exhibit I to 

the Collateral Agreement 

SUPPLEMENT NO.      dated as of
[                    ] (this “Supplement”), to the Collateral Agreement dated as of May 13, 2020 (the “Collateral
Agreement”), among ARCONIC CORPORATION, a Delaware corporation (the “Issuer”), the Guarantors party hereto and U.S. Bank National Association, as Notes Collateral Agent (in such capacity, the “Notes Collateral
Agent”). 
 A. Reference is made to the Indenture dated as of May 13, 2020 (as amended, restated, supplemented or otherwise
modified from time to time, the “Indenture”), among the Issuer, U.S. Bank National Association, as Trustee and Notes Collateral Agent. 

B. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Indenture and the
Collateral Agreement, as applicable. 
 C. Section 7.13 of the Collateral Agreement provides that additional Restricted Subsidiaries of
the Issuer may become Guarantors under the Collateral Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Restricted Subsidiary (the “New Subsidiary”) is executing this Supplement in
accordance with the requirements of the Indenture to become a Guarantor under the Collateral Agreement. 
 Accordingly, the Notes Collateral
Agent and the New Subsidiary agree as follows: 
 SECTION 1. In accordance with Section 7.13 of the Collateral Agreement, the New
Subsidiary by its signature below becomes a Guarantor and a Grantor under the Collateral Agreement with the same force and effect as if originally named therein as a Guarantor and a Grantor and the New Subsidiary hereby (a) agrees to all the
terms and provisions of the Collateral Agreement applicable to it as a Guarantor and a Grantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true and correct on and as
of the date hereof. In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of the Secured Obligations (as defined in the Collateral Agreement), does hereby create and grant to the Notes Collateral
Agent, its successors and assigns, for the benefit of the Secured Parties, their successors and assigns, a security interest in all of the New Subsidiary’s right, title and interest in, to and under the Collateral (as defined in the Collateral
Agreement) of the New Subsidiary. Each reference to a “Guarantor” or a “Grantor” in the Collateral Agreement shall be deemed to include the New Subsidiary. The Collateral Agreement is hereby incorporated herein by reference. 

SECTION 2. The New Subsidiary represents and warrants to the Notes Collateral Agent and the other Secured Parties that this Supplement has
been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. 

SECTION 3. This Supplement 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 Supplement shall become effective when the Notes Collateral Agent shall have received a counterpart of this Supplement that bears the signature of
the New Subsidiary and the Notes Collateral Agent has executed a 

 
counterpart hereof. Delivery of an executed signature page to this Supplement by facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart of this
Supplement. 
 SECTION 4. The New Subsidiary hereby represents and warrants that (a) set forth on Schedule I attached hereto is a
schedule with the true and correct legal name of the New Subsidiary, its jurisdiction of formation and the location of its chief executive office, (b) set forth on Schedule II attached hereto is a true and correct schedule of all the Pledged
Securities of the New Subsidiary, (c) set forth on Schedule III attached hereto is a true and correct schedule of all (i) registered and applied for United States Patents, Trademarks and Copyrights owned by the New Subsidiary as of the
Effective Date and (ii) exclusive Copyright Licenses for which the New Subsidiary is the licensee and the licensed work is registered at the United States Copyright Office and (d) set forth in Schedule IV attached hereto is a true and
correct list of all Commercial Tort Claims in respect of which a complaint or counterclaim has been filed by the New Subsidiary seeking damages reasonably estimated to exceed $20,000,000, including a summary description of each such claim. 

SECTION 5. Except as expressly supplemented hereby, the Collateral Agreement shall remain in full force and effect. 

SECTION 6. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

SECTION 7. In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Collateral Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision
in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 8. All communications and notices hereunder shall be in writing and given as provided in Section 7.01 of the Collateral
Agreement. 
 SECTION 9. The New Subsidiary agrees to reimburse the Notes Collateral Agent for its reasonable
out-of-pocket expenses in connection with this Supplement, including the reasonable fees, charges and disbursements of counsel for the Notes Collateral Agent, as
provided in Section 7.07 of the Indenture; provided that each reference therein to the “Issuer” shall be deemed to be a reference to the New Subsidiary. 

IN WITNESS WHEREOF, the New Subsidiary and the Notes Collateral Agent have duly executed this Supplement to the Collateral Agreement as of the
day and year first above written. 

 
			
	[NAME OF NEW SUBSIDIARY]
		
	         by
	 	
		 	
                   
                                         
                           

		 	 Name:

		 	 Title:

	
	 U.S. BANK NATIONAL ASSOCIATION,

as Notes Collateral Agent

	
	         by

		 	
                   
                                         
                           

		 	 Name:

		 	 Title:

 Schedule I 

to Supplement No. __ to 
 the
Collateral Agreement 
 NEW SUBSIDIARY INFORMATION 
  

					
	 Name
	  	Jurisdiction of Formation	  	Chief Executive Office

 Schedule II 

to Supplement No.      to 

the Collateral Agreement 
 PLEDGED
SECURITIES 
 Equity Interests 
  

									
	 Issuer
	  	Number of
Certificate	  	Registered
Owner	  	Number and
Class of
Equity Interests	  	Percentage
of Equity Interests

Debt Securities 
  

							
	 Issuer
	  	Principal
Amount	  	Date of Note	  	Maturity Date

 Schedule III 

to Supplement No.      to 

the Collateral Agreement 

INTELLECTUAL PROPERTY 

 Schedule IV 

to Supplement No.      to 

the Collateral Agreement 

COMMERCIAL TORT CLAIMS 

 Exhibit II to 

the Collateral Agreement 

PATENT SECURITY AGREEMENT dated as of [            ],
20[    ] (this “Agreement”), between [APPLICABLE GRANTOR(S)] (the “Grantors”) and U.S. Bank National Association, as Notes Collateral Agent (in such capacity, the “Notes Collateral
Agent”). 
 Reference is made to (a) the Indenture dated as of May 13, 2020 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Indenture”), among Arconic Corporation (the “Issuer”), the Guarantors party thereto and U.S. Bank National Association, as Trustee and Notes Collateral
Agent, and (b) the Collateral Agreement dated as of May 13, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Collateral Agreement”), among the Issuer, the
Guarantors from time to time party thereto and U.S. Bank National Association, as Notes Collateral Agent. The parties hereto agree as follows: 

SECTION 1. Terms. Each capitalized term used but not otherwise defined herein shall have the meaning specified in the Indenture or the
Collateral Agreement, as applicable. The rules of construction specified in Section 1.04 of the Indenture also apply to this Agreement, mutatis mutandis. 

SECTION 2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the Secured
Obligations, each Grantor, pursuant to the Collateral Agreement, did and hereby does grant to the Notes Collateral Agent and its permitted successors and assigns, for the benefit of the Secured Parties, a security interest in all of such
Grantor’s right, title and interest in, to and under the portion of the Article 9 Collateral constituting the Patents listed on Schedule I hereto, subject to the exclusions set forth in Section 4.01(d) of the Collateral Agreement
(collectively, the “Patent Collateral”). 
 SECTION 3. Collateral Agreement. This Agreement has been executed and
delivered by the Grantor for the purpose of recording the grant of security interest herein with the United States Patent and Trademark Office. The security interest granted hereby has been granted to the Notes Collateral Agent for the benefit of
the Secured Parties in connection with the Collateral Agreement and is expressly subject to the terms and conditions thereof. Each Grantor hereby acknowledges and affirms that the rights and remedies of the Notes Collateral Agent with respect to the
Patent Collateral are more fully set forth in the Collateral Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this Agreement and
the Collateral Agreement, the terms of the Collateral Agreement shall govern. 
 SECTION 4. Counterparts. 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. Delivery of an executed counterpart of a
signature page of this Agreement by facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 5. CHOICE OF LAW. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR
OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

 [SIGNATURE PAGES FOLLOW] 

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

			
	
[                          
              ],
 as Grantor

		
	By:	 	
                     
                                        

		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Notes Collateral Agent

		
	By:	 	
                     
                    

		 	Name:
		 	Title:

 [SIGNATURE PAGE TO PATENT SECURITY AGREEMENT] 

 SCHEDULE I 

Patents 
  

									
	 Patent No.
	  	Owner	 	  	Title	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 Patent Applications 
  

									
	 Serial No.
	  	Owner	 	  	Application Date	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 Exhibit III to 

the Collateral Agreement 

TRADEMARK SECURITY AGREEMENT dated as of [            ],
20[    ] (this “Agreement”), between [APPLICABLE GRANTOR(S)] (the “Grantors”) and U.S. Bank National Association, as Notes Collateral Agent (in such capacity, the “Notes Collateral
Agent”). 
 Reference is made to (a) the Indenture dated as of May 13, 2020 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Indenture”), among Arconic Corporation (the “Issuer”), the Guarantors party thereto and U.S. Bank National Association, as Trustee and Notes Collateral
Agent, and (b) the Collateral Agreement dated as of May 13, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Collateral Agreement”), among the Issuer, the
Guarantors from time to time party thereto and U.S. Bank National Association, as Notes Collateral Agent. The parties hereto agree as follows: 

SECTION 1. Terms. Each capitalized term used but not otherwise defined herein shall have the meaning specified in the Indenture or the
Collateral Agreement, as applicable. The rules of construction specified in Section 1.04 of the Indenture also apply to this Agreement, mutatis mutandis. 

SECTION 2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the Secured
Obligations, each Grantor, pursuant to the Collateral Agreement, did and hereby does grant to the Notes Collateral Agent and its permitted successors and assigns, for the benefit of the Secured Parties, a security interest in all of such
Grantor’s right, title and interest in, to and under the portion of the Article 9 Collateral constituting the Trademarks listed on Schedule I hereto but excluding any Trademarks that are Excluded Personal Property (including, for the avoidance
of doubt, any intent-to-use trademark application filed in the United States Patent and Trademark Office pursuant to Section 1(b) of the Lanham Act, 15 U.S.C.
Section 1051, solely during the period prior to the accepted filing of a “Statement of Use” and issuance of a “Certificate of Registration” pursuant to Section 1(d) of the Lanham Act or an accepted filing
of an “Amendment to Allege Use” whereby such intent-to-use trademark application is converted to a “use in commerce” application pursuant to Section 1(c) of the Lanham Act; it being understood that, following such
period, such trademark registration or application, as applicable, shall be deemed automatically subject to the security interest granted in the Collateral Agreement and included in the Article 9 Collateral) and subject to the exclusions set forth
in Section 4.01(d) of the Collateral Agreement (collectively, the “Trademark Collateral”). 
 SECTION 3. Collateral
Agreement. This Agreement has been executed and delivered by the Grantor for the purpose of recording the grant of security interest herein with the United States Patent and Trademark Office. The security interest granted hereby has been granted
to the Notes Collateral Agent for the benefit of the Secured Parties in connection with the Collateral Agreement and is expressly subject to the terms and conditions thereof. Each Grantor hereby acknowledges and affirms that the rights and remedies
of the Notes Collateral Agent with respect to the Trademark Collateral are more fully set forth in the Collateral Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of
any conflict between the terms of this Agreement and the Collateral Agreement, the terms of the Collateral Agreement shall govern. 

 SECTION 4. Counterparts. 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. Delivery of an executed counterpart of a signature page of this Agreement by
facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 5.
CHOICE OF LAW. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK. 
 [SIGNATURE PAGES FOLLOW] 

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

			
	
[                          
              ],
 as Grantor

		
	By:	 	
                     
                    

		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Notes Collateral Agent

		
	By:	 	
                     
                    

		 	Name:
		 	Title:

 [SIGNATURE PAGE TO TRADEMARK SECURITY AGREEMENT] 

 SCHEDULE I 

Trademarks 
  

									
	 Trademark
	  	Owner	 	  	Registration
No.	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 Trademark Applications 
  

									
	 Owner
	  	Mark	 	  	Application No.	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 Exhibit IV to 

the Collateral Agreement 

COPYRIGHT SECURITY AGREEMENT dated as of [            ],
20[    ] (this “Agreement”), between [APPLICABLE GRANTOR(S)] (the “Grantors”) and U.S. Bank National Association, as Notes Collateral Agent (in such capacity, the “Notes Collateral
Agent”). 
 Reference is made to (a) the Indenture dated as of May [●], 2020 (as amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “Indenture”), among Arconic Corporation (the “Issuer”), the Guarantors party thereto and U.S. Bank National Association, as Trustee and Notes
Collateral Agent, and (b) the Collateral Agreement dated as of May [●], 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Collateral Agreement”), among the
Issuer, the Guarantors from time to time party thereto and U.S. Bank National Association, as Notes Collateral Agent. The parties hereto agree as follows: 

SECTION 1. Terms. Each capitalized term used but not otherwise defined herein shall have the meaning specified in the Indenture or the
Collateral Agreement, as applicable. The rules of construction specified in Section 1.04 of the Indenture also apply to this Agreement, mutatis mutandis. 

SECTION 2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the Secured
Obligations, each Grantor, pursuant to the Collateral Agreement, did and hereby does grant to the Notes Collateral Agent and its permitted successors and assigns, for the benefit of the Secured Parties, a security interest in all of such
Grantor’s right, title and interest in, to and under the portion of the Article 9 Collateral constituting the (i) Copyrights and (ii) Copyright Licenses for United States registered Copyrights under which Grantor is an exclusive
licensee, in each case, that are listed on Schedule I hereto, subject to the exclusions set forth in Section 4.01(d) of the Collateral Agreement (collectively, the “Copyright Collateral”). 

SECTION 3. Collateral Agreement. This Agreement has been executed and delivered by the Grantor for the purpose of recording the grant
of security interest herein with the United States Copyright Office. The security interest granted hereby has been granted to the Notes Collateral Agent for the benefit of the Secured Parties in connection with the Collateral Agreement and is
expressly subject to the terms and conditions thereof Each Grantor hereby acknowledges and affirms that the rights and remedies of the Notes Collateral Agent with respect to the Copyright Collateral are more fully set forth in the Collateral
Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the Collateral Agreement, the terms of the Collateral
Agreement shall govern. 
 SECTION 4. Counterparts. 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. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other
electronic imaging shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 5. CHOICE OF LAW.
THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS 

 
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

[SIGNATURE PAGES FOLLOW] 

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

			
	
[                          
               ],
 as Grantor

		
	By:	 	
                     
                                        

		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Notes Collateral Agent

		
	By:	 	
                     
                                        

		 	Name:
		 	Title:

 [SIGNATURE PAGE TO COPYRIGHT SECURITY AGREEMENT] 

 SCHEDULE I 

Copyrights 
  

									
	 Registered Owner
	  	Title	 	  	Registration Number	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 Copyright Applications 
  

													
	 Registered Owner
	  	Title	 	  	Application Number	 	  	Date Filed	 
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			

 Exclusive Copyright Licenses 
  

													
	 Licensee
	  	Licensor	 	  	Title	 	  	Registration Number	 
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			

  
 E-1 

 EXHIBIT F 
  

 
  

INTERCREDITOR AGREEMENT 
 dated as
of 
 May 13, 2020 
 among

 DEUTSCHE BANK AG NEW YORK BRANCH, 

as ABL Administrative Agent 
 and

 U.S. BANK NATIONAL ASSOCIATION 

as Trustee and Initial Notes Collateral Agent 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	SECTION 1. Definitions.	  	2	 
			
	 1.1.
	 	 Defined Terms
	  	 	2	 
	 1.2.
	 	 Terms Generally
	  	 	11	 
		
	SECTION 2. Lien Priorities.	  	12	 
			
	 2.1.
	 	 Relative Priorities
	  	 	12	 
	 2.2.
	 	 Prohibition on Contesting Liens
	  	 	12	 
	 2.3.
	 	 No New Liens
	  	 	12	 
	 2.4.
	 	 Similar Liens and Agreements
	  	 	13	 
	 2.5.
	 	 Cash Collateral
	  	 	14	 
		
	SECTION 3. Enforcement.	  	14	 
			
	 3.1.
	 	 Exercise of Remedies – Restrictions on Notes Collateral Agents
	  	 	14	 
	 3.2.
	 	 Exercise of Remedies – Restrictions on ABL Administrative Agent
	  	 	17	 
	 3.3.
	 	 Exercise of Remedies – Collateral Access Rights
	  	 	21	 
	 3.4.
	 	 Exercise of Remedies – Intellectual Property Rights/Access to Information
	  	 	22	 
	 3.5.
	 	 Exercise of Remedies – Set Off and Tracing of and Priorities in Proceeds
	  	 	23	 
		
	SECTION 4. Payments.	  	23	 
			
	 4.1.
	 	 Application of Proceeds
	  	 	23	 
	 4.2.
	 	 Payments Over in Violation of Agreement
	  	 	23	 
	 4.3.
	 	 Application of Payments
	  	 	24	 
	 4.4.
	 	 Reinstatement
	  	 	24	 
		
	SECTION 5. Other Agreements.	  	25	 
			
	 5.1.
	 	 Releases
	  	 	25	 
	 5.2.
	 	 Insurance
	  	 	26	 
	 5.3.
	 	 Amendments to ABL Documents and Notes Documents; Refinancing
	  	 	27	 
	 5.4.
	 	 Bailees for Perfection
	  	 	28	 
	 5.5.
	 	 When Discharge of ABL Obligations and Discharge of Notes Obligations Deemed to Not Have
Occurred
	  	 	30	 
	 5.6.
	 	 [Reserved]
	  	 	31	 
	 5.7.
	 	 Additional Notes Debt
	  	 	31	 

  
 -i- 

							
	 SECTION 6. Insolvency or Liquidation Proceedings.
	  	 	32	 
			
	 6.1.
	 	 Finance Issues
	  	 	32	 
	 6.2.
	 	 Relief from the Automatic Stay
	  	 	33	 
	 6.3.
	 	 Adequate Protection
	  	 	34	 
	 6.4.
	 	 Avoidance Issues
	  	 	36	 
	 6.5.
	 	 Post-Petition Interest
	  	 	37	 
	 6.6.
	 	 Waiver – 1111(b)(2) Issues
	  	 	37	 
	 6.7.
	 	 Separate Grants of Security and Separate Classification
	  	 	37	 
	 6.8.
	 	 Enforceability and Continuing Priority
	  	 	39	 
	 6.9.
	 	 Sales
	  	 	39	 
		
	 SECTION 7. Reliance; Waivers, Etc.
	  	 	40	 
			
	 7.1.
	 	 Reliance
	  	 	40	 
	 7.2.
	 	 No Warranties or Liability
	  	 	40	 
	 7.3.
	 	 No Waiver of Lien Priorities
	  	 	41	 
	 7.4.
	 	 Obligations Unconditional
	  	 	43	 
		
	 SECTION 8. Miscellaneous.
	  	 	43	 
			
	 8.1.
	 	 Conflicts
	  	 	43	 
	 8.2.
	 	 Effectiveness; Continuing Nature of this Agreement; Severability
	  	 	43	 
	 8.3.
	 	 Amendments; Waivers
	  	 	45	 
	 8.4.
	 	 Information Concerning Financial Condition of the Grantors and their Subsidiaries
	  	 	45	 
	 8.5.
	 	 Subrogation
	  	 	45	 
	 8.6.
	 	 Special provisions relating to the Collateral Agents and the Trustee
	  	 	46	 
	 8.7.
	 	 SUBMISSION TO JURISDICTION, WAIVERS
	  	 	46	 
	 8.8.
	 	 Notices
	  	 	47	 
	 8.9.
	 	 Further Assurances
	  	 	48	 
	 8.10.
	 	 APPLICABLE LAW
	  	 	48	 
	 8.11.
	 	 Binding on Successors and Assigns
	  	 	48	 
	 8.12.
	 	 Specific Performance
	  	 	48	 
	 8.13.
	 	 Headings
	  	 	48	 
	 8.14.
	 	 Counterparts
	  	 	48	 
	 8.15.
	 	 Authorization
	  	 	49	 
	 8.16.
	 	 No Third Party Beneficiaries
	  	 	49	 
	 8.17.
	 	 Provisions to Define Relative Rights
	  	 	49	 

  
 -ii- 

 This INTERCREDITOR AGREEMENT is dated as of May 13, 2020, and is entered into by and among ARCONIC
CORPORATION (the “Borrower”), each of the Subsidiaries of the Borrower listed on the signature pages hereto, the certain Subsidiaries of the Borrower that become a party hereto from time to time, DEUTSCHE BANK AG NEW YORK BRANCH, in
its capacity as administrative agent and collateral agent for the holders of the ABL Obligations (as defined below) (together with its permitted successors and assigns, in such capacity, the “ABL Administrative Agent”) and U.S. BANK
NATIONAL ASSOCIATION (“U.S. Bank”), in its capacity as trustee for the holders of the Initial Notes Obligations (as defined below) (together with its permitted successors and assigns, in such capacity, the
“Trustee”) and as collateral agent for the holders of the Initial Notes Obligations (together with its permitted successors and assigns, in such capacity, the “Initial Notes Collateral Agent”). Capitalized terms
used in this Agreement have the meanings assigned to them in Section 1 below or, if not otherwise defined, the ABL Credit Agreement (as defined below) and the First Lien Notes Indenture (as defined below), as the context requires. 

RECITALS 
 The Borrower, the
Designated Borrowers from time to time party thereto, the Lenders, Issuing Banks and Swingline Lenders party thereto and the ABL Administrative Agent have entered into that certain credit agreement dated as of May 13, 2020 (as amended,
supplemented, amended and restated, replaced, Refinanced or otherwise modified from time to time as permitted herein, the “ABL Credit Agreement”); 

The Borrower, the Guarantors party thereto and the Trustee are party to that certain indenture dated as of May 13, 2020 (as amended, supplemented,
restated, amended and restated, replaced, Refinanced or otherwise modified from time to time as permitted herein, the “First Lien Notes Indenture”), pursuant to which the Borrower issued $700,000,000 aggregate principal amount of
6.000% Senior Secured First Lien Notes due 2025; 
 The ABL Credit Agreement and the First Lien Notes Indenture permit the Borrower to incur additional
indebtedness secured by a Lien on the Collateral ranking equal to the Lien securing the First Lien Notes Indenture; 
 In order to induce the ABL
Administrative Agent and the holders of the ABL Obligations to enter into the ABL Credit Agreement and in order to induce the Trustee and the Initial Notes Collateral Agent to enter into the Indenture, the ABL Administrative Agent and the Initial
Notes Collateral Agent have agreed to the relative priority of their respective Liens on the Collateral and certain other rights, priorities and interests as set forth in this Agreement. 

AGREEMENT 
 In consideration of the
foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 SECTION 1.    Definitions. 

1.1.    Defined Terms. As used in the Agreement, the following terms shall have the following meanings: 

“ABL Administrative Agent” has the meaning assigned to that term in the Preamble of this Agreement. 

“ABL Claimholders” means, at any relevant time, the holders of ABL Obligations at that time, including the “Secured Parties” as
defined in the ABL Credit Agreement. 
 “ABL Collateral” means any “Collateral” as defined in any ABL Document or other assets of
any Guarantor with respect to which a Lien is granted or purported to be granted pursuant to any ABL Collateral Document as security for any ABL Obligations. 

“ABL Collateral Documents” means the “Security Documents” (as defined in the ABL Credit Agreement) and any other agreement,
document or instrument pursuant to which a Lien is granted by any Grantor securing any ABL Obligations or under which rights or remedies with respect to such Liens are governed. 

“ABL Credit Agreement” has the meaning assigned to that term in the Recitals to this Agreement, including, for the avoidance of doubt, any
Refinancing of the ABL Credit Agreement. 
 “ABL Default” means an “Event of Default” (as defined in the ABL Credit Agreement).

 “ABL Documents” means the ABL Credit Agreement, the ABL Collateral Documents and the other Loan Documents (as defined in the ABL Credit
Agreement), any agreement in respect of Secured Cash Management Obligations, Secured Commercial Obligations, Secured Hedging Obligations or Secured Supply Chain Financing Obligations (each as defined in the ABL Credit Agreement) and each of the
other agreements, documents and instruments providing for or evidencing any other ABL Obligation, and any other document or instrument executed or delivered at any time in connection with any ABL Obligations, including any intercreditor or joinder
agreement among holders of ABL Obligations to the extent such are effective at the relevant time, as each may be amended, restated, supplemented, modified, renewed or extended from time to time in accordance with the provisions of this Agreement.

 “ABL Obligations” means all “Obligations” (as defined in the ABL Credit Agreement) and other obligations of every nature of
each Grantor from time to time owed to any ABL Claimholder or any of their respective Affiliates under the ABL Documents, whether for principal, interest (including all Post-Petition Interest accrued or accruing (or which would, absent commencement
of an Insolvency or Liquidation Proceeding, accrue) after the commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant ABL Document, whether or not the claim for such Post-Petition Interest is
allowed as a claim in such Insolvency or Liquidation Proceeding), reimbursement of amounts drawn under letters of credit, fees, expenses, indemnification or otherwise. 

“ABL/Notes Documents” means the ABL Documents and the Notes Documents. 

“ABL Priority Collateral” means the following assets of the Borrower and the Guarantors: (a) all Accounts Receivable (except to the
extent constituting proceeds of equipment, real property 

  
 -2- 

 
or intellectual property and other intercompany loans); (b) all inventory; (c) all instruments, chattel paper and other contracts, in each case, evidencing, or substituted for, any accounts
receivable referred to in clause (a) above; (d) all guarantees, letters of credit, security and other credit enhancements in each case for the Accounts Receivable; (e) all documents of title for any inventory referred to in
clause (b) above; (f) all commercial tort claims and general intangibles in each case to the extent relating to any of the accounts receivable referred to in clause (a) above or inventory referred to in clause (b) above, but
excluding intercompany debt, Capital Stock and Intellectual Property; (g) all deposit accounts, securities accounts, commodities accounts (including all cash, cash equivalents and other funds on deposit therein, except to the extent
constituting identifiable proceeds of the Notes Priority Collateral or any such account which holds solely such identifiable proceeds of the Notes Priority Collateral) or investment property but excluding Excluded Deposit Accounts and Excluded
Securities Accounts and any Capital Stock; (h) all tax refunds; (i) all supporting obligations, documents and books and records relating to any of the foregoing; and (j) all substitutions, replacements, accessions, products or
proceeds (including, without limitation, insurance proceeds) of any of the foregoing, in each case, except to the extent constituting Excluded Property; provided, however, that to the extent that identifiable Proceeds of Notes Priority
Collateral are deposited or held in any Deposit Accounts or Securities Accounts that constitute ABL Priority Collateral after an Enforcement Notice, then (as provided in Section 3.5 below) such Collateral or other identifiable Proceeds shall be
treated as Notes Priority Collateral for purposes of this Agreement. Terms used in this definition and not otherwise defined herein shall have the meanings given to such terms in the UCC. 

“ABL Standstill Period” has the meaning assigned to that term in Section 3.2(a)(1). 

“Access Acceptance Notice” has the meaning assigned to that term in Section 3.3(b). 

“Access Period” means for each parcel of Mortgaged Property the period, after the commencement of an Enforcement Period, which begins on the
day that the ABL Administrative Agent provides the Controlling Notes Collateral Agent with the notice of its election to request access to any Mortgaged Property pursuant to Section 3.3(b) below and ends on the earliest of (i) the 180th
day after the ABL Administrative Agent obtains the ability to use, take physical possession of, remove or otherwise control the use or access to the Collateral located on such Mortgaged Property following a Collateral Enforcement Action plus such
number of days, if any, after the ABL Administrative Agent obtains access to such Collateral that it is stayed or otherwise prohibited by law or court order from exercising remedies with respect to Collateral located on such Mortgaged Property,
(ii) the date on which all or substantially all of the ABL Priority Collateral located on such Mortgaged Property is sold, collected or liquidated, (iii) the date on which the Discharge of ABL Obligations occurs and (iv) the date on
which the ABL Default or the Notes Default that was the subject of the applicable Enforcement Notice relating to such Enforcement Period has been cured to the satisfaction of the ABL Administrative Agent or the Notes Collateral Agent, as applicable,
or waived in writing in accordance with the requirements of the ABL Credit Agreement or First Lien Notes Indenture, as applicable. 
 “Accounts
Receivable” means (i) all “Accounts,” as such term is defined in the UCC and (ii) all other rights to payment of money or funds, whether or not earned by performance, and (iii) all other rights to payment or
collection that are classified as “accounts receivable” in the financial statements of the relevant Person, (a) for Inventory that has been or is to be sold, leased, 

  
 -3- 

 
licensed, assigned, or otherwise disposed of, (b) for services rendered or to be rendered, or (c) owed by a credit card issuer or by a credit card processor resulting from purchases by
customers using credit or debit cards issued by such issuer in connection with the transactions described in clauses (a) and (b) above, whether such rights to payment constitute payment intangibles, letter-of-credit rights or any other classification of property, or are evidenced in whole or in part by instruments, chattel paper, general intangibles or documents. Terms used in this definition and not
otherwise defined herein shall have the meanings given to such terms in the UCC. 
 “Additional Notes Claimholders” means, at any relevant
time, holders of Additional Notes Obligations at that time. 
 “Additional Notes Collateral Agent” means the trustee, administrative agent,
collateral agent, security agent or similar agent under any instrument governing Additional Notes Obligations that is named as the representative in respect of such Additional Notes Instrument hereunder or in the applicable Joinder Agreement. 

“Additional Notes Collateral Documents” means any security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust,
control agreements, guarantees, notes and any other documents or instruments now existing or entered into after the date hereof that create Liens on any assets or properties of any Grantor to secure any Additional Notes Obligations owed thereunder
to any Additional Notes Claimholders or under which rights or remedies with respect to such Liens are governed. 
 “Additional Notes Debt”
means the principal amount of Indebtedness issued or incurred under any Additional Notes Instrument. 
 “Additional Notes Documents” means
any Additional Notes Instrument, Additional Notes Collateral Document and each of the other agreements, documents and instruments providing for or evidencing any other Additional Notes Obligation, including any document or instrument executed or
delivered at any time in connection with any Additional Notes Obligations, including any intercreditor or joinder agreement among holders of Additional Notes Obligations, to the extent such are effective at the relevant time. 

“Additional Notes Instrument” means any (A) debt facilities, indentures or commercial paper facilities providing for revolving credit
loans, term loans, notes, debentures, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities,
indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other indebtedness, in each case, with the
same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, increased, replaced or refunded in whole or in part from time to time in accordance with each
applicable Notes Document; provided that neither the ABL Credit Agreement, the First Lien Notes Indenture nor any Refinancing of any of the foregoing in this proviso shall constitute an Additional Notes Instrument at any time. 

“Additional Notes Obligations” means any Obligations of the Borrower or any Guarantor that are pari passu in right of payment to the Initial
Notes Obligations and are secured by a Lien on the Collateral that has the same priority as the Lien securing the Initial Notes Obligations and that is designated in writing as such by the Borrower to the Trustee, the Notes Collateral Agent,

  
 -4- 

 
the ABL Administrative Agent and the other representatives party to the First Lien-Second Lien Intercreditor Agreement and this Agreement. “Additional Notes Obligations” shall include
all Post-Petition Interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) after the commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified in the
relevant Additional Notes Document, whether or not the claim for such Post-Petition Interest is allowed as a claim in such Insolvency or Liquidation Proceeding. For the avoidance of doubt, “Additional Notes Obligations” shall not include
the Initial Notes Obligations issued on the date hereof, but includes any future notes issuances pursuant to the First Lien Indenture and related guarantees. 

“Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under common control
with, that Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as applied to any Person,
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by agreement or otherwise. 

“Agreement” means this Intercreditor Agreement, as amended, restated, renewed, extended, supplemented or otherwise modified from time to
time. 
 “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any
successor statute. 
 “Bankruptcy Court” means a court of competent jurisdiction presiding over an Insolvency or Liquidation Proceeding.

 “Bankruptcy Law” means each of the Bankruptcy Code, any federal, state or foreign laws, rules or regulations for the relief of debtors
or any reorganization, insolvency, administration, liquidation, examinership, moratorium or assignment for the benefit of creditors or any other marshalling of the assets and liabilities of any Person and any similar laws, rules or regulations
relating to or affecting the enforcement of creditors’ rights generally. 
 “Borrower” shall have the meaning assigned to such term in
the Recitals to this Agreement. 
 “Business Day” means any day excluding Saturday, Sunday and any day which is a legal holiday under the
laws of the State of New York or is a day on which banking institutions located in such state are authorized or required by law or other governmental action to close. 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a
corporation, any and all equivalent ownership interests in a Person (other than a corporation), including, without limitation, partnership interests and membership interests, and any and all warrants, rights or options to purchase or other
arrangements or rights to acquire any of the foregoing. 
 “Claimholders” means, collectively, the ABL Claimholders and the Notes
Claimholders. 
 “Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, constituting either ABL
Collateral or Notes Collateral. 
 “Collateral Agents” means, collectively, (i) the ABL Administrative Agent, (ii) the Initial
Notes Collateral Agent and (iii) each Additional Notes Collateral Agent. 
 “Collateral Enforcement Action” means, collectively or
individually for one or more of the 

  
 -5- 

 
Collateral Agents, when an ABL Default or Notes Default, as the case may be, has occurred and is continuing, whether or not in consultation with any other Collateral Agent, any action by any
Collateral Agent to repossess or join any Person in repossessing, or exercise or join any Person in exercising, or institute or maintain or participate in any action or proceeding with respect to, any remedies with respect to any Collateral or
commence the judicial or other enforcement of any of the rights and remedies under the ABL Documents or under any applicable law, but in all cases (i) including, without limitation, (a) instituting or maintaining, or joining any Person in
instituting or maintaining, any enforcement, receivership, action as mortgagee-in-possession, contest, protest, attachment, collection, execution, levy or foreclosure
action or proceeding with respect to any Collateral, whether under any ABL Document or otherwise, (b) exercising any right of setoff or recoupment with respect to any Grantor or (c) exercising any remedy under any Control Agreement (as
defined in the ABL Credit Agreement), Collateral Access Agreement (as defined in the ABL Credit Agreement) or similar agreement or arrangement and (ii) excluding the imposition of a default rate or late fee; provided, that
notwithstanding anything to the contrary in the foregoing, the exercise of rights or remedies by the ABL Priority Collateral Agent under any Control Agreement during a Cash Dominion Period (as defined in the ABL Credit Agreement) shall not
constitute a Collateral Enforcement Action under this Agreement. 
 “Contingent Obligations” means at any time, any indemnification or
other similar contingent obligations which are not then due and owing at the time of determination. 
 “Controlling Notes Collateral Agent”
means the Initial Notes Collateral Agent, or, to the extent that the Notes Collateral Agents have entered into a Pari Passu Intercreditor Agreement, the Notes Collateral Agent that controls pursuant to the terms thereof. 

“Deposit Account” as defined in the UCC. 

“DIP Financing” has the meaning assigned to that term in Section 6.1. 

“Discharge of ABL Obligations” means, except to the extent otherwise expressly provided in Section 4.4(a), Section 5.5 and
Section 6.4: 
 (a)    payment in full in cash of the principal of and interest (including Post-Petition Interest),
on all Indebtedness outstanding under the ABL Documents and constituting ABL Obligations (other than Letters of Credit that are cash collateralized or backstopped, on terms reasonably satisfactory to the ABL Administrative Agent); 

(b)    payment in full in cash of all other ABL Obligations that are due and payable or otherwise accrued and owing at or
prior to the time such principal and interest are paid (other than (i) Contingent Obligations and Letters of Credit that are cash collateralized or backstopped, on terms reasonably satisfactory to the ABL Administrative Agent); 

(c)    termination or expiration of all commitments, if any, to extend credit that would constitute ABL Obligations; and

 (d)    termination of all letters of credit issued under the ABL Documents and constituting ABL Obligations or
providing cash collateral or backstop letters of credit acceptable to the ABL Administrative Agent (in a manner reasonably satisfactory to the ABL Administrative Agent). 

“Discharge of Notes Obligations” means, except to the extent otherwise expressly provided in Section 4.4(b), Section 5.5 and
Section 6.4: 
 (a)    payment in full in cash of the principal of and interest (including Post-Petition Interest),
on all Indebtedness outstanding under the Notes Documents and constituting Notes Obligations; 

  
 -6- 

 (b)    payment in full in cash of all other Notes Obligations that are
due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (other than Contingent Obligations); and 

(c)    termination or expiration of all commitments, if any, to extend credit that would constitute Notes Obligations. 

“Disposition” has the meaning assigned to that term in Section 5.1(b). 

“Documents” as defined in the UCC. 

“Enforcement Notice” means a written notice delivered, at a time when an ABL Default or Notes Default has occurred and is continuing, by
either (a) in the case of an ABL Default, the ABL Administrative Agent to the Controlling Notes Collateral Agent or (b) in the case of a Notes Default, the Controlling Notes Collateral Agent to the ABL Administrative Agent, in each case,
stating that an Enforcement Period has commenced, specifying the relevant event of default, stating the current balance of the ABL Obligations or the Notes Obligations, as applicable, and requesting prompt notification of the current balance of the
Notes Obligations or the ABL Obligations, as applicable, owing to the ABL Claimholders or the Notes Claimholders, as applicable. 
 “Enforcement
Period” means the period of time following the receipt by either the ABL Administrative Agent or the Controlling Notes Collateral Agent of an Enforcement Notice until the earliest of (i) in the case of an Enforcement Period commenced
by the Controlling Notes Collateral Agent, the Discharge of Notes Obligations, (ii) in the case of an Enforcement Period commenced by the ABL Administrative Agent, the Discharge of ABL Obligations, (iii) the ABL Administrative Agent or the
Controlling Notes Collateral Agent (as applicable) agrees in writing to terminate the Enforcement Period, or (iv) the date on which the ABL Default or the Notes Default that was the subject of the Enforcement Notice relating to such Enforcement
Period has been cured to the satisfaction of the ABL Administrative Agent or the Controlling Notes Collateral Agent, as applicable, or waived in writing in accordance with the requirements of the applicable ABL Documents. 

“First Lien Notes Indenture” has the meaning assigned to that term in the Recitals to this Agreement. 

“First Lien-Second Lien Intercreditor Agreement” means the Intercreditor Agreement to be dated as of May 13, 2020, among the ABL
Administrative Agent, the Trustee, the Initial Notes Collateral Agent, the Second Lien Indenture Agent (as defined therein), the Borrower and the Guarantors, and any amendments, supplements, modifications, replacements, renewals or restatements
thereof. 
 “Grantors” means the Borrower, each other Guarantor and each other Person that has or may from time to time hereafter execute
and deliver a Notes Collateral Document or an ABL Collateral Document as a “grantor” or “pledgor” (or the equivalent thereof). 

“Guarantor” means, collectively, each “Guarantor” as defined in the First Lien Notes Indenture and the ABL Credit Agreement. 

“Indebtedness” means and includes all Obligations that constitute “Indebtedness” within the meaning of the First Lien Notes
Indenture, the ABL Credit Agreement or any Additional Notes Instrument, as applicable. 

  
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 “Initial Notes Claimholders” means, at any relevant time, the holders of Initial Notes
Obligations at that time including the “First Priority Secured Parties” in respect of “Notes Obligations”, each as defined in the First Lien Notes Indenture. 

“Initial Notes Collateral Agent” has the meaning assigned to that term in the Preamble of this Agreement. 

“Initial Notes Collateral Agreement” means the Collateral Agreement, dated as of May 13, 2020, among the Borrower, each
of the other grantors from time to time party thereto and the Initial Notes Collateral Agent, as it may be amended, supplemented or otherwise modified from time to time. 

“Initial Notes Collateral Documents” means the “Notes Collateral Documents” (as defined in the First Lien Notes
Indenture) and any other agreement, document or instrument pursuant to which a Lien is granted securing any Initial Notes Obligations or under which rights or remedies with respect to such Liens are governed. 

“Initial Notes Documents” means the First Lien Notes Indenture, the Initial Notes Collateral Documents and each of the other agreements,
documents and instruments providing for or evidencing any other Initial Notes Obligation, including, to the extent applicable, any other document or instrument executed or delivered at any time in connection with any Initial Notes Obligations,
including any intercreditor or joinder agreement among holders of Initial Notes Obligations, to the extent such are effective at the relevant time. 

“Initial Notes Obligations” means all “Secured Obligations” (as defined in the Initial Notes Collateral Agreement) and all other
obligations of every nature of each Grantor from time to time owed to any Initial Notes Claimholders under the Initial Notes Documents, whether for principal, interest, fees, expenses, indemnification or otherwise and all guarantees of any of the
foregoing. “Initial Notes Obligations” shall include all Post-Petition Interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) after the commencement of an Insolvency or
Liquidation Proceeding in accordance with the rate specified in the relevant Initial Notes Collateral Document, whether or not the claim for such Post-Petition Interest is allowed as a claim in such Insolvency or Liquidation Proceeding. 

“Insolvency or Liquidation Proceeding” means: 

(a)    any voluntary or involuntary case or proceeding under the Bankruptcy Code or any other Bankruptcy Law with respect
to any Grantor; 
 (b)    any other voluntary or involuntary insolvency, reorganization, administration, examinership or winding-up or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to any Grantor or with respect to a material portion of their respective
assets (other than any merger or consolidation, liquidation, windup or dissolution not involving bankruptcy that is expressly permitted pursuant to the terms of the ABL Credit Agreement and the First Lien Notes Indenture); 

(c)    any liquidation, dissolution, reorganization, administration, examinership or winding up of any Grantor whether
voluntary or involuntary and whether or not involving insolvency or bankruptcy (other than any merger or consolidation, liquidation, windup or dissolution not involving bankruptcy that is expressly permitted pursuant to the terms of the ABL Credit
Agreement and the First Lien Notes Indenture); 

  
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 (d)    any case or proceeding seeking arrangement, adjustment,
protection, relief or composition of any debt or other property of any Grantor; 
 (e)    any case or proceeding seeking
the entry of an order of relief or the appointment of a custodian, receiver, trustee, administrator, liquidator, examiner or other similar proceeding with respect to any Grantor or any property or Indebtedness of any Grantor; or 

(f)    any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Grantor. 

“Intellectual Property” means any and all intellectual property and similar proprietary rights throughout the world, including such rights in
any and all inventions, designs, Patents, Copyrights, Trademarks, Licenses, trade secrets, domain names, confidential or proprietary technical and business information, know-how,
show-how or other proprietary data, software and databases and all embodiments or fixations thereof and related documentation and registrations, and all modifications of and improvements to any of the
foregoing, and all rights to sue or otherwise recover for any past, present and future infringement, dilution, misappropriation or other violation or impairment thereof, including the right to receive all income, payments, license fees, royalties,
claims, damages and proceeds of suit now or hereafter due and/or payable with respect thereto. 
 “Joinder Agreement” means an agreement
substantially in the form of Exhibit A, or in a form otherwise acceptable to each Collateral Agent, after giving effect to Sections 5.3 and 5.7, as applicable. 

“Lien” means, with respect to any asset, (a) any mortgage, lien, pledge, hypothecation, charge, security interest or other encumbrance
in, on or of such asset or (b) the interest of a vendor or a lessor under any conditional sale agreement or title retention agreement (or any capital lease or financing lease having substantially the same economic effect as any of the
foregoing) relating to such asset; provided that in no event shall an operating lease be deemed to constitute a Lien. 
 “New Agent” has
the meaning assigned to that term in Section 5.5. 
 “New Debt Notice” has the meaning assigned to that term in Section 5.5. 

“Non-Controlling Notes Collateral Agent” means each Notes Collateral Agent other than the Controlling
Notes Collateral Agent. 
 “Notes Claimholders” means, at any time, the Trustee, the Initial Notes Collateral Agent, the holders of the
Initial Notes Obligations, the trustees, agents and other representatives of the holders of any Additional Notes Obligations, holders of any Additional Notes Obligations (including any holders of Notes Obligations pursuant to supplements executed in
connection with the incurrence of additional Indebtedness under the First Lien Notes Indenture), the beneficiaries of each indemnification obligation undertaken by any Grantor under any Notes Collateral Document and each other holder of, or obligee
in respect of, any holder or lender pursuant to any Notes Collateral Document outstanding at such time. 
 “Notes Collateral” means any
“Collateral” as defined in any Notes Document or any other assets of any Grantor with respect to which a Lien is granted or purported to be granted pursuant to any Notes Collateral Document as security for any Notes Obligation. 

“Notes Collateral Agents” means the Initial Notes Collateral Agent and each Additional Notes Collateral Agent. 

  
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 “Notes Collateral Documents” means the Initial Notes Collateral Documents and any
Additional Notes Collateral Documents. 
 “Notes Default” means an “Event of Default” or equivalent term (as defined in any of
the Notes Documents). 
 “Notes Documents” means the Initial Notes Documents and any Additional Notes Documents. 

“Notes Mortgage” means a collective reference to each mortgage, deed of trust and other document or instrument under which any Lien on real
property owned or leased by any Grantor is granted to secure any Notes Obligations or (except for this Agreement) under which rights or remedies with respect to which any such Liens are governed. 

“Notes Obligations” means the Initial Notes Obligations and all Additional Notes Obligations. 

“Notes Priority Collateral” means all Notes Collateral other than ABL Priority Collateral. 

“Notes Standstill Period” has the meaning set forth in Section 3.1(a)(1). 

“Notice of Occupancy” has the meaning assigned to that term in Section 3.3(b). 

“Obligations” means any principal, interest, 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 Indebtedness. 
 “Pari Passu Intercreditor Agreement” shall mean a customary intercreditor agreement entered
into among the Initial Notes Collateral Agent and one or more Additional Notes Collateral Agents with respect to the intercreditor arrangements among such parties and the applicable Notes Claimholders. 

“Person” means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited
liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and Governmental Authorities. 

“Pledged Collateral” has the meaning set forth in Section 5.4. 

“Post-Petition Interest” means interest, fees, expenses and other charges that, pursuant to the Notes Documents or the ABL Documents,
continue to accrue after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest, fees, expenses and other charges are allowed or allowable under the Bankruptcy Law or in any such Insolvency or Liquidation
Proceeding. 
 “Priority Collateral” means, with respect to the ABL Claimholders, all ABL Priority Collateral, and with respect to the
Notes Claimholders, all Notes Priority Collateral. 
 “Recovery” has the meaning set forth in Section 6.4. 

“Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement, restructure, replace,
refund or repay, or to issue other indebtedness, in exchange or replacement for, such Indebtedness in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings. 

  
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 “Securities” means any stock, shares, partnership interests, equity interests (partes
sociales), voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible,
subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to
subscribe to, purchase or acquire, any of the foregoing. 
 “Securities Account” as defined in the UCC. 

“Series” means, with respect to any Notes Obligations, each of (i) the Initial Notes Obligations and (ii) the Additional Notes
Obligations incurred pursuant to any Additional Notes Document, which pursuant to any Joinder Agreement, are to be represented hereunder by a common representative (in its capacity as such for such Additional Notes Obligations). 

“Supporting Obligations” as defined in the UCC. 

“Trustee” has the meaning assigned to such term in the Recitals. 

“UCC” shall mean the Uniform Commercial Code as from time to time in effect in the State of New York; provided, however, that,
in the event that, by reason of mandatory provisions of law, any of the attachment, perfection or priority of any Collateral Agent’s or any secured party’s security interest in any Collateral is governed by the Uniform Commercial Code as
in effect from time to time in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such
attachment, perfection or priority and for purposes of definitions related to such provisions. 

1.2.    Terms Generally. The definitions of terms in this Agreement shall apply equally to the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to
be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise: 

(a)    any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented, modified, renewed or extended in accordance with the terms of this Agreement (including in connection with any Refinancing);

 (b)    any reference herein to any Person shall be construed to include such Person’s permitted
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 Sections shall be construed to refer to Sections of this Agreement; and

  
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 (e)    all references to terms defined in the UCC in
effect in the State of New York shall have the meaning ascribed to them therein (unless otherwise specifically defined herein); and 

(f)    the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION
2.     Lien Priorities. 
 2.1.    Relative Priorities.
Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing or purporting to secure the Notes Obligations granted on the Collateral or of any Liens securing or purporting to secure the ABL
Obligations granted on the Collateral and notwithstanding any provision of any UCC, or any other applicable law or the ABL Documents or the Notes Documents or any defect or deficiencies in, or failure to perfect, the Liens securing or purporting to
secure the ABL Obligations or Notes Obligations or any other circumstance whatsoever, the ABL Administrative Agent, on behalf of itself and the ABL Claimholders, and each Notes Collateral Agent, on behalf of itself and the applicable Notes
Claimholders, hereby each agrees that: 
 (a)    any Lien of the ABL Administrative Agent on the ABL Priority
Collateral, whether now or hereafter held by or on behalf of the ABL Administrative Agent, or any ABL Claimholders or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or
otherwise, shall be senior in all respects and prior to all Liens on the ABL Priority Collateral securing or purporting to secure any Notes Obligations; and 

(b)    any Lien of any Notes Collateral Agent on the Notes Priority Collateral, whether now or hereafter held by or on
behalf of such Notes Collateral Agent, any Notes Claimholder or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects to all Liens
on the Notes Priority Collateral securing or purporting to secure any ABL Obligations. 
 2.2.    Prohibition
on Contesting Liens. Each Notes Collateral Agent, for itself and on behalf of each applicable Notes Claimholder, and the ABL Administrative Agent, for itself and on behalf of each ABL Claimholder, agrees that it will not (and hereby waives any
right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or enforceability of a Lien held, or the allowability of claims asserted, by or
on behalf of any of the ABL Claimholders, any of the Notes Claimholders in the Collateral, or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any Collateral Agent
or any ABL Claimholder or Notes Claimholder to enforce this Agreement, including the provisions of this Agreement relating to the priority of the Liens securing the Obligations as provided in Sections 2.1, 3.1 and 3.2. 

2.3.    No New Liens. Until the Discharge of ABL Obligations and the Discharge of Notes Obligations shall
have occurred, whether or not any Insolvency or 

  
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Liquidation Proceeding has been commenced by, against or in respect of one or more of the Borrower or any other Grantors, the parties hereto acknowledge and agree that it is their intention that:

 (a)    there shall be no Liens on any asset or property to secure any Notes Obligation unless a Lien on such asset
or property also secures the ABL Obligations; and 
 (b)    there shall be no Liens on any asset or property of any
Grantor to secure any ABL Obligations unless a Lien on such asset or property also secures the Notes Obligations. 
 To the extent any additional Liens are
granted on any asset or property as described above, the priority of such additional Liens shall be determined in accordance with Sections 2.1, 3.1 and 3.2. In addition, to the extent that Liens are granted on any asset or property to secure any
Notes Obligations or ABL Obligations, as applicable, and a corresponding Lien is not granted to secure the Notes Obligations or ABL Obligations, as applicable, without limiting any other rights and remedies available hereunder, the ABL
Administrative Agent, on behalf of the ABL Claimholders and each Notes Collateral Agent, on behalf of the applicable Notes Claimholders, agree that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted in
contravention of this Section 2.3 shall be subject to Section 4.2. 
 2.4.    Similar Liens and
Agreements. The parties hereto agree that it is their intention that the assets composing each of the ABL Collateral and the Notes Collateral be identical. In furtherance of the foregoing and of Section 8.8, the parties hereto agree,
subject to the other provisions of this Agreement: 
 (a)    upon request by the ABL Administrative Agent or any Notes
Collateral Agent, to cooperate in good faith (and to direct their counsel to cooperate in good faith) from time to time in order to determine the specific items included in the ABL Collateral and the Notes Collateral; 

(b)    upon request by the ABL Administrative Agent or any Notes Collateral Agent, that the ABL Administrative Agent, the
Notes Collateral Agents and the Borrower shall cooperate in good faith from time to time in order to determine the steps taken to perfect their respective Liens thereon and the identity of the respective parties obligated under the ABL Documents and
the Notes Documents (it being understood that this Section 2.4(b) does not of itself create any responsibility or duty on the part of any Collateral Agent (which responsibilities and duties, if any, are limited to those expressly set forth in
the applicable ABL/Notes Documents to which such Collateral Agent is a party) to take any such steps or ascertain such identities and that it is the responsibility of the Grantors to ensure compliance with the applicable perfection requirements
under the ABL/Notes Documents); and 
 (c)    that the ABL Collateral Documents, taken as a whole, and the Notes
Collateral Documents, taken as a whole, shall be in all material respects the same forms of documents other than with respect to differences to reflect the nature of the lending arrangements and the first and second lien nature of the Obligations
thereunder with respect to the Notes Priority Collateral and the ABL Priority Collateral. 

  
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 2.5.    Cash Collateral. Notwithstanding anything in this
Agreement to the contrary, Sections 2.3 and 2.4 shall not apply to any cash or cash equivalents pledged to secure ABL Obligations consisting of reimbursement obligations in respect of Letters of Credit, Swingline Loans, Protective Advances or
otherwise held by the ABL Administrative Agent or any other ABL Claimholder pursuant to the applicable provisions of the ABL Credit Agreement and any such cash and cash equivalents shall be applied as specified in the ABL Credit Agreement and will
not constitute Collateral hereunder. 
 SECTION 3.     Enforcement. 

3.1.    Exercise of Remedies – Restrictions on Notes Collateral Agents. 

(a)    Until the Discharge of ABL Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has
been commenced by, against or in respect of any Grantor, the Notes Collateral Agents and the Notes Claimholders: 

(1)    will not exercise or seek to exercise any rights or remedies with respect to any ABL Priority
Collateral (including the exercise of any right of setoff or recoupment or any right under any lockbox agreement or any control agreement with respect to Deposit Accounts or Securities Accounts) or institute any action or proceeding with respect to
such rights or remedies (including any action of enforcement or foreclosure); provided, however, that the Controlling Notes Collateral Agent (or any Person authorized by it) may exercise any or all such rights or remedies after the
passage of a period of at least 180 days has elapsed since the later of: (A) the date on which such Controlling Notes Collateral Agent declared the existence of a Notes Default and demanded the repayment of the principal amount of all Notes
Obligations; and (B) the date on which the ABL Administrative Agent received notice from the Controlling Notes Collateral Agent of such declaration of a Notes Default (the “Notes Standstill Period”); provided,
further, however, that notwithstanding anything herein to the contrary, in no event shall any Notes Collateral Agent or any Notes Claimholder be permitted to exercise any rights or remedies with respect to the ABL Priority Collateral
if, notwithstanding the expiration of the Notes Standstill Period, the ABL Administrative Agent or ABL Claimholders shall have commenced and be diligently pursuing the exercise of their rights or remedies with respect to all or any material portion
of such Collateral (prompt written notice of such exercise to be given to the Controlling Notes Collateral Agent) or shall be stayed under applicable law from exercising such rights and remedies; 

(2)    will not contest, protest or object to, or otherwise interfere with, any foreclosure proceeding or
action brought by the ABL Administrative Agent or any ABL Claimholder or any other exercise by the ABL Administrative Agent or any ABL Claimholder of any rights and remedies relating to the ABL Priority Collateral, whether under the ABL Documents or
otherwise; and 
 (3)    subject to their rights under clause (a)(1) above and except as may be permitted
in Section 3.1(c), will not object to the forbearance by the ABL Administrative Agent or any of the ABL Claimholders from bringing or pursuing any Collateral Enforcement Action; 

  
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 provided, however, that, in the case of (1), (2) and (3) above, the Liens granted to
secure the Notes Obligations of the Notes Claimholders shall attach to the Proceeds thereof subject to the relative priorities described in Section 2. 

(b)    Until the Discharge of ABL Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has
been commenced by, against or in respect of any Grantor, each Notes Collateral Agent, for itself and on behalf of the applicable Notes Claimholders, agrees that the ABL Administrative Agent and the ABL Claimholders shall have the exclusive right to
enforce rights, exercise remedies (including setoff, recoupment and the right to credit bid their debt) and, in connection therewith (including voluntary Dispositions of ABL Priority Collateral by the applicable Grantors after an ABL Default) make
determinations regarding the release, disposition, or restrictions with respect to the ABL Priority Collateral (including, without limitation, exercising remedies under Control Agreements) without any consultation with or the consent of any Notes
Collateral Agent or any Notes Claimholder; provided, however, that the Lien securing the Notes Obligations shall remain on the Proceeds (other than those properly applied to the ABL Obligations) of such Collateral released or disposed
of subject to the relative priorities described in Section 2. Each Notes Collateral Agent, for itself and on behalf of the applicable Notes Claimholders, agrees that in exercising rights and remedies with respect to the ABL Priority Collateral,
the ABL Administrative Agent and the ABL Claimholders may enforce the provisions of the ABL Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such
exercise and enforcement shall include the rights of an agent or receiver appointed by them or other insolvency official appointed to sell or otherwise dispose of the ABL Priority Collateral upon foreclosure or enforcement, to incur expenses in
connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the UCC and of a secured creditor under the laws of any applicable jurisdiction. Each Notes Collateral Agent, for itself and on behalf
of the applicable Notes Claimholders, agrees that it will not seek, and hereby waives any right, to have any ABL Priority Collateral or any part thereof marshaled upon any foreclosure or other disposition of such Collateral. 

(c)    Notwithstanding the foregoing, any Notes Collateral Agent and any Notes Claimholder will be permitted to, but will
have no obligation to, subject to the provisions of the relevant Notes Documents: 
 (1)    file a claim
or statement of interest with respect to the Notes Obligations; provided that an Insolvency or Liquidation Proceeding has been commenced by, against or in respect of any Grantor; 

(2)    take any action in order to create, perfect, preserve or protect its Lien on any of the Notes
Collateral; provided that such action shall not be inconsistent with the terms of this Agreement and shall not be adverse to the priority status of the Liens of the ABL Administrative Agent on the ABL Priority Collateral, or the rights of the
ABL Administrative Agent or the ABL Claimholders to exercise remedies in respect thereof; 
 (3)    file
any necessary or appropriate responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims or Liens of the

  
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Notes Claimholders, including any claims secured by the ABL Priority Collateral, if any, in each case in accordance with the terms of this Agreement; 

(4)    file any pleadings, objections, motions or agreements which assert rights or interests available to
unsecured creditors of the Grantors arising under either any Insolvency or Liquidation Proceeding or applicable non-bankruptcy law, in each case not inconsistent with or prohibited by the terms of this
Agreement; 
 (5)    vote on any plan of reorganization or examinership or scheme of arrangement or
similar dispositive restructuring plan, file any proof of claim, make other filings and make any arguments and motions that are, in each case, in accordance with the terms of this Agreement, with respect to the Notes Obligations and the Notes
Priority Collateral; and 
 (6)    exercise any of its rights or remedies with respect to any of the
Collateral after the termination of the Notes Standstill Period to the extent permitted by Section 3.1(a)(1). 
 Each Notes Collateral Agent, on behalf
of itself and the applicable Notes Claimholders, agrees that it will not take or receive any ABL Priority Collateral or any Proceeds of such Collateral in connection with the exercise of any right or remedy (including setoff) with respect to any
such Collateral in its capacity as a creditor in violation of this Agreement. Without limiting the generality of the foregoing, unless and until the Discharge of ABL Obligations has occurred, except as expressly provided in Sections 3.1(a),
6.3(c)(1) and this Section 3.1(c), the sole right of the Notes Collateral Agents and the Notes Claimholders with respect to the ABL Priority Collateral is to hold a Lien on such Collateral pursuant to the Notes Collateral Documents for the
period and to the extent granted therein and to receive a share of the Proceeds thereof, if any, after the Discharge of ABL Obligations has occurred. 

(d)    Subject to Sections 3.1(a) and (c) and Section 6.3(c)(1): 

(1)    each Notes Collateral Agent, for itself and on behalf of the applicable Notes Claimholders, agrees
that it will not, except as not prohibited herein, take any action that would hinder or delay any exercise of remedies under the ABL Documents or that is otherwise prohibited hereunder, including any sale, lease, exchange, transfer or other
disposition of the ABL Priority Collateral, whether by foreclosure or otherwise; 
 (2)    each Notes
Collateral Agent, for itself and on behalf of the applicable Notes Claimholders, hereby waives any and all rights it or the applicable Notes Claimholders may have as a junior lien creditor with respect to the ABL Priority Collateral or otherwise to
object to the manner in which the ABL Administrative Agent or the ABL Claimholders seek to enforce or collect the ABL Obligations or the Liens on the ABL Priority Collateral securing the ABL Obligations granted in any of the ABL Documents or
undertaken in accordance with this Agreement, regardless of whether any action or failure to act by or on behalf of the ABL Administrative Agent or ABL Claimholders is adverse to the interest of the Notes Claimholders; and 

  
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 (3)    each Notes Collateral Agent hereby acknowledges
and agrees that no covenant, agreement or restriction contained in any of the Notes Collateral Documents or any other Notes Document to which such Notes Collateral Agent is a party (other than this Agreement) shall be deemed to restrict in any way
the rights and remedies of the ABL Administrative Agent or the ABL Claimholders with respect to the ABL Priority Collateral as set forth in this Agreement and the ABL Documents. 

(e)    Except as otherwise specifically set forth in Sections 3.1(a) and (d) and 3.5 or any other provision of
this Agreement or as would otherwise be inconsistent with the terms of this Agreement, the Notes Collateral Agents and the Notes Claimholders may exercise rights and remedies as unsecured creditors against any Grantor and may exercise rights and
remedies with respect to the Notes Priority Collateral, in each case, in accordance with the terms of the applicable Notes Documents and applicable law; provided, however, that in the event that any Notes Claimholder becomes a judgment
Lien creditor in respect of ABL Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Notes Obligations, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in
relation to the ABL Obligations) as the other Liens securing the Notes Obligations are subject to this Agreement. 

(f)    Nothing in this Agreement shall prohibit the receipt by any Notes Collateral Agent or any Notes Claimholders of
payments of interest, principal and other amounts owed in respect of the applicable Notes Obligations so long as such receipt is not the direct or indirect result of the exercise by such Notes Collateral Agent or any Notes Claimholders of rights or
remedies (including setoff) or enforcement of any Lien held by any of them, in each case in contravention of this Agreement. Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the ABL Administrative Agent or the
ABL Claimholders may have against the Grantors under the ABL Documents, other than with respect to the Notes Priority Collateral solely to the extent expressly provided herein. 

3.2.    Exercise of Remedies – Restrictions on ABL Administrative Agent. 

(a)    Until the Discharge of Notes Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has
been commenced by, against or in respect of any Grantor, the ABL Administrative Agent and the ABL Claimholders: 

(1)    will not exercise or seek to exercise any rights or remedies with respect to any Notes Priority
Collateral or institute any action or proceeding with respect to such rights or remedies (including any action of enforcement or foreclosure); provided, however, that the ABL Administrative Agent may exercise the rights provided for in
Section 3.3 (with respect to any Access Period) and may exercise any or all such other rights or remedies after the passage of a period of at least 180 days has elapsed since the later of: (A) the date on which the ABL Administrative Agent
declared the existence of any ABL Default and demanded the repayment of the principal amount of all ABL Obligations outstanding under the ABL Credit Agreement; and (B) the date on which the Controlling Notes Collateral Agent received notice
from the ABL Administrative Agent of such declaration of an ABL Default (the “ABL Standstill Period”); provided, further, however, that notwithstanding anything herein to the contrary, in no event shall the ABL

  
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Administrative Agent or any ABL Claimholder exercise any rights or remedies (other than those under Section 3.3) with respect to the Notes Priority Collateral if, notwithstanding the
expiration of the ABL Standstill Period, the Controlling Notes Collateral Agent shall have commenced and be diligently pursuing the exercise of its rights or remedies with respect to all or any material portion of such Collateral (prompt notice of
such exercise to be given to the ABL Administrative Agent) or shall be stayed under applicable law from exercising such rights and remedies; 

(2)    will not contest, protest or object to, or otherwise interfere with, any foreclosure proceeding or
action brought by any Notes Collateral Agent or any Notes Claimholder or any other exercise by a Notes Collateral Agent or any Notes Claimholder of any rights and remedies relating to the Notes Priority Collateral, whether under the Notes Documents
or otherwise; and 
 (3)    subject to their rights under clause (a)(1) above and except as may be
permitted in Section 3.2(c), will not object to the forbearance by any Notes Collateral Agent or Notes Claimholders from bringing or pursuing any Collateral Enforcement Action; 

provided, however, that in the case of (1), (2) and (3) above, the Liens granted to secure the ABL Obligations of the ABL Claimholders
shall attach to the Proceeds thereof subject to the relative priorities described in Section 2. 
 (b)    Until
the Discharge of Notes Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by, against or in respect of any Grantor, the ABL Administrative Agent, on behalf of itself and the ABL Claimholders, agrees
that the Notes Collateral Agents and the Notes Claimholders shall have the right to enforce rights, exercise remedies (including setoff, recoupment and the right to credit bid their debt) and, in connection therewith (including voluntary
Dispositions of Notes Priority Collateral by the applicable Grantors after a Notes Default) make determinations regarding the release, disposition, or restrictions with respect to the Notes Priority Collateral without any consultation with or the
consent of the ABL Administrative Agent or any ABL Claimholder; provided, however, that the Lien securing the ABL Obligations shall remain on the Proceeds (other than those properly applied to the Notes Obligations) of such Collateral
released or disposed of subject to the relative priorities described in Section 2. In exercising rights and remedies with respect to the Notes Priority Collateral, the ABL Administrative Agent, on behalf of itself and the ABL Claimholders,
agrees that the Notes Collateral Agents and the Notes Claimholders may enforce the provisions of the Notes Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole
discretion. Such exercise and enforcement shall include the rights of an agent or receiver appointed by them or another insolvency official appointed to sell or otherwise dispose of the Notes Priority Collateral upon foreclosure, to incur expenses
in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the UCC and of a secured creditor under the laws of any applicable jurisdiction. The ABL Administrative Agent, for itself and on
behalf of the ABL Claimholders, agrees that it will not seek, and hereby waives any right, to have any Notes Priority Collateral or any part thereof marshaled upon any foreclosure or other disposition of such Collateral. 

  
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 (c)    Notwithstanding the foregoing, the ABL Administrative Agent and
any ABL Claimholder may: 
 (1)    file a claim or statement of interest with respect to the ABL
Obligations; provided that an Insolvency or Liquidation Proceeding has been commenced by, against in respect of any Grantor; 

(2)    take any action in order to create, perfect, preserve or protect its Lien on any of the Collateral;
provided that such action shall not be inconsistent with the terms of this Agreement and shall not be adverse to the priority status of the Liens of any Notes Collateral Agent on the Notes Priority Collateral, or the rights of any Notes
Collateral Agent or any of the Notes Claimholders to exercise remedies in respect thereof; 
 (3)    file
any necessary or appropriate responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims or Liens of the ABL
Claimholders, including any claims secured by the Notes Priority Collateral, if any, in each case in accordance with the terms of this Agreement; 

(4)    file any pleadings, objections, motions or agreements which assert rights or interests available to
unsecured creditors of the Grantors arising under either any Insolvency or Liquidation Proceeding or applicable non-bankruptcy law, in each case not inconsistent with or prohibited by the terms of this
Agreement; 
 (5)    vote on any plan of reorganization or examinership or scheme of arrangement or
similar dispositive restructuring plan, file any proof of claim, make other filings and make any arguments and motions that are, in each case, in accordance with the terms of this Agreement, with respect to the ABL Obligations and the ABL Priority
Collateral; and 
 (6)    exercise any of its rights or remedies with respect to any of the Collateral
after the termination of the ABL Standstill Period to the extent permitted by Section 3.2(a)(1). 
 The ABL Administrative Agent, on behalf of itself
and the ABL Claimholders, agrees that it will not take or receive any Notes Priority Collateral or any Proceeds of such Collateral in connection with the exercise of any right or remedy (including setoff) with respect to any such Collateral in its
capacity as a creditor in violation of this Agreement. Without limiting the generality of the foregoing, unless and until the Discharge of Notes Obligations has occurred, except as expressly provided in Sections 3.2(a), 3.3, 3.4, 6.3(c)(2) and
this Section 3.2(c), the sole right of the ABL Administrative Agent and the ABL Claimholders with respect to the Notes Priority Collateral is to hold a Lien on such Collateral pursuant to the ABL Collateral Documents for the period and to the
extent granted therein and to receive a share of the Proceeds thereof, if any, after the Discharge of Notes Obligations has occurred. 

  
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 (d)    Subject to Sections 3.2(a) and (c) and Sections 3.3 and
6.3(c)(2): 
 (1)    the ABL Administrative Agent, for itself and on behalf of the ABL Claimholders,
agrees that the ABL Administrative Agent and the ABL Claimholders will not, except as not prohibited herein, take any action that would hinder or delay any exercise of remedies under the Notes Documents or that is otherwise prohibited hereunder,
including any sale, lease, exchange, transfer or other disposition of the Notes Priority Collateral, whether by foreclosure or otherwise; 

(2)    the ABL Administrative Agent, for itself and on behalf of the ABL Claimholders, hereby waives any
and all rights it or the ABL Claimholders may have as a junior lien creditor with respect to the Notes Priority Collateral or otherwise to object to the manner in which the any Notes Collateral Agent or the Notes Claimholders seek to enforce or
collect the Notes Obligations or the Liens on the Notes Priority Collateral securing the Notes Obligations granted in any of the Notes Documents or undertaken in accordance with this Agreement, regardless of whether any action or failure to act by
or on behalf of any Notes Collateral Agent or the Notes Claimholders is adverse to the interest of the ABL Claimholders; and 

(3)    the ABL Administrative Agent hereby acknowledges and agrees that no covenant, agreement or
restriction contained in any of the ABL Collateral Documents or any other ABL Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the Notes Collateral Agents or the Notes Claimholders with respect
to the Notes Priority Collateral as set forth in this Agreement and the Notes Documents. 
 (e)    Except as otherwise
specifically set forth in Sections 3.2(a) and (d) and 3.5 or any other provision of this Agreement, the ABL Administrative Agent and the ABL Claimholders may exercise rights and remedies as unsecured creditors against any Grantor and may
exercise rights and remedies with respect to the ABL Priority Collateral, in each case, in accordance with the terms of the ABL Documents and applicable law; provided, however, that in the event that any ABL Claimholder becomes a
judgment Lien creditor in respect of Notes Priority Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the ABL Obligations, such judgment Lien shall be subject to the terms of this Agreement for all
purposes (including in relation to the Notes Obligations) as the other Liens securing the ABL Obligations are subject to this Agreement. 

(f)    Nothing in this Agreement shall prohibit the receipt by the ABL Administrative Agent or any ABL Claimholders of
payments of interest, principal and other amounts owed in respect of the ABL Obligations so long as such receipt is not the direct or indirect result of the exercise by the ABL Administrative Agent or any ABL Claimholders of rights or remedies
(including setoff) or enforcement of any Lien held by any of them, in each case in contravention of this Agreement. Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the Notes Collateral Agents or the Notes
Claimholders may have against the Grantors under the Notes Documents, other than with respect to the ABL Priority Collateral solely to the extent expressly provided herein. 

  
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 3.3.    Exercise of Remedies – Collateral Access
Rights. 
 (a)    The ABL Administrative Agent and the Notes Collateral Agents agree not to commence any Collateral
Enforcement Action until an Enforcement Notice has been given to the other Collateral Agent. Subject to the provisions of Sections 3.1 and 3.2 above, any Collateral Agent may join in any judicial proceedings commenced by any other Collateral
Agent to enforce Liens on the Collateral, provided that no Collateral Agent, nor the ABL Claimholders or the Notes Claimholders, as the case may be, shall interfere with the Collateral Enforcement Actions of the other with respect to the Priority
Collateral of such other parties. 
 (b)    If any Notes Collateral Agent, or any agent or representative of any Notes
Collateral Agent, or any receiver, shall obtain possession or physical control of any of the Mortgaged Properties, such Notes Collateral Agent shall promptly notify the ABL Administrative Agent of that fact (such notice, a “Notice of
Occupancy”) and the ABL Administrative Agent shall, within ten (10) Business Days thereafter, notify the Controlling Notes Collateral Agent as to whether the ABL Administrative Agent desires to exercise access rights under this
Agreement (such notice, an “Access Acceptance Notice”), at which time the parties shall confer in good faith to coordinate with respect to the ABL Administrative Agent’s exercise of such access rights; provided, that it
is understood and agreed that the Notes Collateral Agents shall obtain possession or physical control of the Mortgaged Property in the manner provided in the applicable Notes Collateral Documents and in the manner provided herein. Access rights may
apply to differing parcels of Mortgaged Property at differing times, in which case, a differing Access Period may apply to each such property. In the event that the ABL Administrative Agent elects to exercise its access rights as provided in this
Agreement, each Notes Collateral Agent agrees, for itself and on behalf of the applicable Notes Claimholders, that in the event that any Notes Claimholder exercises its rights to sell or otherwise dispose of any Mortgaged Property, whether before or
after the delivery of a Notice of Occupancy to the ABL Administrative Agent, the Notes Collateral Agents shall (i) provide access rights to the ABL Administrative Agent for the duration of the Access Period in accordance with this Agreement and
(ii) if such a sale or other disposition occurs prior to the ABL Administrative Agent delivering an Access Acceptance Notice during the time period provided therefor, or if applicable, the expiration of the applicable Access Period, ensure that
the purchaser or other transferee of such Mortgaged Property provides the ABL Administrative Agent the opportunity to exercise its access rights, and upon delivery of an Access Acceptance Notice to such purchaser or transferee, continued access
rights to the ABL Administrative Agent for the duration of the applicable Access Period, in the manner and to the extent required by this Agreement. 

(c)    Upon delivery of notice to the Controlling Notes Collateral Agent as provided in Section 3.3(b), the Access
Period shall commence for the subject parcel of Mortgaged Property. During the Access Period, the ABL Administrative Agent and its agents, representatives and designees shall have a non-exclusive right to have
access to, and a rent free right to use, the Notes Priority Collateral for the purpose of arranging for and effecting the sale or disposition of ABL Priority Collateral, including the production, completion, packaging and other preparation of such
ABL Priority Collateral for sale or disposition. During any such Access Period, the ABL Administrative Agent and its agents, representatives and designees (and Persons employed on their respective behalves), may continue to operate, service,
maintain, 

  
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process and sell the ABL Priority Collateral, as well as to engage in bulk sales of ABL Priority Collateral. The ABL Administrative Agent shall take proper care of any Notes Priority Collateral
that is used by the ABL Administrative Agent during the Access Period and repair and replace any damage (ordinary wear-and-tear excepted) caused by the ABL
Administrative Agent or its agents, representatives or designees and the ABL Administrative Agent shall comply with all applicable laws in connection with its use or occupancy of the Notes Priority Collateral. The ABL Administrative Agent and the
ABL Claimholders shall indemnify and hold harmless the Notes Collateral Agents and the Notes Claimholders for any injury or damage to Persons or property caused by the acts or omissions of Persons under its control. The ABL Administrative Agent and
the Notes Collateral Agents shall cooperate and use reasonable efforts to ensure that their activities during the Access Period as described above do not interfere materially with the activities of the other as described above, including the right
of the Notes Collateral Agents to show the Notes Priority Collateral to prospective purchasers and to ready the Notes Priority Collateral for sale. 

(d)    If any order or injunction is issued or stay is granted which prohibits the ABL Administrative Agent from
exercising any of its rights hereunder, then at the ABL Administrative Agent’s option, the Access Period granted to the ABL Administrative Agent under this Section 3.3 shall be stayed during the period of such prohibition and shall
continue thereafter for the number of days remaining as required under this Section 3.3. If any Notes Collateral Agent shall foreclose or otherwise sell any of the Notes Priority Collateral, such Notes Collateral Agent will notify the buyer
thereof of the existence of this Agreement and that the buyer is acquiring the Notes Priority Collateral subject to the terms of this Agreement. 

(e)    The Grantors hereby agree with the Notes Collateral Agents that the ABL Administrative Agent shall have access,
during the Access Period, as described herein and each such Grantor that owns any of the Mortgaged Properties grants a non-exclusive easement in gross over its property to permit the uses by the ABL
Administrative Agent contemplated by this Section 3.3. Each Notes Collateral Agent consents to such easement and to the recordation of a collateral access easement agreement in the relevant real estate records with respect to each parcel of
real property that is now or hereafter subject to a Notes Mortgage. The ABL Administrative Agent agrees that upon either a Discharge of ABL Obligations or the expiration of the final Access Period with respect to any parcel of property covered by a
Notes Mortgage, it shall, upon request, execute and deliver to the Controlling Notes Collateral Agent, or if a Discharge of Notes Obligations has occurred, to the applicable Grantor, such documentation, in recordable form, as may reasonably be
requested to terminate any and all rights with respect to such Access Periods. 
 3.4.    Exercise of
Remedies – Intellectual Property Rights/Access to Information. Each Notes Collateral Agent and each Grantor hereby grants (to the full extent of their respective rights and interests) the ABL Administrative Agent and its agents,
representatives and designees (a) a worldwide, royalty free (or any other obligation of payment), rent free non-exclusive license (and sublicense) and lease to use all of the Notes Priority Collateral
consisting of Intellectual Property and technology rights, solely in connection with the sale of inventory (including manufacture of unfinished inventory) and (b) a royalty free non-exclusive license
(which will be binding on any successor or assignee of the Intellectual 

  
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Property) to use any and all Intellectual Property, in each case, at any time in connection with its Collateral Enforcement Action; provided, however, the royalty free, rent free non-exclusive license and lease granted in clause (a) shall immediately expire upon the sale, lease, transfer or other disposition of all such inventory. 

3.5.    Exercise of Remedies – Set Off and Tracing of and Priorities in Proceeds. Each Notes
Collateral Agent, for itself and on behalf of the applicable Notes Claimholders, also agrees that prior to an issuance of an Enforcement Notice, all funds deposited in an account subject to a Control Agreement that constitute ABL Priority Collateral
and then applied to the ABL Obligations shall be treated as ABL Priority Collateral and, unless the ABL Administrative Agent has actual knowledge to the contrary, any claim that payments made to the ABL Administrative Agent through the Deposit
Accounts and Securities Accounts that are subject to such Control Agreements are Proceeds of or otherwise constitute Notes Priority Collateral are waived by the Notes Collateral Agents and the Notes Claimholders. 

SECTION 4.     Payments. 

4.1.    Application of Proceeds. 

(a)    So long as the Discharge of ABL Obligations has not occurred, whether or not any Insolvency or Liquidation
Proceeding has been commenced by, against or in respect of any Grantor, all ABL Priority Collateral or Proceeds thereof received in connection with the sale or other disposition of, or collection on, such Collateral upon the exercise of remedies by
the ABL Administrative Agent or any ABL Claimholder, shall be applied by the ABL Administrative Agent to the ABL Obligations in such order as specified in the relevant ABL Documents. Upon the Discharge of ABL Obligations, the ABL Administrative
Agent shall deliver to the Controlling Notes Collateral Agent any Collateral and Proceeds of Collateral held by it as a result of the exercise of remedies in the same form as received, with any necessary endorsements or as a court of competent
jurisdiction may otherwise direct to be applied by the Controlling Notes Collateral Agent to the Notes Obligations in such order as specified in Section 4.1(b); it being understood that any security interest in Deposit Accounts in favor of the
Notes Obligations shall no longer exist upon Discharge of ABL Obligations. 
 (b)    So long as the Discharge of Notes
Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by, against or in respect of any Grantor, all Notes Priority Collateral or Proceeds thereof received in connection with the sale or other
disposition of, or collection on, such Collateral upon the exercise of remedies by any Notes Collateral Agent or any Notes Claimholder, shall be applied by the Controlling Notes Collateral Agent to the Notes Obligations as specified in the relevant
Notes Documents. Upon the Discharge of Notes Obligations, each Notes Collateral Agent shall deliver to the ABL Administrative Agent any Collateral and Proceeds of Collateral held by it as a result of the exercise of remedies in the same form as
received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the ABL Administrative Agent to the ABL Obligations in such order as specified in the ABL Collateral Documents. 

4.2.    Payments Over in Violation of Agreement. So long as neither the Discharge of ABL Obligations nor
the Discharge of Notes Obligations has occurred, whether or 

  
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not any Insolvency or Liquidation Proceeding has been commenced by, against or in respect of any Grantor, any Collateral or Proceeds thereof (including assets or Proceeds subject to Liens
referred to in the final sentence of Section 2.3) received by any Collateral Agent or any Notes Claimholders or ABL Claimholders in connection with the exercise of any right or remedy (including setoff) relating to the Collateral in
contravention of this Agreement shall be segregated and held in trust (or, if the concept of trust is not recognized under any applicable law, by such Person as an agent) and forthwith paid over to the appropriate Collateral Agent for the benefit of
the Notes Claimholders or the ABL Claimholders, as the case may be, in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. Each Collateral Agent is hereby authorized by the other
Collateral Agent to make any such endorsements as agent for the other Collateral Agent or any Notes Claimholders or ABL Claimholders, as the case may be. This authorization is coupled with an interest and is irrevocable until the Discharge of ABL
Obligations and Discharge of Notes Obligations. 
 4.3.    Application of Payments. Subject to the other
terms of this Agreement, all payments received by (a) the ABL Administrative Agent or the ABL Claimholders may be applied, reversed and reapplied, in whole or in part, to the ABL Obligations to the extent provided for in the ABL Documents and
(b) the Notes Collateral Agents or the Notes Claimholders may be applied, reversed and reapplied, in whole or in part, to the Notes Obligations in the order set forth in Section 4.1(b). 

4.4.    Reinstatement. 

(a)    To the extent any payment with respect to any ABL Obligation (whether by or on behalf of any Grantor, as Proceeds
of security, enforcement of any right of setoff, recoupment or otherwise) is declared to be or is avoided as a fraudulent or improper conveyance, fraudulent or improper transfer or a preference in any respect, set aside or required to be paid to a
debtor in possession, Grantor or trustee in bankruptcy, administrator, liquidator or examiner, any Notes Claimholders, receiver or similar Person, whether in connection with any Insolvency or Liquidation Proceeding or otherwise, then the obligation
or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the ABL Claimholders and the Notes Claimholders, be deemed to be reinstated and outstanding as if such payment had not
occurred. To the extent that any interest, fees, expenses or other charges (including, without limitation, Post-Petition Interest) to be paid pursuant to the ABL Documents are disallowed by order of any court, including, without limitation, by order
of a Bankruptcy Court in any Insolvency or Liquidation Proceeding, such interest, fees, expenses and charges (including, without limitation, Post-Petition Interest) shall, as between the ABL Claimholders and the Notes Claimholders, be deemed to
continue to accrue and be added to the amount to be calculated as the “ABL Obligations.” 
 (b)    To the
extent any payment with respect to any Notes Obligation (whether by or on behalf of any Grantor, as Proceeds of security, enforcement of any right of setoff, recoupment or otherwise) is declared to be or avoided as a fraudulent or improper
conveyance, fraudulent or improper transfer or a preference in any respect, set aside or required to be paid to a debtor in possession, Grantor or trustee in bankruptcy, administrator, liquidator or examiner, any ABL Claimholders, receiver or
similar Person, whether in connection with any Insolvency or Liquidation Proceeding or otherwise, then the obligation or part thereof originally intended to be 

  
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satisfied shall, for the purposes of this Agreement and the rights and obligations of the Notes Claimholders and the ABL Claimholders, be deemed to be reinstated and outstanding as if such
payment had not occurred. To the extent that any interest, fees, expenses or other charges (including, without limitation, Post-Petition Interest) to be paid pursuant to the Notes Documents are disallowed by order of any court, including, without
limitation, by order of a Bankruptcy Court in any Insolvency or Liquidation Proceeding, such interest, fees, expenses and charges (including, without limitation, Post-Petition Interest) shall, as between the Notes Claimholders and the ABL
Claimholders, be deemed to continue to accrue and be added to the amount to be calculated as the “Notes Obligations.” 
 SECTION
5.     Other Agreements. 
 5.1.    Releases. 

(a)    (i) If in connection with the exercise of the ABL Administrative Agent’s remedies in respect of any Collateral
as provided for in Section 3.1, the ABL Administrative Agent, for itself or on behalf of any of the ABL Claimholders, releases any of its Liens on any part of the ABL Priority Collateral, then the Liens, if any, of each Notes Collateral Agent,
for itself or for the benefit of the Notes Claimholders, on the ABL Priority Collateral sold or disposed of in connection with such exercise, shall be automatically, unconditionally and simultaneously released. Each Notes Collateral Agent, for
itself or on behalf of any such Notes Claimholders, promptly shall execute and deliver to the ABL Administrative Agent or such Grantor such termination statements, releases and other documents as the ABL Administrative Agent or such Grantor may
reasonably request to effectively confirm such release. 
 (ii)    If in connection with the exercise of the Notes Collateral
Agent’s remedies in respect of any Collateral as provided for in Section 3.2, the Controlling Notes Collateral Agent, for itself or on behalf of any of the Notes Claimholders, releases any of its Liens on any part of the Notes Priority
Collateral, then the Liens, if any, of the ABL Administrative Agent, for itself or for the benefit of the ABL Claimholders, on the Notes Priority Collateral sold or disposed of in connection with such exercise, shall be automatically,
unconditionally and simultaneously released. The ABL Administrative Agent, for itself or on behalf of any such ABL Claimholders, promptly shall execute and deliver to the Notes Collateral Agent or such Grantor such termination statements, releases
and other documents as the Notes Collateral Agent or such Grantor may reasonably request to effectively confirm such release. 

(b)    If in connection with any sale, lease, exchange, transfer or other disposition of any Collateral (collectively, a
“Disposition”) permitted under the terms of both the ABL Documents and the Notes Documents (other than in connection with the exercise of the respective Collateral Agent’s rights and remedies in respect of the Collateral as
provided for in Sections 3.1 and 3.2), (i) the ABL Administrative Agent, for itself or on behalf of any of the ABL Claimholders, releases any of its Liens on any part of the ABL Priority Collateral, in each case other than (A) except with
respect to Deposit Accounts, in connection with the Discharge of ABL Obligations or (B) after the occurrence and during the continuance of a Notes Default, then the Liens, if any, of each Notes Collateral Agent, for itself or for the benefit of
the applicable Notes Claimholders, on such Collateral shall be automatically, unconditionally and simultaneously released, and (ii) the Notes Collateral Agent, for itself or on behalf of any of the

  
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applicable Notes Claimholders, releases any of its Liens on any part of the Notes Priority Collateral, in each case other than (A) in connection with the Discharge of Notes Obligations or
(B) after the occurrence and during the continuance of an ABL Default, then the Liens, if any, of the ABL Administrative Agent, for itself or for the benefit of the ABL Claimholders, on such Collateral (or, if such Collateral includes the
Capital Stock of any Subsidiary, the Liens on Collateral owned by such Subsidiary) shall be automatically, unconditionally and simultaneously released. The ABL Administrative Agent and each Notes Collateral Agent, each for itself and on behalf of
any such ABL Claimholders or Notes Claimholders, as the case may be, promptly shall execute and deliver to the other Collateral Agents or such Grantor such termination statements, releases and other documents as the other Collateral Agents or such
Grantor may reasonably request to effectively confirm such release. 
 (c)    Until the Discharge of ABL Obligations
and Discharge of Notes Obligations shall occur, the ABL Administrative Agent, for itself and on behalf of the ABL Claimholders, and each Notes Collateral Agent, for itself and on behalf of the applicable Notes Claimholders, as the case may be,
hereby irrevocably constitutes and appoints the other Collateral Agents and any officer or agent of the other Collateral Agent, with full power of substitution, as its true and lawful
attorney-in-fact with full irrevocable power and authority in the place and stead of the other Collateral Agent or such holder or in the Collateral Agent’s own
name, from time to time in such Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments which may be
necessary to accomplish the purposes of this Section 5.1, including any endorsements or other instruments of transfer or release. 

(d)    Until the Discharge of ABL Obligations and Discharge of Notes Obligations shall occur, to the extent that the
Collateral Agents or the ABL Claimholders or the Notes Claimholders (i) have released any Lien on Collateral and such Lien is later reinstated or (ii) obtain any new Liens from any Grantor, then each other Collateral Agent, for itself and
for the ABL Claimholders or applicable Notes Claimholders, as the case may be, shall be granted a Lien on any such Collateral, subject to the lien priority provisions of this Agreement. 

5.2.    Insurance. 

(a)    Unless and until the Discharge of ABL Obligations has occurred, subject to the terms of, and the rights of the
Grantors under, the ABL Documents, each Notes Collateral Agent, for itself and on behalf of the applicable Notes Claimholders agrees, that (i) the ABL Administrative Agent shall have the sole and exclusive right to adjust settlement for any
insurance policy covering the ABL Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting such Collateral; (ii) all Proceeds of
any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) if in respect of such Collateral and to the extent required by the ABL Documents shall be paid to the ABL Administrative Agent for the benefit of the
ABL Claimholders pursuant to the terms of the ABL Documents (including, without limitation, for purposes of cash collateralization of letters of credit) and thereafter, to the extent the Discharge of ABL Obligations has occurred, and subject to the
rights of the Grantors under the Notes Documents, to the Notes Collateral Agents for the benefit of the Notes Claimholder to the extent required under the Notes Collateral Documents and then, to the extent

  
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the Discharge of Notes Obligations has occurred, to the owner of the subject property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct,
and (iii) if any Notes Collateral Agent or any Notes Claimholder shall, at any time, receive any Proceeds of any such insurance policy or any such award or payment in contravention of this Agreement, it shall segregate and hold in trust (or, if
the concept of trust is not recognized under any applicable law, as an agent) and forthwith pay such Proceeds over to the ABL Administrative Agent in accordance with the terms of Section 4.2. 

(b)    Unless and until the Discharge of Notes Obligations has occurred, subject to the terms of, and the rights of the
Grantors under, the Notes Documents, the ABL Administrative Agent, for itself and on behalf of the ABL Claimholders, agrees that (i) in accordance with the terms of the applicable Notes Documents, the Controlling Notes Collateral Agent, for
itself and on behalf of the Notes Claimholders shall have the sole and exclusive right to adjust settlement for any insurance policy covering the Notes Priority Collateral in the event of any loss thereunder and to approve any award granted in any
condemnation or similar proceeding (or any deed in lieu of condemnation) affecting such Collateral; (ii) in accordance with the terms of the applicable Notes Documents, all Proceeds of any such policy and any such award (or any payments with
respect to a deed in lieu of condemnation) if in respect of such Collateral and to the extent required by the Notes Documents shall be paid to the Notes Collateral Agents for the benefit of the Notes Claimholders pursuant to the terms of the Notes
Documents and thereafter, to the extent the Discharge of Notes Obligations has occurred, and subject to the rights of the Grantors under the ABL Documents, to the ABL Administrative Agent for the benefit of the ABL Claimholders to the extent
required under the ABL Collateral Documents and then, to the extent the Discharge of ABL Obligations has occurred, to the owner of the subject property, such other Person as may be entitled thereto or as a court of competent jurisdiction may
otherwise direct, and (iii) in accordance with the terms of the ABL Documents, if the ABL Administrative Agent or any ABL Claimholders shall, at any time, receive any Proceeds of any such insurance policy or any such award or payment in
contravention of this Agreement, it shall segregate and hold in trust (or, if the concept of trust is not recognized under any applicable law, as an agent) and forthwith pay such Proceeds over to the Controlling Notes Collateral Agent in accordance
with the terms of Section 4.2. 
 (c)    To effectuate the foregoing, the Collateral Agents shall each receive
separate lender’s loss payable endorsements naming them as loss payee and additional insured, as their interests may appear, with respect to policies which insure Collateral. To the extent any Proceeds are received for business interruption or
for any liability or indemnification and those Proceeds are not compensation for a casualty loss with respect to the Notes Priority Collateral, such Proceeds shall first be applied to repay the ABL Obligations (to the extent required pursuant to the
ABL Credit Agreement) and then be applied, to the extent required by the Notes Documents, to the Notes Obligations. 

5.3.    Amendments to ABL Documents and Notes Documents; Refinancing. 

(a)    The Notes Documents may be amended, amended and restated, replaced, supplemented or otherwise modified in
accordance with their terms and the Notes Obligations may be Refinanced, in each case, without notice to, or the consent of the ABL Administrative Agent or the ABL Claimholders, all without affecting the lien subordination or other provisions

  
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of this Agreement; provided, however, (i) that the holders of such Refinancing debt, or their respective agent or representative on the behalf of such holders, bind themselves
in a writing addressed to the ABL Administrative Agent and any other existing Collateral Agents to the terms of this Agreement and any such amendment, supplement, modification or Refinancing shall not contravene any provision of this Agreement, and
(ii) the ABL Administrative Agent shall promptly enter into such amendments, supplements or documents relating to any agreement, document or instrument that jointly constitute ABL Collateral Documents and Notes Collateral Documents, as the
Controlling Notes Collateral Agent or the Notes Collateral Agents, as the case may be, may reasonably request with respect to any such amendments to the Notes Documents or Refinancing of the Notes Obligations. 

(b)    The ABL Documents may be amended, amended and restated, replaced, supplemented or otherwise modified in accordance
with their terms and the ABL Credit Agreement may be Refinanced, in each case, without notice to, or the consent of any Notes Collateral Agent or the Notes Claimholders, all without affecting the lien subordination or other provisions of this
Agreement; provided, however, (i) that the holders of such Refinancing debt, or their respective agent or representative on the behalf of such holders, bind themselves in a writing addressed to the Notes Collateral Agents to the
terms of this Agreement and any such amendment, supplement, modification or Refinancing shall not contravene any provision of this Agreement, and (ii) the Controlling Notes Collateral Agent or the Notes Collateral Agents, as the case may be,
shall promptly enter into such amendments, supplements or documents relating to any agreement, document or instrument that jointly constitute ABL Collateral Documents and Notes Collateral Documents, as the ABL Administrative Agent may reasonably
request with respect to any such amendments to the ABL Documents or Refinancing of the ABL Credit Agreement. 

(c)    On or after any Refinancing, and the receipt of notice thereof, which notice shall include the identity of an new
or replacement Collateral Agent or other agent serving the same or similar function, each existing Collateral Agent shall promptly enter into such documents and agreements (including amendments or supplements to this Intercreditor Agreement) as the
Borrower or such new or replacement Collateral Agent may reasonably request in order to provide to such new or replacement Collateral Agent the rights, remedies and powers and authorities contemplated hereby, in each case consistent in all respects
with the terms of this Agreement. 
 (d)    The ABL Administrative Agent and each Notes Collateral Agent shall use good
faith efforts to notify the other parties hereto of any written amendment or modification to any ABL Document or any applicable Notes Document, as applicable, but the failure to do so shall not create a cause of action against the party failing to
give such notice or create any claim or right on behalf of any third party. 
 5.4.    Bailees for
Perfection. 
 (a)    Each Collateral Agent agrees to hold that part of the Collateral that is in its possession or
control (or in the possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien thereon under the UCC (such Collateral being the “Pledged Collateral”) for the benefit
of, on behalf of and as collateral agent for the 

  
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ABL Claimholders or the Notes Claimholders, as the case may be, and as bailee for the other Collateral Agents (such bailment being intended, among other things, to satisfy the requirements of
Sections 8-106(d)(3), 8-301(a)(2), 9-104(5) and 9-313(c) of the UCC) and any assignee
solely for the purpose of perfecting the security interest granted under the ABL Documents and the Notes Documents, respectively, subject to the terms and conditions of this Section 5.4. 

(b)    No Collateral Agent shall have any obligation whatsoever to the other Collateral Agents, to any ABL Claimholder,
to any Notes Claimholder or to any other Person to ensure that the Pledged Collateral is genuine or owned by any of the Grantors or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.4. The duties or
responsibilities of the respective Collateral Agents under this Section 5.4 shall be limited solely to holding the Pledged Collateral as bailee in accordance with this Section 5.4 and delivering the Pledged Collateral upon a Discharge of
ABL Obligations or Discharge of Notes Obligations, as the case may be, as provided in paragraph (d) below. 

(c)    No Collateral Agent acting pursuant to this Section 5.4 shall have by reason of the ABL Documents, the Notes
Documents, this Agreement or any other document a fiduciary relationship in respect of the other Collateral Agents, or any ABL Claimholders or any Notes Claimholders. Each of the Notes Collateral Agents, for itself and on behalf of the applicable
Notes Claimholders, hereby waives and releases the ABL Administrative Agent from all claims and liabilities arising pursuant to its role under this Section 5.4 as bailee and non-fiduciary agent with
respect to the applicable Collateral. The ABL Administrative Agent, for itself and on behalf of the ABL Claimholders, hereby waives and releases each of the Notes Collateral Agents from all claims and liabilities arising pursuant to its role under
this Section 5.4 as bailee and non-fiduciary agent with respect to the applicable Collateral. 

(d)    Upon the Discharge of ABL Obligations or the Discharge of Notes Obligations, as the case may be, the Collateral
Agent under the debt facility which has been discharged shall deliver the remaining Pledged Collateral (if any) together with any necessary endorsements and without recourse or warranty, first, to the other Collateral Agent (for the avoidance
of doubt, in the case of the Discharge of ABL Obligations, to the Controlling Notes Collateral Agent) to the extent the other Obligations (other than Contingent Obligations) remain outstanding, and second, to the applicable Grantor to the
extent no ABL Obligations or Notes Obligations, as the case may be, remain outstanding (in each case, so as to allow such Person to obtain possession or control of such Pledged Collateral). Each Collateral Agent further agrees, to the extent that
any other Obligations (other than applicable Contingent Obligations) remain outstanding, to take all other commercially reasonable action as shall be reasonably requested by the other Collateral Agent, at the sole cost and expense of the Grantors,
to permit such other Collateral Agent to obtain, for the benefit of the ABL Claimholders or Notes Claimholders, as applicable, a first-priority interest in the Collateral or as a court of competent jurisdiction may otherwise direct. 

(e)    Subject to the terms of this Agreement, (i) so long as the Discharge of ABL Obligations has not occurred, the
ABL Administrative Agent shall be entitled to deal with the Pledged Collateral or Collateral within its “control” in accordance with the terms of this Agreement and other ABL Documents, but only to the extent that such Collateral
constitutes ABL Priority Collateral, as if the Liens of the Notes Collateral Agents and Notes Claimholders 

  
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did not exist and (ii) so long as the Discharge of Notes Obligations has not occurred, the Controlling Notes Collateral Agent shall be entitled to deal with the Pledged Collateral or
Collateral within its “control” in accordance with the terms of this Agreement and other Notes Documents, but only to the extent that such Collateral constitutes Notes Priority Collateral, as if the Liens of the ABL Administrative Agent
and ABL Claimholders did not exist. 
 (f)    Notwithstanding anything in this Agreement to the
contrary: 
 (1)    each of the ABL Administrative Agent, for itself and on behalf of the ABL
Claimholders, agrees that any requirement under any ABL Collateral Document that any Grantor deliver any Collateral that constitutes Notes Priority Collateral to the ABL Administrative Agent, or that requires any Grantor to vest the ABL
Administrative Agent with possession or “control” (as defined in the UCC) of any Collateral that constitutes Notes Priority Collateral, in each case, shall be deemed satisfied to the extent that, prior to the Discharge of Notes Obligations
(other than Contingent Obligations), such Collateral is delivered to the Controlling Notes Collateral Agents, or the Controlling Notes Collateral Agents shall have been vested with such possession or (unless, pursuant to the UCC, control may be
given concurrently to the ABL Administrative Agent and the Controlling Notes Collateral Agent) “control,” in each case, subject to the provisions of Section 5.4; and 

(2)    each of the Notes Collateral Agents, for itself and on behalf of the applicable Notes Claimholders,
agrees that any requirement under any Notes Collateral Document that any Grantor deliver any Collateral that constitutes ABL Priority Collateral to such Notes Collateral Agent, or that requires any Grantor to vest such Notes Collateral Agent with
possession or “control” (as defined in the UCC) of any Collateral that constitutes ABL Priority Collateral, in each case, shall be deemed satisfied to the extent that, prior to the Discharge of ABL Obligations (other than Contingent
Obligations), such Collateral is delivered to the ABL Administrative Agent, or the ABL Administrative Agent shall have been vested with such possession or (unless, pursuant to the UCC, control may be given concurrently to the Notes Collateral Agent
and the ABL Administrative Agent) “control,” in each case, subject to the provisions of Section 5.4; provided that, with respect to accounts that constitute ABL Priority Collateral for which control agreements or similar
arrangements are or are required to be obtained under the ABL Credit Agreement, the Grantors shall use commercially reasonable efforts to include the Initial Notes Collateral Agent as a secured party in respect of such control agreements or similar
arrangements. 
 5.5.    When Discharge of ABL Obligations and Discharge of Notes Obligations Deemed to Not
Have Occurred. If in connection with the Discharge of ABL Obligations or the Discharge of Notes Obligations, the Borrower substantially concurrently or subsequently enters into any Refinancing of any ABL Obligation or Notes Obligation, as the
case may be, which Refinancing is permitted by both the then extant Notes Documents and the ABL Documents, in each case, to the extent such documents will remain in effect following such Refinancing, then such Discharge of ABL Obligations or the
Discharge of Notes Obligations, as the case may be, shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken pursuant to this Agreement as a result of the occurrence of

  
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such Discharge of ABL Obligations or Discharge of Notes Obligations, as applicable) and, from and after the date on which the New Debt Notice is delivered to the appropriate Collateral Agents in
accordance with the next sentence, the obligations under such Refinancing shall automatically be treated as ABL Obligations or Notes Obligations, as applicable, for all purposes of this Agreement, including for purposes of the Lien priorities and
rights in respect of Collateral set forth herein, and the ABL Administrative Agent or Notes Collateral Agent, as the case may be, under such new ABL Documents or new Notes Documents shall be the ABL Administrative Agent or a Notes Collateral Agent
for all purposes of this Agreement. Upon receipt of a notice (the “New Debt Notice”) stating that the Borrower has entered into new ABL Documents or new Notes Documents (which notice shall include a complete copy of the relevant new
documents and provide the identity of the new collateral agent (such agent, the “New Agent”)), the other Collateral Agents shall promptly (a) enter into such documents and agreements (including amendments or supplements to this
Agreement) as the Borrower or such New Agent shall reasonably request in order to provide to the New Agent the rights contemplated hereby, in each case consistent in all material respects with the terms of this Agreement and (b) deliver to the
New Agent any Pledged Collateral (that is Notes Priority Collateral, in the case of a New Agent that is the agent under any new Notes Documents (subject to the terms of any Pari Passu Intercreditor Agreement) or that is ABL Priority Collateral, in
the case of a New Agent that is the agent under any new ABL Documents) held by it together with any necessary endorsements (or otherwise allow the New Agent to obtain control of such Pledged Collateral). The New Agent shall agree in a writing
addressed to the other Collateral Agents for the benefit of the ABL Claimholders or the Notes Claimholders, as the case may be, to be bound by the terms of this Agreement. If the new ABL Obligations under the new ABL Documents or the new Notes
Obligations under the new Notes Documents are secured by assets of the Grantors constituting Collateral that do not also secure the other Obligations, then the other Obligations shall be secured at such time by a Lien on such assets to the same
extent provided in the ABL Documents, Notes Collateral Documents and this Agreement with the priority provided for under this Agreement. 

5.6.    [Reserved]. 

5.7.    Additional Notes Debt. The Borrower and the other applicable Grantors will be permitted to
designate as an additional holder of Notes Obligations hereunder each Person who is, or who becomes or who is to become, the registered holder of any Additional Notes Debt incurred by the Borrower or such Grantor after the date of this Agreement in
accordance with the terms of all applicable ABL/Notes Documents. Upon the issuance or incurrence of any such Additional Notes Debt: 

(a)    the Administrative Borrower shall deliver to the Notes Collateral Agents and the ABL Administrative Agent an
Officers’ Certificate stating that the Borrower or such Grantor intends to enter into an Additional Notes Instrument and certifying that the issuance or incurrence of Additional Notes Debt under such Additional Notes Instrument is permitted by
each applicable ABL/Notes Document; 
 (b)    the administrative agent or trustee and collateral agent for such
Additional Notes Debt shall execute and deliver to the Collateral Agents a Joinder Agreement; 

  
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 (c)    the Notes Collateral Documents in respect of such Additional
Notes Debt shall be subject to, and shall comply with, Sections 2.3 and 2.4 of this Agreement; and 
 (d)    each
existing Collateral Agent shall promptly enter into such documents and agreements (including amendments or supplements to this Intercreditor Agreement) as the Borrower or the administrative agent or trustee and collateral agent for such Additional
Notes Debt may reasonably request in order to provide to them the rights, remedies and powers and authorities contemplated hereby, in each consistent in all respects with the terms of this Intercreditor Agreement. 

Notwithstanding the foregoing, nothing in this Agreement will be construed to allow the Borrower or any other Grantor to incur additional Indebtedness unless
otherwise permitted by the terms of each applicable then extant ABL/Notes Document. 
 SECTION 6.    Insolvency or
Liquidation Proceedings. 
 6.1.    Finance Issues. (a) Until the Discharge of ABL Obligations
has occurred, if any Grantor shall be subject to any Insolvency or Liquidation Proceeding and the ABL Administrative Agent shall desire to permit the use of “Cash Collateral” (as such term is defined in Section 363(a) of the
Bankruptcy Code) constituting ABL Priority Collateral on which the ABL Administrative Agent or any other creditor has a Lien or to permit any Grantor to obtain financing, whether from the ABL Claimholders or any other Person under Section 364
of the Bankruptcy Code or any similar provision of any other applicable Bankruptcy Law (“DIP Financing”) that is secured at least in part by the ABL Priority Collateral, then each Notes Collateral Agent, on behalf of itself and the
applicable Notes Claimholders, agrees that it will raise no objection to such Cash Collateral use or DIP Financing so long as such Cash Collateral use or DIP Financing meet the following requirements: (i) Notes Collateral Agents and the Notes
Claimholders retain the right to object to any ancillary agreements or arrangements regarding the Cash Collateral use or the DIP Financing that are materially prejudicial to their interests in the Notes Priority Collateral, and (ii) the terms
of the DIP Financing (A) do not compel the applicable Grantor to seek confirmation of a specific plan of reorganization or examinership or scheme of arrangement or similar dispositive restructuring plan for which all or substantially all of the
material terms are set forth in the DIP Financing documentation or a related document, (B) do not expressly require the liquidation of the Collateral prior to a default under the DIP Financing documentation or Cash Collateral order, and
(C) do not require that any Lien of the Notes Collateral Agents on the Notes Priority Collateral be subordinated to or pari passu with the Lien on the Notes Priority Collateral securing such DIP Financing. To the extent the Liens securing the
ABL Obligations are subordinated to or pari passu with the Liens securing such DIP Financing which meets the requirements of clauses (i) through (ii) above, each Notes Collateral Agent will subordinate its Liens in the ABL Priority Collateral
to the Liens thereon securing such DIP Financing (and all Obligations relating thereto) and will not request adequate protection or any other relief in connection therewith (except as expressly agreed by the ABL Administrative Agent or to the extent
permitted by Section 6.3). 
 (b)    Until the Discharge of Notes Obligations has occurred, if any Grantor shall be subject to any
Insolvency or Liquidation Proceeding and the Controlling Notes Collateral Agent shall desire to permit the use of “Cash Collateral” (as such term is defined in Section 363(a) of the 

  
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Bankruptcy Code) constituting Notes Priority Collateral on which any of the Notes Collateral Agents or any other creditor has a Lien or to permit any Grantor to obtain DIP Financing, whether from
the Notes Claimholders or any other Person, that is secured at least in part by the Notes Priority Collateral, then the ABL Administrative Agent, on behalf of itself and the ABL Claimholders, agrees that it will raise no objection to such Cash
Collateral use or DIP Financing so long as such Cash Collateral use or DIP Financing meet the following requirements: (i) the ABL Administrative Agent and the ABL Claimholders retain the right to object to any ancillary agreements or
arrangements regarding the Cash Collateral use or the DIP Financing that are materially prejudicial to their interests in the ABL Priority Collateral, and (ii) the terms of the DIP Financing (A) do not compel the applicable Grantor to seek
confirmation of a specific plan of reorganization or examinership or scheme of arrangement or similar dispositive restructuring plan for which all or substantially all of the material terms are set forth in the DIP Financing documentation or a
related document, (B) do not expressly require the liquidation of the Collateral prior to a default under the DIP Financing documentation or Cash Collateral order, and (C) do not require that any Lien of the ABL Administrative Agent on the
ABL Priority Collateral be subordinated to or pari passu with the Lien on the ABL Priority Collateral securing such DIP Financing. To the extent the Liens securing the Notes Obligations are subordinated to or pari passu with the Liens securing such
DIP Financing which meets the requirements of clauses (i) through (ii) above, the ABL Administrative Agent will subordinate its Liens in the Notes Priority Collateral to the Liens thereon securing such DIP Financing (and all Obligations
relating thereto) and will not request adequate protection or any other relief in connection therewith (except as expressly agreed by the Controlling Notes Collateral Agent or to the extent permitted by Section 6.3). 

6.2.    Relief from the Automatic Stay. 

(a)    Until the Discharge of ABL Obligations has occurred, each Notes Collateral Agent, on behalf of itself and the
applicable Notes Claimholders, agrees that none of them shall seek (or support any other Person seeking) relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the ABL Priority Collateral, without
the prior written consent of the ABL Administrative Agent, unless a motion for adequate protection permitted under Section 6.3 has been denied by the Bankruptcy Court. 

(b)    Until the Discharge of Notes Obligations has occurred, the ABL Administrative Agent, on behalf of itself and the
ABL Claimholders, agrees that none of them shall seek (or support any other Person seeking) relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Notes Priority Collateral (other than to the
extent such relief is required to exercise its rights under Section 3.3), without the prior written consent of the Controlling Notes Collateral Agent (which consent shall bind each Notes Claimholder, and each Notes Collateral Agent agrees and
acknowledges that: (i) such consent shall bind it and the Notes Claimholders that it represents, (ii) the Controlling Notes Collateral Agent owes no duty to any other Notes Collateral Agents or any Notes Claimholders other than those that
it represents, and (iii) the Controlling Notes Collateral Agent is released and held harmless from any liability to such Notes Collateral Agent or the Notes Claimholders that it represents in connection with the granting or denial of such
consent), unless a motion for adequate protection permitted under Section 6.3 has been denied by the Bankruptcy Court. 

  
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 6.3.    Adequate Protection. 

(a)    Each Notes Collateral Agent, on behalf of itself and the applicable Notes Claimholders, agrees that none of them
shall contest (or support any other Person contesting): 
 (1)    any request by the ABL Administrative
Agent or the ABL Claimholders for adequate protection with respect to the ABL Priority Collateral; provided that (A) such adequate protection claim shall not seek the creation of any Lien over additional assets or property of any Grantor
other than with respect to assets or property that constitute ABL Priority Collateral and (B) if such additional assets or property shall also constitute Notes Priority Collateral, (i) a Lien shall have been created in favor of the Notes
Claimholders in respect of such Collateral and (ii) the Lien thereon in favor of the ABL Claimholders shall be subordinated to the extent set forth in this Agreement; or 

(2)    any objection by the ABL Administrative Agent or the ABL Claimholders to any motion, relief, action
or proceeding based on the ABL Administrative Agent or the ABL Claimholders claiming a lack of adequate protection; provided that if the ABL Administrative Agent is granted adequate protection in the form of a Lien on additional or
replacement collateral, the Notes Collateral Agents and the Notes Claimholders may seek or request adequate protection in the form of a Lien on such additional or replacement collateral; it being understood and agreed that (1) if such
additional or replacement collateral shall also constitute Notes Priority Collateral, the Lien on such additional or replacement collateral in favor of the ABL Administrative Agent shall be subordinate to all Liens on such additional or replacement
collateral in favor of the Notes Collateral Agents and (2) if such additional or replacement collateral shall also constitute ABL Priority Collateral, the Lien on such additional or replacement collateral in favor of the ABL Administrative
Agent shall be senior to all Liens on such additional or replacement collateral in favor of the Notes Collateral Agents, in each case with respect to the foregoing clauses (1) and (2), to the extent required by this Agreement. 

(b)    The ABL Administrative Agent, on behalf of itself and the ABL Claimholders, agrees that none of them shall contest
(or support any other Person contesting): 
 (1)    any request by the Controlling Notes Collateral Agent
for adequate protection with respect to the Notes Priority Collateral; provided that (A) such adequate protection claim shall not seek the creation of any Lien over additional assets or property of any Grantor other than with respect to
assets or property that constitute Notes Priority Collateral or (B) if such additional assets or property shall also constitute ABL Priority Collateral, (i) a Lien shall have been created in favor of the ABL Claimholders in respect of such
Collateral and (ii) the Lien thereon in favor of the Notes Claimholders shall be subordinated to the extent set forth in this Agreement; or 

(2)    any objection by the Controlling Notes Collateral Agent to any motion, relief, action or proceeding
based on the Controlling Notes Collateral Agent claiming a lack of adequate protection; provided that if the Notes Collateral Agents are granted adequate protection in the form of a Lien on additional or replacement collateral, the ABL
Administrative Agent and the ABL Claimholders may seek or request adequate 

  
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protection in the form of a Lien on such additional or replacement collateral; it being understood and agreed that (1) if such additional or replacement collateral shall also constitute ABL
Priority Collateral, the Lien on such additional or replacement collateral in favor of the Notes Collateral Agents shall be subordinate to all Liens on such additional or replacement collateral in favor of the ABL Administrative Agent and
(2) if such additional or replacement collateral shall also constitute Notes Priority Collateral, the Lien on such additional or replacement collateral in favor of the Notes Collateral Agents shall be senior to all Liens on such additional or
replacement collateral in favor of the ABL Administrative Agent, in each case with respect to the foregoing clauses (1) and (2), to the extent required by this Agreement. 

(c)    Notwithstanding the foregoing provisions in this Section 6.3, in any Insolvency or Liquidation Proceeding:

 (1)    if the ABL Claimholders (or any subset thereof) are granted adequate protection with respect to
the ABL Priority Collateral in the form of a Lien on additional or replacement collateral of the Grantors (even if such collateral is not of a type which would otherwise have constituted ABL Priority Collateral) in connection with any Cash
Collateral use or DIP Financing, then any Notes Collateral Agent, on behalf of itself or any of the Notes Claimholders, may seek or request adequate protection with respect to its interests in such Collateral in the form of a Lien on the same
additional or replacement collateral, which Lien on ABL Priority Collateral will be subordinated to the Liens thereon securing and providing adequate protection for the ABL Obligations and such Cash Collateral use or DIP Financing (and all
Obligations relating thereto) on the same basis as the other Liens of the Notes Collateral Agents on ABL Priority Collateral; 

(2)    if the Notes Claimholders (or any subset thereof) are granted adequate protection with respect to
the Notes Priority Collateral in the form of a Lien on additional or replacement collateral of the Grantors (even if such collateral is not of a type which would otherwise have constituted Notes Priority Collateral) in connection with any Cash
Collateral use or DIP Financing, then the ABL Administrative Agent, on behalf of itself or any of the ABL Claimholders, may seek or request adequate protection with respect to its interests in such Collateral in the form of a Lien on the same
additional or replacement collateral, which Lien on Notes Priority Collateral will be subordinated to the Liens thereon securing and providing adequate protection for the Notes Obligations and such Cash Collateral use or DIP Financing (and all
Obligations relating thereto) on the same basis as the other Liens of the ABL Administrative Agent on Notes Priority Collateral; 

(3)    in the event the ABL Administrative Agent, on behalf of itself or any of the ABL Claimholders, seeks
or requests adequate protection in respect of ABL Priority Collateral and such adequate protection is granted in the form of a Lien on additional or replacement collateral of the Grantors (even if such collateral is not of a type which would
otherwise have constituted ABL Priority Collateral), then the ABL Administrative Agent, on behalf of itself and any of the ABL Claimholders, agrees that the Notes Collateral Agents may also be granted a Lien on the same additional or replacement
collateral as security and adequate protection for the Notes Obligations and for any Cash Collateral use or DIP Financing provided by the Notes Claimholders, and each Notes 

  
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Collateral Agent, on behalf of itself and any of the applicable Notes Claimholders, agrees that any Lien on such additional or replacement collateral constituting ABL Priority Collateral securing
or providing adequate protection for the Notes Obligations shall be subordinated to the Liens on such collateral securing or providing adequate protection for the ABL Obligations, any such use of Cash Collateral or any such DIP Financing provided by
the ABL Claimholders (and all Obligations relating thereto), all on the same basis as the other Liens of the Notes Collateral Agents on ABL Priority Collateral; and 

(4)    in the event any Notes Collateral Agent, on behalf of itself or any of the Notes Claimholders, seeks
or requests adequate protection in respect of Notes Priority Collateral and such adequate protection is granted in the form of a Lien on additional or replacement collateral of the Grantors (even if such collateral is not of a type which would
otherwise have constituted Notes Priority Collateral), then each Notes Collateral Agent, on behalf of itself and any of the Notes Claimholders, agrees that the ABL Administrative Agent may also be granted a Lien on the same additional or replacement
collateral as security and adequate protection for the ABL Obligations and for any Cash Collateral use or DIP Financing provided by the ABL Claimholders, and the ABL Administrative Agent, on behalf of itself and any of the ABL Claimholders, agrees
that any Lien on such additional or replacement collateral constituting Notes Priority Collateral securing or providing adequate protection for the ABL Obligations shall be subordinated to the Liens on such collateral securing or providing adequate
protection for the Notes Obligations, any such use of cash Collateral or any such DIP Financing provided by the Notes Claimholders (and all Obligations relating thereto), all on the same basis as the other Liens of the ABL Administrative Agent on
Notes Priority Collateral. 
 (d)    Except as otherwise expressly set forth in this Section 6 or in connection
with the exercise of remedies with respect to (i) the ABL Priority Collateral, nothing herein shall limit the rights of the Notes Collateral Agents or the Notes Claimholders from seeking adequate protection with respect to their rights in the
Notes Priority Collateral in any Insolvency or Liquidation Proceeding (including adequate protection in the form of a cash payment, periodic cash payments or otherwise) or (ii) the Notes Priority Collateral, nothing herein shall limit the
rights of the ABL Administrative Agent or the ABL Claimholders from seeking adequate protection with respect to their rights in the ABL Priority Collateral in any Insolvency or Liquidation Proceeding (including adequate protection in the form of a
cash payment, periodic cash payments or otherwise). 
 6.4.    Avoidance Issues. If any ABL Claimholder
or Notes Claimholder is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the applicable Grantor or to any Grantor, administrator, liquidator, examiner or any similar Person any amount
paid in respect of ABL Obligations or the Notes Obligations, as the case may be (a “Recovery”), then such ABL Claimholders or Notes Claimholders shall be entitled to a reinstatement of ABL Obligations or the Notes Obligations, as
the case may be, with respect to all such recovered amounts. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release,
discharge, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement. 

  
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 6.5.    Post-Petition Interest. 

(a)    No Notes Collateral Agent nor any Notes Claimholder shall oppose or seek to challenge any claim by the ABL
Administrative Agent or any ABL Claimholder for allowance in any Insolvency or Liquidation Proceeding of ABL Obligations consisting of Post-Petition Interest, fees or expenses to the extent of the value of the Lien securing any ABL
Claimholder’s claim (after giving effect to the crossing nature of the Liens of the ABL Claimholders and Notes Claimholders, respectively), without regard to the existence of the Lien of the Notes Collateral Agent on behalf of the Notes
Claimholders on the Collateral. 
 (b)    Neither the ABL Administrative Agent nor any other ABL Claimholder shall
oppose or seek to challenge any claim by any Notes Collateral Agent or any Notes Claimholder for allowance in any Insolvency or Liquidation Proceeding of Notes Obligations consisting of Post-Petition Interest, fees or expenses to the extent of the
value of the Lien securing any Notes Claimholder’s claim (after giving effect to the crossing nature of the Liens of the ABL Claimholders and Notes Claimholders, respectively), without regard to the existence of the Lien of the ABL
Administrative Agent on behalf of the ABL Claimholders on the Collateral. 
 6.6.    Waiver – 1111(b)(2)
Issues. 
 (a)    Each Notes Collateral Agent, for itself and on behalf of the applicable Notes Claimholders, waives
any claim it may hereafter have against any ABL Claimholder arising out of the election of any ABL Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code (or any similar provision of any other applicable Bankruptcy Law) or
out of any grant of a security interest in connection with the ABL Priority Collateral in any Insolvency or Liquidation Proceeding. 

(b)    The ABL Administrative Agent, for itself and on behalf of the ABL Claimholders, waives any claim it may hereafter
have against any Notes Claimholder arising out of the election of any Notes Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code (or any similar provision of any other applicable Bankruptcy Law) or out of any grant of a
security interest in connection with the Notes Priority Collateral in any Insolvency or Liquidation Proceeding. 

6.7.    Separate Grants of Security and Separate Classification. 

(a)    Each Notes Collateral Agent, for itself and on behalf of the applicable Notes Claimholders, and the ABL
Administrative Agent, for itself and on behalf of the ABL Claimholders, acknowledges and agrees that the grants of Liens pursuant to the ABL Collateral Documents and the Notes Priority Collateral Documents constitute separate and distinct grants of
Liens, and because of, among other things, their differing rights in the Collateral, the Notes Obligations are fundamentally different from the ABL Obligations and must be separately classified in any plan of reorganization or examinership or scheme
of arrangement or similar dispositive restructuring plan proposed, confirmed or adopted in an Insolvency or Liquidation Proceeding. In furtherance of the foregoing, the Notes Collateral Agent, each for itself and on behalf of the applicable Notes
Claimholders, and the ABL Administrative Agent, for itself and on behalf of the ABL Claimholders, each agrees that the Notes Claimholders and the ABL 

  
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Claimholders will vote as separate classes in connection with any plan of reorganization or examinership or scheme of arrangement or similar dispositive restructuring in any Insolvency or
Liquidation Proceeding and that no Collateral Agent nor any Claimholder will seek to vote with the other as a single class in connection with any plan of reorganization or examinership or scheme of arrangement or similar dispositive restructuring in
any Insolvency or Liquidation Proceeding. 
 (b)    To further effectuate the intent of the parties as provided in this
Section 6.7, if it is held that the claims of the Notes Claimholders and the ABL Claimholders in respect of the Notes Priority Facility Collateral constitute only one secured claim (rather than separate classes of secured claims subject to the
relative Lien priorities set forth in this Agreement), then each Notes Collateral Agent, for itself and on behalf of the applicable Notes Claimholders and the ABL Administrative Agent, for itself and on behalf of the ABL Claimholders, hereby
acknowledges and agrees that, subject to Sections 2.1 and 4.1, all distributions from the Notes Priority Collateral shall be made as if there were separate classes of senior and junior secured claims against the Grantors in respect of the Notes
Priority Collateral (with the effect being that, to the extent that the aggregate value of the Notes Priority Collateral is sufficient (for this purpose ignoring all claims held by the ABL Claimholders), the Notes Claimholders shall be entitled to
receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of Post-Petition Interest, including any additional interest
payable pursuant to the Notes Documents, arising from or related to a default, whether or not a claim therefor is allowed as a claim in any Insolvency or Liquidation Proceeding) before any distribution from the Notes Priority Collateral is made in
respect of the claims held by the ABL Claimholders, with the ABL Administrative Agent, for itself and on behalf of the ABL Claimholders, hereby acknowledging and agreeing to turn over to the Controlling Notes Collateral Agent, for itself and on
behalf of the Non-Controlling Notes Collateral Agent and the Notes Claimholders, amounts otherwise received or receivable by them from the Notes Priority Collateral to the extent necessary to effectuate the
intent of this sentence, even if such turnover has the effect of reducing the claim or recovery of the ABL Claimholders). 

(c)    To further effectuate the intent of the parties as provided in this Section 6.7, if it is held that the claims
of the Notes Claimholders and the ABL Claimholders in respect of the ABL Priority Collateral constitute only one secured claim (rather than separate classes of secured claims subject to the relative Lien priorities set forth in this Agreement), then
each Notes Collateral Agent, for itself and on behalf of the applicable Notes Claimholders and the ABL Administrative Agent, for itself and on behalf of the ABL Claimholders, hereby acknowledges and agrees that, subject to Sections 2.1 and 4.1, all
distributions from the ABL Priority Collateral shall be made as if there were separate classes of senior and junior secured claims against the Grantors in respect of the ABL Priority Collateral (with the effect being that, to the extent that the
aggregate value of the ABL Priority Collateral is sufficient (for this purpose ignoring all claims held by the Notes Claimholders), the ABL Claimholders shall be entitled to receive, in addition to amounts distributed to them in respect of
principal, pre-petition interest and other claims, all amounts owing in respect of Post-Petition Interest, including any additional interest payable pursuant to the ABL Credit Agreement, arising from or
related to a default, whether or not a claim therefor is allowed as a claim in any Insolvency or Liquidation Proceeding) before any distribution from the ABL Priority Collateral is made in respect of the

  
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claims held by the Notes Claimholders, with each Notes Collateral Agent, for itself and on behalf of the applicable Notes Claimholders, hereby acknowledging and agreeing to turn over to the ABL
Administrative Agent, for itself and on behalf of the ABL Claimholders, amounts otherwise received or receivable by them from the ABL Priority Collateral to the extent necessary to effectuate the intent of this sentence, even if such turnover has
the effect of reducing the claim or recovery of the Notes Claimholders). 
 (d)    Notwithstanding anything in the
foregoing to the contrary, each Notes Collateral Agent and the Notes Claimholders, on the one hand, and the ABL Administrative Agent and the ABL Claimholders, on the other hand, shall retain the right to vote and otherwise act in any Insolvency or
Liquidation Proceeding (including the right to vote to accept or reject any plan of reorganization or examinership or scheme of arrangement or similar dispositive restructuring plan) to the extent not inconsistent with the provisions hereof. 

6.8.    Enforceability and Continuing Priority. This Agreement shall be applicable both before and after
the commencement of any Insolvency or Liquidation Proceeding and all converted or succeeding cases in respect thereof. The relative rights of Claimholders in or to any distributions from or in respect of any Collateral or proceeds of Collateral
shall continue after the commencement of any Insolvency or Liquidation Proceeding. Accordingly, the provisions of this Agreement (including, without limitation, Section 2.1 hereof) are intended to be and shall be enforceable as a subordination
agreement within the meaning of Section 510(a) of the Bankruptcy Code (or any similar provision of any other applicable law). 

6.9.    Sales. Subject to Sections 3.1(c)(5) and 3.2(c)(5) and 3.3, each Collateral Agent agrees that it
will consent, and will not object or oppose, or support any party in opposing, a motion to dispose of any Priority Collateral of the other party free and clear of any Liens or other claims under Section 363 of the Bankruptcy Code (or any
similar provision of any other applicable law) if the requisite ABL Claimholders under the ABL Credit Agreement or Notes Claimholders under the applicable Notes Documents, as the case may be, have consented to such disposition of their respective
Priority Collateral, such motion does not impair, subject to the priorities set forth in this Agreement, the rights of such party under Section 363(k) of the Bankruptcy Code (or any similar provision of any other applicable law) (so long as the
right of any Notes Priority Claimholder to offset its claim against the purchase price for any ABL Priority Collateral exists only after the ABL Obligations have been paid in full in cash, and so long as the right of any ABL Claimholder to offset
its claim against the purchase price for any Notes Priority Collateral exists only after the Notes Obligations have been paid in full in cash), and the terms of any proposed order approving such transaction provide for the respective Liens to attach
to the proceeds of the Priority Collateral that is the subject of such disposition, subject to the Lien priorities in Section 2.1 and the other terms and conditions of this Agreement. Each Notes Collateral Agent and the ABL
Administrative Agent further agrees that it will not oppose, or support any party in opposing, the right of the other party to credit bid under Section 363(k) of the Bankruptcy Code (or any similar provision of any other applicable law),
subject to the provision of the immediately preceding sentence. 

  
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 SECTION 7.    Reliance; Waivers, Etc. 

7.1.    Reliance. Other than any reliance on the terms of this Agreement, the ABL Administrative Agent, on
behalf of itself and the ABL Claimholders under its ABL Documents, acknowledges that it and such ABL Claimholders have, independently and without reliance on any Notes Collateral Agent or any Notes Claimholders, and based on documents and
information deemed by them appropriate, made their own credit analysis and decision to enter into such ABL Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any
action under the ABL Credit Agreement or this Agreement. Other than any reliance on the terms of this Agreement, each Notes Collateral Agent, on behalf of itself and the applicable Notes Claimholders, acknowledges that it and the Notes Claimholders
have, independently and without reliance on the ABL Administrative Agent or any ABL Claimholder, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into each of the Notes Documents
and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action under the Notes Documents or this Agreement. 

7.2.    No Warranties or Liability. The ABL Administrative Agent, on behalf of itself and the ABL
Claimholders under the ABL Documents, acknowledges and agrees that no Notes Collateral Agent nor any Notes Priority Claimholder has made any express or implied representation or warranty, including with respect to the execution, validity, legality,
completeness, collectibility or enforceability of any of the Notes Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided in this Agreement, the Notes Collateral Agents and the
Notes Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under the Notes Documents in accordance with law and the Notes Documents, as they may, in their sole discretion, deem appropriate. Each Notes
Collateral Agent, on behalf of itself and the applicable Notes Claimholders, acknowledges and agrees that neither the ABL Administrative Agent nor any ABL Claimholder has made any express or implied representation or warranty, including with respect
to the execution, validity, legality, completeness, collectibility or enforceability of any of the ABL Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided in this Agreement, the
ABL Administrative Agent and the ABL Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under their respective ABL Documents in accordance with law and the ABL Documents, as they may, in their sole
discretion, deem appropriate. No Notes Collateral Agent nor any Notes Claimholders shall have any duty to the ABL Administrative Agent or any of the ABL Claimholders, and the ABL Administrative Agent and the ABL Claimholders shall have no duty to
any Notes Collateral Agent or any of the Notes Claimholders, to act or refrain from acting in a manner which allows, or results in, the occurrence or continuance of an event of default or default under any agreements with any Grantor (including the
ABL Documents and the Notes Documents), regardless of any knowledge thereof which they may have or be charged with. 

  
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 7.3.    No Waiver of Lien Priorities. 

(a)    No right of the Collateral Agents, the ABL Claimholders or the Notes Claimholders to enforce any provision of this
Agreement or any ABL Document or Notes Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Grantor or by any act or failure to act by such Collateral Agents, ABL Claimholders or Notes
Claimholders or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the ABL Documents or any of the Notes Documents, regardless of any knowledge thereof which the Collateral Agents or the ABL
Claimholders or Notes Claimholders, or any of them, may have or be otherwise charged with. 
 (b)    Without in any way
limiting the generality of the foregoing paragraph (but subject to the rights of the Grantors under the ABL Documents and Notes Documents and subject to the provisions of Sections 2.3, 2.4 and 5.3), the Collateral Agents, the ABL Claimholders and
the Notes Claimholders may, at any time and from time to time in accordance with the ABL Documents and Notes Documents and/or applicable law, without the consent of, or notice to, the other Collateral Agent or the ABL Claimholders or the Notes
Claimholders (as the case may be), without incurring any liabilities to such Persons and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy is
affected, impaired or extinguished thereby) do any one or more of the following: 
 (1)    change the
manner, place or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase or alter, the terms of any of the Obligations or any Lien or guaranty thereof or any liability of any Grantor, or any liability
incurred directly or indirectly in respect thereof (including any increase in or extension of the Obligations, without any restriction as to the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or
supplement in any manner any Liens held by the Collateral Agents or any rights or remedies under any of the ABL Documents or the Notes Documents; 

(2)    sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and
in any order any part of the Collateral (except to the extent provided in this Agreement) or any liability of any Grantor or any liability incurred directly or indirectly in respect thereof; 

(3)    settle or compromise any Obligation or any other liability of any Grantor or any security therefor
or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability in any manner or order that is not inconsistent with the terms of this Agreement; and 

(4)    exercise or delay in or refrain from exercising any right or remedy against any security or any
Grantor or any other Person, elect any remedy and otherwise deal freely with any Grantor. 
 (c)    Except as otherwise
provided herein, the ABL Administrative Agent, on behalf of itself and the ABL Claimholders, also agrees that the Notes Claimholders and the Notes 

  
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Collateral Agents shall have no liability to the ABL Administrative Agent or any ABL Claimholders, and the ABL Administrative Agent, on behalf of itself and the ABL Claimholders, hereby waives
any claim against any Notes Priority Claimholder or any Notes Collateral Agent, arising out of any and all actions which the Notes Claimholders or any Notes Collateral Agent may take or permit or omit to take with respect to: 

(1)    the Notes Documents; 

(2)    the collection of the Notes Obligations; or 

(3)    the foreclosure upon, or sale, liquidation or other disposition of, any Notes Priority Collateral.

 The ABL Administrative Agent, on behalf of itself and the ABL Claimholders, agrees that the Notes Claimholders and the Notes Collateral Agents have no
duty to them in respect of the maintenance or preservation of the Notes Priority Collateral, the Notes Obligations or otherwise. 

(d)    Except as otherwise provided herein, each Notes Collateral Agent, on behalf of itself and the applicable Notes
Claimholders, also agrees that the ABL Claimholders and the ABL Administrative Agent shall have no liability to the Notes Collateral Agents or any Notes Claimholders, and each Notes Collateral Agent, on behalf of itself and the applicable Notes
Claimholders, hereby waives any claim against any ABL Claimholder or the ABL Administrative Agent, arising out of any and all actions which the ABL Claimholders or the ABL Administrative Agent may take or permit or omit to take with respect to: 

(1)    the ABL Documents; 

(2)    the collection of the ABL Obligations; or 

(3)    the foreclosure upon, or sale, liquidation or other disposition of, any ABL Priority Collateral.

 Each Notes Collateral Agent, on behalf of itself and the applicable Notes Claimholders, agrees that the ABL Claimholders and the ABL Administrative Agent
have no duty to them in respect of the maintenance or preservation of the ABL Priority Collateral, the ABL Obligations or otherwise. 

(e)    Until the Discharge of Notes Obligations, the ABL Administrative Agent, on behalf of itself and the ABL
Claimholders, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right
that may otherwise be available under applicable law with respect to the Notes Priority Collateral or any other similar rights a junior secured creditor may have under applicable law. 

(f)    Until the Discharge of ABL Obligations, each Notes Collateral Agent, on behalf of itself and the applicable Notes
Claimholders, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right
that 

  
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may otherwise be available under applicable law with respect to the ABL Priority Collateral or any other similar rights a junior secured creditor may have under applicable law. 

7.4.    Obligations Unconditional. All rights, interests, agreements and obligations of the ABL
Administrative Agent and the ABL Claimholders and the Notes Collateral Agents and the Notes Claimholders, respectively, hereunder shall remain in full force and effect irrespective of: 

(a)    any lack of validity or enforceability of any ABL Documents or any Notes Documents; 

(b)    except as otherwise expressly set forth in this Agreement, any change in the time, manner or place of payment of,
or in any other terms of, all or any of the ABL Obligations or Notes Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any ABL
Document or any Notes Document; 
 (c)    except as otherwise expressly set forth in this Agreement, any exchange of
any security interest in any Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the ABL Obligations or Notes Obligations or any guaranty
thereof; 
 (d)    the commencement of any Insolvency or Liquidation Proceeding in respect of any Grantor; or 

(e)    any other circumstances which otherwise might constitute a defense available to, or a discharge of, any Grantor in
respect of the ABL Administrative Agent, the ABL Obligations, any ABL Claimholder, any Notes Collateral Agent, the Notes Obligations or any Notes Priority Claimholder in respect of this Agreement. 

SECTION 8.    Miscellaneous. 

8.1.    Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions
of any ABL Document or any Notes Document, the provisions of this Agreement shall govern and control. Notwithstanding the foregoing, the relative rights and obligations of the Notes Claimholders (solely as amongst themselves) with respect to any
Notes Priority Collateral shall be governed by the terms of the Pari Passu Intercreditor Agreement and in the event of any conflict between the Pari Passu Intercreditor Agreement and this Agreement, the provisions of the Pari Passu Intercreditor
Agreement shall control solely with respect to such rights and obligations. 
 8.2.    Effectiveness;
Continuing Nature of this Agreement; Severability. 
 (a)    This Agreement shall become effective when executed and
delivered by the parties hereto. This is a continuing agreement of lien subordination and the ABL Claimholders and Notes Claimholders may continue, at any time and without notice to any Collateral Agent, to extend credit and other financial
accommodations and lend monies to or for 

  
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the benefit of any Grantor in reliance hereon. Each of the Collateral Agents, on behalf of itself and the ABL Claimholders or the Notes Claimholders, as the case may be, hereby waives any right
it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Consistent
with, but not in limitation of, the preceding sentence, each Collateral Agent, on behalf of the applicable Claimholders, irrevocably acknowledges that this Agreement constitutes a “subordination agreement” within the meaning of both New
York law and Section 510(a) of the Bankruptcy Code (or any similar provision of any other applicable law). Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. All references to any Grantor shall include such Grantor as debtor and debtor-in-possession and any receiver or trustee, administrator, examiner or liquidator for or in respect of any Grantor (as the case may be) in any Insolvency or Liquidation
Proceeding. This Agreement shall terminate and be of no further force and effect: 
 (1)    with respect
to the ABL Administrative Agent, the ABL Claimholders and the ABL Obligations, on the date of the Discharge of ABL Obligations, subject to the rights of the ABL Claimholders under Section 4.4(a), Section 5.5 and Section 6.4; and 

(2)    with respect to the Notes Collateral Agents, the Notes Claimholders and the Notes Obligations, on
the date of the Discharge of Notes Obligations, subject to the rights of the Notes Claimholders under Section 4.4(b), Section 5.5 and Section 6.4. 

(b)    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 or any other Loan Document 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. Each of the parties hereto represents and warrants to each other party that it has the corporate capacity and authority to execute this Agreement through electronic means and there are no restrictions for doing so in that
party’s constitutive documents. Without limiting the generality of the foregoing, each party hereto hereby (i) agrees that, for all purposes, including in connection with any workout, restructuring, enforcement of remedies, bankruptcy
proceedings or litigation among the ABL Administrative Agent, ABL Claimholders, Notes Collateral Agents, Notes Claimholders or Grantors, electronic images of this Agreement or any other ABL Documents or Notes Documents (in each case, including with
respect to any signature pages thereto) shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity or enforceability of this Agreement, the ABL
Documents or Notes Documents based solely on the lack of paper original copies of this Agreement, any ABL Documents or any Notes Documents, including with respect to any signature pages thereto. 

  
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 8.3.    Amendments; Waivers. No amendment, modification
or waiver of any of the provisions of this Agreement by any Notes Collateral Agent or the ABL Administrative Agent shall be deemed to be made unless the same shall be in writing signed on behalf of each party hereto or its authorized agent and each
waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other
time. Notwithstanding the foregoing, no Grantor shall have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent that such amendment, modification or waiver
(i) adversely affects or impairs its rights hereunder, under the Notes Documents or under the ABL Documents or (ii) imposes any additional obligation or liability upon it. 

8.4.    Information Concerning Financial Condition of the Grantors and their Subsidiaries. The ABL
Administrative Agent and the ABL Claimholders shall not rely on the Notes Collateral Agents or the Notes Claimholders, and the Notes Collateral Agents and the Notes Claimholders shall not rely on the ABL Administrative Agent or the ABL Claimholders
for information with respect to (a) the financial condition of the Grantors and their Subsidiaries and all endorsers and/or guarantors of the ABL Obligations or the Notes Obligations and (b) all other circumstances bearing upon the risk of
nonpayment of the ABL Obligations or the Notes Obligations. Neither the ABL Administrative Agent and the ABL Claimholders, on the one hand, nor the Notes Collateral Agents and the Notes Claimholders, on the other hand, shall have any duty to advise
the other of information known to it or them regarding such condition or any such circumstances or otherwise. In the event that either the ABL Administrative Agent or any of the ABL Claimholders, on the one hand, or any Notes Collateral Agent and
the Notes Claimholders, on the other hand, undertakes at any time or from time to time to provide any such information to any of the others, it or they shall be under no obligation: 

(a)    to make, and shall not make, any express or implied representation or warranty, including with respect to the
accuracy, completeness, truthfulness or validity of any such information so provided; 
 (b)    to provide any
additional information or to provide any such information on any subsequent occasion; 
 (c)    to undertake any
investigation; or 
 (d)    to disclose any information, which pursuant to accepted or reasonable commercial finance
practices, such party wishes to maintain confidential or is otherwise required to maintain confidential. 

8.5.    Subrogation. 

(a)    With respect to the value of any payments or distributions in cash, property or other assets that any of the Notes
Claimholders or any Notes Collateral Agent pays over to the ABL Administrative Agent or the ABL Claimholders under the terms of this Agreement, the Notes Claimholders and Notes Collateral Agents shall be subrogated to the rights of the ABL
Administrative Agent and the ABL Claimholders; provided, however, that, each 

  
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Notes Collateral Agent, on behalf of itself and the applicable Notes Claimholders, hereby agrees not to assert or enforce all such rights of subrogation it may acquire as a result of any payment
hereunder until the Discharge of ABL Obligations has occurred. The Grantors acknowledge and agree that, to the extent permitted by applicable law, the value of any payments or distributions in cash, property or other assets received by any Notes
Collateral Agent or the Notes Claimholders that are paid over to the ABL Administrative Agent or the ABL Claimholders pursuant to this Agreement shall not reduce any of the Notes Obligations. 

(b)    With respect to the value of any payments or distributions in cash, property or other assets that any of the ABL
Claimholders or the ABL Administrative Agent pays over to any Notes Collateral Agent or the Notes Claimholders under the terms of this Agreement, the ABL Claimholders and the ABL Administrative Agent shall be subrogated to the rights of the Notes
Collateral Agents and the Notes Claimholders; provided, however, that, the ABL Administrative Agent, on behalf of itself and the ABL Claimholders, hereby agrees not to assert or enforce all such rights of subrogation it may acquire as
a result of any payment hereunder until the Discharge of Notes Obligations has occurred. The Grantors acknowledge and agree that, to the extent permitted by applicable law, the value of any payments or distributions in cash, property or other assets
received by the ABL Administrative Agent or the ABL Claimholders that are paid over to the Notes Collateral Agents or the Notes Claimholders pursuant to this Agreement shall not reduce any of the ABL Obligations. 

8.6.    Special provisions relating to the Collateral Agents and the Trustee. Each of the ABL Claimholders
and Notes Claimholders (other than the Collateral Agents and the Trustee) hereby undertakes to ratify and approve any such action taken in the name and on behalf of the Claimholders by the Collateral Agents and the Trustee (as applicable) acting in
such capacity. The Collateral Agents and the Trustee will exercise their powers and authority under this Agreement in the manner provided for in the ABL Documents or the applicable Notes Documents, as the case may be, and this Agreement and, in so
acting, the Collateral Agents and the Trustee shall have the protections, immunities, rights, indemnities and benefits conferred therein. 

8.7.    SUBMISSION TO JURISDICTION, WAIVERS. 

(a)    EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, THE BANKRUPTCY COURT (OR OTHER COURT OF COMPETENT JURISDICTION)
PRESIDING OVER ANY INSOLVENCY PROCEEDING OF THE CREDIT PARTIES, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY 

  
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APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS
BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT ANY ABL CLAIMHOLDER OR ANY NOTES CLAIMHOLDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, ANY
ABL DOCUMENT OR ANY NOTES DOCUMENT AGAINST ANY GRANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(b)    EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION, LITIGATION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH (a) OF THIS SECTION. EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(c)    EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO 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. EACH PARTY HERETO REPRESENTS THAT IT HAS REVIEWED
THIS WAIVER AND IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

(d)    EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 8.8 HEREOF. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

8.8.    Notices. All notices to the Notes Claimholders and the ABL Claimholders permitted or required under
this Agreement shall also be sent to the Notes Collateral Agents and 

  
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the ABL Administrative Agent, respectively. Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served, or sent by telefacsimile, email
or United States mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of telefacsimile or email, or three Business Days after depositing it
in the United States mail with postage prepaid and properly addressed. For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on Exhibit B hereto, or, as to each
party, at such other address as may be designated by such party in a written notice to all of the other parties. Notices and other communications to any Collateral Agent, any ABL Claimholder or any Notes Claimholder hereunder may be delivered or
furnished by electronic communication (including e-mail and Internet and intranet websites) pursuant to procedures established by the Collateral Agents. 

8.9.    Further Assurances. The ABL Administrative Agent, on behalf of itself and the ABL Claimholders
under the ABL Documents, and each Notes Collateral Agent, on behalf of itself and the applicable Notes Claimholders under the Notes Documents, and the Grantors, agree that each of them shall take such further action and shall execute and deliver
such additional documents and instruments (in recordable form, if requested) as the Borrower, the ABL Administrative Agent or any Notes Collateral Agent may reasonably request to effectuate the terms of and the Lien priorities contemplated by this
Agreement. 
 8.10.    APPLICABLE LAW. THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSES OF
ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

8.11.    Binding on Successors and Assigns. This Agreement shall be binding upon the ABL Administrative
Agent, the ABL Claimholders, the Notes Collateral Agents, the Notes Claimholders and their respective successors and assigns. 

8.12.    Specific Performance. Each of the ABL Administrative Agent and each Notes Collateral Agent may
demand specific performance of this Agreement. The ABL Administrative Agent, on behalf of itself and the ABL Claimholders, and each Notes Collateral Agent, on behalf of itself and the applicable Notes Claimholders, hereby irrevocably waive any
defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the ABL Administrative Agent or the ABL Claimholders or any Notes
Collateral Agent or the Notes Claimholders, as the case may be. 
 8.13.    Headings. Section headings in
this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 

8.14.    Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed 

  
 -48- 

 
counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by telecopy or electronic transmission shall be effective as delivery of a
manually executed counterpart of this Agreement or such other document or instrument, as applicable. 

8.15.    Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto
represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. 

8.16.    No Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the
benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of each of the Collateral Agents, the ABL Claimholders and the Notes Claimholders. Nothing in this Agreement shall impair, as between the
Grantors and the ABL Administrative Agent and the ABL Claimholders, or as between the Grantors and the Notes Collateral Agents and the Notes Claimholders, the obligations of the Grantors to pay principal, interest, fees and other amounts as provided
in the ABL Documents and the Notes Documents, respectively. 
 8.17.    Provisions to Define Relative
Rights. The provisions of this Agreement are and are intended for the purpose of defining the relative rights of the ABL Administrative Agent and the ABL Claimholders on the one hand and the Notes Collateral Agents and the Notes Claimholders on
the other hand. Nothing in this Agreement is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional, to pay the ABL Obligations and the Notes Obligations as and when the same shall become due and payable in
accordance with their terms. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 -49- 

 IN WITNESS WHEREOF, the parties hereto have executed this Intercreditor Agreement as of the date first
written above. 
  

					
	 U.S. BANK NATIONAL ASSOCIATION,

	 as Initial Notes Collateral Agent

		
	By:	 	
                     
                                         
       

		 	Name:	 	                                      
                  
		 	 Title:
	 	 Authorized Signatory

  
 [Intercreditor Agreement]

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as ABL Administrative Agent

		
	By:	 	
                     
                                        

		 	Name:
		 	Title:

  
 [Intercreditor Agreement]

			
	Acknowledged and Agreed to by:
	
	ARCONIC CORPORATION
		
	By:	 	
                     
                                         
       

		 	Name:
		 	Title:
	
	[Other Borrowers and Guarantors]
		
	By:	 	
                     
                                         
       

		 	Name:
		 	Title:

  
 [Intercreditor Agreement]

 Exhibit A 

[FORM OF] JOINDER AGREEMENT NO. [    ] dated as of [        ], 20[    ]
(this “Joinder Agreement”) to the INTERCREDITOR AGREEMENT dated as of May 13, 2020 (the “Intercreditor Agreement”), among ARCONIC CORPORATION (the “Borrower”), each of the other Subsidiaries of
the Borrower listed on the signature pages thereto, DEUTSCHE BANK AG NEW YORK BRANCH, in its capacity as ABL Administrative Agent, and U.S. BANK NATIONAL ASSOCIATION, in its capacity as Trustee and Initial Notes Collateral Agent and the other
Additional Notes Collateral Agents from time to time party thereto. 
 A.    Capitalized terms used herein but not otherwise defined
herein shall have the meanings assigned to such terms in the Intercreditor Agreement. 
 B.    As a condition to the ability of the
Borrower to incur Additional Notes Debt after the date of the Intercreditor Agreement and to secure such Additional Notes Debt with the Lien and to have such Additional Notes Debt guaranteed by the Grantors on a senior basis, in each case under and
pursuant to the Notes Collateral Documents in respect of such Additional Notes Debt, the [collateral agent] in respect of such Additional Notes Debt is required to become an Additional Notes Collateral Agent under, and such Additional Notes Debt and
the Notes Claimholders in respect thereof are required to become subject to and bound by, the Intercreditor Agreement. Section 5.7(b) of the Intercreditor Agreement provides that such collateral agent may become a Notes Collateral Agent under,
and such Additional Notes Debt and such Notes Claimholders may become subject to and bound by, the Intercreditor Agreement, pursuant to the execution and delivery by the New Additional Notes Collateral Agent (as defined below) of an instrument in
the form of this Joinder Agreement and the satisfaction of the other conditions set forth in Section 5.7 of the Intercreditor Agreement. The undersigned collateral agent (the “New Additional Notes Collateral Agent”) is
executing this Joinder Agreement in accordance with the requirements of the applicable ABL/Notes Documents and the Intercreditor Agreement. 
 Accordingly,
the ABL Administrative Agent, the Controlling Notes Collateral Agent and the New Additional Notes Collateral Agent agree as follows: 
 SECTION 1. In
accordance with Section 5.7(b) of the Intercreditor Agreement, the New Additional Notes Collateral Agent by its signature below becomes a Notes Collateral Agent under, and the related Additional Notes Debt and Additional Notes Claimholders
become subject to and bound by, the Intercreditor Agreement with the same force and effect as if the New Additional Notes Collateral Agent had originally been named therein as a Notes Collateral Agent, and the New Additional Notes Collateral Agent,
on behalf of itself and such Notes Claimholders, hereby agrees to all the terms and provisions of the Intercreditor Agreement applicable to it as a Notes Collateral Agent and to the Notes Claimholders that it represents as Notes Claimholders. Each
reference to a “Notes Collateral Agent” or “Additional Notes Collateral Agent” in the Intercreditor Agreement shall be deemed to include the New Additional Notes Collateral Agent. The Intercreditor Agreement is
hereby incorporated herein by reference. 
 SECTION 2. The New Additional Notes Collateral Agent represents and warrants to the ABL Administrative Agent,
the Controlling Notes Collateral Agent and the other ABL Claimholders and Notes Claimholders that (i) it has full power and authority to enter into this Joinder Agreement, in its capacity as [agent] [trustee], (ii) this Joinder Agreement
has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, 

  
 A-1 

 
enforceable against it in accordance with its terms, (iii) the Notes Documents relating to such Additional Notes Debt provide that, upon the New Additional Notes Collateral Agent’s
entry into this Joinder Agreement, the Notes Claimholders in respect of such Additional Notes Debt will be subject to and bound by the provisions of the Intercreditor Agreement as Notes Claimholders and (iv) the applicable Additional Notes
Claimholders with respect to such Additional Notes Debt have agreed to be bound by, and that the Liens on the Collateral securing the Additional Notes Debt shall be subject to, the terms and conditions of the Intercreditor Agreement. 

SECTION 3. This Joinder Agreement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. This Joinder Agreement shall become effective when the ABL Administrative Agent and the Controlling Notes Collateral Agent shall have received a counterpart of this Joinder Agreement that bears the signature of the New
Additional Notes Collateral Agent. Delivery of an executed signature page to this Joinder Agreement by facsimile transmission or other electronic method shall be effective as delivery of a manually signed counterpart of this Joinder 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 Joinder 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. Each of the parties hereto represents and warrants to each other party that it has the corporate capacity and authority to execute this Joinder Agreement through electronic means and there are no restrictions for doing so in that
party’s constitutive documents. 
 SECTION 4. Except as expressly supplemented hereby, the Intercreditor Agreement shall remain in full force and
effect. 
 SECTION 5. THIS JOINDER AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED
UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION
6. In case any one or more of the provisions contained in this Joinder Agreement should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held
to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein and in the Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. All communications and notices hereunder shall be in writing and given as 

  
 A-2 

 
provided in Section 8.7 of the Intercreditor Agreement. All communications and notices hereunder to the New Additional Notes Collateral Agent shall be given to it at the address set forth
below its signature hereto. 
 SECTION 8. The Administrative Borrower agrees to reimburse the ABL Administrative Agent and the Controlling Notes Collateral
Agent for their respective reasonable out-of-pocket expenses in connection with this Joinder Agreement, including the reasonable fees, other charges and disbursements of
counsel for the ABL Administrative Agent and the Controlling Notes Collateral Agent. 

  
 A-3 

 IN WITNESS WHEREOF, the New Additional Notes Collateral Agent , the ABL Administrative Agent and the
Controlling Notes Collateral Agent have duly executed this Joinder Agreement to the Intercreditor Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW ADDITIONAL NOTES COLLATERAL AGENT
	as [                    ] for the holders of
[                    ]
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:
		 	    Address for notices:

  

					
		 	
                     
                                         
       

		 	  

			
	                    	 	Attention of:	 	
                     
                                    

			
		 	Telecopy:	 	  

  

			
	DEUTSCHE BANK AG NEW YORK BRANCH,
	as ABL Administrative Agent
		
	By:	 	
                     
                                         
           

		 	Name:
		 	Title:

  

			
	[                    ],
	as Controlling Notes Collateral Agent
		
	By:	 	
                     
                                         
       

		 	Name:
		 	Title:

  
 A-4 

			
	Acknowledged by:
	
	ARCONIC CORPORATION
		
	By:	 	
                     
                                         
       

		 	Name:
		 	Title:
	
	THE GRANTORS
	LISTED ON SCHEDULE I HERETO
		
	By:	 	
                     
                                         
       

		 	Name:
		 	Title:

  
 A-5 

 Exhibit B 

Notice Addresses 
 Initial Notes
Collateral Agent: 
 U.S. Bank National Association 
 Attn:
Corporate Trust Services 
 50 South. 16th Street 

Suite 2000 
 Philadelphia, PA 19102 

Tel.: (215) 761-9326 

Facsimile: (215) 761-9412 

Email: Michael.Judge@usbank.com 
 ABL Administrative
Agent: 
 Deutsche Bank AG New York Branch 
 60 Wall Street

 New York, NY 10005 
 Attention: James Valenti 

james.valenti@db.com 
 Grantors: 

Arconic Corporation 
 201 Isabella Street 

Pittsburgh, PA 15212 
 Attention: Treasurer 

with a copy to (which shall not constitute notice): 

Sullivan & Cromwell LLP 
 125 Broad Street 

New York, NY 10004 
 Attention: Ari Blaut 

blauta@sullcrom.com 

  
 B-1

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